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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.
Learn more about your mortgage
and financing options, and discover useful tools
to help you calculate how much you can afford.
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Buying your first home in Canada? If you are thinking of purchasing your own home, there are many types of homes to purchase and options for you to consider. |
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Mortgage basics - Mortgages come with a variety of different features, giving you the flexibility to customize your mortgage to your needs. In this section you will learn about the key characteristics of a mortgage. |
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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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Should you Rent or Buy? Both renting and buying come with pros and cons that you should consider before making a decision whether to rent or buy a home. |
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Finding a Home to Buy - To find out more about buying a home in Canada, finding a neighbourhood, comparing communities, settling in and more, visit the RBC Finding Your Home website. |
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Choosing the Right Mortgage - Each year, more Canadians trust RBC Royal Bank® for their mortgage solutions than any other provider. RBC Royal Bank has the tools and resources to help you find a mortgage that’s right for you. Visit our Mortgage Centre for more information. |
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Property Insurance
Whether you own or rent your home, you will want to protect your home and belongings with property insurance. Property insurance protects your home from fire or other damage, and replaces stolen, lost or damaged possessions. It also provides liability coverage in case a visitor to your home is injured. If you own your home, you are required by law to purchase either Homeowners Insurance or Condo Unit Owners Insurance. If you rent your home, you can purchase Renters Insurance to protect your personal possessions.
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How to Get Started
An RBC Royal Bank Mortgage Specialist can answer any of your mortgage questions. Our team of Mobile Mortgage Specialists can meet with you wherever it’s most convenient for you.
If you are looking for a Mortgage Specialist that speaks your language, you can find one through our Mortgage Specialist Locator. |
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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.
Personal lending products and residential mortgages are provided by Royal Bank of Canada and are subject to its standard lending criteria.
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