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HSBC

HSBC 2.74% 5 Yr Fixed Mortgage + $2,000 Cashback (High Ratio Mortgage Only!)

  • Last Updated:
  • Apr 5th, 2019 8:34 pm
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Feb 11, 2009
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Toronto

[HSBC] HSBC 2.74% 5 Yr Fixed Mortgage + $2,000 Cashback (High Ratio Mortgage Only!)

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HSBC
More offers from HSBC
Saw this while browsing FB: HSBC 2.89% 2.74% 5 Yr Fixed Mortgage + $2,000 Cashback (High Ratio Mortgage Only!)

The $2,000 cash back is for mortgages >$500k
It's $1,000 cash back for mortgages $250k-$500k

Seems like a crazy hot deal to me, but only applies to high ratio mortgages (sadly doesn't apply to me :( )
Screen Shot 2019-03-29 at 7.42.53 PM.png
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https://www.hsbc.ca/mortgages/2019-mort ... SOM0000056


Edit: Looks like they dropped the rates even further - 2.74% this is crazy!!
Last edited by deal_with_singh on Apr 3rd, 2019 8:21 pm, edited 1 time in total.
Realtor (Investment Properties) - CPA, CA
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Dec 24, 2017
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No, OP's offer is for 2.89%
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Taken from HSBC thread on SD:
HSBC, Europe's biggest bank, paid a $1.9 billion fine in 2012 to avoid prosecution for allowing at least $881 million in proceeds from the sale of illegal drugs. In addition to facilitating money laundering by drug cartels, evidence was found of HSBC moving money for Saudi banks tied to terrorist groups. Even though federal investigators found evidence "that senior bank officials were complicit in the illegal activity," no HSBC executives faced charges for their actions. The Wall Street Journal revealed in 2016 that U.S. Justice Department officials, led by President Obama's former Attorney General Eric Holder, overruled their prosecutors' recommendation to pursue criminal charges against HSBC in 2012.

This may not matter for many @ SD, but if you're interested, Netflix's documentary "Dirty Money" Season 1 Episode 4 is an eye opener, with the following synopsis: A trail of suspicious transactions led to startling revelations about banking giant HSBC and its ties to Mexico's deadliest drug cartels

$100 and 2% may be a deal for some, but it's only prudent to know the history of an institution your dealing with.
Newbie
Nov 28, 2014
47 posts
60 upvotes
yashgandhi wrote: Taken from HSBC thread on SD:
HSBC, Europe's biggest bank, paid a $1.9 billion fine in 2012 to avoid prosecution for allowing at least $881 million in proceeds from the sale of illegal drugs. In addition to facilitating money laundering by drug cartels, evidence was found of HSBC moving money for Saudi banks tied to terrorist groups. Even though federal investigators found evidence "that senior bank officials were complicit in the illegal activity," no HSBC executives faced charges for their actions. The Wall Street Journal revealed in 2016 that U.S. Justice Department officials, led by President Obama's former Attorney General Eric Holder, overruled their prosecutors' recommendation to pursue criminal charges against HSBC in 2012.

This may not matter for many @ SD, but if you're interested, Netflix's documentary "Dirty Money" Season 1 Episode 4 is an eye opener, with the following synopsis: A trail of suspicious transactions led to startling revelations about banking giant HSBC and its ties to Mexico's deadliest drug cartels

$100 and 2% may be a deal for some, but it's only prudent to know the history of an institution your dealing with.
cool story
Sr. Member
Oct 7, 2017
663 posts
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Thank you! Good deal though. Will definitely apply!
Member
Nov 3, 2018
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yashgandhi wrote: Taken from HSBC thread on SD:
HSBC, Europe's biggest bank, paid a $1.9 billion fine in 2012 to avoid prosecution for allowing at least $881 million in proceeds from the sale of illegal drugs. In addition to facilitating money laundering by drug cartels, evidence was found of HSBC moving money for Saudi banks tied to terrorist groups. Even though federal investigators found evidence "that senior bank officials were complicit in the illegal activity," no HSBC executives faced charges for their actions. The Wall Street Journal revealed in 2016 that U.S. Justice Department officials, led by President Obama's former Attorney General Eric Holder, overruled their prosecutors' recommendation to pursue criminal charges against HSBC in 2012.

