Why Canadians Our U.S. Home Equity Solutions
- Low-cost options for taking advantage of your home's appreciation and the strong U.S. dollar
- Easily move the money earned from the currency exchange back to Canada, tax-free
- Enjoy the peace of mind of having U.S. cash on hand
- Borrow up to 80% of your home's value with no pre-payment penalties - you can make lump-sum payments anytime
- Cover your U.S. expenses without concern for fluctuating foreign exchange costs - while preserving the credit you have available in Canada
Two Ways to Tap Into Your Equity
Take advantage of low rates and tap your U.S. equity to remodel your home, repay debt or invest in the U.S. or Canada
year term options on your loan25
Borrow Up To
80% of the value of your home
amortization keeps monthly payments low25
$0 underwriting fees on new mortgages until June 30, 202028.
Home Equity Line of Credit30
Gain the peace of mind of having U.S. cash on hand when you need it – with no minimum balance, usage or draw requirements, it’s yours to use however you wish
payments for 10 year draw period
Borrow Up To
80% of the value your home
Save thousands on closing costs with our No-Fee HELOC until June 30, 202031
A home equity line of credit – or HELOC – is a form of revolving credit in which your home serves as collateral.
With a home equity line, you will be approved for a specific amount of credit, which is the maximum amount you can borrow at any one time while you have the plan. Since you can get approved for an amount of credit now and not access the funds until you need them, a home equity line of credit is a good choice if you simply want the ability to access cash as you need it.
With our home equity line, you'll have the ability to access funds, up to the amount of your credit limit, by simply writing a check. A supply of checks will be sent to you after closing.
The monthly payment for a home equity loan is typically based on your daily balance and the daily interest rate.
Here are the steps involved in getting a Home Equity Line of Credit:
- 1) Call us to get started at 1-866-283-5928. We will ask you questions about your home and your finances.
- 2) We'll put you in touch with a loan advisor. They will introduce themselves and answer any additional questions you may have.
- 3) We'll send you a digital application kit, which will contain papers for you to sign and a list of items we'll need to verify the information you provided about your finances during the application.
- 4) We'll order an appraisal from a licensed appraiser who is familiar with home values in your area.
- 5) We’ll also order a title report and arrange title insurance. We'll use the title work to confirm the legal status of your property and to prepare the closing documents.
- 6) We’ll contact you to coordinate your closing date.
Once your line of credit is set up, you can easily access it through Online Banking or Automated Telephone Banking. Transfer money from your line of credit to your checking account 24/7 to access the funds. Or, use one of your personalized checks to transfer funds, or pay for products or services through your line of credit. You will be provided with a supply of checks once your line is set up.
While Home Equity Lines of Credit (HELOCs) operate in a similar fashion in the U.S. as they do in Canada, there are a few differences you’ll want to be aware of before you apply for the American version of this loan.
Unlike what you may be accustomed to with Canadian HELOCs, in the U.S., you’ll pay significant closing costs and fees. At RBC Bank, however, those costs are on us with our No-Fee HELOC31 - potentially saving you thousands.