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HSBC 5-year fixed mortgage 2.35%

  • Last Updated:
  • Apr 13th, 2021 2:35 pm
[OP]
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Jun 9, 2005
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Calgary

[HSBC] HSBC 5-year fixed mortgage 2.35%

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Price:
2.35
Retailer:
HSBC
More offers from 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.
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Last edited by Nuprapture on Feb 16th, 2017 5:51 pm, edited 2 times in total.
600 replies
Deal Guru
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Jul 12, 2003
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Toronto
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....
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Aug 19, 2015
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Wow, this is really an amazing deal
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Fringe Minority
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Jun 10, 2011
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very good!!!
god damn, still 2 years to go for my mortgage
Sr. Member
Dec 13, 2006
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Insured mortgage only ? Or low ratio too?
[OP]
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Jun 9, 2005
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Calgary
grisensko wrote: Insured mortgage only ? Or low ratio too?
From my conversation with the rep, both qualify.
[OP]
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Jun 9, 2005
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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.
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Feb 4, 2003
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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.
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May 5, 2008
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No advance customer required
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Feb 9, 2009
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I went with Cibc last month 2 year fixed @ 2.05%%
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Jan 23, 2006
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The picture shows personal rate of 2.35 as well? Why OP stated advanced clients only?
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Jr. Member
Sep 19, 2016
107 posts
34 upvotes
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)
Deal Addict
Aug 5, 2015
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Montreal, QC
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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Mar 13, 2008
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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... ;)
Newbie
Apr 17, 2015
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Montreal, QC
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.
Newbie
Apr 17, 2015
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Montreal, QC
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.
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May 17, 2006
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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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Oct 13, 2008
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Durham
I got mine from Scotiabank last August ... 5 years @ 2.64% ... no need to consolidate assets
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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.
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Jun 16, 2012
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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.

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