Want to Save Big When You Buy a U.S. Home?
Whether you’re buying a home to enjoy or making an investment, you can save yourself thousands in upfront costs just by financing with a U.S. mortgage from RBC Bank.8
When you finance vs. paying all cash, your initial costs are limited to a down payment and closing costs. This preserves your Canadian equity and assets—and saves you thousands of dollars in one-time, upfront foreign exchange costs.Why Canadians Should Finance Their U.S. Home
Save from the Start by Financing Your U.S. Home
When you finance vs. paying all cash, your initial costs are limited to a down payment and closing costs. This preserves your Canadian equity and assets — and saves you thousands of dollars in one-time, upfront foreign exchange costs.
Cash Needed at Closing
If you finance...
(For 20% down payment and 2.5% closing costs, when converting your CAD to USD.)
If you pay cash...
(For the full purchase price, when converting your CAD to USD.)
Canadian and U.S. Mortgages Are Different.
Let Us Be Your Guide.
If you paid cash for your U.S. home the first time around, you may not be aware of the differences between Canadian and U.S. mortgages. For example, in Canada, mortgages can process in 5-10 days; in the U.S., it can take 30-45 days.
From helping you get pre-approved to closing on your home we can guide you through the entire process to help remove the guesswork.Explore U.S. Mortgages Guiding You Through the U.S. Mortgage Process Mortgage Documentation Checklist Search Our Mortgage FAQs
Get Pre-Approved or Apply Online Using Your Canadian Credit History
You can get financing in all 50 states and pay off your mortgage anytime, without penalty!
It only takes 5 minutes to start your pre-approval online. Apply by June 30th, 2021 and save up to $825 USD with no underwriting fees28.
Other Considerations as You Get Ready to Buy a U.S. Home
Whether you buy a vacation home, permanent residence or investment property, there are a few important things to keep in mind about protecting your U.S. real estate:
- Know what insurance is required by your state and mortgage provider. Homeowners insurance and flood insurance are required in most places, but some areas have more requirements8.
- Decide if you need additional insurance. For example, you may opt to buy separate valuables insurance to cover any jewelry, artwork or other collectibles.
There’s just no escaping them — you’re going to have to pay taxes. How much you’ll pay towards U.S. property taxes, however, varies based on the value of the home you’re buying and where it’s located (each U.S. state enforces their own tax rates).
There are a couple of ways to pay your property taxes — either directly to your county or via escrow, which means your mortgage provider will fold your property taxes into your mortgage payment to make it easier on you. That means you’ll only have to make a single payment each month to take care of both expenses.
Use our U.S. mortgage calculator to see your potential tax and insurance rate.
When you buy a U.S. home, it’s also a good idea to talk with a tax advisor about how you can reduce taxes and protect your new asset. Some common questions to ask might include:
- What’s my exposure to U.S. estate taxes?
- What happens if I become incapacitated due to illness or injury while I own the home?
- What happens if I pass away—how will the property be passed on to my beneficiaries?
For help with these types of questions and more, find a cross-border tax or legal expert now.
From departure tax and moving trucks — to handling your RRIF — see what you need to know about making the move from Canada to the U.S.
In our Moving to the U.S. series, you’ll learn more about finding a place to live, why you should enter the U.S. before your possessions do, and which of your savings accounts you can keep while you’re in the U.S. Making the move is a big choice—we’ll be here to help you through it.
A Team of Experts - Every Step of the Way
Whether you need a real estate agent, tax and legal advice or need to discuss financing, the RBC U.S. HomePlusTM Advantage38 is built to support you, as a Canadian, through every stop of the U.S. home buying process - and you can receive a cash reward of up to $6500
Get Your Free Guide to Buying a U.S. Home.
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