U.S. Mortgage Renewal Options

If you're approaching the end of your current mortgage loan term, it's a good time to start thinking about your options. You can renew your loan — at no cost — into a 3,5,7 or 10 year term.

Renewing Your U.S. Mortgage - How it Works

The process is simple - we'll send you the modification documents and you'll simply choose your new term and return them electronically.

  • No hassle
  • No credit check
  • No income verification
  • No fees
  • No prepayment penalties

With a variety of term options, you can pick what works best for your goals.

Things to Consider

  • Rates - What are today's rates? While no one has a crystal ball, consider whether they are trending up or down. You might want to lock in a low rate early when rates are low.
  • How long you plan to stay in your home - Your long-term plans for your U.S. home can influence the term you choose for your mortgage renewal. Planning on staying for just a few more years? A shorter-term with a lower rate may be the right choice for you.
  • Equity - If you have equity in your home and want to have U.S. cash on hand for a project, purchase or peace of mind, consider a cash-out refinance 27 instead of a renewal. A refinance is a new loan that pays off your existing mortgage - you can borrow up to 80% of the value of your home25 .

Do Nothing

If you don't actively renew your RBC Bank mortgage 25 before the term expires, you'll move to a variable rate mortgage in which your rate and payment can adjust annually. Or, you can pay your loan in full, any time, with no pre-payment penalties.

Renewing Early

You don't have to wait until your rate period is about to end to renew your mortgage. You can do it any time. If rates have dropped or your circumstances have otherwise changed, a renewal may work to your financial benefit.