RFA Mortgage Review: 2024 Rates
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Discover the methodologyRFA Mortgage is a rapidly growing Canadian mortgage provider known for its competitive rates and tailored solutions for both prime and alternative borrowers. With a strong presence in the industry since 2018, RFA offers a range of residential and commercial mortgage products, along with good customer service and convenient online tools like the MyRFA portal.
In this RFS Mortgage review, we explain the company’s specific mortgage offerings, prevailing interest rates and highlight the benefits that set them apart from other lenders. Whether you’re a first-time buyer or second homeowner, understanding key aspects like RFA Mortgage rates will help you make an informed decision.
RFA Mortgage Review: Key Takeaways
- Competitive rates for both prime and alternative lending.
- Flexible options including fixed, variable, and open mortgages.
- Dedicated customer service with easy online account management via MyRFA.
- Special programs for refinancing and first-time homebuyers.
- RFA mortgage renewal rates are provided 60 days prior to mortgage maturity.
- Online RFA mortgage reviews are generally positive.
Our RFA Mortgage Review
RFA stands for Realty Financial Advisors and despite having existed in Canada’s real estate investment industry since 1996, RFA only expanded its offerings to include residential lending in 2018. While this expansion is fairly new, RFA Mortgage is striving to become one of the top mortgage brokers in Canada. It is likely to succeed too, due to its aggressive growth strategy which includes the acquisition of major companies such as Street Capital Bank.
The residential mortgage aspect of RFA is run by RFA Mortgage Corporation and RFA Bank of Canada: the former, RFA Mortgage Corporation, specializes in prime mortgage lending whereas the latter, RFA Bank of Canada mortgages are alternative balance sheet based. Combined, this allows RFA Mortgage to develop and offer excellent solutions to all customers, regardless of needs. Outside of this, there are numerous additional benefits to considering RFA Mortgage, which include:
- RFA variable mortgage rates are incredibly competitive
- Its prime rate lending is comparable to the rest of the market
- Customer satisfaction is key to its operations
- Extensive and readily available broker network
- Ability to manage your RFA mortgage online
- Mortgage prepayment options to reduce costs
- Multiple online resources to facilitate the mortgage lending process
Expert advice
RFA Mortgage is an excellent lender for individuals who may be struggling to get accepted for a traditional prime mortgage.
This is because RFA mortgage offers balance sheet-based alternative mortgage lending which allows them to offer higher-risk loans, with more flexibility for the borrower, due to RFA Mortgage assuming the full credit risk.
Our RFA Mortgage review is ultimately positive. Not only does the combination of RFA Mortgage Corporation and RFA Bank of Canada offer consumers a full range of mortgage solutions, but its vision of becoming the best mortgage lender in Canada pushes them to offer incredibly competitive rates and quality customer service.
Before committing to a mortgage provider, it is wise to compare offerings from multiple lenders. You can compare the best mortgages in Canada and find the top deals using our free tool below.
Compare mortgage rates now
RFA Mortgage Rates in 2024
Just like with all lenders, RFA’s mortgage rates are influenced by the Bank of Canada’s policy interest rate which is currently 6.45%. However, a consumer’s actual lending rate will depend on the type of mortgage they sign, such as a fixed-rate or variable-rate mortgage product.
With an RFA fixed-rate mortgage, the interest rate is determined prior to the loan being approved and remains fixed throughout the full term. Once the mortgage term is up, the borrower will be able to renew the mortgage at the prevailing interest rate at the time. This fixed rate policy provides consumers with the financial stability of knowing how much their monthly payments will be for a certain period of time.
RFA’s variable mortgage rates, on the other hand, rise and fall alongside Bank of Canada’s interest rate. When this interest rate increases, so too will an individual's monthly mortgage payments. However, there is a potential for significant savings as well, when interest rates fall and monthly payments reduce.
While RFA does not publicly list its mortgage rates, numerous third-party forums and review websites state that RFA mortgage rates are competitive.
Expert advice
Calculating mortgage affordability saves you time! Rather than searching for houses that are outside of your price range, you can devote your time and energy to finding the best home within your budget. You can use our free Mortgage Affordability Calculator to plan your mortgage payments.
RFA Mortgage Options
Like most mortgage lenders, RFA offers numerous mortgage solutions for all customers. While the full terms vary on the borrowers’ specific capabilities, an overview of RFA’s mortgage solutions can be found in the table below.
| RFA Mortgage Product | RFA Mortgage Product Description |
|---|---|
| RFA fixed rate mortgage |
|
| RFA adjustable rate mortgage |
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| RFA variable rate mortgage |
|
| RFA open mortgage |
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| RFA closed mortgage |
|
When to choose an RFA variable-rate mortgage?
