By Holden Lewis
Generally speaking, Canadian banks require foreign homebuyers to make down payments of at least 35 percent, says Cori Carl, who bought a home in Toronto 2 years ago while she was living in Brooklyn. She emigrated to Canada this year.
“But they make up with it by providing much lower interest rates and a very favorable exchange rate,” she says.
When you apply, the Canadian bank will look at your U.S. credit score. In most, if not all, cases, you’ll need a Canadian bank account. TD Bank and RBC Bank are Canadian-headquartered banks that offer cross-border accounts.