Our Cross-Border Mortgage
Specialists are here to guide you
through the process.
As the only national mortgage provider dedicated to helping Canadians purchase property in the U.S., we’re ready both to meet your mortgage needs and to guide you through the process. As your trusted advisor, we’ll let you know what to expect at every step along the way.1
RBC Bank makes getting a U.S. mortgage simpler.
You'll benefit every step of the way, too, because only RBC Bank will use both your Canadian credit history and your relationship with RBC Royal Bank™ to help you secure financing. It's like bringing your Canadian credit history with you when you come south.
Using your Canadian credit history makes getting your RBC Bank mortgage
simpler – and can save you money as well. Many U.S. banks charge Canadians a foreign national premium, which can add one to three percentage points to your mortgage rate, because you don’t have a U.S. credit history. RBC Bank never charges a foreign national premium fee.
While applying and securing a mortgage in Canada may only take a few days, it usually takes about 45 in the U.S. from the date of the contract for the purchase or a complete application for a refinance. We strongly encourage you to start the process at least 45 to 60 days before you plan to close on the property.
We’ve made it easy to apply online. Just click here to visit our Online Mortgage Center.
The application process takes around 30 minutes to complete. If you have to stop partway through, simply save your application and complete it later at your convenience.
Here are the first three things to do as you start on your way to home ownership in the U.S.
Get pre-qualified so you know how much you can borrow.
Pre-qualifying is a brief process that tells you how much you may be qualified to borrow and enables you have a clear picture of how much you can comfortably afford and what your monthly payment might be. U.S. real estate agents will ask if you are pre-qualified and will want you to submit proof of your pre-qualification along with the offer to purchase. Our Cross-Border Mortgage Specialists are happy to help you get pre-qualified.
Calculate your down payment.
A minimum down payment of at least 20% of the selling price of the property is required, but that can vary depending on the property’s intended use as your primary residence, a second home, or an investment property.
Choose the right mortgage.
Select what fits your needs best.
Our adjustable rate mortgages (ARMs)* lock in your rate for the first three, five, or seven years and feature:
- 30-year amortization
- No prepayment penalty
Non-recourse mortgages (NRMs)2
NRMs are specially designed for high net-worth clients. While interest rates and closing costs are slightly higher than a typical mortgage, the mitigated risk and potential tax relief make NRMs a great financial tool. This RBC Bank exclusive mortgage offers:
- Loans up to 65% of property values2
- Potential tax deductibility of interest paid when loan proceeds are reinvested
Home Equity Line of Credit1,3
Credit that’s available when you need it.
When you need money in the U.S., our Home Equity Line of Credit provides a flexible option for accessing funds, all while avoiding the currency exchange expense.
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 ratios 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 Loans up to 65% of property value require a down payment of at least 35%.
3 Home Equity 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.
* 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.