This may not matter for many @ SD, but if you're interested, Netflix's documentary "Dirty Money" Season 1 Episode 4 is an eye opener, with the following synopsis: A trail of suspicious transactions led to startling revelations about banking giant HSBC and its ties to Mexico's deadliest drug cartels

$100 and 2% may be a deal for some, but it's only prudent to know the history of an institution your dealing with.
funny how no one was arrested or even prosecuted. makes you think twice why they are prosecuting Huawei executive in Canada for a much smaller (comparatively) alleged crime.
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supremePug wrote:
funny how no one was arrested or even prosecuted. makes you think twice why they are prosecuting Huawei executive in Canada for a much smaller (comparatively) alleged crime.
You do realize it's at the behest of the US, but Canada's extradition treaty with the United States left it with no choice but to detain her.

And so the hypocrisy is worse since the Usa let the banks get away with so much.
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Dec 26, 2012
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Our broker told me 'high ratio' means under 20% down payment/CMHC insured.

Is this true?
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WTF, why do people who owe a lot of money get better deals?!?! ... oh i see. Bigger host for these parasites. They can slowly suck your money for 25 years. I digress, this deal is HOT!! ...for those who qualify. Thanks OP
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yashgandhi wrote:
$100 and 2% may be a deal for some, but it's only prudent to know the history of an institution your dealing with.
I have to ask but why does it mattes the history of an institution when you are trying to get a cheap mortgage and not be indebted for the next 25yrs? Are other banks making billions every quarter any better?

Is say RBC a better place to go? Oh wait, they were involved with helping tax evaders shuffle money offshore as to not pay "their fair share" as exposed in the Panama papers.

What about Scotiabank? They seem friendly with their "You are richer then you think" commercials. Oh wait, they had to put their gold trading unit for sale after its own money laundering scandal back in 2017.

The lady at the TD bank always seems nice right? Oh wait, weren't their employees caught breaking the law and lying to customers to juice profits because they "feared" losing their jobs as exposed in 2017?

I can go on but I'll stop here.

Let's face it. Banks are probably a bane on society helping to enslave the world but so are many other large companies making money. Don't get me started on the politicians like buddy Eric Holder virtue signaling Democratic liberal values via Obama's Hope and Change nonsense while preventing HSBC 's prosecution.

Need a mortgage? Get the cheapest one you can get. Right now given the economy is starting to tank, get an open mortgage as the feds will most likely drop rates.

PAY OFF that mortgage as soon as you can so that the bank makes the least amount off you.

I have a fixed 5 yr mortgage with HSBC at 2.35% from the hotdeals section 2 yrs ago. Also milked them for free money for opening a chequing account, credit card, and trading account. Hell I even referred a RFD member that I didn't even know when he opened his account so both of us got some extra money. Grinning Face With Smiling Eyes

Point is, don't virtue signal that you shouldn't take a cheap(est?) mortgage just because HSBC were involved in some shady deals....this is RFD and we like to game the system to our advantage.
Last edited by nitro on Mar 30th, 2019 12:54 am, edited 1 time in total.
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Nov 23, 2008
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yashgandhi wrote: Taken from HSBC thread on SD:
HSBC, Europe's biggest bank, paid a $1.9 billion fine in 2012 to avoid prosecution for allowing at least $881 million in proceeds from the sale of illegal drugs. In addition to facilitating money laundering by drug cartels, evidence was found of HSBC moving money for Saudi banks tied to terrorist groups. Even though federal investigators found evidence "that senior bank officials were complicit in the illegal activity," no HSBC executives faced charges for their actions. The Wall Street Journal revealed in 2016 that U.S. Justice Department officials, led by President Obama's former Attorney General Eric Holder, overruled their prosecutors' recommendation to pursue criminal charges against HSBC in 2012.

