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HSBC

HSBC 5-year fixed mortgage 2.35%

  • Last Updated:
  • Apr 13th, 2021 2:35 pm
Deal Addict
Feb 3, 2008
1970 posts
563 upvotes
Winnipeg
My application will be submitted to the underwriters today. 2.35% rate for 5yrs and conventional mortgage. 150 day hold on the rate. Hope there are no surprises later.

Can the appraisal fee be waived later? We never discussed it.
Sr. Member
User avatar
Nov 7, 2013
601 posts
189 upvotes
the 604
bryan35 wrote: My application will be submitted to the underwriters today. 2.35% rate for 5yrs and conventional mortgage. 150 day hold on the rate. Hope there are no surprises later.

Can the appraisal fee be waived later? We never discussed it.
probably. this is pre-approval, right? can be negotiated before you close.
Sr. Member
Feb 16, 2011
729 posts
316 upvotes
AMRadio wrote: question for @blitzteen17 and others who took out the Power Equity option:

how much did you register for? just the Mortgage Amount? or more? the rep said i could register up to 80% of the value ... but i don't even know what i would do with that or what the ramifications would be. just learned about this, this morning.

edit: well, my Rep came through! she got me a Conventional at 2.35%/5yr fixed, 25 year amortization. should have docs to sign this week.
I think we registered for the entire value of the home. He did mention the 80% figure so I'm not sure how that works tbh...fyi we had >20% down payment.

I am not going to be using any of this amount in the next 5 yrs...or rather...I hope I don't have to. The SO and I agreed that we would take it as a safety net.

From my understanding the ramifications are just the discharge fee + legal fees. I don't believe these fees scale up or down depending on the size of your HELOC. From my readings...it appears the all-in cost of discharging a collateral mortgage is between 1-2k. Not a small amount of money but I figure it'll act as an insurance policy...
Jr. Member
Jul 13, 2008
128 posts
71 upvotes
i think this promotion is over, i tried calling in and in branch and they said it ended last week. can anyone confirm?
Sr. Member
User avatar
Nov 7, 2013
601 posts
189 upvotes
the 604
ProjecT84 wrote: i think this promotion is over, i tried calling in and in branch and they said it ended last week. can anyone confirm?
2.35% is over. best you can do is 2.49% now.
Member
Dec 11, 2003
288 posts
57 upvotes
Toronto, ON
Anyone recently got their approval for the 2.35% rate? I applied during the first week of March and have been following up on a weekly basis. However they just kept saying that their underwriters are swamped with the volume of applications
Sr. Member
Nov 21, 2007
663 posts
103 upvotes
padfoot wrote: Anyone recently got their approval for the 2.35% rate? I applied during the first week of March and have been following up on a weekly basis. However they just kept saying that their underwriters are swamped with the volume of applications
Same here and just got the approval following constant follow ups and escalations.

I think they were overwhelmed by the interest and approval requests.

Good luck.
Member
May 17, 2010
397 posts
264 upvotes
padfoot wrote: Anyone recently got their approval for the 2.35% rate? I applied during the first week of March and have been following up on a weekly basis. However they just kept saying that their underwriters are swamped with the volume of applications
I applied 3 weeks ago for my pre-approval and still nothing. My application was not even sent to the underwriters as of this morning.
This will be my first and last product with them!
Sr. Member
User avatar
Nov 7, 2013
601 posts
189 upvotes
the 604
update/heads up:

the good news is that i closed and will take possession in the next 24hrs. 5yr conventional, 2.35% fixed. most of my appraisal fee will be refunded.

but HSBC really left it down to the wire, when it came to underwriting and final approval (not pre-approval) of the mortgage. docs were only sent when i fired off multiple emails regarding the looming closing date. they arrived seven days ago. after i immediately signed and dropped them off at a nearby branch — where the manager was surprised at how slow things were going ("wow, you're closing really soon!") — it took another 72hrs (and more emails) before my lawyers got the docs they needed. they arrived TWO HOURS before my appointment to sign; just enough time to be reviewed.

finally, after signing and submitting my bank draft, my lawyer advised me to keep bugging HSBC about funds for closing: HSBC typically only sends money THE AFTERNOON OF CLOSING. and HSBC's lack of response is reknowned in the industry, to the point where my lawyer's firm refused to take any HSBC work for a time.

