Expired Hot Deals

[HSBC] Variable Rate Mortgage - Prime minus 0.96%

  • Last Updated:
  • Sep 27th, 2017 10:57 am
Jr. Member
May 19, 2013
145 posts
55 upvotes
Surrey
mkannuri wrote:
Aug 14th, 2017 1:21 pm
I am in the same boat. I have 204k left with CIBC @2.99% 5 years fixed coming for renewal in Sept 1st 2018
I called CIBC and they told me I would get dinged with more $7k in penalty..

Appreciate if any tool which can give me some comparison or any one can run the numbers and advise (very bad at numbers :-(
https://www.ratehub.ca/penalty-calculator
http://www.mortgagecalculatortoolkit.com/102-2/
This is what I used
Jr. Member
May 19, 2013
145 posts
55 upvotes
Surrey
DanielM491 wrote:
Aug 14th, 2017 5:56 pm
That is a CRAZY penalty! How did that happen?? I have a 5 yr variable ($350k) with Investors group ending October 2018 and the break fee is only $1800.00. Maybe double check. I thought that 3 months interest was a standard break fee. ..
Fixed rate mortgages are calculated differently. One of the reasons I decided to go variable
Deal Addict
Apr 26, 2004
1872 posts
49 upvotes
GTA
You can get p-95 and cash back if you have a larger mortgage in Toronto. For example if you have a 700k mortgage or a mortgage and home equity line of credit combination of 700k you're eligible for 2000$ cash back.
Mortgage Specialist in the GTA here to answer all your questions.
Member
Sep 5, 2016
205 posts
61 upvotes
HSBC approved my mortgage, but they want I have to pay Appraisal fee and Lawyer fee. My mortgage is less then 175K. Anybody having any idea how much both of these are costing? Also is HSBC mortgage specialist able to waive it or it surely paid by customer.

If these are cost more then $1000 to me. Then I have to rethink again about switchover from another bank to HSBC
Deal Addict
Apr 27, 2010
2147 posts
644 upvotes
Toronto
guru2gr8 wrote:
Aug 15th, 2017 11:06 am
HSBC approved my mortgage, but they want I have to pay Appraisal fee and Lawyer fee. My mortgage is less then 175K. Anybody having any idea how much both of these are costing? Also is HSBC mortgage specialist able to waive it or it surely paid by customer.

If these are cost more then $1000 to me. Then I have to rethink again about switchover from another bank to HSBC
It depends on the mortgage amount and the terms. You can try to ask them to waive part of it, if not all.
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Jr. Member
May 19, 2013
145 posts
55 upvotes
Surrey
guru2gr8 wrote:
Aug 15th, 2017 11:06 am
HSBC approved my mortgage, but they want I have to pay Appraisal fee and Lawyer fee. My mortgage is less then 175K. Anybody having any idea how much both of these are costing? Also is HSBC mortgage specialist able to waive it or it surely paid by customer.

If these are cost more then $1000 to me. Then I have to rethink again about switchover from another bank to HSBC
I don't think they will waive it because that's what the cash back is for, but it couldn't hurt to ask. Let us know what they say
The cost depends on who you use. HSBC should be able to tell you how much the appraisal is and you'll have to ask the lawyer/notary, In my case the appraisal is $250 and notary is $600
Newbie
Jul 26, 2017
4 posts
2 upvotes
My source tells me HSBC is raising interest rate tomorrow

As another data point, I'm in Vancouver and my appraisal cost $280 and notary $730, taxes in
Newbie
User avatar
Sep 21, 2007
87 posts
13 upvotes
thankyousunshine wrote:
Aug 15th, 2017 7:47 pm
My source tells me HSBC is raising interest rate tomorrow

As another data point, I'm in Vancouver and my appraisal cost $280 and notary $730, taxes in
RBC is in the same boat
Sr. Member
Oct 25, 2007
555 posts
60 upvotes
Mississauga
Thank you rtm for the links.
the first link gave me $5,785 penalty
and the second link gave me -$5,896 (saving/loss) bit confusing..
what I assumed is I will be loosing money by breaking my current fixed 2.99% (CIBC) to 1.99% variable (HSBC) around $5900..
is my assumption is correct ?
Member
Aug 20, 2015
212 posts
75 upvotes
Toronto
Looks like HSBC increased their 5 year variable rate to 2.14%.

I sent my application in a week and a half ago. Will they still honour the 1.99 for me?
Newbie
Sep 3, 2012
7 posts
Waterloo
thankyousunshine wrote:
Aug 14th, 2017 1:09 pm
The mortgage is 5 year closed. It's just that HSBC does not charge a penalty in the last 2 years. It is eligible for the cashback. I got my $500.
Thanks @thankyousunshine! Just to confirm, this $500 is the cashback for mortgage, not the new checking account offer, right? HSBC also has a new checking account offer right now: www.hsbc.ca/1/2/startbanking
Jr. Member
May 19, 2013
145 posts
55 upvotes
Surrey
mkannuri wrote:
Aug 16th, 2017 11:49 am
Thank you rtm for the links.
the first link gave me $5,785 penalty
and the second link gave me -$5,896 (saving/loss) bit confusing..
what I assumed is I will be loosing money by breaking my current fixed 2.99% (CIBC) to 1.99% variable (HSBC) around $5900..
is my assumption is correct ?
That's what it sounds like but I'm no expert. You could always call HSBC and get them to double check the numbers for you too.

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