RBC Bank Shares Home Buying Tips for Canadians
Buying Property in the U.S.
RBC Bank cross-border mortgage advisors make the process easier
RALEIGH, N.C. (March. 24, 2014)
RBC Bank, the leading provider of banking solutions for Canadians visiting or staying longer-term in the United States, offers tips to those buying a home in the U.S. Despite fluctuations in both the Canadian dollar and U.S. real estate market, snowbirds continue to migrate south. In fact, Canadians are the top foreign U.S. homebuyers, accounting for 23 percent of foreign real estate purchases.
“Over the last few years, the housing market in the U.S. has been growing due to low mortgage rates, affordable housing prices and a large number of non-U.S. citizens taking advantage of these real estate opportunities,” said Kelly Trembley, a real estate agent with more than 15 years of experience. “It is important to work with a real estate team that knows the market well, and has rich experience working with banks that cater to buyers from outside of the U.S.”
RBC Bank has been greeting snowbirds, retirees and cross-border transplants in the U.S since 2003 and helping to make the home-buying experience a little easier. The RBC Bank cross-border team of mortgage specialists offers these home-buying tips.
- Understand mortgage options. This can be the most time consuming part of home buying. As the only national lender dedicated to Canadians purchasing real estate in the U.S., RBC Bank offers valuable in-market expertise. RBC Bank lends in all 50 states and is able to use clients’ Canadian credit history to help secure the financing of real estate in the U.S.
- Choose a Canadian real estate agent working in the U.S. They understand both sides of the border as well as specific issues associated with cross-border buying and selling.
- Consult a tax advisor or tax attorney before you buy. Choose someone familiar with both Canadian and U.S. tax laws who can provide advice on the tax consequences and how to minimize tax liability based on financial status.
- Understand U.S. insurance policies. Homeowner’s, or hazard, insurance is required for homes with U.S. mortgage and must be reconfirmed annually with U.S. lenders. If there is no evidence of insurance or the amount is inadequate, the lender will purchase Forced Place Insurance, which covers less and costs the homeowner more.
- Stop by the RBC Bank Advice Center. This site provides detailed information about securing a U.S. mortgage, renting versus buying a home and cross-border banking tips.
“Purchasing a home in the U.S. may seem overwhelming, but the RBC Bank team of expert cross-border specialists can make the process a little easier,” said Alain Forget, head of sales and business development at RBC Bank. “Obtaining a mortgage in the U.S. is less cumbersome for RBC Bank customers because, unlike other banks, we are able to view your whole RBC relationship in the U.S. and Canada. That potentially helps to lock in a better mortgage rate.”
About RBC Bank
RBC Bank is a wholly-owned subsidiary of the Royal Bank of Canada that provides U.S. banking solutions to RBC consumer clients with a cross-border lifestyle. RBC Bank pioneered cross border banking and has been serving clients who visit, shop, study or relocate in the U.S., for more than ten years. Today, the Bank provides everyday banking and real estate lending solutions to Canadian clients in all 50 states.
About RBC Royal BankTM
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate under the master brand name RBC. We are Canada’s largest bank as measured by assets and market capitalization, and are among the largest banks in the world, based on market capitalization. We are one of North America’s leading diversified financial services companies, and provide personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services on a global basis. We employ approximately 79,000 full- and part-time employees who serve close to 15 million personal, business, public sector and institutional clients in Canada, the U.S. and 51 other countries. For more information, please visit rbc.com.