TL;DR: give yourself LOTS of time to close with HSBC, and keep bugging your rep about documents.

good luck to you all!
Sr. Member
Oct 6, 2007
722 posts
54 upvotes
Toronto
wow, thats just stressful. atleast ur finally over with that.

i got about a more than month till the end of maturity of my current lender. I guess that is sufficient enough time for HSBC to get approval of my mortgage and considering the appraisal is done a week ago.

dont need that kind of hassle since im ahead of the game with them.

AMRadio wrote: update/heads up:

the good news is that i closed and will take possession in the next 24hrs. 5yr conventional, 2.35% fixed. most of my appraisal fee will be refunded.

but HSBC really left it down to the wire, when it came to underwriting and final approval (not pre-approval) of the mortgage. docs were only sent when i fired off multiple emails regarding the looming closing date. they arrived seven days ago. after i immediately signed and dropped them off at a nearby branch — where the manager was surprised at how slow things were going ("wow, you're closing really soon!") — it took another 72hrs (and more emails) before my lawyers got the docs they needed. they arrived TWO HOURS before my appointment to sign; just enough time to be reviewed.

finally, after signing and submitting my bank draft, my lawyer advised me to keep bugging HSBC about funds for closing: HSBC typically only sends money THE AFTERNOON OF CLOSING. and HSBC's lack of response is reknowned in the industry, to the point where my lawyer's firm refused to take any HSBC work for a time.

TL;DR: give yourself LOTS of time to close with HSBC, and keep bugging your rep about documents.

good luck to you all!
Member
Dec 11, 2003
288 posts
57 upvotes
Toronto, ON
axela3 wrote: wow, thats just stressful. atleast ur finally over with that.

i got about a more than month till the end of maturity of my current lender. I guess that is sufficient enough time for HSBC to get approval of my mortgage and considering the appraisal is done a week ago.

dont need that kind of hassle since im ahead of the game with them.

How long did it take them to complete the appraisal? I just got my approval today and my rep said they will order a appraisal to be done. The property is a condo and currently tenanted so I hope it would not be an issue. Still have close to 2 months for closing.
Sr. Member
Oct 6, 2007
722 posts
54 upvotes
Toronto
appraisal done within a week, its just a matter how soon the appraisser can schedule/ access the property , its a 10 mins inspection,

Just got the full approval now, docs to be send to me for my signing
padfoot wrote: How long did it take them to complete the appraisal? I just got my approval today and my rep said they will order a appraisal to be done. The property is a condo and currently tenanted so I hope it would not be an issue. Still have close to 2 months for closing.
Newbie
Aug 16, 2014
50 posts
47 upvotes
Toronto, ON
Just thought I would give a follow up to our poor experiences (and credit card being opened without asking for it).

So my girlfriend and I have decided not to bother with buying, we're going to sit back and wait for all this stress and hot market and pressure to die down and carry on renting.

Our Realtor is demanding we get on the market NOW! but after seeing some real $500k places go for $610+ we decided we're priced out of what we truly want.

Went into HSBC to close our accounts down.
Our Mutual Fund Rep who signed us up came running out of her office "whats going on? whats up?"
I told her we were due to close our accounts as we've heard NOTHING since waiting on pre-approval.
We did not ask for credit cards to be opened in our names.
And the market is just stupid (not crazy... STUPID) right now... we've heard many stories about banks not funding due to appraisals being $10-20k lower than the price paid.

She just shrugged and said "ok", told us to wait in line (10 people, 30 minutes) to close our accounts and best of luck.
Got to the counter, were told we have a joint account (despite the REP telling us she opened separate ones).
Told to phone up to close down credit cards.

