As the only national lender dedicated to Canadians purchasing real estate in the U.S., RBC Bank is a great source to assist you. We lend in all 50 states and are able to use your Canadian credit history to purchase real estate in the U.S. To qualify for a U.S. mortgage you will need to complete a standard application and provide certain documentation relating to your income, credit, liabilities and assets. Once your application is submitted, it will take about 45 days to finalize. Our team of cross-border mortgage specialists are here to assist you throughout the process. Learn more about securing a mortgage in the U.S.
All 50 States.
Interest rates are tied to the market therefore they can fluctuate daily until you lock your rate. Our cross-border mortgage specialists will work with you to determine which rates for which you qualify.
RBC Bank offers 3-, 5- and 7-year Adjustable Rate Mortgage (ARM) loans amortized over 30 years.* These loans are fixed for the specified term then adjust yearly (up or down) based on the market.
Your down payment amount depends on a number of criteria including credit score, type of property and the state in which the property is located. Typically, with healthy credit, you can expect a down payment of 20% for a Primary or Second home and between 40 - 50% for investment property.
Before you start looking for your home in the U.S., determine how much you can comfortably afford with an RBC Bank Pre-Qualification. Just complete a phone application with one of our cross-border mortgage specialists and provide us with some income documentation and information on your assets. We'll pull your credit report and provide you a Pre-Qualification Certificate so you can get shopping! Please note, a Pre-Qualification is not a loan decision. We will still underwrite your file once you have a property to finalize the loan.
The first step is to receive your Pre-Qualification so you can begin shopping for a property in the U.S. You’ll then want to start gathering the documentation required to apply for a mortgage loan. Click here to review our Mortgage Documentation Checklist. Once you have a signed Purchase Contract for the property you plan on purchasing, forward us a copy along with all requested documentation. We will then order the required third-party services such as an Appraisal, Title Work, and Flood Determination. These documents will be added to your application and package of documents to help underwrite your loan. Once approved, we will work with the Title Company or selected Real Estate Attorney to put together a closing package for your signature. Please note, if you will be closing outside of the United States for a home purchased in the U.S., we will need more time to complete the process. Be sure to let us know early in the process if you will be closing outside of the U.S.
It typically takes 45 days to purchase or refinance a home in the United States. This is largely due to third party documentation requirements such as Appraisals, Title Work and Flood Determination. Complex transactions, such as a self-employed buyer, may take up to 60 days. We recommend you allow at least 45 days in your purchase contract from the contract date to the closing date. You can help ensure the process moves as quickly as possible by providing us all of the requested documentation at the time you submit your application.
The mortgage industry in the U.S. is highly regulated. Therefore, there is more documentation required here compared to Canada. The list below is the general documentation required. Of course, each borrower’s situation is unique so we may require more or less documentation.
We finance primary and secondary homes as well as certain investment properties. However, we do not offer commercial financing or financing for multi-unit complexes greater than 4 units. We also do not finance vacant land, manufactured homes (mobile homes), working farms or Condotels (condos that rent rooms on short term leases or are located in hotels). We also currently do not offer Home Lines or Home Equity Lines of Credit.
†All loans are subject to approval, including verification of acceptable income, creditworthiness, and property valuations. Minimum and maximum property values and maximum loan-to-value ratios apply. Homeowner’s insurance is required for all loans and flood insurance is required if property is located in a Special Flood Hazard Area. Escrows may be required. There are closing costs associated with these products.
* Interest rates and payments may increase after consummation. After the initial fixed-rate period, your interest rate can increase or decrease annually according to the market index.
Example: 3-Year ARM calculation assumes a $250,000 loan amount, 2.375% interest rate, 2.463% APR, with 25% down payment, amortized over 360 months = $971.64 monthly payment. If the down payment is less than 20%, mortgage insurance may be needed on the loan. This could increase the monthly payment and the interest rate. Rates subject to increase after consummation.
Example: 5-Year ARM calculation assumes a $250,000 loan amount, 2.750% interest rate, 2.840% APR, with 25% down payment, amortized over 360 months = $1,020.61 monthly payment. If the down payment is less than 20%, mortgage insurance may be needed on the loan. This could increase the monthly payment and the interest rate. Rates subject to increase after consummation.
Example: 7-Year ARM calculation assumes a $250,000 loan amount, 3.375% interest rate, 3.468 APR, with 25% down payment, amortized over 360 months = $1,105.25 monthly payment. If the down payment is less than 20%, mortgage insurance may be needed on the loan. This could increase the monthly payment and the interest rate. Rates subject to increase after consummation.