Canadian RBC Royal Bank Makes Lazing by the Lake Easier
To help more Canadians get away from it all, RBC Royal Bank has become the first Canadian financial institution to introduce a vacation home mortgage that provides up to 90 percent financing. This new mortgage does not require purchasers to use their primary residence as equity.    "Canadians have been carrying on a love affair with cabins, cottages and other recreational properties since Confederation," said Scott Brown, vice-president, Mortgages, RBC Royal Bank. "This new financing option allows even more Canadians to buy that lakeside cottage or chalet by the ski slopes sooner, and while interest rates are still low and property is affordable." The RBC Vacation Home Mortgage allows qualified buyers to finance recreation properties easier while keeping their primary and secondaryresidence financing separate. According to the 2003 Ipsos-Reid/Royal LePage Recreational Property Report, eight per cent of Canadians -- currently own a cottage or recreational property. Would-be vacation property owners can learn more about how they can join the cottage club sooner by calling 1-800-ROYAL(R)1-1, visiting their branch, or by having an RBC mobile mortgage specialist meet with them at home, or in cottage country. Specialists can be located by clicking http://www.rbcroyalbank.com/mortgages/. About RBC Financial Group Royal Bank of Canada (TSX, NYSE: RY) uses the initials RBC as a prefix for its businesses and operating subsidiaries, which operate under the master brand name of RBC Financial Group. Royal Bank of Canada is Canada's largest financial institution as measured by market capitalization and assets, and is one of North America's leading diversified financial services companies. It provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services on a global basis. The company employs 60,000 people who serve more than 12 million personal, business and public sector clients through offices in North America and some 30 countries around the world. For more information, please visit www.rbc.com.