Canadians should use Canadian Banks to Finance USA Purchase
For Canadians, buying a home in the U.S. is different than what Canadian buyers are used to. And one of the biggest challenges is how Canadians handle the difference in the exchange rate when paying for property in the U.S. The good news is that there is at least one Canadian Bank that can finance a Canadian buyer's U.S. purchase without that buyer losing money on the exchange differential in currency. RBC Bank of Canada is one such bank and fortunately I have a select relationiship with them to assist any Canadian buyers who are interested in owning property here in the U.S.
RBC works in partnership with real estate professionals like myself and our Canadian clients to bridge the gap and get things done right. Some major differences of dealing with RBC:
- RBC uses your Canadian credit history to help you qualify- unlike most U.S. banks.
- RBC won't charge Canadians a foreign national fee- saving them up to 2% on their rate.
- RBC mortgages are available in all 50 states.
- Foreign exchange is a big concern for Canadian buyers. When Canadian clients finance a U.S. home instead of paying cash, they limit their upfront foreign exchange cost to just the 20% down payment and closing costs.
- RBC accepts funds drawn from your Canadian equity to cover the down payment on U.S. property.
- RBC will share their network of cross-border tax and legal professionals to assist our mutual clients move easily throughout the buying process.
- If you are Canadian and looking to own real estate in the U.S, look for the advantages offered you by RBC and me here in South Florida. And if you are looking elsewhere in the U.S, I can help you find a trusted Real Estate professional in any area who can work with you and RBC to make your U.S Real Estate purchase go smoothly.
RBC has a great Canadian Dollar to US Dollar converter program for assistance. Click this link: CAD to USD Converter