RBC Mortgage Review 2025
RBC Mortgage: Our quick take
As Canada's biggest bank, RBC has a slew of rates, terms and mortgage types to choose from. It's a fine choice if you want a traditional mortgage with a familiar brand.
Who is an RBC mortgage best for?
An RBC mortgage may be a good choice for home buyers with good credit who are interested in a relatively easy application process and the familiarity provided by a well-known national bank.
As one of Canada's Big Six banks, RBC is also a good place to find a mortgage to fit a specific home-buying need, like a loan for an investment property or new construction.
Who's eligible for an RBC mortgage?
To qualify for a prime mortgage with the Royal Bank of Canada, as with any lender or brokerage, you’ll need to meet certain eligibility requirements. These include:
Minimum credit score: Typically 680.
Down payment amount: At least 5% for a home under $500,000. For homes between $500,000 and $1,499,999, you need 5% of the first $500,000 and 10% of the amount above $500,000. For a home that costs $1.5 million or more, you’ll need 20% of the purchase price.
Debt service ratios: Your gross debt service ratio should not exceed 39%; your total debt service ratio should not exceed 44%.
RBC encourages potential borrowers to use its online tools to get a clearer idea of their qualification potential.
RBC’s True House Affordability Tool can be used to estimate how much you might be able to borrow, and the bank’s pre-approval tool can be used to connect with a mortgage specialist to discuss any concerns.
For what it’s worth, RBC presents itself as willing to work with borrowers who may have a harder time getting approved by a traditional mortgage lender. The bank also has a mortgage specially designed for self-employed people, for whom it’s often more difficult to secure a home loan.
What type of mortgages does RBC offer?
Like all Big Six banks, RBC has a mortgage for nearly every need:
Convertible mortgages.
Renewals and refinances.
Mortgages for newcomers to Canada.
Investment property, vacation/second home mortgages.
Farm mortgages.
Mortgages for self-employed individuals.
There is one type of mortgage you may have trouble finding at RBC: bad credit mortgages. If you have a lower credit score and need a mortgage, you'll want to see if B Lenders can help.
How do RBC's mortgage rates compare?
Review of RBC mortgage features
We've sifted through lender websites for features borrowers are interested in and summarized how each lender compares to its competitors with the labels "limited," "standard" or "excellent."
To see the details that led to each summary, expand the box below each entry.
Special offers available
EXCELLENT
Compared to its Big Six peers, RBC shares many special offers.
Why this might matter for you: Special rates can be a window into the types of rates you'll actually get from a lender. It's frustrating when one lender clearly displays them online and another doesn't.
Why this might not matter: If you work with a mortgage broker, they're the ones who will gather rate information. Also, because every mortgage offer is unique to the applicant, a special rate you see may not reflect the rate a lender will offer you.
Expand for details
RBC advertises special rates for:
1 year closed fixed
2 year closed fixed
3 year closed fixed
4 year closed fixed
5 year closed fixed
5 year closed variable
5 year fixed high ratio
5 year variable high ratio
7 year closed fixed
Term length options
EXCELLENT
RBC advertises terms ranging from a six-month convertible mortgage to a 25-year fixed, which is one of the longest terms you’ll find.
Why this might matter for you: Some borrowers need financing for an unusual amount of time (six months, six years or 25 years, for example).
Why this might not matter: If you intend to get a standard three- or five-year term, having access to less common terms doesn't matter as much.
Expand for details
RBC advertises the following terms on its website:
6 months fixed (open)
1 year fixed
1 year fixed (open)
2 year fixed
3 year fixed
4 year fixed
5 year fixed
7 year fixed
10 year fixed
25 year fixed
5 year variable
5 year variable (open)
5 year fixed high ratio
5 year variable high ratio
6 month convertible
Prepayment limit
LIMITED
RBC's lump-sum prepayment limit of 10% lags behind the 20% offered at multiple Big Six banks. If you have the cash, you can make a one-time prepayment to reduce your mortgage balance. Your lender limits how much you can pay off in any year. Exceed the limit and you'll face stiff penalties.
Why this might matter for you: Paying off a mortgage early is a goal many homeowners have. The bigger your lender's lump-sum prepayment limit, the more flexibility you'll have.
Why this might not matter: If you don't expect to have funds available for prepayments, this limit is irrelevant.
What it's like to apply at RBC
You can submit pre-qualification paperwork online. RBC has a form to begin the pre-approval process, but it’s essentially a contact form; an RBC agent will contact you to complete the process.
Expand to preview online application
Scroll to the bottom of RBC’s mortgage home page, and you’ll find quick links to start the online pre-approval and pre-qualification forms.
From here, you can also contact an RBC mortgage specialist in your area if you’d prefer assistance with these tasks, or if you’d like to get more information.
Pre-qualificaiton is a quick way to estimate how large a loan you may be approved for. It’s less comprehensive than getting pre-approved. You’ll want to get pre-approved before you start putting offers on homes.
Filling out the pre-qualification form is a simple process. After providing your contact information, you’ll be asked to give RBC permission to access your credit score. Doing this won’t affect your credit score.
You’ll be prompted to enter a potential home value as well as the amount of money you have saved up for a down payment. If you haven’t made an offer on a home yet, you won’t know what to enter for “Purchase Price”. That’s okay. You don’t have to fill out that field to continue.
It’s a good idea to enter your total down payment savings into the “Proposed Down Payment” space, though. It’s not necessary, but it’s useful information for your RBC mortgage specialist to have.
You’ll then choose a nearby mortgage specialist to help you with the rest of your pre-approval.
Click on the card icon next to each name to learn a little bit more about each specialist. RBC provides a modest amount of information about nearby agents, including the languages they speak and their areas of specialization, such as investment properties or first-time home buyers.
Who you choose to work with shouldn’t be a make-or-break decision — they’ll all be offering the same products and using the same qualification guidelines.
About NerdWallet mortgage reviews
When we review mortgage lenders, we look for the options it offers customers, transparency in advertising, ease of application and flexibility it offers mortgage-holders.
Of course, a mortgage is a highly personalized product. The offer you receive depends on the details of your financial situation. A lender may have a less-than-transparent website but offer you a great rate.
Use this review to familiarize yourself with this mortgage lender. To get the best mortgage rate, work with a mortgage broker or negotiate directly with multiple lenders.
DIVE EVEN DEEPER
Clay Jarvis
Clay Jarvis
Clay Jarvis