- Decreasing interest rates: A variable-rate mortgage is advantageous when interest rates are expected to decline because as they do, so too will the RFA variable mortgage rate. If it does, more of your monthly payments will go toward paying off your principal.
- Financial flexibility: Variable mortgages may also provide you with more flexibility than any other in terms of being allowed to make extra payments or easier refinancing. So if you’re in a place where short-term ownership might be on the cards, consider an RFA variable rate mortgage.
RFA Mortgage renewal rates
RFA mortgage renewal rates are included in all the RFA renewal packages that are provided to their customers. These packages are usually sent 60 days prior to the renewal date of any mortgage and include all relevant information about the mortgage going forward. If borrowers are happy with the updated terms and rates in the package, all they have to do is sign the documents according to the instructions and return them to RFA.
However, individual circumstances change and if borrowers wish to discuss anything from RFA’s mortgage renewal rates to refinancing, the maturity date is the best time to do so.
The best thing you can do when your mortgage renews is to review other options to find the best rates. HelloSafe’s online mortgage comparison tool below allows you to do just that.
Good to know
We've created a guide about mortgage renewals and how to go about them. Whether you're coming to the end of your term or just want to understand the basics, it has all the information you’ll need to navigate the mortgage renewal landscape effectively.
RFA Mortgage Login
RFA Mortgage offers homeowners direct access to their mortgage through the dedicated MyRFA mortgage login. The portal allows members to review and update personal details, check their balance, make lump sum payments, manage property tax and change payment details.
In order to gain access to MyRFA, homeowners will have to register an account. Registration is completed after your mortgage has been funded by using the user ID as detailed in your welcome package. You will also have to finalise the registration using the temporary password that is sent separately to the welcome package.
If access to the MyRFA login is lost, borrowers simply have to contact RFA’s servicing center via phone or email to request a reset.
Refinancing an RFA Mortgage
RFA Mortgage will only accept applications to refinance a mortgage from existing customers. Mortgage refinancing is a great way for individuals to free up additional funds and use the built-up equity in the property on new financial goals, such as renovations or repairs.
However, it should be noted that RFA Mortgage will only allow refinancing to existing borrowers whose mortgage is in good standing. This means that the borrower has stayed on top of their monthly payments and not defaulted on the loan.
RFA mortgage holders should contact that are considering refinancing should contact RFA’s mortgage servicing center and request to speak to one of the several Mortgage Specialists. They will be able to see if borrowers qualify and advise on the best solutions available.
Good to know
Still wondering how mortgage refinancing works? We’ve created a comprehensive guide to walk you through everything you need to know about mortgage refinancing — how it works, its pros and cons, when to refinance, and more.
RFA Mortgage Calculator
The RFA mortgage calculator stands out among the plethora of resources that the company offers as it accurately helps you estimate your monthly payments. What makes it stand out among competitors is that it allows you to view the difference in costs between a fixed and variable rate mortgage.
Of course, the RFA mortgage calculator is only designed to give illustrative costs and actual mortgage rates will vary based on final terms and conditions.
If you’re looking to get more accurate RFA mortgage rates then the best thing you can do is reach out to RFA Mortgage directly. Alternatively, you can also use our tool below to compare the best mortgage rates in Canada and get instant results based on your profile.
Compare mortgage rates now
RFA Mortgage Contact Details
RFA Mortgage Corporation and RFA Bank of Canada use the same contact details for all non-customer enquiries as highlighted in the table below.
| Mode of contact | RFA Mortgage contact details |
|---|---|
| Phone | 647.259.7873; or, 1.877.416.7873 |
| Fax | 647.259.7874; or, 1.877.905.7873 |
| [email protected] |
Current RFA Mortgage clients can contact customer support using the following details.
| Method of contact | If your mortgage number starts with a 4 | If your mortgage number starts with a 1, 6, 7, 8 or 9 |
|---|---|---|
| Phone | 1.866.939.5005 | 1.833.228.5697 |
| Fax | 1.866.325.2563; or, 416.593.9343 | 1.833.228.6312; or, 1.866.370.0657 for Bridge Loan Request Payout |
| [email protected] | [email protected] | |
| RFA Bank of Canada Mortgage Servicing Centre Suite 1900 - 16 York Street Toronto, ON M5J 0E6 | RFA Mortgage Servicing Centre Suite 100 - 451 Phillip St Waterloo, Ontario N2L 3X2 |
