Owning a home is an important goal for most Canadian
families, and a valuable investment in their future
financial security. For newcomers to the country, it’s
also an important step in becoming established here.
But with home prices typically several times higher
than a person’s annual salary, few people have
the cash to purchase a home outright. To buy your home,
you’ll probably need a mortgage — a long-term
loan that uses the home itself as security.
According to government statistics, 34% of all Canadian
families currently have a mortgage (Statistics Canada
December 2006) and almost all first-time home buyers
will need a mortgage to make their purchase.
In this section, you will learn more about your mortgage
and financing options, and discover useful tools
to help you calculate how much you can afford.
When you’re ready to start looking for a home,
visit your local branch to discuss your options with
an RBC Mortgage
Specialist.
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How much can
you afford? The important calculations that help
you know what you can afford before you start shopping
for a house. |
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|
Your mortgage
options. How to choose the mortgage features that
meet your financial needs. |
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The content of this website is provided
for the general guidance and benefit of our clients.
This website is for informational purposes only and is
not intended to provide specific advice. See
full disclaimer. |
