Best US Loans for Canadian Home buyers

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

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Reasons for buying a property in the US

Vacation home - 47%
Vacation and rental - 24%
Residential rental - 13%
Primary residence - 12%
Student use - 1%

Percent of offers from our lenders for different DSCRs
Canadian homebuyers during April 2020 - March 2021

Percent of offers from our lenders for different DSCRs
Canadian homebuyers during April 2020 - March 2021

Trends for Canadians buying homes in the US

Nearly 9,000 Canadian citizens bought homes in the US last yea
Canadian buyers spent $4.2 billion on home purchases in the US
Housing shortage in Canada raises residential pricing

* COVID-19 affected the global real estate market by reducingthe trends from the previous period around 25-35%

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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

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Considerations for new homeowners in the US

One time costs

US and Canadian property taxes have only one time costs

Recurring costs

Property utilities, security, maintenance and community costs

Optional costs

30% withholding tax on rental profits for non-residents

Conditions for mortgage approval

Income or home equity

Use your Canadian or US based income or home equity

Credit score

Use either your US or Canadian credit score

Down payment

Provide a minimum 20% down payment

Rate & term options

Choose your rate and mortgage term (up to 30 years)

Insurance Expense

Pay Home Owner's Insurance (0.35% of property value)

Documentation you might need for approval

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, Green Card 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.)

Note: All Canadian asset amounts will be converted into US dollars for the purpose of your financial assessment

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