Expired Hot Deals

[HSBC] 2.14% for 5 year fixed closed term quick close switch rate

  • Last Updated:
  • Jul 3rd, 2020 4:44 pm
Deal Addict
User avatar
Jun 27, 2006
1932 posts
577 upvotes
Toronto
I'm also interested in the CIBC offer. Appreciate if anyone can share a link?
Newbie
May 22, 2015
17 posts
40 upvotes
Port Coquitlam, BC
I called HSBC ... they said they’ll cover the appraisal fee ($300) but lawyer fee is on my own ($600-900) Astonished Face for switching lenders.
Sr. Member
Sep 7, 2014
635 posts
287 upvotes
Toronto
My mortgage renewal is April 2021. Any body knows if i can fight the same rate with my lender from now?
Newbie
Feb 19, 2009
7 posts
Anyone know if this applies to rentals or is exclusive to owner-occupied?
Newbie
Jun 4, 2008
18 posts
28 upvotes
Canada
Cassak wrote: Anyone know if this applies to rentals or is exclusive to owner-occupied?
For rental they charge 10 basis points more.....enquired with HSBC a while ago.
Newbie
Jun 18, 2009
45 posts
4 upvotes
Toronto
aljudeh wrote: My mortgage renewal is April 2021. Any body knows if i can fight the same rate with my lender from now?
My lender says they can match rate, but will charge me penalties for breaking my closed mortgage. Not worth the interest savings for me.
Newbie
Jun 21, 2020
2 posts
Thanks OP for the post

RBC matched 2.14% 5 yr fixed rate upon renewal (uninsured, heloc unutilized)
Jr. Member
Mar 5, 2012
170 posts
46 upvotes
Montréal
Guys, it says in the small print it's for mortgage $200 000 and above. Mine is a bit under that. Any ide if they budge?
Jr. Member
User avatar
Apr 10, 2015
185 posts
259 upvotes
Toronto, ON
AlexisFR wrote: Guys, it says in the small print it's for mortgage $200 000 and above. Mine is a bit under that. Any ide if they budge?
You can always increase you mortgage and take the money and park it in a HSA (Tangerine 2.8%) for a few months then make a lump sum payment to the mortgage ;)
Member
May 19, 2012
335 posts
165 upvotes
Toronto
BMO bank says they won't price match to HSBC, because they only match to big 5 banks
Newbie
Feb 19, 2009
7 posts
Tangerine (always my favourite lender and better prepayment clause than HSBC) matched 2.24% on my rental property.

Getting out of my BMO fixed at 2.94% while the penalty is low. Paying $~2k penalty to save almost 9$k in interest.

What a fantastic rate. Thanks for sharing.
Member
User avatar
Sep 10, 2007
203 posts
51 upvotes
Calgary
iverge wrote: You can always increase you mortgage and take the money and park it in a HSA (Tangerine 2.8%) for a few months then make a lump sum payment to the mortgage ;)
That would then be considered a refinance and the rate wouldn't apply. Refinance rates are uninsurable and thus, have slightly higher rates.
Mortgage Expert - DLC Kardia Mortgage
Member
User avatar
Sep 10, 2007
203 posts
51 upvotes
Calgary
Mortgage Broker here!

HSBC does these rate promos quite often. They're great rates! I will say though that their customer service can be all over the place and they often can take 4-6 weeks to close a file(compared to about 2 weeks with a broker or bank). Another thing to consider is their penalties to break the mortgage. Statistics show that over 70% of mortgages are broken before their term is up. Most of the lowest rate offers have higher penalties and are more restrictive. Just make sure, no matter where you shop for a mortgage, find out their penalties to break and any restrictions. Often it's better to take a rate 0.10-0.15% higher and have more flexibility because you never know when life will happen and you're forced to break a mortgage. Trust me, when you get an insane penalty to break, you're not going to care about saving that 0.10% or so on rate(I personally had a penalty of $9000 on my first mortgage before becoming a broker and realizing about the various penalty calculations but I've seen clients with $20k+ penalties, that's a hard pill to swallow)

That being said, on the broker side, you can still get as low as 1.99% on 5 year fixed products and Prime minus 0.50-0.70% on the variable side. That's for insured mortgages(less than 20% downpayment when bought and hasn't been refinanced).

Most clients have been taking the fixed products lately(although fixed products generally have a higher penalty to break if you ever need to).
Mortgage Expert - DLC Kardia Mortgage
Newbie
Mar 16, 2008
39 posts
41 upvotes
Toronto
Hi-Psi wrote: Mortgage Broker here!

HSBC does these rate promos quite often. They're great rates! I will say though that their customer service can be all over the place and they often can take 4-6 weeks to close a file(compared to about 2 weeks with a broker or bank).
I’ll second this. I switched my mortgage to HSBC last September. It was by far one of the most agonizing processes I’ve gone through. Staff were really incompetent and kept screwing up paperwork to the point where we had to go in almost 5 days in a row to sign and re-sign paperwork. We basically guided them in transferring over everything correctly and had to follow up constantly. Fortunately we haven’t had to interact with them since transferring over but would be very anxious if I had to.

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