Making the Most of Your Renewal

Renewing your U.S. mortgage

If you're approaching the end of your current mortgage loan term, it’s a good time to start thinking about renewing. You can renew your loan — at no cost — back into your original 3-, 5-, 7- or 10-year term.²⁵

Renewing Your U.S. Mortgage - How it Works

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

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.
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

Do Nothing

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.

Renewing Early

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.