RBC Royal Bank introduces no down payment mortgage
Hot real estate market now accessible to more people
By eliminating the down-payment barrier and offering a no down payment mortgage to qualifying clients, RBC Royal Bank is making it easier for would-be homeowners to get into the current hot real estate market.
RBC’s newest home buying solution, the RBC No Down Payment Mortgage, allows homebuyers with steady cash flow and good credit to obtain financing even though they have not yet saved the required minimum 5% down payment, as long as they have sufficient funds for closing costs which is 1.5% of the purchase price.
“This is a great time to get into the real estate market, but many people who can handle the payments just don’t have the necessary 5% saved for a down payment,” said Scott Brown, vice president, Residential Mortgages and Home Equity Financing Products for RBC Royal Bank. “This new option will allow them to get in on the real estate market sooner, rather than waiting on the sidelines while real estate prices, and possibly interest rates, begin to escalate.”
Typically, people without the required downpayment had limited options that usually resulted in higher overall home ownership costs. They could postpone their home purchase altogether, borrow for the down payment, or obtain mortgage financing from a sub-prime lender at a higher cost.
RBC’s No Down Payment Mortgage provides a new option to would-be homeowners to lock in affordable mortgage payments, thereby minimizing the risk of rising real estate prices and interest rates. It is available on five-year terms to qualified purchasers.
People can learn more about the RBC No Down Payment Mortgage and whether it is right for them by visiting their local RBC Royal Bank branch, calling 1-800-ROYAL(R)1-1 or having a RBC mortgage specialist meet with them anywhere, at anytime. Specialists can be located by clicking http://www.rbcroyalbank.com/products/mortgages/.
About RBC Financial Group
Royal Bank of Canada is Canada’s largest financial institution as measured by market capitalization and assets, and is one of North America’s leading diversified financial services companies. It provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services on a global basis. The company employs 60,000 people who serve more than 12 million personal, business and public sector clients through offices in North America and some 30 countries around the world. For more information, please visit www.rbc.com.
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