Overview
Getting pre-approved for a mortgage with RBC Royal Bank is a strategic first step for homebuyers in Canada. It helps clarify your budget, strengthens your negotiating position, and can lock in an interest rate for up to 120 days. RBC offers a streamlined process with expert guidance and online tools to assist both established Canadians and newcomers.
RBC Mortgage Pre-Approval Process
Steps to Get Pre-Approved
- Consultation: Speak with an RBC mortgage specialist to discuss your financial strategy, mortgage amount, down payment, and purchase price preferences.
- Application: Complete a mortgage pre-approval application, providing details on employment, income, assets, liabilities, and intended property use.
- Document Submission: Prepare and submit documents such as:
- Government-issued photo ID
- Recent paystubs or income proof
- Bank statements for down payment verification
- Documentation of other assets and liabilities (e.g., car, outstanding loans)
- Credit Check: Permit RBC to obtain your credit bureau report.
- Conditional Approval: Upon review, you’ll receive a conditional pre-approval. You’ll need to satisfy any outstanding conditions for full mortgage approval.
How Long Pre-Approval Lasts
- Validity: RBC pre-approvals are typically valid for 60, 90, or 120 days, depending on the specific product and market conditions. This allows you to shop for a home with a rate hold.
Key Benefits of RBC Pre-Approval
- Confidence in Your Budget: Know exactly what you can afford and shop accordingly.
- Rate Lock: Secure a fixed interest rate for up to 120 days, protecting you from market rate increases during your home search.
- Stronger Offers: Sellers and real estate agents take pre-approved buyers more seriously, giving you a negotiating edge.
- No Cost or Obligation: There’s no fee for pre-approval and you’re not required to proceed with the mortgage if your plans change.
- Tailored Guidance: RBC mortgage specialists offer personalized advice, including programs for newcomers and language support.
Comparisons: RBC vs. Other Major Banks
| Feature | RBC Royal Bank | TD Bank | CIBC | Scotiabank |
|---|
| Pre-Approval Validity | 60–120 days | 90–120 days | 90–120 days | 90–120 days |
| Online Pre-Approval | Yes | Yes | Yes | Yes |
| Rate Guarantee | Up to 120 days | Up to 120 days | Up to 120 days | Up to 120 days |
| Programs for Newcomers | Yes | Yes | Yes | Yes |
| Mortgage Specialist Guidance | Yes | Yes | Yes | Yes |
Special Programs & Provincial Notes
- Newcomers to Canada: RBC offers tailored mortgage products for clients with limited Canadian credit or employment history, including the possibility to qualify with a valid work or study permit.
- Provincial Regulations: Mortgage rules such as minimum down payments or property transfer taxes can vary by province. RBC specialists can advise on regional requirements relevant to your situation.
- Government Incentives: First-time buyers may qualify for programs such as the First-Time Home Buyer Incentive or land transfer tax rebates, which RBC can help you navigate.
How to Start Your RBC Mortgage Pre-Approval
- Online Application: Complete the online pre-approval form; an RBC mortgage specialist will contact you within 24 hours to finalize your application.
- Phone or In-Branch: You can also begin the process by calling RBC or visiting your local branch.
- Pre-Qualification Tool: Use RBC’s pre-qualification tool to estimate your affordability before starting a formal application. This quick check doesn’t affect your credit score.
Actionable Next Steps
- Gather Documentation: Prepare your ID, proof of income, bank statements, and details on outstanding debts.
- Start Your Application: Visit theratefinder.ca/onboarding to compare RBC’s mortgage rates alongside other top lenders in Canada and begin your personalized application process.
- Consult a Specialist: Reach out to an RBC mortgage specialist or use theratefinder for expert guidance tailored to your needs.
Summary
RBC Royal Bank mortgage pre-approval offers Canadian homebuyers a competitive edge, expert guidance, and peace of mind during the home search. With rate guarantees, tailored programs, and robust support for newcomers, it’s a strong choice. For the best rates and a seamless application experience—including comparisons with all major Canadian lenders—start your journey at theratefinder.