Canada

United States

Time to process

5-10 days

Application requirements

  • 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

Documentation

  • 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)

Down payment

  • 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

Closing costs

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.

Fees

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

Mortgage interest

  • Not tax‑deductible
  • May be deductible against income tax26

Looking for a realtor?

If you enroll in the RBC U.S. HomePlusTM Rewards program to buy or sell your home, you can get a cash reward38Legal Disclaimer (opens in popup) of up to $9,500. They’ll also help you find a U.S. realtor in your target market familiar with selling property to Canadians.

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