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Buying or renting property in the U.S. Which is a better fit?

Whether your travels bring you to the U.S. for business or pleasure, you’ve likely found yourself in rental properties or hotels along the way – and maybe even considered purchasing a home in the U.S. Depending on your individual needs, the choice to rent or buy when visiting the U.S. is one that warrants careful consideration. So which is a better fit for you? Renting or buying?

Renting

Some prefer the conveniences of renting because they like having certain things taken care of for them such as lawn care and property maintenance. However, renting does not present the opportunity to build equity in a home and will not allow you to benefit as property values rise. Consider this: if you are paying $1,200 a month to rent an apartment, you will have paid $72,000 in rent over the next five years. That’s quite a large sum of money that could have been credited to a mortgage.

Buying

Many Canadians prefer to buy a home in the U.S. because owning property in the U.S. has many valuable financial benefits. Not only do homeowners build equity, but they may also enjoy tax advantages. When you own a home it becomes your asset, not just a rent payment. With today’s low interest rates and wide selection of properties available at competitive prices, now is an ideal time to make a real estate purchase in the U.S.

  • Before you start shopping for that perfect home, we suggest reading these helpful Real Estate tips we’ve gathered from some of the top cross-border real estate agents in the U.S.

RBC Bank Makes Getting a Mortgage in the U.S. Simpler

While it only takes a few days to apply for and secure a mortgage in Canada, the process is longer in the U.S. Typically, it takes 45 days or more to apply for and secure a mortgage in the U.S. Work with the expert – RBC Bank.

  • RBC Bank is the only national mortgage provider dedicated to helping Canadians purchase property in all 50 states. 
  • Only RBC Bank has a dedicated team of Cross-Border Mortgage Specialists who provide expert advice as they guide you through the entire process and navigate common challenges for Canadians.
  • RBC Bank looks at your Canadian credit history AND your RBC Royal Bank history to help you secure financing.

Learn more about what you can expect during the U.S. mortgage process.

Limited Time Mortgage Offer. Learn More

Ready to Get Started?

Call 1-800 ROYAL 5-3 (1-800-769-2553) to speak to a Cross-Border Mortgage Specialist today.

Step-by-Step Guide to Getting a Mortgage with RBC Bank. Read Now. Visa Signature Black Credit Card. Apply Today.

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1 A full and complete mortgage loan application must be submitted and your rate must be locked no earlier than November 25, 2013 and no later than February 28, 2014. A complete application includes income and asset documentation, credit information, property address and collateral value. This offer is subject to change or withdrawal at any time and without notice. Nothing herein is or should be interpreted as an obligation to lend. 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 lines 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.

Example: 3-Year ARM calculation assumes a $250,000 loan amount, 2.375% discounted interest rate, 2.463% APR (2.625% interest rate or 2.752% APR before the discount) with 25% down payment, amortized over 360 months = $971.64 monthly payment. $32.49 monthly savings totaling $11,696.40 over 30 years or $1,169.64 over 3 years. 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 discounted interest rate, 2.840% APR (3.00% interest rate or 3.13% APR before the discount) with 25% down payment, amortized over 360 months = $1,020.61 monthly payment. $33.40 monthly savings totaling $12,024 over 30 years or $2,009.40 over 5 years. 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% discounted interest rate, 3.468 APR (3.625% interest rate or 3.76% APR before the discount) with 25% down payment, amortized over 360 months = $1,105.25 monthly payment. $35.46 monthly savins totaling $12,556.80 over 30 years or $2,929.92 over 7 years. 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.