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HSBC

Amazing Mortgage Rate 2.74% Fixed 5 year

  • Last Updated:
  • Nov 4th, 2019 8:29 pm
Jr. Member
Jun 27, 2012
126 posts
72 upvotes
Calgary
luckylucass wrote: Anyone have any insight on how to get RBC to price match with HSBC? I'm leaving Scotiabank and going to RBC and was only offered 3.09% on a 5 year fixed. When I showed them the HSBC site, they said they only compete with the big banks and can't match HSBC's pricing. Hoping to get down to 2.99% (or less) for a 5 year fixed but RBC doesn't seem to want to budge. Thanks in advance!
Was offered the same rate for renewal. The manager wouldn't approve the HSBC match.
Sr. Member
User avatar
Nov 3, 2013
877 posts
1645 upvotes
Regina, SK
selinis wrote: Was offered the same rate for renewal. The manager wouldn't approve the HSBC match.
Same for me at RBC. They offered 2.99 for 4 years or 5 years for 3.09. They knew about the HSBC offer and wouldn’t match it. Went to a mortgage broker and got 2.79 for 5 year fixed.
Sr. Member
User avatar
Mar 7, 2011
688 posts
1044 upvotes
varoonie wrote: First time posted, long time reader. This post helped me a lot so i thought i'd give my two cents.

I just received confirmation from TD that they've matched 2.84% on a 5 year fixed, 25 year amort. It is possible to get these banks to match the rate part (couldn't get the $2000 cashback) - you just need to negotiate hard and have a good mortgage specialist on your case. Mine originally gave me 2.95% and said that was the best etc etc. Once i brought up HSBC and mentioned it was too much $$$ to leave on the table, he said he spoke to someone in their head office directly and managed to get the rate matched. That being said, i've been with TD for 10+ years and have a great credit rating and so i used that as leverage throughout the negotiations - if you're in the same boat, don't be afraid to prop yourself up in each conversation. Keep faith and always be ready to negotiate until the very end - remember you get to walk away, not them.
Thanks for the post. Was it the renewal or new mortgage? Also did you have CHMC insurance?
Deal Expert
Feb 24, 2018
27157 posts
37129 upvotes
This is tempting as hell. Timing is an issue for me, what with it being another mortgage so soon.
I aim to be inclusive and considerate of others in my posts. If I fall short of that mark, feel free to let me know in good faith, and where appropriate, I'll edit my posts. Thank you.
Newbie
May 21, 2019
3 posts
2 upvotes
yashgandhi wrote: Thanks for the post. Was it the renewal or new mortgage? Also did you have CHMC insurance?
New mortgage. First time buyer. And no CMHC insurance as I was over 20%. I’m sure these play a part but it shouldn’t be too drastic.
Sr. Member
User avatar
Mar 7, 2011
688 posts
1044 upvotes
varoonie wrote: New mortgage. First time buyer. And no CMHC insurance as I was over 20%. I’m sure these play a part but it shouldn’t be too drastic.
Thanks I will try to haggle with them next week. Mine is up for renewal.
Member
Dec 7, 2016
218 posts
169 upvotes
QC
FWIW I got TD to match HSBC's posted rate and renewed for 2.94% 5 year fixed.

Nun's Island Branch in Montreal.
Member
Dec 7, 2016
218 posts
169 upvotes
QC
FWIW I got TD to match HSBC's posted rate and renewed for 2.94% 5 year fixed.

Nun's Island Branch in Montreal.
Jr. Member
Nov 6, 2014
175 posts
180 upvotes
Gloucester, ON
Also able to get TD come down to 2.84 on a 5yr fixed. New house purchase 20% down.

North York mobile agent
Newbie
Jan 2, 2011
25 posts
17 upvotes
Bruno78 wrote: FWIW I got TD to match HSBC's posted rate and renewed for 2.94% 5 year fixed.

