RBC has introduced a new feature in its mobile app that lets clients renew their mortgages digitally, without needing to visit a branch or speak with an advisor (which is a huge pain point in dealing with banks for some).
The move comes as nearly 40% of Canada’s mortgage loans are set to renew in 2024 and 2025, according to the Canada Mortgage and Housing Corporation (CMHC).
“We understand that renewing or applying for a mortgage can feel stressful for clients — which is something we’re actively addressing,” said Janet Boyle, senior vice president, Home Equity Finance, RBC, in a statement. She sai this “marks the latest stage in our evolution to provide digital and mobile services that enhance security and transparency in the mortgage journey, while offering clients more choice in how they want to manage their mortgage.”
The app allows eligible clients to secure their best RBC rate, select a mortgage term, and sign renewal documents within minutes. Those who need assistance can pause the process and consult an RBC advisor before finalizing their renewal.
Previously, mortgage renewals were handled mainly through RBC advisors. The new feature aims to streamline the process while keeping the option for personalized advice.
Mobile banking has become increasingly popular in Canada, with RBC reporting a 69% rise in active mobile users since pre-pandemic times.
This new mortgage renewal feature in a mobile app isn’t exclusive to RBC, as TD Canada and Scotiabank also offer the same feature in their mobile apps.
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Something tells me that negotiating at a branch might yield better rates than what the app is preprogrammed for. Hence the push: trade convenience for money.
Yes, congrats, you can now lock in your crappy Big Bank mortgage rate that is almost certainly not competitive with what you'll get by going with a broker/and or shopping around. Pay thousands, even tens of thousands, more for this moment of convenience.