[HSBC] Amazing Mortgage Rate 2.74% Fixed 5 year

May 2nd, 2019 11:36 am

#1

shumami [OP]: Banned; Dec 7, 2013; 279 posts; 283 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; 49 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; 9678 posts; 9138 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; 10 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; 336 posts; 181 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: Jr. Member; Jun 2, 2018; 109 posts; 64 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; 2767 posts; 1284 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; 1278 posts; 928 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; 1166 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; 193 posts; 331 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: Jr. Member; Jun 2, 2018; 109 posts; 64 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 Expert; Feb 24, 2018; 17987 posts; 20185 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.

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+5

May 2nd, 2019 1:03 pm

#13

zarkook: Jr. Member; Dec 16, 2017; 111 posts; 120 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: Member; Feb 24, 2019; 245 posts; 344 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: Deal Addict; Sep 13, 2012; 1157 posts; 635 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

May 2nd, 2019 1:24 pm

#16

zlicht: Jr. Member; Mar 31, 2009; 168 posts; 214 upvotes

May 2nd, 2019 1:24 pm

These current reduced fixed mortgage rates are already pricing in at least one potential interest rate cut in the coming months.
This is why there is now a minimal spread between fixed and variable rates.
It is actually a pretty good timing to go for a reduced fixed rate as opposed to variable which made much more sense only few months ago.

May 2nd, 2019 1:24 pm

#17

Smiley22: Deal Addict; Mar 14, 2006; 1513 posts; 1166 upvotes; Toronto

May 2nd, 2019 1:24 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.

You can definitely switch lender in the middle of your term. You will have to outweigh the cost versus benefit. You will have to pay 3 months interest penalty plus whatever cost to discharge your current mortgage and possibly set up fees for the new mortgage. I don’t think you will save anything after everything said and done for that 0.2% difference.

+1

May 2nd, 2019 1:38 pm

#18

adilh53: Deal Addict; Jul 11, 2008; 1885 posts; 1439 upvotes

May 2nd, 2019 1:38 pm

Already been asked but i didnt see clarification on it. Collaretal mortgages only through HSBC?

+2

May 2nd, 2019 1:38 pm

#19

willy0275: Deal Addict; Aug 5, 2015; 2421 posts; 1830 upvotes; Montreal, QC

May 2nd, 2019 1:38 pm

Man, I'm variable @ 3.35% for the next three years. This hurts, but at least rates stopped rising for now. Bad bet on the idea rates would not rise so much when I got the mortgage @ 2.10%. (just realized the 2.74% is for high ratio only, which I don't have, but 2.94 would still be better!)

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+2

May 2nd, 2019 2:00 pm

#20

newlyborn: Deal Addict; Jun 16, 2009; 2493 posts; 917 upvotes; Woodbridge

May 2nd, 2019 2:00 pm

Most banks will allow you to change your variable mortgage into fixed for a lower rates WITHOUT penalty.
I was in the same boat as you ( paying 3.5 % for variable ) and now bank has offered 3.04 % provided I change my terms to fixed instaed of variable.

willy0275 wrote: ↑ Man, I'm variable @ 3.35% for the next three years. This hurts, but at least rates stopped rising for now. Bad bet on the idea rates would not rise so much when I got the mortgage @ 2.10%. (just realized the 2.74% is for high ratio only, which I don't have, but 2.94 would still be better!)

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+1