RBC Bank's (USA) Home Equity Loans are for a specific amount with a set rate and fixed monthly payments for a fixed term. Customers receive a check for the full loan amount in one lump sum and have to access loans are $3,000 minimum (maximum loan-to-values vary by credit score, property and other factors) Payments are fixed monthly with interest rate that can be locked for terms from 5 to 15 years. A wide range of repayment options are available to repay the loan amount including amortizing the loan amount for up to 30 years. No penalties are applicable for early pay off. Customers can pay additional principal at any time during the term of the loan. Interest rate discounts for automatic payments from RBC checking accounts is also provided.