Choose an RBC Bank Home Equity Line
of Credit for your U.S. financing needs.
To purchase or refinance your U.S. home or to pay for home improvements, a new set of wheels, school expenses, or a vacation, a Home Equity Line of Credit (HELOC)1 from RBC Bank makes a sensible financial option.
RBC Bank is the only national provider dedicated to helping Canadians finance property in the U.S.2 Our dedicated team of cross-border financing specialists will guide you through the entire process from beginning to end, navigating the common challenges faced by Canadians in the U.S. And we’ll use your Canadian credit history and your RBC Royal BankTM history to help you secure financing!
|3 big reasons to choose RBC Bank for your Home Equity Line of Credit|
|1. Save money, avoid currency exchange and wire expenses when you need money in the U.S.||
2. Convenient access
|3. Allows you to preserve the available credit in your RBC Homeline Plan® or Canadian Home Equity Line of Credit|
- Borrow up to 80% of the equity in your U.S. home.
- Variable rate based on Wall Street Journal prime rate plus a margin. There is no fixed rate portion with this line of credit.
- Combined maximum 20-year term, including a 10-year draw period and a 10-year repayment period
- Lower monthly payment – interest-only payment for first 10 years
- A HELOC is only available when no other loans are secured by your U.S. home (first lien position).
Applying for your U.S. Home Equity Line of Credit
Obtaining a U.S.Home Equity Line of Credit is different from what you may have experienced in Canada, but not to worry. We’ll help you fully understand the differences in documentation, time, and cost.
Documentation An RBC Bank Cross-Border Financing Specialist will walk you through the documents you’ll need, such as:
- Personal ID such as a passport or driver license
- Individual tax identification number
- Income documentation
- Bank statements
- Credit payment history documentation
- 45 days for typical processing
- $250 one-time application fee
- $50 annual fee
- Closing costs vary by state and generally include third-party fees such as the appraisal, credit report, flood certification, title insurance, and attorney/settlement agent closing.
1 All lines and loans are subject to approval, including verification of acceptable income, creditworthiness, and property valuations. Minimum and maximum property values and maximum loan-to-value rations apply. Equity Line and corresponding APR will be priced using a base rate of prime rate (as published in The Wall Street Journal, Eastern Addition, on the 25th day of the month.) Current rate is 3.25% as of April 30, 2014, plus or minus a margin disclosed at the time of application. Rates are subject to change based on changes in the Prime Rate, but will not exceed 18%. Paying the minimum payment may result in a balloon payment when the line matures. In addition to the costs listed above, third party closing costs (vary by state) may range from $900 to $9,000.
2 Home Equity Line of Credit are not offered for properties in Texas. Traditional mortgages are offered in all 50 states. Lines of Credit are not offered for properties in Texas. Traditional mortgages are offered in all 50 states. Home Equity Lines of Credit are not available for investment properties.