U.S. Mortgages For Canadians in the USA
Qualify for a U.S. Mortgage Using Your Canadian Credit Rating
We provide Canadians with direct access to the best U.S. mortgage financing options in the United States. We partner with over 20 U.S. banks and lending institutions who provide specialized mortgage products established specifically for Canadians purchasing seasonal or second homes, real estate investment properties, principle residences, and large scale commercial properties in the United States.
Contact our team to find the best U.S. mortgage products available to Canadians
U.S. Mortgage Options and Qualification Requirements for Canadians
Income Qualification
Canadians can qualify for U.S. mortgages using your Canadian or U.S. proof of income from your tax returns.
Credit Score
Our U.S. banks and lending partners will use your Canadian credit score to qualify for U.S. mortgage financing.
Down Payment
Canadians must have a minimum 20% down payment to purchase a real estate property in the United States.
Interest Rates & Terms
U.S. mortgage rates come in 15 and 30 year fixed rates and 3, 5, 7 and 10 year adjustable rate mortgage terms.
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U.S. Mortgage Guidelines for Canadians
How to Qualify
To qualify, you will complete a standard mortgage application and provide documentation about your income, credit, liabilities, and assets. Your Canadian credit history and income are used to qualify. Once you submit your application and the required documentation, a pre-approval can be completed within 24 hours. Once you have an accepted purchase offer, the mortgage processing typically takes a minimum 30-45 days so quick possessions are not possible unless you purchase with cash.
Down Payment Requirements
Your down payment amount depends on various criteria, including credit score, type of property, and the state of where the property is located. With healthy credit, you can expect a minimum down payment of 20%-25% for a primary residence, second home, or an investment property. Owning multiple properties may require larger down payments. The down payment can come from your personal Canadian savings, or by accessing the equity from a Canadian property with a mortgage or home equity line of credit.
Property Types
We provide mortgage financing for residential properties being used as your principle residence if you are living in or moving to the United States, second home or seasonal properties for those escaping the cold Canadian winters, rental properties used exclusively for investment purposes, and nearly all types of commercial properties. We can provide financing ranging from $50,000 to over $100 million for single family homes, condominiums, and commercial properties.
Products and Terms
Mortgage products in the U.S. differ from Canada in a number of ways. U.S. mortgages offer longer fixed terms of 15 to 30 years with very low rates and adjustable rate mortgage products with shorter terms that will move with the market. Most mortgage products are fully open so you can pay them off at any time without penalty. Our partners offer fixed rate mortgage products, adjustable rate products, and home equity lines of credit.
U.S. Mortgage Interest Rates
Interest is accrued monthly in the U.S., while in Canada interest is accrued semi-annually. U.S. mortgage products can be fixed for longer terms with very low rates such as 15 or 30 years. ARM or adjustable rate mortgages are available with shorter terms including 3 year, 5 year, 7 year, and 10 year terms with amortization periods up to 30 years. These rates are locked in for the first term and will then adjust yearly up or down based on the market rate.
Closing Costs and Expenses
The costs associated with acquiring a mortgage in the U.S. can be higher than in Canada. There are application and mortgage origination fees charged by U.S. banks and lenders. These can range between 1% to 3% depending on the type of transaction. Most mortgages are fully open and do not have prepayment fees for early payoff. Other expenses you can expect include appraisal, inspection, and title closing costs.