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[Royal Bank] RBC new 3-4-5 year mortgage rates

  • Last Updated:
  • Oct 26th, 2020 10:33 pm
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Jul 5, 2005
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Is it better to go into a branch or phone in for these RBC rates? Getting a 1.75% Break even rate for breaking the mortgage
Last edited by GSD on Aug 10th, 2020 7:44 pm, edited 1 time in total.
Jr. Member
Nov 4, 2014
186 posts
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Winnipeg, MB
MTLGuru wrote: Use this calculator to find your break even rate : https://www.rbcroyalbank.com/cgi-bin/mo ... ulator.cgi
Thanks for this link.

I recently renewed back in early May at 2.4% fixed for 4 years. Using the above link, it shows it will cost me just over $1000 to break the mortgage and if I can get the 1.99% rate, I would save an additional $1,500 in interest. If it is that straight-forward, I should try doing it, no?
[OP]
Member
Oct 27, 2009
290 posts
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Montreal
GSD wrote: Is it better to go into a branch or phone in for these RBC rates? Getting a 1.75% Break even rate for breaking the mortgage
I would call the service line or call an RBC advisor. Although you can still get appointments, there are currently COVID protocols and in-branch appointments are not ideal. Besides, rates are the same whether you show up or on the phone. You will probably have a phone appointment and/or a WEBex appointment.
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[OP]
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Oct 27, 2009
290 posts
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Montreal
Spudly204 wrote: Thanks for this link.

I recently renewed back in early May at 2.4% fixed for 4 years. Using the above link, it shows it will cost me just over $1000 to break the mortgage and if I can get the 1.99% rate, I would save an additional $1,500 in interest. If it is that straight-forward, I should try doing it, no?
Yes, and I would probably lock in for an extra year ( 4 vs 5 years). You'll get a lower rate and an extra year of "lower rate". Just make sure you're not planning to sell your property anytime soon as you would effectively paid the penalty twice.
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Nov 18, 2006
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MTLGuru wrote: Use this calculator to find your break even rate : https://www.rbcroyalbank.com/cgi-bin/mo ... ulator.cgi
Thanks. Still 15 months left at 2.49%. My break even rate is around 1.1%... Astonished Face
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Deal Addict
Jan 31, 2007
2742 posts
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Richmond Hill
I am currently with RBC Var rate, P-0.8%.

My brother have same 5year Var but he got p-1%, because I missed the promotion by 3weeks.

Both of us have really good rate now and we both started mid 2019. so still have approx 4 year to go.
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Newbie
Jan 31, 2011
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Ottawa
I am newer to the workforce. I've started to save and have been planning on getting my own home. Is this a solid way to start as a newbie? I am a rbc customer.
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Feb 26, 2006
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cheapshopper wrote: I am currently with RBC Var rate, P-0.8%.

My brother have same 5year Var but he got p-1%, because I missed the promotion by 3weeks.

Both of us have really good rate now and we both started mid 2019. so still have approx 4 year to go.
that's really awesome lol. now stop bragging and go away.. the rest of us are drooling at p-.7 atm. lol
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Feb 26, 2006
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Ottawa
implodinghippo wrote: I am newer to the workforce. I've started to save and have been planning on getting my own home. Is this a solid way to start as a newbie? I am a rbc customer.
Buy a triplex/fourplex. live in one unit, rent the rest.. that's the best way to start, you may need to live in a bit of rougher area.. or out of dt a bit, but it works, and you may live for free, which allows you to either save to buy another income property, or buy a house with a income suite. Renovate each apt in your building, turn the units to new tenants, and you will get more rent, more cashflow.. If family can help you get started, take the help, as long as you're responsible and don't easily screw up stuff... which happens easily when you're younger.
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Nov 7, 2013
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MTLGuru wrote: Use this calculator to get your break even rate and see if its worthwhile : https://www.rbcroyalbank.com/cgi-bin/mo ... ulator.cgi.
But why would make it an open term?
thanks a lot for the info and the link,
upon checking , if i cancel and get the new fix rate at 2.09% , i get $2,732.03 in interest savings over the remaining term
not bad ,

me: ok google add rbc call tuesday 9am

if this works i owe you a bottle of wine OP .
❗ We buy things that we don't need, with money that we don't have, to impress people that we don't like. ❗
[OP]
Member
Oct 27, 2009
290 posts
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Montreal
Bessem wrote: thanks a lot for the info and the link,
upon checking , if i cancel and get the new fix rate at 2.09% , i get $2,732.03 in interest savings over the remaining term
not bad ,

me: ok google add rbc call tuesday 9am

if this works i owe you a bottle of wine OP .
How about you get BETTER than 2.09% :).
Financial and Debt Advisor
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Jan 16, 2011
435 posts
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Toronto
are we still playing games with Standard Charge vs Collateral Charge?
Member
Mar 11, 2004
393 posts
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Ottawa
GSD wrote: I have a rental and Scotia is offering me 2.06% 5 yr variable. What is the rate RBC giving you?
Is this for Ontario and for a renewal? For Ontario, I was told for a refinance, it is P (2.45) - 0.40 + 0.25 (Rental Premium).
Do you have a letter from ScotiaBank?
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Aug 31, 2010
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Victoria
If I refinance with RBC, do I need to submit all documents again?
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Jul 5, 2005
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deluxster wrote: Is this for Ontario and for a renewal? For Ontario, I was told for a refinance, it is P (2.45) - 0.40 + 0.25 (Rental Premium).
Do you have a letter from ScotiaBank?
Yes, online login offer

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