[HSBC] HSBC 5-year fixed mortgage 2.35%

Feb 16th, 2017 5:51 pm

#1

Nuprapture [OP]: Deal Addict; Jun 9, 2005; 1914 posts; 555 upvotes; Calgary

Feb 16th, 2017 5:51 pm

[HSBC] HSBC 5-year fixed mortgage 2.35%

Deal Link:: https://www.hsbc.ca/1/2/personal/borrow ... age-offers
Price:: 2.35
Retailer:: HSBC

HSBC is offering a 5-year fixed closed mortgage at 2.35%. This is easily the best rate I've seen in a long time, especially in the last few months since rates started to rise.
I spoke with a rep and she mentioned there's a 20% pre-payment privilege, and allowed up 15% payment increases.
No mention of when this offer expires, but get it soon as no bank is offering this low right now!

Link: https://www.hsbc.ca/1/2/personal/borrow ... age-offers

Edit: Confirmed that this rate is applicable to both the conventional (standard) mortgage, as well as the Equity Power mortgage (collateral).
Source: 1) Applied for the mortgage and read my documents. 2) The fine print of the promotion states the rate applies to both. 3) Spoke to two different mortgage specialists and both confirmed this rate applies to both types of mortgage.

Images

Last edited by Nuprapture on Feb 16th, 2017 5:51 pm, edited 2 times in total.

Feb 16th, 2017 5:54 pm

#2

MP3_SKY: Deal Guru; Jul 12, 2003; 12391 posts; 4916 upvotes; Toronto

Feb 16th, 2017 5:54 pm

Inquired today, 2.35 for 5 yrs is right.
If need to discharge from other bank, need to pay the discharge fee from that bank, also, appraisal fees and lawyer fee to HSBC which is about $1000....

Retired Forum Moderator February 2009 - June 2015

+1

Feb 16th, 2017 6:17 pm

#3

TransporterSD: Deal Fanatic; Aug 19, 2015; 7861 posts; 8300 upvotes; Downtown Canada

Feb 16th, 2017 6:17 pm

Wow, this is really an amazing deal

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+2

Feb 16th, 2017 6:20 pm

#4

def47: Deal Addict; Jun 10, 2011; 4461 posts; 1975 upvotes

Feb 16th, 2017 6:20 pm

very good!!!
god damn, still 2 years to go for my mortgage

Feb 16th, 2017 6:33 pm

#5

grisensko: Sr. Member; Dec 13, 2006; 642 posts; 332 upvotes

Feb 16th, 2017 6:33 pm

Insured mortgage only ? Or low ratio too?

Feb 16th, 2017 6:40 pm

#6

Nuprapture [OP]: Deal Addict; Jun 9, 2005; 1914 posts; 555 upvotes; Calgary

Feb 16th, 2017 6:40 pm

grisensko wrote: ↑ Insured mortgage only ? Or low ratio too?

From my conversation with the rep, both qualify.

Feb 16th, 2017 6:42 pm

#7

Nuprapture [OP]: Deal Addict; Jun 9, 2005; 1914 posts; 555 upvotes; Calgary

Feb 16th, 2017 6:42 pm

def47 wrote: ↑ very good!!!
god damn, still 2 years to go for my mortgage

With a rate this low, do a calculation between your early cancellation penalty compared to what the interest difference over the 5 years will be. Also, with rates on the upswing, you might be better off locking in a low rate for 5 years now rather than when you renew in 2 years.

Feb 16th, 2017 6:45 pm

#8

zzricezz: Deal Addict; Feb 4, 2003; 3608 posts; 2168 upvotes

Feb 16th, 2017 6:45 pm

Nuprapture wrote: ↑ With a rate this low, do a calculation between your early cancellation penalty compared to what the interest difference over the 5 years will be. Also, with rates on the upswing, you might be better off locking in a low rate for 5 years now rather than when you renew in 2 years.

Hmm also in the same boat.

