Cross-Border Banking FAQs - RBC Bank

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U.S. Mortgages

Getting Started Applying Closing Owning Paying Bills Refinancing

Closing

How do I prepare for closing on my U.S. mortgage?

What fees and closing costs can I expect when buying a home in the U.S.?

What types of things will an underwriter look for when they review the property appraisal?

What happens on the closing day?

How quickly can you close my loan?

What is a property appraisal and who completes it?

What is title insurance and why do I need it?

When purchasing a home, do I need a home inspection AND an appraisal?

How long does it take for the property appraisal to be completed?

Getting Started

What home financing products do you offer?

What are the differences between U.S. and Canadian mortgages?

How do I apply for a mortgage?

Why do I need to pre-qualify for a U.S. mortgage?

What types of properties do you finance?

What is a credit score and how will my credit score affect my mortgage or loan application?

What is an adjustable rate mortgage?

How much down payment is required?

How long does it take to get a mortgage in the U.S.?

How will I qualify for a mortgage without a U.S. credit history?

Is comparing APRs the best way to decide which lender has the lowest rates and fees?

What are your rates and fees?

What are escrows?

Are there any special requirements for condominiums?

What can you expect when you apply for a mortgage?

What is the foreign national premium that gets charged with some U.S. mortgages?

Applying

Will an inquiry about my credit affect my credit score?

How long does it take to get approved for a mortgage?

How do I fill out a mortgage application if I am moving to the U.S. for work but have yet to relocate?

Does RBC Bank require flood insurance on properties?

Can I make my monthly mortgage payments with an automated debit from my checking account?

Owning

What is rental income taxation?

How do I calculate my real estate taxes?

How can I make payments on my RBC Bank mortgage?

What documents will I need if I'm selling my home to buy a new one?

What is homeowner's insurance and why do I need it?

Paying Bills

What types of bills can I pay with RBC Bank Online Bill Pay?

How do I make automated (ACH) payments?

Refinancing

What is the difference between a home equity loan and a refinance?

How do I access my money once I have a loan or line of credit?

What can I expect when I apply for a home equity loan?

What are the differences between a Canadian Home Equity Line of Credit (HELOC) and a U.S. HELOC?