Cross-border mortgages for Canadians
Our Gateway Program simplifies the mortgage process for Canadians buying a home in the U.S.
Cross-border mortgages
If you’re a Canadian citizen looking to buy or refinance a home in the U.S., the mortgage process can be complicated.
Our Gateway ProgramFootnote 11 offers cross-border mortgage options with more convenience and less complexity. Plus, you’ll have the support of an experienced Mortgage Banker each step of the way.
About the Gateway Program
Cross-border home buyers need a cross-border bank. Our Gateway Program streamlines the mortgage process for Canadians buying or refinancing property in the U.S.
- Available to Canadian citizens who bank with BMOFootnote 11
- Conventional fixed and adjustable rate mortgages availableFootnote 22
- Condos are included
- Open to self-employed applicants
About the Gateway Program
What you’ll need to apply:
Canadian documents can be accepted when applying for your U.S. mortgage. Here’s what you may need:
| Canadian Documents | U.S. Documents | |
|---|---|---|
| Proof of Income | ||
| Tax Documents | T1 Income Tax and Benefit Return and Notice of Assessment | 1040 U.S. Individual Income Tax Return |
| Investment Income | Your most recent two years of T3 and T5 slips | 1040 Schedule B Interest and Ordinary Dividends, and/or Schedule D Capital Gains and Losses |
| Salaried Employees | Your most recent two years of T4 slips. Paystubs reflecting your income for the past 30 days | W2 Wage and Tax Statement of Income |
| Self-Employed Individuals | Most recent two years of business returns (T2) for any entity where ownership is 25% or more, with all pages and schedules | 1040 Schedule C Net Profit or Loss from Business, and/or 1065 K-1 Partner’s Share of Income, Deductions, Credits, etc. |
| Retired Individuals | Copy of your most recent retirement awards letters | Social Security or Awards Pension letter |
| Proof of Citizenship and Identity | ||
| Copy of passport and/or U.S. qualifying Visa for each borrower | ||
| Social Insurance Number for each borrower | Social Security Number for each borrower | |
| Proof of Assets | ||
| Account statements for most recent two months for each account you hold. Statements must include your name, account number, all pages, bank name, beginning and ending balances, and time period. Accounts include: personal checking and savings; line of credit (if using these funds to close on your new home); RSP; Investments/ brokerage (if using these funds to close on your new home.)
Note: All Canadian asset amounts will be converted into U.S. dollars for the purpose of your financial assessment. |
||
| Insurance Documents | ||
| Current Property Owners | Copies of property tax notice and home insurance premiums for each residential property owned | |
Canadian Documents
U.S. Documents
FAQs
No. You need a U.S. mortgage to purchase a U.S. property.
No. With BMO, you can apply for a U.S. mortgage using your Canadian credit history if you do not have a U.S. credit history.
No. The U.S. mortgage industry is more highly regulated than Canada. This affects how long it takes to apply for a mortgage, how much documentation is required and may mean that you pay more in fees.
Down payment amount required can vary based on your credit history. Speak to a Mortgage Banker for additional details.
We recommend that customers attend the mortgage loan closing in person at the location of the U.S. title company. If a Canadian client cannot attend the closing in person, it may be possible for them to get documents notarized at a U.S. Consulate. Talk to your BMO Mortgage Banker for details.
Note: A Canadian notarization is not an option; U.S. title companies will not generally recognize non-U.S. notarized documents.
Yes. Your Canadian Wealth Professional will introduce you to their counterparts in the U.S. who are specially trained to help Canadians apply for mortgages in the U.S.
- Footnote details 1 Applicant must meet one of the following eligibility requirements: New or existing Private Bank client; new or existing Premier Services client; new or existing depository client at BMO Bank N.A. or Bank of Montreal.
- Footnote details 2 Your initial interest rate is fixed for a short period of time, and then converts to a variable rate that adjusts during the life of your loan. The amount of your payments will change when the interest rate changes. Historical performance of Adjustable Rate Mortgage (ARM) indexes does not predict future performance and is only one factor to consider when choosing a mortgage loan. Certain restrictions and fees may apply.
- Footnote details 3 Visit the BMO Security Center for details.
- Footnote details 4 Auto Pay means periodic scheduled payments automatically deducted from your BMO checking account, as applicable, to pay the loan. When you sign up for Auto Pay, you authorize the Bank to draw your account for all amounts then due, including any late fees and any other charges. Checking account opening subject to bank approval.
- Footnote details 5 Certain conditions and limitations apply. Digital Banking Guarantees apply to personal accounts only and do not apply to commercial or business accounts. Please see the BMO Digital Banking Agreement found at bmo.com/en-us/legal for full details.
- Footnote details 6 Message and data rates apply. Please contact your wireless carrier for details.