Two Options for Canadians to Tap Into U.S. Equity1
Borrow the amount that you need - up to 80% of your home's value - and preserve the credit you have available in Canada.
Consider this option if you want:
- A lump sum of cash with monthly payments amortized over 30 years – spreading out your cost of foreign exchange
- Our lowest interest rates - locked in for a 3-, 5-, 7-, or 10-year term2
- The ability to make lump-sum payments at any time with no pre-payment penalties
$0 underwriting fees on new eligible mortgages until October 31st, 20233
Call to Apply: 1-866-283-5928
Home Equity Line of Credit (HELOC)1
Consider this option if you want:
- Peace of mind of having U.S. cash when you need it without concern for fluctuating foreign exchange costs
- Interest-only payments for a 10 year draw period
- No minimum balance, usage or draw requirements
- Access to funds online, anytime
You could save thousands on closing costs with our No-Fee HELOC until October 31st, 20234
Call to Apply: 1-866-283-5928
The Only U.S.-Based Bank Designed Specifically for Canadians
For over 16 years, RBC Bank has been helping Canadians make their U.S. home ownership dreams come true.
RBC Bank offers mortgages in all 50 states. Refinances and Home Equity Lines of Credit are available in every state but Texas.1
Apply online or over the phone, your Cross-Border Mortgage Advisor will guide you through the process. In most areas, you can even complete your closing from Canada or with a Power of Attorney so you don’t need to cross the border.
Our team of Cross-Border Mortgage Advisors understand the needs of Canadians, will translate the differences in the U.S. mortgage process and help you determine which kind of loan is right for your needs.
You’ll have access to a team of experts on all of the considerations that come along with tapping your U.S. equity including taxes, foreign exchange advantages and ownership issues.
No need for a U.S. credit history; we’ll use your Canadian credit history to help qualify you.
As a mortgage or HELOC client, you'll enjoy our U.S. Premium Checking account with the monthly fee waived✝, providing you
- Unlimited transactions
- Unlimited cross-border transfers and instant exchange between your RBC Canadian and U.S. bank accounts - available 24/7 through online or mobile banking5
- Preferred foreign exchange rates
- Over 50,000 no-fee ATMs nationwide6
- Easy access to pay your U.S. mortgage and U.S. bills
No Annual Fee U.S. Credit Card with Rewards
Visa Signature Black
Registered trademarks of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada.
RBC Bank, Equal Housing Lender.
RBC Bank, Equal Housing Lender.
For eligible clients, RBC Bank will waive the monthly fee for the Premium Checking account as long as the real estate loan remains open and in good standing. Otherwise, the annual Premium Checking account fee of $99.50 will begin to apply.
RBC Bank is RBC Bank (Georgia), National Association (“RBC Bank”), a wholly owned U.S. banking subsidiary of Royal Bank of Canada, and is a member of the U.S. Federal Deposit Insurance Corporation (“FDIC”). U.S. deposit accounts are insured by the FDIC up to the maximum amount permissible by law. U.S. banking products and services are offered and provided by RBC Bank. Canadian banking products and services are offered and provided by Royal Bank of Canada. All deposit accounts, loans and lines of credit are approved by RBC Bank. U.S. deposit accounts are not insured by the Canada Deposit Insurance Corporation (“CDIC”). RBC Bank – 8081 Arco Corporate Dr, Suite 400. Raleigh, NC 27617. www.rbcbank.com
Mortgages and Home Equity Lines of Credit (HELOCs) are subject to approval, including verification of acceptable income, credit worthiness and property valuations. Minimum and maximum property values and maximum loan-to-value ratios apply. Homeowner’s insurance is required for all loans and lines of credit and flood insurance is required if the property is located in a Special Flood Hazard area. Escrows may be required on mortgages. There are closing costs associated with mortgage products. In addition to a ½% Origination fee (with a $500 minimum and a $2,000 maximum) due at origination and a $50 annual fee, third party closing costs for Home Equity Lines of Credit may range from $900 to $9,000. Home Equity Lines of credit are not offered for properties in Texas. Home Equity Lines of Credit are not available for investment properties.
3, 5, 7, or 10-year term refers to the period of time the interest rate is set at the beginning of the loan period which is 30 years (360 months); after the initial fixed rate term, the interest rate will adjust annually. Example: 3-Year Adjustable Rate Mortgage (ARM) calculation assumes a $250,000 loan amount, 4.000% interest rate, 4.764% APR, with 20% down payment, amortized over 360 months = $1,193.54 monthly payment. Example: 5-Year ARM calculation assumes a $250,000 loan amount, 4.125% interest rate, 4.679% APR, with 20% down payment, amortized over 360 months = $1,211.62 monthly payment. Example: 7-Year ARM calculation assumes a $250,000 loan amount, 4.375% interest rate, 4.699% APR, with 20% down payment, amortized over 360 months = $1,248.21 monthly payment. Example: 10-Year ARM calculation assumes a $250,000 loan amount, 4.500% interest rate, 4.455% APR, with 20% down payment, amortized over 360 months = $1,266.71 monthly payment. Rates and payments are subject to increase after initial fixed period of loan. If the down payment is less than 20%, mortgage insurance may be needed on the loan. This could increase the monthly payment and the interest rate. Rates subject to increase after consummation.
