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HSBC

HSBC 5-year fixed mortgage 2.35%

  • Last Updated:
  • Apr 13th, 2021 2:35 pm
Deal Addict
User avatar
Jun 9, 2005
1919 posts
562 upvotes
Calgary
StayKool wrote: I have confirmation from HSBC that this IS a collateral mortgage. Please feel free to call their hotline @ 1-866-609-4722.
Just spoke with two different reps (had the conversation twice to confirm). This rate is available on both the conventional (standard) mortgage, as well as the equity power mortgage (collateral mortgage). Also, the blurb below the promo section of the website shows that this applies to both:
* The annual percentage rate (APR) is based on a $ 200,000 mortgage for the applicable term assuming a property valuation fee of $250. APR means the cost of borrowing for a loan expressed as an annual rate. It includes all interest and some non-interest charges associated with the mortgage. If there are no non–interest charges, the annual interest rate and APR will be the same. Rates apply to traditional and Equity Power Mortgages and are applicable to First Mortgages only. Actual variable rate will vary depending on fluctuations to HSBC Prime Rate. All rates are subject to change without notice. For information and to confirm most recent rates, please contact any HSBC branch. Some restrictions apply. The interest rate for a fixed rate mortgage is calculated half-yearly, not in advance. The interest rate for a variable rate mortgage is calculated monthly, not in advance.
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Deal Addict
Nov 13, 2013
4527 posts
3687 upvotes
Ottawa
airmail wrote: On a 100k mortgage over 20 years at 2.35
Interest paid is 10500 over 5 year term

3% ....interest paid is 13500

Are the fees really going to be more than 3k?
Why compare to 3%? Nobody should agree to anywhere near those rates.
Everyone interested in a mortgage should check out the mortgage rates board.
There are a lot of active brokers there who can offer unbeatable rates. This HSBC offer sound decent if not a collateral charge.
Newbie
Jan 23, 2010
45 posts
9 upvotes
North York
I called 5 times to confirm and each rep said it's a collateral mortgage. The rep said that the 2.35% 5-year fixed falls under the "Power Equity Mortgage" - HSBC's term for collateral.
Member
Aug 4, 2010
261 posts
71 upvotes
Toronto
Any other institution that offers lower than 2.69% 5 yrs fixed on conventional mortgage?
Sr. Member
Apr 27, 2010
636 posts
278 upvotes
Actually amazed to see a fixed rate this low, it's cheaper than most discount variables.
Deal Addict
May 5, 2007
1212 posts
581 upvotes
North York
I got 2.7% on 5yr fixed with CIBC.

Anything under 2.9 I would grab as insurance on CMCH loans is going up and banks are raising rates to cover their costs.

Gone will be rated under 3% for 2017
Deal Addict
Oct 7, 2008
2691 posts
1742 upvotes
Home
Its amazing it's still this low. Guess the banker still anticipate low growth.
Fizz Mobile $ 4.80 USA CAN 45 GB
Deal Addict
Aug 5, 2015
4214 posts
5059 upvotes
Montreal, QC
spunwasi wrote: Actually amazed to see a fixed rate this low, it's cheaper than most discount variables.
Not much cheaper than the 2.10% variable I got last week ;-)
Happy Koodo Public Mobile and Videotron Fizz customer :-)
Deal Guru
Sep 10, 2008
10276 posts
9274 upvotes
Kitchener
A quick search tells me that anything better than 2.39% is an excellent 5 year fixed rate and 1.99% is an excellent 5 year variable.
Banned
User avatar
May 15, 2016
7020 posts
2490 upvotes
IntrepidRT wrote: A quick search tells me that anything better than 2.39% is an excellent 5 year fixed rate and 1.99% is an excellent 5 year variable.
Where did you get that variable rate? Is it available in Alberta?
Deal Addict
Nov 15, 2006
2171 posts
874 upvotes
Not sure why people keep saying that it's only collateral, but on the HSBC site linked, they specifically mention that the rate applies to BOTH.
Rates apply to traditional and Equity Power Mortgages and are applicable to First Mortgages only.
Member
Apr 29, 2006
422 posts
562 upvotes
Toronto
does anyone know if I were to lock in for 5yrs and then decide to move after 3 can I transfer my mortgage to my new home?
Member
Apr 18, 2009
331 posts
138 upvotes
Hamilton
mimo86 wrote: does anyone know if I were to lock in for 5yrs and then decide to move after 3 can I transfer my mortgage to my new home?
transfer is no problem as long as the money is the same, if you need more money for your next home you'll have to either get a second mortgage or a line of credit to cover the difference, or of course pay cash for the difference
Jr. Member
Dec 26, 2007
195 posts
36 upvotes
Guelph
Thanks for this. My PC Financial mortgage is up for renewal and I need some leverage like this for the negotiations! Don't want to move it, but will go to a mortgage broker if I need to.
Deal Guru
Sep 10, 2008
10276 posts
9274 upvotes
Kitchener
vivibaby wrote: Where did you get that variable rate? Is it available in Alberta?
A quick check of Valueland.ca tells you their best rates (I find them VERY competitive and have my current mortgage through their brokerage).
Sr. Member
Apr 5, 2005
548 posts
133 upvotes
Montreal
steven80 wrote: I put a rate hold in with RBC 1 month ago today, Ill send the mortgage lady that link, see if she can match it.

