Canadian and U.S. Mortgages Are Different

Canada

United States

5-10 days

40-45 days

• Income
• Assets/liabilities
• Other real estate you own
• Type of property you're buying
• Proof of 2 years of employment

• Income
• Assets/liabilities
• Other real estate you own
• Type of property you're buying
• Proof of 2 years of employment
• Country of residence

• Purchase and sale agreement
• Confirmation of down payment
• Proof of employment and income

Take a look at our mortgage documentation checklist to see what you need to provide.

(It's pretty similar to what you would be asked for in Canada)

• 20% for a conventional mortgage (without CMHC insurance)
• 5% for a low down payment mortgage (mortgage insurance is required)

• 20% is typical for a home you plan to live in-either year-round or part-time
• 25% is typical for investment properties

Typically 2.5% of purchase price

Largely driven by:

• Land transfer tax
• Legal fees and disbursements

Closing costs may vary. Can be as low as 2.5% of purchase price.

Usually included in closing costs.

Not typically included in closing costs. Many U.S. banks will charge up to six different fees at closing, costing you roughly 1% of your purchase price.

At RBC Bank, we don’t charge bank fees on U.S. mortgages, which could save you thousands in total closing costs.⁴²

• Not tax‑deductible

• May be deductible against income tax²⁶