RBC Bank Mortgage Rates and Review(s)
RBC Bank (USA) offers a full suite of home loan mortgage packages to customers in the southeastern United States. Their mortgage products include (but are not limited to): fixed and adjustable rate loans, conforming and jumbo loans, interest only mortgages, home loan refinancing, first time buyer mortgages, and reverse mortgages (see more home loan products + descriptions below).
Brief History of RBC Bank:
What was once a local North Carolina community bank now has a strong regional presence and is part of a global enterprise. With the recent acquisition of the Alabama National BanCorporation, RBC Bank now has more than 420 banking centers in six states (North Carolina, South Carolina, Virginia, Georgia, Florida, and Alabama).
Mortgage Rates offered through RBC Bank:
(rates accurate as of 9/2010. Contact a rep for current rates at rbcbankusa.com).
- 30 year fixed rate mortgage going for 4.50% APR with 20% down on loans under $417,000.
- 15 year fixed rate mortgage going for 4.00% APR with 20% down on loans under $417,000.
Additional Mortgage Products + Descriptions (interest rates and APR’s not provided):
Fixed-Rate Loans:
A fixed-rate mortgage ensures that your interest rate will stay the same over the life of your loan—which may be an important consideration if you plan to stay in your home for several years. When you choose the length of your repayment (usually 15, 20 or 30 years), keep in mind that while shorter term loans may have higher monthly payments, they also mean you pay less interest and build equity faster.
Adjustable-Rate Loans:
With an adjustable-rate mortgage (ARM), the interest rate you pay is adjusted from time to time to keep it in line with changing market rates. This means that when interest rates go up, your monthly mortgage payments may go up as well. The rates on an ARM usually change once a year after your introductory, fixed rate period, and there is typically a lifetime rate cap (or limit) on the amount of each yearly rate adjustment and the total amount the rate can change over the term of the loan. Some ARMs also offer a conversion feature, which allows you to convert from an adjustable-rate to a fixed-rate loan.
Interest-Only Mortgages:
An interest-only mortgage will help you keep payments especially low for the first few years of your mortgage. Instead of paying the interest on the loan as well as part of the principal each month, you will pay interest only for the first few years of the mortgage. This is called the interest-only period. At the end of the interest only period, you will still owe the original amount borrowed and your monthly payment will increase to start covering that amount in addition to the interest.
Non-recourse Mortgage:
If you are a Canadian citizen purchasing property in the U.S., this unique lending option will give you U.S. estate tax benefits. Consult with a tax or financial advisor regarding your potential tax advantages and other implications.
Affordable Housing Program (AHP) Loans:
An AHP mortgage can help low-to-moderate income families who cannot save for a down payment, but who pay their bills and deserve the opportunity to own a home. It is recommended that applicants take a pre-homeownership education course in order to make the home-buying process easier to understand.
- Fixed or adjustable annual percentage rates
- No mortgage credit insurance required
- Subject to income and loan amount limits
Government Loans:
These home financing programs sponsored by federal agencies offer low or no down payments, low closing costs and easier credit qualification.
FHA Loans:
Insured by the Federal Housing Administration, these loans are often referred to as government mortgages. They require lower down payments and accept higher debt ratios than conventional mortgages, so they’re good for those buyers who otherwise might not qualify.
VA Loans:
VA loans are available to veterans and service personnel who have met the required service time in the military. They’re guaranteed by the Department of Veterans Affairs and, in most cases, require no down payment.
