Want the security of a fixed rate mortgage with a set monthly payment and the savings potential of a variable rate mortgage?
Our 5-Year RateCapper mortgage offers you the best of both worlds. It has a variable interest rate with a closed 5-year term. That means you can take advantage of today's low prime rate, while enjoying peace of mind knowing that for 5 full years you'll never pay more than a maximum "capped" rate, no matter how high the prime interest rate may rise. What's more, if rates go down your payment amount stays the same but a larger portion of your payment will be applied towards your outstanding principal.
Perfect for
First Time Home Buyers, Repeat Purchasers & Renewers
The Benefits
Pay less in interest costs when rates are low knowing you are protected from rate increases with a "capped" rate.
Illustrating the Point
With our RateCapper mortgage, the interest you pay fluctuates as prime rises and falls, but will never exceed your capped rate.
RBC Royal Bank's prime rate fluctuates according to market conditions.
Your maximum "capped" rate, represents the highest rate you will pay during the 5-year term of the mortgage.
If RBC Royal Bank's prime rate drops below your RateCapper mortgage maximum, your interest rate also drops. Your payment stays the same.
Mortgage Features
We have many mortgage options designed to help save interest costs and meet your personal financial requirements.
Whether you're buying a new home, renewing, or transferring your mortgage, we can offer you real savings and real choice. Contact a mortgage specialist today!
Applicable to residential mortgages only and subject to Royal Bank of Canada lending criteria for residential properties.
