How Canadian and U.S. Mortgages Compare



United States

Time to Process

Up to 15 business days

Up to 45 business days

Application Requirements1

  • Proof of Income (Amount and source)
  • List of Assets/liabilities
  • Other real estate you own
  • Type of property you're buying
  • Employment history
  • Down payment (Amount and source)
  • Credit history
  • Income
  • Assets/liabilities
  • Other real estate you own
  • Type of property you're buying
  • Proof of 2 years of employment
  • Country of residence

Tip: When you apply for a U.S. mortgage at RBC Bank2, we’ll look at your Canadian credit history and use your RBC Relationship to help you secure your mortgage. Other U.S. banks may not consider your Canadian credit history, making it harder to get financing.

Down Payment

  • 20% for a conventional mortgage (without default mortgage insurance)
  • 5% for a low down payment mortgage (default mortgage insurance is required)
  • 20% is typical for a home you plan to live in—either year-round or part-time
  • 40% is typical for investment properties

Closing Costs3

Typically up to 5% of purchase price, depending on location.

Largely driven by:

  • Land transfer tax
  • Legal fees and disbursements

Typically 2.5-3% of purchase price.

Closing costs may vary depending on location and property cost and can include:

  • A foreign national premium when lending to Canadians
  • Loan origination costs
  • Third-party costs such as appraisal fees, flood search fees, Intangible taxes and Documentary Stamp taxes

Tip: RBC Bank does not charge a foreign national premium and our Cross-Border Mortgage Specialist will guide you through the process step-by-step.

Mortgage Interest

  • Not tax‑deductible on a principal residence
  • May be deductible against income tax4

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