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HSBC

2.99% 5 year fixed mortgage - for switchers only

  • Last Updated:
  • Jun 4th, 2019 4:43 pm
107 replies
Member
User avatar
Oct 13, 2017
246 posts
444 upvotes
Halifax
Sorry if this sounds dump, but if I currently have a mortgage with another bank and I renew it with HSBC does that mean I am a switcher ?
Deal Addict
Apr 1, 2013
1389 posts
3630 upvotes
Purchase rate is confusing. It seems like any new mortgage counts as a purchase. What's the catch?
Sr. Member
Mar 7, 2011
604 posts
558 upvotes
Vancouver
SavvyShopperCa wrote: Sorry if this sounds dump, but if I currently have a mortgage with another bank and I renew it with HSBC does that mean I am a switcher ?
See footnote:
2 When you transfer a personal mortgage loan ("Mortgage") to HSBC Bank Canada ("HSBC"). For full terms and conditions click here
Member
Jan 6, 2012
272 posts
364 upvotes
About time, now let’s see the other big banks drop even further.
Deal Addict
Jan 11, 2007
1763 posts
554 upvotes
Edmonton
Thanks for posting OP.

Dang! mine is not up for renewal until August. I am not following mortgage rate but kind of nervous all of these deals will be back up in summer.
Deal Addict
User avatar
Dec 16, 2008
2705 posts
1197 upvotes
Calgary
SavvyShopperCa wrote: Sorry if this sounds dump, but if I currently have a mortgage with another bank and I renew it with HSBC does that mean I am a switcher ?
Yes
life359 wrote: Purchase rate is confusing. It seems like any new mortgage counts as a purchase. What's the catch?
They want mortgage business.
Member
Mar 7, 2011
481 posts
436 upvotes
Ottawa
uglyguy wrote: Thanks for posting OP.

Dang! mine is not up for renewal until August. I am not following mortgage rate but kind of nervous all of these deals will be back up in summer.
They do 120 day rate holds.
Member
User avatar
Oct 13, 2017
246 posts
444 upvotes
Halifax
uglyguy wrote: Thanks for posting OP.

Dang! mine is not up for renewal until August. I am not following mortgage rate but kind of nervous all of these deals will be back up in summer.
I know how you feel, my mortgage is not up for renewal until Jan 2020, and I am freaking out that by the time I can do a rate hold, the rate would start climbing up....
Deal Addict
Aug 17, 2012
1752 posts
742 upvotes
Windsor
Mcap is 2.94% for insured Mortgages purchasse or renewal
Sr. Member
Jun 10, 2016
637 posts
580 upvotes
Whitby
this is a good rate but I went ahead with the TD 5 yr fixed at 3.13 with $1300 in incentives.
Sr. Member
Dec 31, 2010
517 posts
671 upvotes
Montreal
EmmEmm wrote: this is a good rate but I went ahead with the TD 5 yr fixed at 3.13 with $1300 in incentives.
I guess incentives are for new mortgages only?
Jr. Member
Aug 6, 2008
197 posts
255 upvotes
The 2 years fixed at 1.95% offered by Meridian was the best. Doesn't look like they have that now.
Sr. Member
Jun 10, 2016
637 posts
580 upvotes
Whitby
spdecoste wrote: I guess incentives are for new mortgages only?
not very sure, you may want to check with them.
Sr. Member
Jun 10, 2016
637 posts
580 upvotes
Whitby
serjiang wrote: The 2 years fixed at 1.95% offered by Meridian was the best. Doesn't look like they have that now.
Beware of Meridian. they have a very bad reputation of refusing to firm the approval even after the pre-approval. Also, they do not do the assignment sales.
Deal Addict
Mar 15, 2010
1453 posts
2191 upvotes
Toronto
uglyguy wrote: Thanks for posting OP.

Dang! mine is not up for renewal until August. I am not following mortgage rate but kind of nervous all of these deals will be back up in summer.
You should be fine, or better yet, even better. Lots of chatter atm about rates actually dropping 25 basis points come this summer/fall. At the very worst, t looks like rates will stay the same, about 0% chance it will rise (this year)
Newbie
Dec 25, 2016
59 posts
72 upvotes
spdecoste wrote: I guess incentives are for new mortgages only?
Helocs I believe. I'm pretty sure the campaign they have running right now for new helocs. So you can get your mortgage locked in the heloc and have the revolving to use if you need to.
Deal Addict
User avatar
Mar 19, 2005
1701 posts
457 upvotes
Montreal
HSBC called me today to informed me about that new rate so it's also for a new mortgage.
Member
Nov 20, 2010
459 posts
675 upvotes
Theres also $1000 cashback for new mtg amounts that range from 200k-499k and $2000 for 500k+

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