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[HSBC] HSBC Fixed rates: 1.84% 2-yr & 5-yr, 1.64% 5-yr Insured (with cashback ends Oct 30!)

  • Last Updated:
  • Nov 17th, 2020 6:16 pm
Newbie
May 20, 2007
49 posts
15 upvotes
Oshawa
I notified my contact last Friday in the morning and signed my 3yr fixed @ 1.79% agreement at a 1pm meeting. Up until your maturity date, changes can be addressed.Good luck.
Sr. Member
Jan 19, 2003
582 posts
93 upvotes
gssidhu wrote: Hi All,

My True North rep is providing me a quote for 1.71% fixed with mortgage renewal costs covered. Is there anybody getting a better offer on fixed insured mortgage?

Details are below:
-Penalty is around ~$3550.
-How much is the mortgage owing? $570k
-Roughly, what is the current market value of the property? $730k
-Which city is the property located in? Brampton
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? 2.49% Paradigm Quest, 5 yr fixed, 25 yr amt
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? Jul 2017

Thanks
For insured mortgages, I think you are better off going with a broker like True North. HSBC likely isn’t the cheapest for your situation.
Member
Dec 12, 2013
252 posts
138 upvotes
Vancouver, BC
gssidhu wrote: Hi All,

My True North rep is providing me a quote for 1.71% fixed with mortgage renewal costs covered. Is there anybody getting a better offer on fixed insured mortgage?

Details are below:
-Penalty is around ~$3550.
-How much is the mortgage owing? $570k
-Roughly, what is the current market value of the property? $730k
-Which city is the property located in? Brampton
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? 2.49% Paradigm Quest, 5 yr fixed, 25 yr amt
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? Jul 2017

Thanks
Hi,

Still learning the ropes of mortgages. I'm curious about the mortgage renewal costs being covered. What costs are usually associated with renewing a mortgage? Does it imply they (the broker) will cover the costs when switching lenders when its time to renew your mortgage?

Thanks.
Newbie
Dec 26, 2012
49 posts
9 upvotes
North York
vg19 wrote: Here are the rates that my rep confirmed at *new locations* only.

-2 Year fixed: 1.69%
-3 Year fixed: 1.74%
-5 Year fixed non-high ratio (uninsured): 1.81% with cashback
-5 Year fixed high-ratio (insured): 1.76% with cashback
-5 Year variable: 1.75% (p-0.7%)


If you would like contact info for my rep at the North York (Don Mills/Eglinton) branch, just let me know! Note, you have to go to the branch in person and open a bank account to be eligible for these rates.
Can I have a information of your HSBC rep? Thanks.
Newbie
Aug 9, 2014
32 posts
8 upvotes
Toronto, ON
vg19 wrote: Here are the rates that my rep confirmed at *new locations* only.

-2 Year fixed: 1.69%
-3 Year fixed: 1.74%
-5 Year fixed non-high ratio (uninsured): 1.81% with cashback
-5 Year fixed high-ratio (insured): 1.76% with cashback
-5 Year variable: 1.75% (p-0.7%)


If you would like contact info for my rep at the North York (Don Mills/Eglinton) branch, just let me know! Note, you have to go to the branch in person and open a bank account to be eligible for these rates.
Can I have the North York rep info please?
Thanks
AYAM
Newbie
Sep 3, 2016
95 posts
48 upvotes
canadianclub wrote: I'd love the contact as well, thanks
Were you able to get a CIBC contact? I'd like to get in touch as well. Thanks
Sr. Member
Jan 19, 2003
582 posts
93 upvotes
ssong407 wrote: Can I have a information of your HSBC rep? Thanks.
AYAM78 wrote: Can I have the North York rep info please?
Thanks
AYAM
PM Sent!
Newbie
Jul 28, 2020
5 posts
3 upvotes
Hi,

Usually there are 4 costs related to renewing your mortgage before end of term.

1. Penalty from your previous lender (depends from lender to lender)
2. Discharge fees (300-400 CAD)
3. Legal fees (around $800)
4. Property assessment fees (around $300)

Usually they will cover the last 3 charges if you push them.
Thanks
Sr. Member
Mar 15, 2013
546 posts
277 upvotes
Fredericton
Update for anyone who is Military. BMO now has 1.70 5yr fixed insured and 1.77 5yr fixed uninsured both with up to $3000 cash back (average is probably $1200 for most).
Member
Nov 18, 2008
479 posts
276 upvotes
Toronto
peter330 wrote: Went to inquire on a mortgage and opened up a bank account in anticipation of taking a mortgage with HSBC. Not sure if this has been mentioned yet but there are bonuses for opening up accounts (Don Mills location, GTA). This is a high level recap.

Advanced Account:
-$100 bonus for being referred or referring someone
-$300 bonus for $5k deposit
-$100 bonus to setup payroll deposits (within 3 months of opening)

-$50 bonus if setting up 2 pre-authorized bill payments
-$5000 minimum balance to waive fees
-Fees waived if used to pay HSBC mortgage

Premium
-$350 bonus for being referred or referring someone
-$500 bonus for $25k deposit
-$100 bonus for payroll deposit (within 3 months of opening)
-not sure on preauthorized bills bonus... likely the same as above
-$100,000 minimum to waive fees which can include investment accounts
=fees waived if used to pay HSBC mortgage

Double check on these details with the RM you work with I jotted these down quickly so I'm missing some detail.
Reposting in case others find this useful. Along with cashback on 5 yr fixed mortgages and reduced rates through my HSBC contact, there are additional cash bonuses above only through my RM contact if you plan on taking a mortgage. Lots of cash incentives here!
Member
Nov 18, 2008
479 posts
276 upvotes
Toronto
2 yr fixed didn't drop along with the other rates at HSBC. 1.69 2 yr fixed, or 1.75 5 yr variable. HSBC variable mortgages become open after 3 years... so tempting!
Newbie
Aug 6, 2017
26 posts
18 upvotes
vg19 wrote: Here are the rates that my rep confirmed at *new locations* only.

-2 Year fixed: 1.69%
-3 Year fixed: 1.74%
-5 Year fixed non-high ratio (uninsured): 1.81% with cashback
-5 Year fixed high-ratio (insured): 1.76% with cashback
-5 Year variable: 1.75% (p-0.7%)


If you would like contact info for my rep at the North York (Don Mills/Eglinton) branch, just let me know! Note, you have to go to the branch in person and open a bank account to be eligible for these rates.
Can I please get the contact info as well.

Thank you in advance!!

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