As a Candian, buying or refinancing in the United States; you have certain expectations of service and procedures surrounding the borrowing transaction. It is important that your RBC Mortgage Professional assist you in understanding the difference of this process here in the United States. We find that if you review these topics, they will assist you in having a positive client experience and you will also understand that in the United states, mortgage Professionals are trusted advisors. Our ability to advise our clients in this manner provides us a better opportunity to gather greater pricing power on their behalf.

1. The initial call, should not be viewed as a 'rate quote' dialogue. In the U.S. it is a consultative session whereby your RBC Centura Mortgage Professional can explain what you should expect and can identify the material differences between U.S. & Canadian loan transactions as well as the different loan products available.
2. Pricing of Mortgage Rates is also very different in the U.S. For example, in Canada, it is normal to 'haggle' by a percent or so over the rate that is posted by a lender. In the U.S., where the market controls all, the rate that is presented to you is the best possible rate for that day with the most appropriate product available. In the U.S., we adhere to the 'Best Execution Pricing Model' to guide our pricing structure, thus, no haggling is necessary! Rates are only locked upon formal appolication, not as of the day it may have been quoted.
3. Time Frames: In Canada, you are accustom to 5 to 7 business days as the norm. In the U.S. a 3 to 5 week process is necessary. The process for borrowing in the U.S. is different than in Canada: from time of application and documents collection, to processing the file and then underwriting the file; thence to documents preparation and clearing the file for closing. You should be prepared for a different time frame when purchasing in the United States.
4. Costs of a Mortgage or Home purchase are considerably different in the U.S. as opposed to Canada. A decentralized structure of service providers has been customary here in the U.S. For example, the appraisers are not bank employees, they are independent contractors which aids their objectivity and independence in valuation. Other examples include Realtors, Closing Agents (a.k.a. Title Attorney or Agent) and Property Inspectors. All of whom bring distinctly different professional skills into the transaction on your behalf.