As the colder weather rolls in, countless Canadians are setting their sights south to sunnier pastures for the winter.
States like Florida, California, and Arizona are long-time favourites of Canada’s snowbird set. Meanwhile, Canada’s skiers might prefer a place in Colorado, so they can hit the slopes year-round. While it sounds enticing, there’s no denying that purchasing a property south of the border involves time, thought, and paperwork (and, of course, a pretty penny).
Admittedly, the process has potential to be overwhelming – but it doesn’t have to be. For those looking to purchase a U.S. property and call America "home" for periods of time, it's wise to look to a trusted financial institution, such as RBC, for guidance. In short, doing so will make your life, bank account, and house hunt a lot simpler to manage.
RBC Bank, a subsidiary of RBC Royal Bank of Canada, is headquartered in Raleigh, North Carolina. Established over 20 years ago, it’s a nationally chartered bank exclusively dedicated to serving Canadians living cross-border throughout all 50 U.S. states. Uniquely designed as a fully digital bank, RBC U.S. has no physical branches but provides access to over 50,000 ATMs. Today, over 450,000 customers conveniently bank online or through telephone banking services.
RBC provides Canadian clients seeking mortgages⁸ in the United States with several benefits; things like competitive mortgage rates, no pre-payment penalty fees, and dedicated support from Canadian Certified U.S.-based real estate agents. RBC mortgage clients receive preferred foreign exchange rates and an annual fee waiver on a U.S. Premium Checking account, resulting in potential cost savings of up to $99.50 per year³³. And what's more, the bank doesn’t charge a foreign national premium for mortgages, unlike many U.S. national lenders, who typically impose this fee on international buyers⁴². Instead, they rely on Canadian credit history to assess the creditworthiness of our clients, ensuring fair and transparent mortgage qualifications.
In what comes as a pleasant surprise for those in the market for a U.S. property, RBC also offers multiple cross-border banking and real estate financing products, and useful tools for navigating the American market. Three particular features – RBC U.S. HomePlus™ Advantage, U.S. home advisors, and an easy-to-digest pre-approval – are especially eye-catching.
RBC U.S. HomePlus™ Advantage
For Canadians embarking on their U.S. home-buying adventure, RBC offers the RBC U.S. HomePlus™ Advantage real estate program. Accessible via an easy email sign-up, the competitive program provides an e-guide, coupled with comprehensive tools, resources, and support from seasoned mortgage lenders, realtors, tax and legal advisors, and other professionals who are well-versed in serving cross-border Canadians.
Dedicated Mortgage Advisors guide clients through financing options tailored to their unique situations, as real-time home search tools provide up-to-date listings in the American market. A referral network of cross-border tax and legal experts assists with navigating this market and addressing issues like taxes, immigration, and estate planning²⁶. Canadian-certified U.S.-based real estate agents fluent in Canadian culture and needs are available (aka: they "speak Canadian"), and clients who hire one can even receive a cash reward of up to $9,500³⁸ ³⁹.
When it's all said and done, those considering the title of "U.S. homeowner" can easily educate themselves on all of the ins and outs of such a feat – knowing the experts have done all the research for them. All people need to do is sign up and opt in to receive this wealth of educational materials, and their move south can be a well-informed one.
Sign up here for RBC U.S. HomePlus™Advantage.
Learn more about RBC U.S. HomePlus™Advantage here.
U.S. Home Advisors
If you're a Canadian interested in purchasing a home in the United States, but you still have questions about the buying process or pre-approval, RBC’s team of U.S. Home Advisors is at your disposal. Whether you prefer to communicate via email or phone, these advisors are ready to address your inquiries and guide you through the process — smoothly. To access this service, users will need to fill out a digital form, and an RBC Home Advisor will contact the user within just 24 hours.
Click here to complete the U.S. Home Advisors contact form.
Learn more about U.S. Home Advisors here.
U.S. Pre-Approval
To begin the house hunting journey in the U.S., Canadians need a pre-approval certificate. RBC offers a user-friendly online pre-approval form, which uses Canadian credit card history. The multi-step form asks users their name, social insurance number, and stated income, and agrees to let RBC pull their Canadian credit report. Additionally, those trusty U.S. Home Advisors remain available to guide users through the form completion process, ensuring a smooth and efficient journey towards homeownership south of the border.
A Pre-Approval Certificate for U.S. house-hunting is valid for 120 days. Furthermore, it’s quick and simple to see how far your Canadian dollars will stretch (read: the type of home you can afford) when it comes to U.S. real estate. Once it comes time to start the house hunt, RBC’s home search tools are updated every 15 minutes, so you can check out new real estate listings, real time, in the U.S. market of your choice.
Which means the only tough part is deciding where to fly south to, for the winter: Florida, California, or Arizona (...or perhaps Aspen)?
Click here to complete the pre-approval form.
Learn more about pre-approvals here.
Superscript expansions can be found here.
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