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[HSBC] Amazing Mortgage Rate 2.74% Fixed 5 year

  • Last Updated:
  • Nov 4th, 2019 8:29 pm
Deal Fanatic
Dec 24, 2005
5411 posts
1006 upvotes
i have been 'working' with HSBC for the past 2 months trying to get a mortgage with them

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.
Member
Jan 29, 2017
251 posts
125 upvotes
when i got my mortgage through hsbc, no one at any of the banks could answer my questions. was a shitty drawn out situation spanning months.

wish i could remember specifics but i somehow got on the phone with a woman who specialized in mortgages at their vancouver head office. she was extremely knowledgable and helpful and put me at ease.
Deal Addict
User avatar
May 8, 2004
3221 posts
595 upvotes
milolai wrote: i have been 'working' with HSBC for the past 2 months trying to get a mortgage with them

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.
w0rd. It took them a whole month to get my preapproval back when they had the 2.37% back then and I just gave up and went to RBC, who got it done for me in 2 days. They also wanted me to put down 35% as downpayment. Definitely wouldn't go with them if you're time sensitive in any way.
Deal Fanatic
Dec 24, 2005
5411 posts
1006 upvotes
Homer88 wrote: w0rd. It took them a whole month to get my preapproval back when they had the 2.37% back then and I just gave up and went to RBC, who got it done for me in 2 days. They also wanted me to put down 35% as downpayment. Definitely wouldn't go with them if you're time sensitive in any way.
RBC approved me in like 30 minutes on Friday last week - so unsure how the heck HSBC can do this

i actually decided that if they dont get back to me by Monday they can go **** themselves and i'll pay a little more with RBC but at least i'll feel my mortgage isn't with a bunch of undeserving morons.
Deal Guru
User avatar
Oct 24, 2012
11450 posts
2433 upvotes
Montreal
milolai wrote: i would not trust them to make me a sandwich let alone put a closing of a property in their hands.
You're not one of those transactions so you were put on the back-burner.

Ya I know it sucks, but that's how they get you low low rates: Understaffed analysts.
Sr. Member
User avatar
Mar 27, 2011
738 posts
410 upvotes
Toronto
My TD branch offered me 3 year at 2.96% and 5 year at 3.1% fixed closed term.
Newbie
Jul 19, 2017
70 posts
18 upvotes
Does anyone in Calgary have a competent contact at HSBC? I have dealt with them before and wouldn't wish it on my worst enemy.
Jr. Member
Sep 6, 2016
110 posts
79 upvotes
Calgary
blisterd_nuts wrote: Anyone have any customer service issues with HSBC? Spoke with my mortgage broker and they said they don't deal with this bank for a number of reasons (large penalties, timeliness of action, administrative errors, etc).

Trying to get some input on this.
Be careful that your broker isn't just pushing you towards their "preferred" lender that pays higher commission. Very poor practice but it does happen apparently ...
shinku wrote: The broker my sibling went to last week said 3.19 is the best and can't be beat. When they showed him hsbc website he took couple days and told them TD can match it but didn't stage it writing be collateral. Long story short they went straight to hsbc branch and got 2.84% fixed on stranded closed mortgage.

That said does anyone have any experience borrowing from HSBC and can comment on their penalties and service?
Jr. Member
Sep 6, 2016
110 posts
79 upvotes
Calgary
Calgon1 wrote: Does anyone in Calgary have a competent contact at HSBC? I have dealt with them before and wouldn't wish it on my worst enemy.
Your best bet would be to call their mortgage ctr. You will be matched with a senior mortg specialist. Everything can be done over the phone. Documents are transmitted through their secure email portal. We got our pre-approval this way.

The only problem is is that their current rate promo is so popular they're running a lengthy backlog. Might be a week or so before your assigned specialist can start discussions with you.
Sr. Member
User avatar
Apr 7, 2007
662 posts
181 upvotes
Calgary, AB
I have a mortgage on a rental in Nanaimo, BC coming up in Oct this year.
It's currently at Scotia. Would like to do a $100K equity draw on it and refinance for another 5 years at fixed rate. Balance on mortgage is $260K and house is assessed at $610K but probably could only sell for $570K.
Anyone have success with Scotia matching HSBC on this?
Sr. Member
May 24, 2013
666 posts
113 upvotes
Any thoughts on this rate vs the Meridian 2 year fixed for 1.98%?
Sr. Member
User avatar
Sep 17, 2008
710 posts
224 upvotes
BC
gekaizer wrote: My TD branch offered me 3 year at 2.96% and 5 year at 3.1% fixed closed term.
Same as CIBC, 2.96% for 2/3 yr fixed, 3.09% for 5yr fixed
Deal Addict
User avatar
Jul 6, 2010
2993 posts
761 upvotes
Toronto
theBasher91 wrote: Any thoughts on this rate vs the Meridian 2 year fixed for 1.98%?
What Meridian 2 year fixed? Didn't that offer expire like a month ago?
Deal Addict
Oct 4, 2008
1103 posts
193 upvotes
roofgoof wrote: Same here. Should we go for 2.74 closed now?
No, I don’t think so. My take is BoC will lower down their rate an din effect we should be at 2.75 with propensity of going down once more. You lock in 2.74 now and you will stay there for good

Plus fact we can just walk out of this commitment in a year and a half (with no penalties) and either
1. pay off everything owed (with some unforeseen $$$ windfalls) or
2. just go with other bank that has better deal at that time
3. Enjoy automatic lowering of rates if BoC such decides

is worth $20 or so premium we pay at this moment

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