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[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
For the people who applied in branch, how long did it take from start to finish?
I applied online because I didn't want to take time off work but I didn't realize how painfully slow the process would be.
When I got the mortgage with TD through a mortgage broker, it took about 2 weeks to complete and all the paperwork was sent by email.
With HSBC, it's been about 2 months and they want me to send them the paperwork by fax/email AND mail them the original documents!
Newbie
Mar 2, 2016
99 posts
50 upvotes
Looks like it's up to 2.39% on the website. I actually have an appointment at HSBC in 2 hours (first time home purchase) but not sure if it's a good idea to go with them.
Newbie
Aug 20, 2017
4 posts
1 upvote
rtmrrtmr wrote:
Sep 7th, 2017 1:18 am
For the people who applied in branch, how long did it take from start to finish?
I applied online because I didn't want to take time off work but I didn't realize how painfully slow the process would be.
When I got the mortgage with TD through a mortgage broker, it took about 2 weeks to complete and all the paperwork was sent by email.
With HSBC, it's been about 2 months and they want me to send them the paperwork by fax/email AND mail them the original documents!
It was about three weeks for us.
Deal Addict
User avatar
May 6, 2007
1081 posts
131 upvotes
Please share with us, what was their best offering as of today?
Newbie
Mar 2, 2016
99 posts
50 upvotes
This is what I got from them today:
Variable 5 years (open after 3 years) P-0.81%=2.39%
Fixed 2 or 3 years 2.59%
Fixed 4 years 2.69%
Fixed 5 years 2.79%
Will hear back in about 2 weeks. Rate hold for 90 days.
Deal Addict
User avatar
May 6, 2007
1081 posts
131 upvotes
JamesPlomppy wrote:
Sep 7th, 2017 12:08 pm
This is what I got from them today:
Variable 5 years (open after 3 years) P-0.81%=2.39%
Fixed 2 or 3 years 2.59%
Fixed 4 years 2.69%
Fixed 5 years 2.79%
Will hear back in about 2 weeks. Rate hold for 90 days.
Thank you!
Was it your first contact with HSBC or you applied earlier?
Newbie
Mar 2, 2016
99 posts
50 upvotes
This is for a first home purchase. I've visited a branch in Richmond Hill over the weekend just to get details. That was when the rate was 2.14% for variable. Today I went to a branch in downtown Toronto (out of convenience) to set it all up.
Jr. Member
May 19, 2013
145 posts
55 upvotes
Surrey
Anybody else do the process online?
Does HSBC need the original documents before I go see the notary?
What if they get lost in the mail?
Newbie
User avatar
Sep 21, 2007
87 posts
13 upvotes
Hey guys, given the situation we have now, what is better go with variable 2.39% or 5 years fixed at 2.79%
Sr. Member
Oct 4, 2008
677 posts
87 upvotes
I got preapproved @ 1.99 but didn't get the paper work signed yet (it's complicated). I hope to get it done in next 16-17 days.
What should I expect when mortgage starts ?
Newbie
Mar 2, 2016
99 posts
50 upvotes
darkesha wrote:
Sep 10th, 2017 11:32 am
I got preapproved @ 1.99 but didn't get the paper work signed yet (it's complicated). I hope to get it done in next 16-17 days.
What should I expect when mortgage starts ?
Can you please elaborate? %1.99 variable? What is the term? When was that? Is it P-0.96%?
Newbie
User avatar
Sep 21, 2007
87 posts
13 upvotes
Theoretically, in Variable, only thing matters is the differential. Even though you got approved on 1.99% but now since the bank prime is 3.20%, and if you had got -0.96%, it would be 2.24%.
Newbie
Mar 2, 2016
99 posts
50 upvotes
takhan wrote:
Sep 10th, 2017 12:08 pm
Theoretically, in Variable, only thing matters is the differential. Even though you got approved on 1.99% but now since the bank prime is 3.20%, and if you had got -0.96%, it would be 2.24%.
Yeah that's the reason I wanted to know more about it. Also, @darkesha, did you have any previous relationship with HSBC?
Deal Addict
Jul 18, 2005
3200 posts
81 upvotes
Even their fixed rate at 2.79 is amazing. Think I'll go with them. Just wondering if I do the application online, can I just walk into a branch with the reference # for documentation stuff?

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