Best US Loans for
Canadian Homebuyers

Get your new home, vacation spot or investment in the
country next door quick and easy

Get Started
  • Canadian homebuyers during April 2020 - March 2021

Reasons for buying a property in the US

Vacation home

47%

Vacation and rental

24%

Residential rental

13%

Primary residence

12%

Student use

1%

Why use a
mortgage to buy a property in the US

Many Canadian lenders also operate in the US

Cross-border mortgages for Canadian citizens buying in the US

Better foreign national interest rates for Canadians

Get quicker loan approval with Canadian score credit

No early repayment fees with select US lenders

Reduce foreign exchange losses, pay when the rates are favorable

* Once you submit your application and the required documentation, a pre-approval can be completed within 24 hours. After accepting an offer, mortgage processing typically takes a minimum 30-45 days.

Use the HELOC programme to your advantage

  • Lower your mortgage closing costs with HELOC
  • Use a home equity loan to reduce your interest rates
  • Borrow up to 80% of your home equity
  • Take out as much as you need, when you need it
  • Use a US-based equity to reduce foreign exchange costs

Considerations for new homeowners in the US

One time costs:

US and Canadian property taxes

Recurring costs:

Property utilities, security, maintenance and community costs

Optional costs:

30% withholding tax on rental profits for non-residents

Mortgage interest is tax-deductible for US taxpayers

Conditions for mortgage approval

  • Use your Canadian or US based income or home equity
  • Use either your US or Canadian credit score
  • Provide a minimum 20% down payment
  • Choose your rate and mortgage term (up to 30 years)
  • Pay Home Owner's Insurance (0.35% of property value)

Documentation you might need for approval

Non-residents living outside the US Permanent or temporary residents living and working in the US
Canadian documents US documents
Tax documents T1 Income Tax and Benefit Return and Notice of Assessment 1040 U.S. Individual Income Tax Return
Investment income Last two years of T3 and T5 slips 1040 Schedule B Interest and Ordinary Dividends, and/or Schedule D Capital Gains and Losses
Salaried Employees Last two years of T4 slips. Paystubs for the past 30 days of income W2 Wage and Tax Statement of Income
Self-employed individuals Last two years of business returns (T2) for any entity where ownership is 25% or more, with all pages and schedules 1040 Schedule C Net Profit or Loss from Business, and/or 1065 K-1 Partner’s Share of Income, Deductions, Credits, etc.
Retired individuals Most recent retirement awards letters Social Security or Awards Pension letter
Proof of citizenship Copy of passport or a US visa
Proof of identity Social Insurance Number Social Security Number
Proof of assets Account statements for most recent two months per each account you hold*
Insurance documents Current property owners need to provide copies of property tax notice and home insurance premiums for each residential property owned
Non-residents living outside the US
Canadian documents
Tax documents T1 Income Tax and Benefit Return and Notice of Assessment
Investment income Last two years of T3 and T5 slips
Salaried Employees Last two years of T4 slips. Paystubs for the past 30 days of income
Self-employed individuals Last two years of business returns (T2) for any entity where ownership is 25% or more, with all pages and schedules
Retired individuals Most recent retirement awards letters
Proof of citizenship Copy of passport or a US visa
Proof of identity Social Insurance Number
Proof of assets Account statements for most recent two months per each account you hold*
Insurance documents Current property owners need to provide copies of property tax notice and home insurance premiums for each residential property owned
Permanent or temporary residents living and working in the US
US documents
Tax documents 1040 U.S. Individual Income Tax Return
Investment income 1040 Schedule B Interest and Ordinary Dividends, and/or Schedule D Capital Gains and Losses
Salaried Employees W2 Wage and Tax Statement of Income
Self-employed individuals 1040 Schedule C Net Profit or Loss from Business, and/or 1065 K-1 Partner’s Share of Income, Deductions, Credits, etc.
Retired individuals Social Security or Awards Pension letter
Proof of citizenship Copy of passport or a US visa
Proof of identity Social Security Number
Proof of assets Account statements for most recent two months per each account you hold*
Insurance documents Current property owners need to provide copies of property tax notice and home insurance premiums for each residential property owned

* Statements must include your name, account number, all pages, bank name, beginning and ending balances, and time period. Accounts include: personal checking and savings; line of credit (if using these funds to close on your new home); Retirement Savings Plan; Investments/ brokerage (if using these funds to close on your new home.)

Mortgage
process duration

Typical process phase Estimated duration
Registration and loan inquiry at Kredium 5-10 minutes
Mortgage pre-approval through Kredium up to 24 hours
Personalized offers from Kredium up to 24 hours
Mortgage application with a lender 1-5 days*
Mortgage processing by a lender 30-45 days**
Mortgage closing with a lender 1 day

* within a day If all documentation is prepared beforehand
** dependent on the US lender

Camille Leachman

Mortgage Adviser

+1 (407) 230-4451

Our international mortgage expert will get back to you as soon as possible to help you with your application process as well as any questions you may have.

David Del Castillo

Mortgage Adviser

+1 (864) 734-7552

Broj telefonaWhatsappEmail

Camille Leachman

Mortgage Adviser

+1 (407) 230-4451

Broj telefonaWhatsappEmail