Frequently Asked Questions About US Mortgages for Canadians
Can Canadian citizens buy a house in the USA?
Yes. Canadian citizens are permitted to buy and occupy a house in the USA. You can purchase a single, multi-unit, attached or detached family home, condo, or townhouse as a permanent resident with a Green Card, a non-permanent resident with a US work visa, or a non-resident foreign national. Just remember that buying a US property (like a vacation home, for example) does not give you US residency.
Can you get a mortgage if you’re not a US citizen?
Yes. Non-citizens can get a mortgage to finance the purchase of a US property, regardless of their residence status. Given that the mortgage industry is more regulated in the US than it is in Canada however, you should expect a lengthier application process, higher fees and down payment requirements, and more extensive documentation requests.
Can a Canadian get a mortgage from a US bank?
Yes. Canadians can both open a US bank account and get a mortgage directly from a US bank. In practice, however, not every lender is keen to offer local mortgages to foreign clients—and you may face less favorable terms and rates when they do. Since you may also have trouble getting your application approved if you’re a non-resident without a US credit record, it makes sense in many cases to work with a large global bank or Canadian-affiliated lender instead.
How do mortgages work in the US for Canadian citizens?
Although the loan process takes longer in the States (a minimum of 30 days from the time your purchase offer is accepted), US mortgages work pretty much the same way for both US and Canadian citizens. You’ll simply arrange to make your mortgage payments online, via wire transfer, or with automated payments from a US bank account.
One important point to keep in mind is that most US sellers and real estate agents expect buyers to have a pre-approval letter in hand before making a property offer (especially in competitive markets). It’s a good idea to get pre-approved for your US mortgage 2-3 months in advance.
