Dreaming of purchasing a home in the U.S.? RBC Bank can help.
Even though the Canadian dollar (CAD) is at its weakest point in 11 years, U.S. properties are still generally less expensive than properties in Canada. Financing your U.S. property is a cost-effective alternative to paying cash and can potentially lessen the one-time impact of foreign exchange.¹
Benefits of a U.S. Mortgage
RBC Bank makes financing real estate in the U.S. simpler for Canadians. As the only national mortgage lender dedicated to helping Canadians purchase property in the U.S., we're able to meet your mortgage needs and more smoothly guide you through the process.
There are many more benefits to financing U.S. real estate with RBC Bank, including:
- Canadian credit history. We'll use your Canadian credit history to help you secure your loan.
- No pre-payment penalties. You can repay your mortgage at any time.
- We get to know you. For RBC Royal BankTM clients, we'll review your full RBC relationship to know as much as we can about you.
- We "speak Canadian". By specializing in real estate lending for Canadians, our dedicated Cross-Border Mortgage Team expertly guides you through the differences between the U.S. and Canada and put the process in terms you understand.
- No foreign national premium fee. Many U.S. banks charge Canadians a foreign national premium, which can add 1 to 3% to your mortgage rate. RBC Bank never charges a foreign national premium fee.
Know When to Get Started
While applying for and securing a mortgage in Canada may only take a few days, the U.S. mortgage process is more complex and takes longer:
- 45 days - MOST COMMON - Typical processing time with standard documentation and no credit or income verification issues
- 60 days - EXTENDED - Longer processing times can be experienced during very busy mortgage refinancing periods or if there are minor credit or income verification issues
- 75 days - DELAYED - Can be experienced if there are problems with title succession, missing documentation, or insufficient appraisal values
How can I make payments on my RBC Bank mortgage?
There are several options for making your monthly mortgage payments:
- Automatic bank draft from your RBC Bank checking account - the most convenient option. Simply follow the instructions on the Mortgage Loan Automatic Payment Draft (ACH) Authorization Form to get started.
- Phone. Please contact our Mortgage Loan Administration Customer Service Department at 1-877-629-6989 to enroll in our Mortgage Pay-by-Phone service.
- Mail. Send payments in U.S. dollars, using checks drawn on a U.S. financial institution such as an RBC Bank checking account, to:
RBC Bank, NA C/1 Central Loan Administration and Reporting
P.O. Box 986
Newark, NJ 07184-0986
- RBC Bank Online Mortgage Loan Administration website. Sign in here or on the home page to make your payments online.
- Online Bill Pay. Simply add RBC Bank Mortgage as a biller within RBC Bank Online Banking. Be sure to include your loan number and payment address (RBC Bank, NA C/1 Central Loan Administration and Reporting, P.O. Box 986, Newark, New Jersey 07184-0986).
1 All loans and lines of credit 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.