Fulfilling the dream of owning a home means far more than real estate deals and mortgage payments. From the day you start looking for a home, to the day you move in, your house becomes your comfort zone and the central point of family life. To protect this safe haven, it's important to look for a mortgage with flexible options to offer you peace of mind in case you ever hit financial turbulence.
When looking for a mortgage provider, be sure to ask about options that are available to Skip-A-Payment, and to find out about how mortgage insurance protection can be a wise investment.
Having the flexibility of skipping a payment can be a great help to you and your family through difficult times financially. Do you have this security from your mortgage provider? At RBC Royal Bank you have the option to skip up to a month of payments every 12 months as long as your mortgage is up to date and that your current mortgage balance, together with the amount of the payment you wish to skip, does not exceed the original mortgage amount.
Also under exceptional circumstances, such as a temporary job lay-off or unexpected expenses, RBC Royal Bank offers an Extended-skip-a-payment feature, which allows you to consider skipping up to 4 consecutive months of mortgage payments once during your mortgage term. Since using this option may significantly increase interest costs over the life of your mortgage we do advise you to carefully evaluate your financial situation before choosing. Note that there may be some limitations based on the term of the mortgage and your mortgage insurer. When choosing your mortgage make sure this free option is available to you.
Another key option to help you protect your house and your family during difficult times is mortgage insurance protection. This can be a low-cost way to ensure your home remains secure for you and your family in a time of crisis. By purchasing comprehensive life and disability coverage with your mortgage (premiums can be conveniently included with mortgage payments) your financial obligations will be met if you should die or become disabled. At RBC Royal Bank we offer this insurance protection even before you move in to your new home. This protection comes with no costs to you until mortgage funds are advanced. This unique RBC offering can save you hundreds of dollars in protection!
There is more to mortgages than just great rates. Make sure you are getting a mortgage to give you peace of mind!
Paul Bimm is Vice President,
Builder's Market - RBC Royal Bank