To qualify for the $0 underwriting fee, a full and complete mortgage application must be submitted by October 31st, 2023. Mortgages must fund within 120 days of the application date. Offer may be withdrawn or changed at any time without notice. Offer is only available to the following clients; new RBC Bank mortgage/Home Equity Line of Credit (1st or 2nd homes), Investment Properties, and Refinance on a property that is owned free and clear. Additional bank fees and third party fees apply and are paid separately. Mortgage and HELOC offer may be combined: if a client closes on an eligible mortgage and also opens a second lien HELOC with RBC Bank, both products will have a $0 underwriting fee. That’s a savings of $924 USD (or over $1,200 CAD). May not be combined with any other special offers.
Offer period is 01/01/20 through 10/31/23 and may be withdrawn or changed at any time without notice. To qualify, a full and complete RBC Bank Home Equity Line of Credit application must be submitted by October 31st, 2023 and fund within 120 days of the application date. Eligibility is subject to RBC Bank Lending Guidelines and additional terms and conditions apply. An RBC Bank Premium Checking account is required. Offer is available for loan amounts between $25,000 and $750,000. The actual amount you can borrow may vary based on factors such as credit history, property type, occupancy, lien position and loan to value amount. RBC Bank agrees to pay certain usual and customary closing costs and fees associated with issuing a Home Equity Line of Credit ("HELOC"). These costs typically include: origination fee, appraisal fee, credit report fee, title search and title insurance costs, flood determination costs, and filing fees. Escrow or prepaid requirements are not covered by RBC Bank, and include items such as Homeowner Association Dues, property taxes, property insurance, flood insurance and mortgage interest. Based on your loan scenario, certain taxes (such as transfer tax, doc stamps, intangible tax, recording tax, mortgage tax or other taxes) may apply and you will not be eligible for this offer. However, you may be eligible for one of our other HELOC programs. If you close your Home Equity Line of Credit within 24 months of opening the account, you will be required to pay all of the costs that were paid by RBC Bank in connection with the opening and issuance of the account. This is in addition to any outstanding balance that may exist on the loan. For eligible clients, RBC Bank will waive the annual fee for the Premium Checking account and HELOC as long as both remain open and in good standing. If you close your HELOC at any time, the annual Premium Checking account fee of $99.50 will begin to apply.
Standard account charges may apply. Maximum transaction limits may apply and are subject to change. Availability of the money will depend on the time when it is sent from Royal Bank of Canada or RBC Bank. Transaction may not appear on your RBC Bank account transaction history until the following day but will reflect the date of transfer. Funds may be transferred from your U.S. account to your Canadian account through Online Banking. Funds may be transferred from your Canadian account to your U.S. account through your U.S. Business Banking Relationship Manager.
There is no fee associated with accessing these ATMs but standard account charges and transaction limitations will apply. To find a no-fee ATM near you visit www.rbcbank.com/atms. If you can't find a no-fee ATM nearby, you can use your RBC Bank Debit card for cash back with your purchases at many larger retail merchants such as grocery stores, or visit any U.S. ATM and request a refund of the ATM fee. Refund requests can be made by signing into online banking and sending a secure message to our online banking support team. All refunds are subject to limitations, refer to the Personal Schedule of Fees for details.
All loans and lines of credit are subject to approval. Additional credit card transaction fees will apply as follows: Balance Transfers - Either $10 or 3% of the amount of each transfer, whichever is greater (after the end of the introductory period, the maximum fee is $99). The Balance Transfer fee has no maximum during the introductory period (first 6 monthly billing cycles); thereafter, this fee will be a maximum of $99 per Balance Transfer. Cash Advances - Either $5 or 3.5% of the amount of each Cash Advance, whichever is greater. Foreign Transaction Fee - 1.5% of the U.S. Dollar amount of the foreign transaction if the transaction is conducted in foreign currency. Platinum: 3% of the U.S. dollar amount of the transaction if the transaction is conducted in a foreign currency. Late Payment Fee - up to $35. Returned Payment Fee - up to $35. Annual Fee Visa Signature Black Plus - $75. Annual Percentage Rate is Prime Rate plus a margin between 9.99% and 16.74% for Visa Platinum and Visa Signature Accounts based on your credit worthiness. This APR will vary with the market based on the Prime Rate. Prime Rate: As published in the Wall Street Journal; current rate is 7.75% as of February 2, 2023.
Refer to the RBC Rewards Program Rules and Conditions provided with your card for details. Rewards Points are not earned on balance transfers and cash advances.
Consult your financial, tax, legal, and other professional advisors prior to applying for a U.S. home equity line of credit.