+1

Feb 16th, 2017 6:51 pm

#9

airmail: Deal Fanatic; May 5, 2008; 6291 posts; 3045 upvotes; Winnipeg

Feb 16th, 2017 6:51 pm

No advance customer required

Feb 16th, 2017 6:52 pm

#10

densil_lopez: Deal Addict; Feb 9, 2009; 2847 posts; 1797 upvotes; GTA

Feb 16th, 2017 6:52 pm

I went with Cibc last month 2 year fixed @ 2.05%%

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0

Feb 16th, 2017 7:12 pm

#11

djredhat: Deal Addict; Jan 23, 2006; 3097 posts; 2399 upvotes

Feb 16th, 2017 7:12 pm

The picture shows personal rate of 2.35 as well? Why OP stated advanced clients only?

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+1

Feb 16th, 2017 7:16 pm

#12

godfatherofdeals: Jr. Member; Sep 19, 2016; 132 posts; 50 upvotes

Feb 16th, 2017 7:16 pm

damn thats a good deal, i just got 2.99 5-year with scotia, although it is for a rental (which is usually .25% higher)

+1

Feb 16th, 2017 7:23 pm

#13

WillyBaldy: Deal Addict; Aug 5, 2015; 4076 posts; 4734 upvotes; Montreal, QC

Feb 16th, 2017 7:23 pm

Go through a broker and you'll get a better deal with a virtual bank like MCAP. Check ratespy.com for example.

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+2

Feb 16th, 2017 7:49 pm

#14

zdpz: Deal Addict; Mar 13, 2008; 3795 posts; 5258 upvotes; Oakville

Feb 16th, 2017 7:49 pm

densil_lopez wrote: ↑ I went with Cibc last month 2 year fixed @ 2.05%%

That's shit compared to this. This is 5 years.

-ZdpZ...

+6

Feb 16th, 2017 7:57 pm

#15

dealHub: Newbie; Apr 17, 2015; 89 posts; 36 upvotes; Montreal, QC

Feb 16th, 2017 7:57 pm

willy0275 wrote: ↑ Go through a broker and you'll get a better deal with a virtual bank like MCAP. Check ratespy.com for example.

That will really depend on your province... In Quebec right now even ratespy says there is no better deal for 5years fixed. I see 2.39% in BC and 2.28% in ON but that's it.

+1

Feb 16th, 2017 7:59 pm

#16

dealHub: Newbie; Apr 17, 2015; 89 posts; 36 upvotes; Montreal, QC

Feb 16th, 2017 7:59 pm

zdpz wrote: ↑ That's shit compared to this. This is 5 years.

Also this greatly depends on what people want. For someone who could be a seller in 2 or 3 years, variable is probably still the best option. Fixed will throw at you an HEFTY penalty if you cancel 2 years before the end of term (could be 15 000$+)

Last edited by dealHub on Feb 16th, 2017 7:59 pm, edited 1 time in total.

+3

Feb 16th, 2017 8:02 pm

#17

porksoda: Deal Fanatic; May 17, 2006; 7184 posts; 2944 upvotes; GTA

Feb 16th, 2017 8:02 pm

willy0275 wrote: ↑ Go through a broker and you'll get a better deal with a virtual bank like MCAP. Check ratespy.com for example.

Agreed, i have seen rates less than this through brokers.

Also is this collateral or conventional?

With broker they can eat some of the costs as well for appraisal and even give you cash back.

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+1

Feb 16th, 2017 8:13 pm

#18

jdmfishingonly: Deal Fanatic; Oct 13, 2008; 7576 posts; 4019 upvotes; Durham

Feb 16th, 2017 8:13 pm

I got mine from Scotiabank last August ... 5 years @ 2.64% ... no need to consolidate assets

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Feb 16th, 2017 8:14 pm

#19

def47: Deal Addict; Jun 10, 2011; 4461 posts; 1975 upvotes

Feb 16th, 2017 8:14 pm

dealHub wrote: ↑ Also this greatly depends on what people want. For someone who could be a seller in 2 or 3 years, variable is probably still the best option. Fixed will throw at you an HEFTY penalty if you cancell 2 years before the end of term (could be 15 000$+)

you still have fees if you cancel a closed variable rate.

and open variable rates are expensive..

Last edited by def47 on Feb 16th, 2017 8:14 pm, edited 1 time in total.

Feb 16th, 2017 8:21 pm

#20

tiachoo: Newbie; Jun 16, 2012; 30 posts; 8 upvotes

Feb 16th, 2017 8:21 pm

This is not a new rate. It's been on their website for at least 2-3 months now. I got my pre-approval at 2.35 back in Dec.

+1