How US Mortgages & Home Loans for Canadians Work

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Why apply for a US mortgage?
Where to get a US mortgage or home loan
US mortgage vs Canadian mortgage: What's the difference?
What you'll need when applying for a US home mortgage
Bottom Line
Frequently Asked Questions About US Mortgages for Canadians

Why apply for a US mortgage?

you must have a US mortgage to finance a US property.

Where to get a US mortgage or home loan

Approach a US bank or financial institution directly about applying for a local mortgage

Work with the cross-border arm of an international or global bank (like RBC or BMO)

Apply for a US mortgage loan from a direct online lender (like Milo)

Miloand

US mortgage vs Canadian mortgage: What's the difference?

4 Key differences between Canadian and US mortgages

1. Loan processing times:

5 - 10 days for a Canadian mortgage

30 - 60 days for a US mortgage

2. Down payments:

In Canada, a minimum of 20% without CMHC insurance or 5% with mortgage insurance is usually required

In the US, a minimum of 20% for a personal home or 25% for an investment property is usually required

3. Closing costs:

Approximately 5 - 4% in Canada

Approximately 2 - 6% in the US

4. Amortization periods:

Usually 25 (occasionally 30) years in Canada, with this period broken into mortgage terms of 6 months to 10 years each

Frequently 30 years in the US, often with the option to lock in a single interest rate for the entire period

What you'll need when applying for a US home mortgage

Canadian credit score

Income tax Notices of Assessment, pay stubs, T4s (and/or US W2s), T1s (and/or US 1040s), and pension statements
New property purchase and sale agreement, down payment confirmation, and US homeowner's insurance policy
Existing mortgage, insurance, and property tax statements

Passport, social insurance number (and/or US social security number), Green Card, and US work visa
Account statements for bank accounts, lines of credit, RSPs, and financial investments

Bottom Line

Frequently Asked Questions About US Mortgages for Canadians

Can Canadian citizens buy a house in the USA?

Can you get a mortgage if you're not a US citizen?

Can a Canadian get a mortgage from a US bank?

How do mortgages work in the US for Canadian citizens?

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Expert Review & Editorial Standards

This page was researched, written, and reviewed by financial professionals with expertise in Canadian lending regulations. All information is regularly updated to reflect current rates, terms, and regulatory changes.

Reviewed By

Jenna West

Financial Writer & Content Director

Jenna has covered the Canadian FinTech and consumer lending industry since 2017. She specializes in regulatory updates, consumer protection, and helping Canadians navigate complex financial products.

8+ years analyzing Canadian consumer lending
Monitors FCAC and provincial regulatory changes
Specializes in personal loans and alternative lending

Written By

Amy Orr

Financial Content Specialist

Amy is a financial writer with 10+ years covering Canadian, U.S., and U.K. financial markets. She holds a Masters in Finance from the University of Edinburgh Business School and formerly worked in the hedge fund sector.

Masters in Finance, University of Edinburgh
Former hedge fund professional
Published in major financial publications

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Regular Updates Content monitored and updated for rate changes and new regulations

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Our Editorial Process

Every page undergoes research, expert writing, fact-checking, and review by our Financial Content Director. We verify all rates, terms, and regulatory information against official sources including FCAC guidelines and provincial lending regulations.

Last Updated: October 12, 2025 | Next Review: Ongoing monitoring

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