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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 11, 2006
1594 posts
139 upvotes
North York
Does anyone know how long will it take them to get it approved? So far my experience with RBC and CIBC are over 4 weeks.
Newbie
Feb 21, 2006
9 posts
board123 wrote:
May 16th, 2019 12:09 pm
I signed for 2.84% fixed this week.
Do you mind me asking how long the entire approval process took? I'm in the process of getting final approval (was already preapproved beforehand) with HSBC at 2.84% and its already been 2 weeks. They keep saying it is being processed by the underwriters.

Thanks!
Newbie
Sep 3, 2012
31 posts
10 upvotes
Toronto
CIBC's renewal rep offered me 2.96% for 3yrs. For shame they are not willing to match.
Newbie
Sep 20, 2018
5 posts
5 upvotes
brutal wrote:
May 16th, 2019 12:20 pm
Does anyone know how long will it take them to get it approved? So far my experience with RBC and CIBC are over 4 weeks.
Took me 5 days from start to finish. Seems like YMMV though, based on some of the other posts on this thread. I get the impression that HSBC isn't exactly renowned for its customer service...
Deal Fanatic
Dec 24, 2005
5285 posts
917 upvotes
brutal wrote:
May 16th, 2019 12:20 pm
Does anyone know how long will it take them to get it approved? So far my experience with RBC and CIBC are over 4 weeks.
RBC was under an hour for me in seriousness (conditional)
HSBC is currently in week 9
Sr. Member
Nov 14, 2007
946 posts
290 upvotes
The Junction
Vanilla88 wrote:
May 8th, 2019 5:06 pm
I am in a similar boat. 380k remaining at 3.5% fixed 4yrs (40mth remaining). TD immediately offered 3yr 2.96% fixed which I countered by telling them the rate with HSBC is for 5yr at fixed or variable and offers $1,000 incentive. The offer I received is a standard offer from their website so its nothing flashy.

Waiting to hear back from my rep I've been dealing with for about 5 yrs. They're pushing to see if we can provide incentives similar to HSBC. I would be content with a 5yr variable/fixed option and $1k off the penalty ($3.3k). Even though the rate with HSBC is .12% better, I would be automatically approved for the mortgage without hassle/additional fees.

Even in paying the penalty ($3.3k), I would be ahead by $4.5-$5k ($3.5k-$4k + $1k incentive) depending on whether I end up with TD/HSBC.

If their offer is the best they can do, I'll be moving my business to HSBC.
Following up to my previous post, TD returned with a 2.89% 5yr fixed option. I plan to accept but am asking if they can also match the $1,000 cashback in an effort to reduce the immediate cost of $3.5k.

I should save $4.9k when all is said and done.
An UPVOTE means my post helped you :)
Deal Fanatic
Dec 24, 2005
5285 posts
917 upvotes
Vanilla88 wrote:
May 16th, 2019 1:43 pm
Following up to my previous post, TD returned with a 2.89% 5yr fixed option. I plan to accept but am asking if they can also match the $1,000 cashback in an effort to reduce the immediate cost of $3.5k.

I should save $4.9k when all is said and done.
i hope they do give you the 1000

if i end up with HSBC (which seems likely) the 1000 is going to be eaten up by their appraisal and my legal fees (both of which you are likely not seeing with TD). so despite the 1000 cash back I am not seeing it
Deal Guru
User avatar
Nov 27, 2005
11511 posts
1128 upvotes
congeewong wrote:
May 16th, 2019 12:25 pm
Do you mind me asking how long the entire approval process took? I'm in the process of getting final approval (was already preapproved beforehand) with HSBC at 2.84% and its already been 2 weeks. They keep saying it is being processed by the underwriters.

Thanks!
I went in with no pre-approval, and the whole thing took about two weeks including the appraisal.
Deal Addict
Jul 11, 2008
1155 posts
517 upvotes
I have 3.5 years left of 5 yr term with first national (2.94% 5yr fixed). It doesn't sound like it would be worth considering switching for hsbcs 2.84% due to penalty charged but then hsbc also has $1000 cashback?

Anyone know what the penalty is that first national typically charges for breaking term prior to maturity?
Deal Addict
Apr 18, 2005
1555 posts
369 upvotes
Mississauga
board123 wrote:
May 16th, 2019 12:09 pm
I signed for 2.84% fixed this week.
With who? Hsbc or u got big5 to match ?
Deal Guru
User avatar
Nov 27, 2005
11511 posts
1128 upvotes
TLSRULZ wrote:
May 16th, 2019 4:36 pm
With who? Hsbc or u got big5 to match ?
HSBC

I didn't bother with big5 because they're all collateral mortgages.
Jr. Member
May 14, 2017
130 posts
74 upvotes
Calgary, Ab
adilh53 wrote:
May 16th, 2019 4:24 pm
I have 3.5 years left of 5 yr term with first national (2.94% 5yr fixed). It doesn't sound like it would be worth considering switching for hsbcs 2.84% due to penalty charged but then hsbc also has $1000 cashback?

Anyone know what the penalty is that first national typically charges for breaking term prior to maturity?
3 months of interest
Newbie
Apr 26, 2018
24 posts
2 upvotes
milolai wrote:
May 16th, 2019 10:29 am
you are with Equitable for a reason and hopefully this reason is over.
so you can move to a normal lender in 2020 without penalty. switching over now to another lender will likely occur a huge penalty. called Equitable to see what that is. then contact a normal bank to see if you qualify with them.
Yeah, the realtor guarantor us for my mom (she only speaks chinese), so basically he did everything. Yes, I will do that! Thank you!

@Smythical Oh, no...my mom and I just recently bought the house in 2016. It's our first house in Canada. I was more surprise how high the rate was. I don't mind getting the penalty because it's possibly more cheaper to do the penalty fee than to wait until the term is over. Thanks!
Deal Fanatic
Dec 24, 2005
5285 posts
917 upvotes
Hernani81 wrote:
May 16th, 2019 9:40 pm
3 months of interest
the 3 months penalty is normally only for variable rates.
they use some magical calculation for fixed rates which is MUCH worse
Jr. Member
May 14, 2017
130 posts
74 upvotes
Calgary, Ab
milolai wrote: the 3 months penalty is normally only for variable rates.
they use some magical calculation for fixed rates which is MUCH worse
I’ve fixed rate at 5y with first national, and I’ll be paying 3 months of interest.

No surprises here

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