This may not matter for many @ SD, but if you're interested, Netflix's documentary "Dirty Money" Season 1 Episode 4 is an eye opener, with the following synopsis: A trail of suspicious transactions led to startling revelations about banking giant HSBC and its ties to Mexico's deadliest drug cartels

$100 and 2% may be a deal for some, but it's only prudent to know the history of an institution your dealing with.
True, but as far as I'm concerned all banks are criminals and crooks
So, are many large corporations.
IBM supplied the Nazis with computers. Toyota and Mitsubishi supplied Japan's ww2 efforts too.
Too much of this dirty stuff to keep track of

Anyways it's a very good fixed rate
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2.89% is a really good 5 years closed fix rate.

What's the minimum mortgage required to have acess to this rate?

And 500k mortgage for 2k cash back is great, but...thats alot of a mortgage.
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HyperTech wrote: 2.89% is a really good 5 years closed fix rate.

What's the minimum mortgage required to have acess to this rate?

And 500k mortgage for 2k cash back is great, but...thats alot of a mortgage.
No minimums but can only put down 19.9% of your homes value as a down payment
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What are they offering for low ratio mtg?
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Jul 30, 2004
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oakley0023 wrote: Our broker told me 'high ratio' means under 20% down payment/CMHC insured.

Is this true?
Yes that's correct. They can offer a better rate than a regular mortgage because high ratio mortgages must be insured and therefore lower risk for the lender. And here I am thinking I am being responsible by putting 20% plus down.
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Jan 19, 2014
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Example High Ratio Mortgage
$650,000 Purchase Price
19.99% Down ($129999)
25 Year Amortization
CMHC insurance premium 2.8% ($14560.03)
Payments $1152.97 biweekly
End of 5 yr term Balance $499,552
-$2000 Cashback recieved
$497,552

Vs

$650000 with 20% Down, No CMHC Insurance
Same biweekly payment
End of term Balance is $497,583
Comparison rate 4.03%

So basically for my scenario and conventional mortgages, anything below 4.03% rate will be better than this.
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Jan 23, 2006
3097 posts
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nitro wrote: I have to ask but why does it mattes the history of an institution when you are trying to get a cheap mortgage and not be indebted for the next 25yrs? Are other banks making billions every quarter any better?

Is say RBC a better place to go? Oh wait, they were involved with helping tax evaders shuffle money offshore as to not pay "their fair share" as exposed in the Panama papers.

What about Scotiabank? They seem friendly with their "You are richer then you think" commercials. Oh wait, they had to put their gold trading unit for sale after its own money laundering scandal back in 2017.

The lady at the TD bank always seems nice right? Oh wait, weren't their employees caught breaking the law and lying to customers to juice profits because they "feared" losing their jobs as exposed in 2017?

I can go on but I'll stop here.

Let's face it. Banks are probably a bane on society helping to enslave the world but so are many other large companies making money. Don't get me started on the politicians like buddy Eric Holder virtue signaling Democratic liberal values via Obama's Hope and Change nonsense while preventing HSBC 's prosecution.

Need a mortgage? Get the cheapest one you can get. Right now given the economy is starting to tank, get an open mortgage as the feds will most likely drop rates.

PAY OFF that mortgage as soon as you can so that the bank makes the least amount off you.

I have a fixed 5 yr mortgage with HSBC at 2.35% from the hotdeals section 2 yrs ago. Also milked them for free money for opening a chequing account, credit card, and trading account. Hell I even referred a RFD member that I didn't even know when he opened his account so both of us got some extra money. Grinning Face With Smiling Eyes

Point is, don't virtue signal that you shouldn't take a cheap(est?) mortgage just because HSBC were involved in some shady deals....this is RFD and we like to game the system to our advantage.
Actually as your mortgage is at 2.35, you’d be better off with a TFSA at 3.2-3.3 instead of prepaying your mortgage.
Heck, mine is at 3%, and I still go for the extra 20-30bp :)

Now that Oaken rates have gone down below 3%, I will be prepaying, but for those with lower rates, Oaken TFSA is still better option
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tcjsqls wrote: you have no ideas how a report of stolen credit card (...) affect your credit. Happened twice in your history, that bank won't issue a credit card for you
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Jun 28, 2017
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Ah closed 5 year term eh, I’m looking for a 3 or 4 year term on a rental property, anyone have any idea what the penalties are to end a mortgage early with HSBC?

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