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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
Deal Expert
User avatar
Feb 11, 2009
20055 posts
9836 upvotes
Toronto
Update: Rate dropped to 2.74% Saw another ad on my FB lol



edit:
Whoops! Guess you beat me to it!
SavvyShopperCa wrote: Special offer rate of 2.74% APR** View footnote * on a 5-year fixed closed term high ratio mortgage

*The annual percentage rate (APR) is based on a $200,000 mortgage for the applicable term assuming a property valuation fee of $300. APR means the cost of borrowing for a loan expressed as an interest rate. It includes all interest and some non-interest charges associated with the mortgage. If there are no non-interest charges, the annual interest rate and APR will be the same. This rate is only available for Residential (Conventional) and Equity Power Mortgages of owner-occupied properties with an amortization of 25 years or less. Rates are subject to change without notice. Some restrictions may apply.
** The variable rate is equal to HSBC Prime Rate - 0.91%. The rate will change as HSBC's Prime Rate changes. Rates are subject to change without notice. For information and to confirm most recent rates, please contact any HSBC branch. Mortgage Rates above are applicable to First Mortgages only. Some restrictions apply.
1 High Ratio Mortgage is when customer obtains a personal mortgage with mortgage default insurance with HSBC Canada. For full terms and conditions click hereclick here This link will open in a new window.
Realtor (Investment Properties) - CPA, CA
Deal Expert
Feb 24, 2018
27157 posts
37128 upvotes
This is attractive. I have some thinking to do.
I aim to be inclusive and considerate of others in my posts. If I fall short of that mark, feel free to let me know in good faith, and where appropriate, I'll edit my posts. Thank you.
Member
User avatar
Oct 13, 2017
246 posts
444 upvotes
Halifax
FYI, if you have First National Mortgage and is insured with Genworth then you would not qualify for this rate. It has to be CMHC insured
Jr. Member
Sep 20, 2015
150 posts
39 upvotes
Brantford, ON
This thread had me thinking about my mortgage renewal date. It seems interest rates have went up quite a bit since my last renewal 2016. I some how mange to get 2.23% fixed for 5 years from Scotia bank.
Jr. Member
Dec 21, 2015
163 posts
59 upvotes
Vancouver, BC
Just keep in mind that hsbc ONLY does collateral mortgage!
Deal Guru
User avatar
Nov 27, 2005
12603 posts
3028 upvotes
Richmond Hill
AnkurC051509 wrote: Just keep in mind that hsbc ONLY does collateral mortgage!
Their "Traditional" and "Equity Power" products are both collateral?
Jr. Member
Dec 21, 2015
163 posts
59 upvotes
Vancouver, BC
board123 wrote: Their "Traditional" and "Equity Power" products are both collateral?
Yes, both of those secures a current or running account, you'll find that when you sign at lawyers or notary. I just found today, I have Traditional Mortgage with them. Too late for me to think of a non-collateral option.
Deal Guru
User avatar
Nov 27, 2005
12603 posts
3028 upvotes
Richmond Hill
AnkurC051509 wrote: Yes, both of those secures a current or running account, you'll find that when you sign at lawyers or notary. I just found today, I have Traditional Mortgage with them. Too late for me to think of a non-collateral option.
That's really confusing. It says on their page that the traditional mortgage is a conventional charge:
A Residential Mortgage is a conventional (standard) charge mortgage which only secures your mortgage loan. A Residential Mortgage has the following advantages and disadvantages:
  • If you wish to borrow additional funds, you will likely need to pay legal and other fees to discharge the Residential Mortgage and register a new mortgage.
  • Other financial institutions will likely accept the transfer of your Residential Mortgage so that you can avoid paying legal and other fees to discharge your Residential Mortgage and register a new mortgage.
  • We will discharge your Residential Mortgage when you pay off your mortgage loan and request a discharge.
https://www.hsbc.ca/mortgages/guides/di ... -security/
Deal Guru
User avatar
Nov 27, 2005
12603 posts
3028 upvotes
Richmond Hill
Also, if you look through the terms on HSBC's solicitors page, you'll find that there are different terms for conventional and collateral mortgages. The Equity Power terms clearly indicate the collateral charge and has a whole section just for that. The traditional mortgage terms do not contain this.

https://www.hsbc.ca/bank-with-us/solicitors-page/
Jr. Member
Dec 21, 2015
163 posts
59 upvotes
Vancouver, BC
board123 wrote: Also, if you look through the terms on HSBC's solicitors page, you'll find that there are different terms for conventional and collateral mortgages. The Equity Power terms clearly indicate the collateral charge and has a whole section just for that. The traditional mortgage terms do not contain this.

https://www.hsbc.ca/bank-with-us/solicitors-page/
https://www.hsbc.ca/content/dam/hsbc/ca ... ia--en.pdf
Section 7 (Running Account)
Check “YES”

https://bcmortgageexpert.wordpress.com/ ... g-account/
Deal Guru
User avatar
Nov 27, 2005
12603 posts
3028 upvotes
Richmond Hill
The guidelines for ON and BC seem to be different. BC has the same mortgage terms (form 1020871-E) for both Traditional and Equity Power, while ON has different terms (forms 1020873-E and 1020872-E).

https://www.hsbc.ca/content/dam/hsbc/ca ... elines.pdf
Last edited by board123 on Apr 3rd, 2019 11:59 pm, edited 1 time in total.
Newbie
Dec 5, 2012
26 posts
13 upvotes
CALGARY
stop spreading fud, hsbc does do conventional standard charge mortgages.
here's proof. taken from mine that i got near the end of 2017.
IMG_20190403_214911.jpg
Jr. Member
Dec 21, 2015
163 posts
59 upvotes
Vancouver, BC
alphaz wrote: stop spreading fud, hsbc does do conventional standard charge mortgages.
here's proof. taken from mine that i got near the end of 2017.

IMG_20190403_214911.jpg
You might also wanna share your Form B Section 7. Does the Running Account is checked YES ? If True then it's collateral.
Deal Guru
User avatar
Nov 27, 2005
12603 posts
3028 upvotes
Richmond Hill
AnkurC051509 wrote: You might also wanna share your Form B Section 7. Does the Running Account is checked YES ? If True then it's collateral.
"Form B" is only for BC. It appears that BC is the only province that might be collateral only.
Member
Feb 13, 2012
338 posts
296 upvotes
Greater Sudbury
so what kind of documents does Hsbc ask for when applying ?
Newbie
Dec 5, 2012
26 posts
13 upvotes
CALGARY
Sorry, just went through all my documentation, don't have such a form.
board123 must be correct. BC only thing. because i'm in AB, and I've never seen such a form B.
Newbie
Dec 5, 2012
26 posts
13 upvotes
CALGARY
jokerswild1 wrote: so what kind of documents does Hsbc ask for when applying ?
initially to get approved/apply, all i really needed was to give them proof of assets/downpayment ability and income (paystubs)
Newbie
Mar 18, 2019
12 posts
16 upvotes
I am surprised to hear that their conventional mortgage in BC is effectively a collateral charge, as I was told when applying that CMHC does not allow collateral charges, meaning the bank could be creating issues for itself with regard to the insurability of the mortgage.

FWIW, my experience in ON has been positive so far. The application process was friendly and straightforward, and they keep allowing me to float down to the new lower interest rates before closing.
Deal Expert
Feb 24, 2018
27157 posts
37128 upvotes
Another great mortgage option. Keep it coming, folks.
I aim to be inclusive and considerate of others in my posts. If I fall short of that mark, feel free to let me know in good faith, and where appropriate, I'll edit my posts. Thank you.

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