Making the Most of Your Renewal

The process is simple – we’ll send you the modification documents for review and you sign and return them electronically.

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

• 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.
• 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 refinance²⁷ 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 home.²⁵

If you don't actively renew your RBC Bank mortgage before the term expires, your mortgage rate and payment will adjust semi-annually or annually according to your original mortgage terms. Or you can pay your loan in full at any time with no pre-payment penalties.

You don't have to wait until your rate period is about to end to renew your mortgage – you can renew up to one year early. If rates have dropped or your circumstances have otherwise changed, a renewal may work to your financial benefit.