All done. We're so much happier now we're outta the game! HSBC were the worst to deal with. Glad we don't have to deal with them again.

Thanks all for this thread, it helped us know we were not alone.
Sr. Member
User avatar
Nov 7, 2013
601 posts
189 upvotes
the 604
DeaneyDeaney wrote: Our Realtor is demanding we get on the market NOW! but after seeing some real $500k places go for $610+ we decided we're priced out of what we truly want.
you need a new Realtor! when the market is this bonkers, you need guidance and counsel more than anything.

sorry to hear about your HSBC experience — and i totally understand. if it weren't for the rate, i wouldn't have put up with their crap. luckily i didn't have anything forced on me or done without my authorization.
Newbie
Apr 2, 2017
2 posts
I currently have approval for the 2.35% deal with HSBC but something weird is happening: they are telling me that I have to get an Equity Power Mortgage (Collateral) because I have more than 20% down, no room to go conventional. Is this true? From what I read, there a choice but my banker is telling me like HSBC does not sell conventional charge mortgages if you have more than 20% down.

Did you encounter this when you went through your application? If so, how did you argue that this isn't true?

Help would be much appreciated. I don't want a Collateral charge mortgage.. (with obvious reasons...)
Deal Addict
Jul 18, 2002
1385 posts
458 upvotes
Toronto
RagnS9 wrote: I currently have approval for the 2.35% deal with HSBC but something weird is happening: they are telling me that I have to get an Equity Power Mortgage (Collateral) because I have more than 20% down, no room to go conventional. Is this true? From what I read, there a choice but my banker is telling me like HSBC does not sell conventional charge mortgages if you have more than 20% down.

Did you encounter this when you went through your application? If so, how did you argue that this isn't true?

Help would be much appreciated. I don't want a Collateral charge mortgage.. (with obvious reasons...)
I have more then 20% down, and was able to get the regular conventional mortgage. Go and ask to speak with their manager, they are ill-informed and want you to go for their equity power mortgage (for obvious reasons). You'll be delayed another few days or a week while they change it from the (EPM) to conventional.
Sr. Member
Feb 16, 2011
729 posts
316 upvotes
AMRadio wrote: update/heads up:

the good news is that i closed and will take possession in the next 24hrs. 5yr conventional, 2.35% fixed. most of my appraisal fee will be refunded.

but HSBC really left it down to the wire, when it came to underwriting and final approval (not pre-approval) of the mortgage. docs were only sent when i fired off multiple emails regarding the looming closing date. they arrived seven days ago. after i immediately signed and dropped them off at a nearby branch — where the manager was surprised at how slow things were going ("wow, you're closing really soon!") — it took another 72hrs (and more emails) before my lawyers got the docs they needed. they arrived TWO HOURS before my appointment to sign; just enough time to be reviewed.

finally, after signing and submitting my bank draft, my lawyer advised me to keep bugging HSBC about funds for closing: HSBC typically only sends money THE AFTERNOON OF CLOSING. and HSBC's lack of response is reknowned in the industry, to the point where my lawyer's firm refused to take any HSBC work for a time.

TL;DR: give yourself LOTS of time to close with HSBC, and keep bugging your rep about documents.

good luck to you all!
Thanks for checking back in AMRadio. We'll be closing soon as well. Will send an update as soon as it does. Not having the best experience with HSBC either.
Deal Guru
User avatar
Dec 30, 2004
13095 posts
884 upvotes
Toronto
Got pre-approved for 2.35% back in Feb ... started the process of getting appraised etc. Then today get an email from HSBC saying I am approved for 2.49% :facepalm: Contacting the mortgage guy tomorrow to see what it is going on...
Member
Jun 16, 2008
395 posts
259 upvotes
Brampton
What happened with this, did they honour the 2.35%?
belfour wrote: Got pre-approved for 2.35% back in Feb ... started the process of getting appraised etc. Then today get an email from HSBC saying I am approved for 2.49% :facepalm: Contacting the mortgage guy tomorrow to see what it is going on...
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