Nun's Island Branch in Montreal.
Got the name of your TD broker ? Working with a TD broker in St-Laurent and I'd push him to match your offered rate.
Member
Dec 7, 2016
218 posts
169 upvotes
QC
anhtuanngo wrote: Got the name of your TD broker ? Working with a TD broker in St-Laurent and I'd push him to match your offered rate.
Not sure if she's actually a broker but the name of the person who helped me is Sharon. I asked for the match last week and she had to ask for approval.
Deal Addict
Apr 8, 2007
1021 posts
267 upvotes
a few thoughts:
1) when requesting rate matching, please be specific about the term ( the current length of your mortgage), the desired rate and ask the agent at your bank/lender/broker to illustrate:

a) what is the penalty to break the current mortgage
b) is there any legal cost, if so, how much and who is going to pay? Will HSBC paying it?
~~

a real helpfully agent/ banker on your side would needs to create value by saving your money after comparing all options you got. My agent I met is new but really knows his value in the relationship building business.
a friend of mine has the same agent but got recommended by the same agent to leave the bank and go with HSBC because the client would save quite bit of money even breaking up with current lender. So they decided to transfer the mortgage but transferred in other line of business to him... Win WIN.
Deal Addict
User avatar
Jul 20, 2016
1134 posts
1150 upvotes
Toronto
Data point fwiw: local HSBC branch didn't want to waive the appraisal fee and other setup cost, which effectively eat away the $1k cashback . Now let's see if TD is willing to match the rate. One odd thing during my conversation at the branch was, as my mortgage balance is relatively low (<500k), there was "no way TD would match such a low rate on this low balance" unless I also HELOC my equity to bring total borrowing amount at TD over the hurdle. Was told this would improve the chance of the rate being approved. Anyone had similar experience or was this just another shady sales tactic?
Deal Addict
Apr 8, 2007
1021 posts
267 upvotes
depends on your current rate,, length of remaining term
ask the agent how much you would save if you were transfer over to HSBC with same length of term,

it took my agent 1 mins to get the number out, I would had effectively saved 7k after all fees/penalties/set up cost etc if I were going over to HSBC, So they initiative the rate matching on their end....... I hate those shady sales tactic
Deal Addict
User avatar
Jul 20, 2016
1134 posts
1150 upvotes
Toronto
ovovov wrote: depends on your current rate,, length of remaining term
ask the agent how much you would save if you were transfer over to HSBC with same length of term,

it took my agent 1 mins to get the number out, I would had effectively saved 7k after all fees/penalties/set up cost etc if I were going over to HSBC, So they initiative the rate matching on their end....... I hate those shady sales tactic
thanks for the idea. Have about 2 years left on the term and paying 3.75% on a variable mtg at the moment. The branch told me the 3mth interest penalty and all the other discharge fees. However when I looked up the mortgage statement at home, outside the 3mth penalty all the other fees say "$0". so in reality maybe not that bad at all!
Deal Addict
Apr 18, 2005
3799 posts
1991 upvotes
Mississauga
Just got the call from TD that they will match the 2.85 5yr fixed rate. YEY! I asked for 500K.. there are also some other stuff they will wave which is also good and will makeup for the cashback that HSBC is offering
.
So I am staying with TD...
Also I want to add this is a standard charge mortgage as I know people say they always push collateral. But if you ask they do have standard charge. I am getting a 2nd collateral for the HELOC as well.

It all depends on your financial situation and assets that is presented to HQ when applying for the rate exception.... so should not matter much which branch/agent you have... and probably tenure with TD at 30yrs helps a bit.

So definitely possible to get Canadian banks to match.
Deal Addict
User avatar
May 22, 2006
1710 posts
1331 upvotes
Toronto
dethrock wrote: Same for me at RBC. They offered 2.99 for 4 years or 5 years for 3.09. They knew about the HSBC offer and wouldn’t match it. Went to a mortgage broker and got 2.79 for 5 year fixed.
Broker detail?
Member since 2006

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Deal Addict
Jan 29, 2006
1942 posts
1739 upvotes
Center of the univer…
keljai wrote: Broker detail?
Any broker on RFD in the mortgage thread can offer you the 2.79 depending on your mortgage requirements
Member
Jan 12, 2017
200 posts
204 upvotes
vancouver
awais wrote: Any broker on RFD in the mortgage thread can offer you the 2.79 depending on your mortgage requirements
There are brokers here who would do that?
Deal Addict
Jan 29, 2006
1942 posts
1739 upvotes
Center of the univer…
lazylazybum wrote: There are brokers here who would do that?
Try the real estate forum... There is a sticky mortgage thread... Just ask there and you'll be contacted by multiple brokers

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