:D
Be informed that RBC (though I assume other banks do this as well) will give you a 'discounted' rate from the posted rate. This is great as long as you stay with them.
But if you ever need to break / terminate your mortgage early you'll pay the difference from the posted rate. Essentially locking you into them as early termination interest costs are ludicrous.
If you check RBC's mortgage rates page: http://www.rbcroyalbank.com/mortgages/m ... rates.html
You'll see two sections: "Special Offers" showing 2.890% for 5 years fixed.
And "Posted Rates" showing 4.64% for 5 years fixed.
I'm not saying to not go with RBC, I'm just saying be informed and aware that you likely won't be leaving them early; at least not without paying through the nose.
Last edited by thrifter on Feb 21st, 2017 11:22 am, edited 1 time in total.
Deal Addict
User avatar
Dec 28, 2008
4169 posts
6806 upvotes
Langley, BC
thrifter wrote: By informed that RBC (though I assume other banks do this as well) will give you a 'discounted' rate from the posted rate. This is great as long as you stay with them.
But if you ever need to break / terminate your mortgage early you'll pay the difference from the posted rate. Essentially locking you into them as early termination interest costs are ludicrous.
If you check RBC's mortgage rates page: http://www.rbcroyalbank.com/mortgages/m ... rates.html
You'll see two sections: "Special Offers" showing 2.890% for 5 years fixed.
And "Posted Rates" showing 4.64% for 5 years fixed.
I'm not saying to not go with RBC, I'm just saying be informed and aware that you likely won't be leaving them early; at least not without paying through the nose.
We're currently with Coast, but all of our other banking is RBC. That's why we wanted to switch. We don't plan to switch :) But thank you for the info!
Member
Mar 21, 2016
373 posts
213 upvotes
Yvr
StayKool wrote: I called 5 times to confirm and each rep said it's a collateral mortgage. The rep said that the 2.35% 5-year fixed falls under the "Power Equity Mortgage" - HSBC's term for collateral.
Just signed on this deal, type of loan is Conventional Mortgage
Deal Addict
User avatar
Jun 9, 2005
1919 posts
562 upvotes
Calgary
Spurs10 wrote: Just signed on this deal, type of loan is Conventional Mortgage
+1. Not sure who he apparently spoke with "5 times", but I did my pre-approval and everything shows as conventional residential.
Deal Expert
User avatar
Nov 16, 2004
26683 posts
15290 upvotes
Toronto
thrifter wrote: Be informed that RBC (though I assume other banks do this as well) will give you a 'discounted' rate from the posted rate. This is great as long as you stay with them.
But if you ever need to break / terminate your mortgage early you'll pay the difference from the posted rate. Essentially locking you into them as early termination interest costs are ludicrous.
If you check RBC's mortgage rates page: http://www.rbcroyalbank.com/mortgages/m ... rates.html
You'll see two sections: "Special Offers" showing 2.890% for 5 years fixed.
And "Posted Rates" showing 4.64% for 5 years fixed.
I'm not saying to not go with RBC, I'm just saying be informed and aware that you likely won't be leaving them early; at least not without paying through the nose.
Yeah good luck getting that with BMO. Been with them my entire life waiting for the "Mortgage Ask" ...
Even when I compared competing banks, they still had issue.
Excellent credit, small mortgage ask (versus what they were offering).

Went with someone else ultimately. BMO didn't seem to value my loyalty.
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