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HSBC Mortgage of february 2023

Apply for Mortgage from HSBC verified by our specialists. On 08.02.2023 you have access to 5 home loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 5

Updated
29.12.2022
03:12
HSBC Bank Canada
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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300
650
1000
HSBC Premier and HSBC Advance
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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300
650
1000
HSBC Home Equity Line of Credit
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
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Effective interest rate on the product

4,55%

Get 1% cashback on your mortgage value (Up to $9,250*) mortgage cashback

HSBC Equity Power Mortgage
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
HSBC Traditional (Residential) Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
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Effective interest rate on the product

8,00%
Term
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Loan term for the financial product

30 years

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Loan amount
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Loan term
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Interest rate
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Mortgage amount:
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Term:
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Loan amount
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Monthly payment*
40 383 C$
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Types of mortgage loans

GoDay
1.6
JUDGEV
JUDGEV
26.05.2022 at 15:46
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here...
Review
HSBC Mortgage of february 2023

Types of HSBC mortgages 

HSBC Canada offers fixed, variable, combined, closed, and open mortgages and HELOCs with competitive rates and special offers for newcomers, Premier, and Advance clients.

  1. HSBC Traditional (Residential) Mortgage allows home buyers to pay off the mortgage faster with flexible early payment options. Rates vary from 4.59% to 8.00%. The actual variable rates depend on the prime rate, which fluctuates. Special offers on eligible mortgages provide rates like 3.79% on a 5-year variable closed term high ratio mortgage. You can lock in your rate for 120 days to have time to choose and/or renew your mortgage. The amortization period is up to 30 years. Mortgage rates depend on the mortgage type, amortization period (higher if it's more than the average 25 years), your Total debt service (TDS) ratio, and Gross debt service (GDS) ratio. Redeem your HSBC Mastercard points from the Rewards Program to reduce the mortgage amount.
  2. HSBC Equity Power Mortgage gives you access to up to 80% of your home equity for renovation, traveling, or major purchases. Combine fixed and variable rates, term, amortization periods, and payment options to make your borrowing more affordable and reduce the interest rate.
  3. HSBC Home Equity Line of Credit gives you ongoing access to your home equity money. You may use it as much as you want and pay interest only on the amount you use. The rate is 4.55% (HSBC Prime Rate – 0.15%). Due to lower rates, you may use HELOC to consolidate your debts into one large loan with more preferable conditions or for renovations to boost the equity of your house.
  4. HSBC Premier and HSBC Advance give you preferential rates for mortgage or HELOC if you are eligible. Suppose you already have Premier or Advance banking accounts. In that case, you may just contact the HSBC Relationship manager to review and apply for a preferable mortgage deal and get other necessary services.
  5. HSBC Bank Canada has special services for people new to Canada with an international lifestyle. You may keep the credit history established in your country to make your relocation to Canada easier. You have an opportunity to set up your Canadian finances before you move or after you arrive. Choose variable or fixed rate mortgage deals with the lowest rates.

How to apply for an HSBC mortgage?

You may pre-qualify online or contact HSBC by phone or at the branch to get assistance from the specialist in finding the best mortgage rates and getting to know how much you could afford.

HSBC offers its mortgages through branches and call centers at 1-866-609-4722. In addition, mortgage documents can be submitted online or in an office.

Requirements

To qualify for an HSBC mortgage, you should:

  • Be a Canadian resident 
  • Be the age of majority in your province or territory
  • Have a credit score of 680 or above
  • Have no previous bankruptcy 

You are expected to have a good credit score, stable employment, and income for the best options. 

The HSBC HELOC is accessed through an HSBC Chequing account. 

Pros and cons 

Pros

  • Different types of mortgages to choose 
  • Special offers with low rates
  • A range of open mortgages options
  • Combined mortgage
  • Flexible payment 
  • Lock-in rate for 120 days

Cons

  • HELOC is linked to a chequing account 

How to make a payment?

How much you can prepay depends on the type of your HSBC mortgage. You can pay part or all of your loan at any time penalty if it's an open mortgage. You may make prepayments with a set amount and date if you have a closed mortgage. To pay off faster:

  1. On your mortgage anniversary date, make a lump sum payment of up to 20% of the original principal amount;
  2. Along with any installment payment, make an extra payment in the same amount as your monthly payment;
  3. Once a year, you may increase your payment up to 20% for 12 months. The total extra and increased payments in a year cannot be more than 20% of the original principal amount. If you have a Variable Closed mortgage after the first three years, it becomes an open term.

FAQ

What are the rates for HSBC mortgages?

You may find offers like 4.59% mortgage rate for a 5-year fixed closed high ratio mortgage rate or 4.09% for a 5-year variable closed term switch or purchase rate, and 4.79% for a 5-year fixed closed mortgage. A variable rate is linked to a prime and may fluctuate. 

What is a high ratio mortgage?

It is a personal mortgage with a down payment of less than 20% of the purchase price. Although you must get CMHC insurance for this type of mortgage, it lets the lender cover his risks and typically provides you with lower rates.

Why get prequalified?

  • You could find out the estimated mortgage amount you may be able to afford;
  • Opportunity to compare mortgage deals;
  • Have a mortgage specialist consultation;
  • Don't affect your credit score, unlike the application;
  • No commitment to apply for an HSBC mortgage.