Consolidating student loans rbc bank
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Of the 10% of Canadians who refinanced their mortgages last year, 62% cited debt consolidation or repayment as the main reason for their refinance.
This is because consolidating high interest debt – like credit card balances and auto loans – into a low interest mortgage can save you thousands in interest payments.
Your interest rate will be based on a variety of factors including your credit score, your current financial situation and the type of interest rate you choose (fixed-rate vs. RBC do not charge any early repayment fees, which means you can pay off your loan early without incurring a fee.
We will then show you your total interest savings potential from a consolidation and also highlight the cost of refinancing your mortgage.
In order to determine if you can consolidate debt into your mortgage, you start by determining how much available equity you have.
In Canada, this is determined by taking 80% of your home’s value and subtracting any existing mortgage balance.
About the RBC Poll This survey was conducted by Ipsos Reid between October 24 and November 15, 2011 via a random sample of 1,224 adults in the general population (285 respondents aged 18 to 34).
The results are based on samples where quota sampling and weighting are employed to balance demographics and ensure that the sample's composition reflects that of the actual population according to Census data.
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Quota samples with weighting from the Ipsos online panel provide results that are intended to approximate a probability sample.