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Lending

Canadians don’t know U.S. homebuying

But since they’re about 1 in 4 foreign buyers, here’s what to tell them

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America’s quiet and polite upstairs neighbors account for almost a quarter of all foreign real estate purchases, but -- amazing as it may sound -- few Canadians understand how different getting a mortgage in the United States can be.

“Securing a mortgage can be a complicated process and there are special considerations for Canadians purchasing real estate in the U.S.,” said Alain Forget, head of sales and business development at RBC Bank. “At RBC Bank, we are proud of our dedicated team of expert cross-border specialists who walk each client through the process of obtaining a mortgage and, unlike other banks, are able to view your whole RBC relationship in the U.S. and Canada.”

RBC offers a list of tips to make securing a mortgage down under Canada easier to navigate.

Canadians are the top foreign U.S. homebuyers, accounting for 23% of foreign real estate purchases. And they are all welcome (Justin Bieber excepted.)

As U.S. home prices creep up and the Canadian dollar fluctuates, it is critical that Canadian homebuyers be educated in the U.S. mortgage process.

Click below for the first two of six tips, courtesy of RBC.

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