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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
Deal Guru
Jun 26, 2011
13562 posts
3657 upvotes
GTA
Just catching up to speed on this thread...so the rates are slightly higher than what brokers are offering in the mortgage thread, but include cash back instead?
Member
Aug 26, 2008
400 posts
68 upvotes
Please PM me as well. Looking for a mortgage
Jr. