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[HSBC] Amazing Mortgage Rate 2.74% Fixed 5 year

  • Last Updated:
  • May 23rd, 2019 4:22 pm
Deal Addict
User avatar
Jan 24, 2007
2430 posts
303 upvotes
North York
board123 wrote:
May 10th, 2019 10:15 am
Every pre-construction condo requires pre-approval. It has zero impact on your actual mortgage down the road.
NO, not every condo requires pre-approval. Some of the larger builders don't. PM me if you need examples.
Deal Addict
User avatar
Jan 24, 2007
2430 posts
303 upvotes
North York
roofgoof wrote:
May 10th, 2019 12:28 pm
What would you recommend in my situation?

Insured High Ratio Mortgage
Mortgage Balance: $522,018.32
Term: 5 years Variable
Remaining Term: 3 years, 3 months
Remaining Amortization: 20 years, 8 months
Interest Rate: 3.25% (Prime -0.70)
Check out the penalties and discharge fees. If exorbitant, stay! The interest rates seem to be softening so no harm in staying with the current lender. However if you can switch to 2.75 or 2.99 % - - it could be worth considering.
Newbie
Oct 22, 2013
46 posts
7 upvotes
Etobicoke, ON
Is it better to take a variable or fixed with HSBC as both are same .

Other then the appraisal fees , should a buyer also pay for legal fees to bank or legal fees to my lawyer .

What are the other expenses that HSBC charge that big banks don’t
Jr. Member
Nov 18, 2011
106 posts
27 upvotes
EDMONTON
Can anyone provide some kind of proof that they got this rate . Im looking to get a mortgage from TD bank in Edmonton so when I bring up this rate they wouldn't they im making this up.
Deal Addict
Dec 16, 2005
4331 posts
2083 upvotes
cwangs wrote:
May 11th, 2019 10:46 am
Can anyone provide some kind of proof that they got this rate . Im looking to get a mortgage from TD bank in Edmonton so when I bring up this rate they wouldn't they im making this up.
They won't take you seriously until you start the process of getting the rate. Someone else's proof won't help you.
Jr. Member
Oct 15, 2013
191 posts
103 upvotes
Quebec, Qc
Got BMO to renew at 2,84% 5yr fixed.
Sr. Member
Feb 27, 2009
649 posts
272 upvotes
What’s the best rate anyone has gotten at scotia with their step program ?
Sr. Member
Oct 28, 2006
526 posts
240 upvotes
Alberta
cwangs wrote:
May 11th, 2019 10:46 am
Can anyone provide some kind of proof that they got this rate . Im looking to get a mortgage from TD bank in Edmonton so when I bring up this rate they wouldn't they im making this up.
Go to hsbc in downtown, get the process started. In couple days the rep will email you the summary with the rate. You can take that proof to td. However beware all TD mortgages are collateral now. Make sure you read up on collateral vs standard mortgage. In short collateral will tie you to TD even when time comes for renewal and if you try to go to another lender you will have difficult time plus you will need to go lawyer to remove the TD collateral and register new mortgage so around $1500 lawyer fee plus time. TD won't give you a good renewal rate as they know the headache involved to switch lenders
Deal Addict
Dec 16, 2005
4331 posts
2083 upvotes
shinku wrote:
May 11th, 2019 7:09 pm
Go to hsbc in downtown, get the process started. In couple days the rep will email you the summary with the rate. You can take that proof to td.
Lol. For me it was a bit more than a couple days.
Took me 3 weeks and 2 days.
Jr. Member
May 31, 2012
108 posts
22 upvotes
milolai wrote:
May 3rd, 2019 8:18 pm
i have never worked with such a dumb useless organization.
i am lucky that i actually am just refinancing so i have all the time in the world to do this -- but i cant imagine using them for anything requiring any type of time frame which matters.

i would not trust them to make me a sandwich let alone put a closing of a property in their hands.
They are the slowest most incompetent bank I have ever had the displeasure to work with. They've literally cost me money because the right hand never knows what the left is doing. And I'm a premier account too, I thought there'd be perks instead of stress headaches. I'm in the market but the idea of being tied down to these clowns makes me want to drink...and I'm 5 years sober.
Member
Aug 10, 2003
314 posts
89 upvotes
for a renewal I was told I was not eligible for the 2.84/2.74 rates. It is only for new customers. The rate I would get is 2.94% - Anybody else get the same reasoning?

With that said, is 2.94% still one of the lowest rates around?
Jr. Member
Jun 25, 2007
168 posts
34 upvotes
Scarborough
jame11 wrote:
May 10th, 2019 4:22 pm
Try to find someone who banks with HSBC and you will also be eligible for their referral offer too to help offset some mortgage transfer fees. I know I did this when I got my mortgage and was able to get another $350, on top of the $1000 for the mortgage.

https://www.hsbc.ca/share-the-experience/
I didn't know this offer when I have a mortgage with HSBC a year ago, would have save some money there, but here I am hope I can get to enjoy the offer this time.
Newbie
May 8, 2013
27 posts
2 upvotes
nickch wrote:
May 9th, 2019 8:12 am
Up for renewal with TD, straight up was offered 3.02% 5 year fixed. Currently trying to get them to match the HSBC deal
Td was able to match the HSBC deal at 2.87% over 5 years, I bank at the branch at yonge and finch
Deal Addict
Feb 3, 2009
2168 posts
1173 upvotes
nickch wrote:
May 14th, 2019 9:24 am
Td was able to match the HSBC deal at 2.87% over 5 years, I bank at the branch at yonge and finch
is this only for high ratio?
Newbie
Mar 24, 2006
13 posts
1 upvote
Toronto
Got 2.96 fixed for 5 year with 30 years amortization from Td

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