Understandably, the recent press about RBC’s decision to replace 45 employees with temporary foreign workers has sparked a bit of outrage with RBC customers. For those wanting to move their everyday banking products to another financial institution or Credit Union I applaud you.
Many years ago I did exactly the same thing when I was upset with the level of service I had been receiving at my financial institution. Granted, it is no easy task, especially if you have payroll deposit and automatic bill payments setup. In the end it was worth the effort for me.
Can I easily switch my RBC mortgage?
While switching over your day to day banking accounts is a fairly straight forward process, moving your mortgage to another lender isn’t always possible without incurring a penalty if you are breaking a closed mortgage. If you want a rough idea on what your penalty might be to break your RBC mortgage you have a look at my post on mortgage penalty calculators.
How can I switch my RBC mortgage?
As an offer to RBC mortgage clients wishing to switch their mortgage you can contact me for a no obligation consultation. I will prepare the necessary paperwork to receive your mortgage discharge statement and then discuss if switching from RBC makes sense at this time or help you plan for making the switch from RBC in the future.
What alternatives are there to my RBC mortgage?
As an independent mortgage consultant I have access to numerous bank, non-bank and Credit Union lenders. I can help you navigate Canadian mortgage lenders and help you choose one that makes not only financial sense, but ethical sense as well.