[HSBC] Amazing Mortgage Rate 2.74% Fixed 5 year

May 2nd, 2019 11:36 am

#1

shumami [OP]: Member; Dec 7, 2013; 279 posts; 274 upvotes

May 2nd, 2019 11:36 am

[HSBC] Amazing Mortgage Rate 2.74% Fixed 5 year

Deal Link:: https://www.hsbc.ca/mortgages/#apply
Retailer:: HSBC

HSBC just slashed their mortgages even further.

Fixed can be had as low as 2.74% on a 5 year fixed (Insured and <1mil purchase price)
I believe their Variable is the same as the fixed.

As for uninsurable mortgages (>1mil purchase price), their rates are by far the best at 2.89% fixed or variable 5 years.

Happy saving money everyone!

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May 2nd, 2019 11:46 am

#2

aznztar1: Newbie; Nov 2, 2011; 44 posts; 30 upvotes

May 2nd, 2019 11:46 am

Hi There,

Is there any form of documentation available online? Best I could see is 2.74 for high ratio and 2.94 for non-high ratio for 5 years fixed.

+4

May 2nd, 2019 11:58 am

#3

Anikiri: Deal Fanatic; May 1, 2012; 8985 posts; 7089 upvotes; Markham

May 2nd, 2019 11:58 am

aznztar1 wrote: ↑ Hi There,

Is there any form of documentation available online? Best I could see is 2.74 for high ratio and 2.94 for non-high ratio for 5 years fixed.

My friend just got this deal, apparently they slashed rates today. You have to go into an HSBC branch to get your rate, it should be lower than any other rate you can get anywhere else.

May 2nd, 2019 12:11 pm

#4

gmah87: Newbie; Mar 7, 2011; 8 posts; 4 upvotes; Vancouver

May 2nd, 2019 12:11 pm

https://www.hsbc.ca/mortgages/mortgage-offers/#fn-2

For those considering transferring their mortgages, 2.84% posted

+3

May 2nd, 2019 12:17 pm

#5

damatick: Member; Jul 8, 2014; 308 posts; 152 upvotes; AB

May 2nd, 2019 12:17 pm

Do you think other banks will price match?

+1

May 2nd, 2019 12:39 pm

#6

zwz002: Newbie; Jun 2, 2018; 43 posts; 18 upvotes

May 2nd, 2019 12:39 pm

Oh my... I'm with HSBC now and that's undercutting the rate I got last year

May 2nd, 2019 12:47 pm

#7

MMMM: Deal Addict; Feb 7, 2006; 2658 posts; 1169 upvotes

May 2nd, 2019 12:47 pm

More details from the above link:

When you purchase a new property and are taking a new personal mortgage loan (“Mortgage”) with HSBC Bank Canada (“HSBC”) or move your existing Mortgage from another financial institution to HSBC, in the amount of CA$200,000 or more with a five year fixed or variable closed term and make mortgage payments from your HSBC chequing or savings account, you may receive a cash bonus of $1,000 for mortgages between $200,000 up to $499,999.99, and $2,000 for mortgages greater than or equal to $500,000 (the “Cash Back”) (the “HSBC Mortgage Cash Back Offer”). An appraisal fee of $300 per valuation may apply. The HSBC Mortgage Cash Back Offer runs from March 4, 2019 to September 30, 2019 inclusive (the “Offer Period”). For full terms and conditions click here
click here This link will open in a new window

Nice to see rates dropping.
And yes to banks price matching. I am currently at 2.69 and our mortgage is up for renewal in 11 months (roughly)
BMO today offered 3.14, then dropped that to 3.04 when I pushed.
Will wait as I think rates will drop some more.

+4

May 2nd, 2019 12:47 pm

#8

xblackrainbow: Deal Addict; Jul 7, 2013; 1175 posts; 692 upvotes; North York

May 2nd, 2019 12:47 pm

Do they only offer collateral mortgages?

May 2nd, 2019 12:51 pm

#9

ekcivichb: Banned; Aug 3, 2005; 1235 posts; 1159 upvotes

May 2nd, 2019 12:51 pm

zwz002 wrote: ↑ Oh my... I'm with HSBC now and that's undercutting the rate I got last year

ummmm you know rates constantly change right?

+19

May 2nd, 2019 12:59 pm

#10

SavvyShopperCa: Jr. Member; Oct 13, 2017; 159 posts; 234 upvotes; Halifax

May 2nd, 2019 12:59 pm

I so envy people that are in the market for mortgage right now ! My mortgage is not up until Jan 2020 and I have to wait until the second of sep before I can start shop for mortgages. I am worried that by the time sep comes the rates will go up

May 2nd, 2019 1:01 pm

#11

zwz002: Newbie; Jun 2, 2018; 43 posts; 18 upvotes

May 2nd, 2019 1:01 pm

ekcivichb wrote: ↑ ummmm you know rates constantly change right?

Of course... Just saying, can't even switch banks to take advantage of their low rate because I'm already with them

+3

May 2nd, 2019 1:02 pm

#12

redflagdealsguy: Deal Guru; Feb 24, 2018; 12832 posts; 13536 upvotes

May 2nd, 2019 1:02 pm

Mortgage rates are delicious right now.

Doubtless, the market is pricing in a Conservative government in the next election cycle, and we're all benefiting from that.

+5

May 2nd, 2019 1:03 pm

#13

zarkook: Newbie; Dec 16, 2017; 41 posts; 30 upvotes

May 2nd, 2019 1:03 pm

Does anyone know if it is possible to change lenders while in the middle of my own 5 year term? I currently have 2.94% and wouldn't mind getting that additional 0.2% off my back.

May 2nd, 2019 1:05 pm

#14

KingMoobot: Jr. Member; Feb 24, 2019; 148 posts; 177 upvotes

May 2nd, 2019 1:05 pm

zarkook wrote: ↑ Does anyone know if it is possible to change lenders while in the middle of my own 5 year term? I currently have 2.94% and wouldn't mind getting that additional 0.2% off my back.

yes you can. you'll have to look into the penalty, and it likely isn't worth it

+14

May 2nd, 2019 1:07 pm

#15

100Pacer: Sr. Member; Sep 13, 2012; 886 posts; 464 upvotes; Vaughan, ON

May 2nd, 2019 1:07 pm

SavvyShopperCa wrote: ↑ I so envy people that are in the market for mortgage right now ! My mortgage is not up until Jan 2020 and I have to wait until the second of sep before I can start shop for mortgages. I am worried that by the time sep comes the rates will go up

Personally I think you're in a good position and judging from BoC's tone I think the odds are very much in your favor there won't be an increase between now and September.

+4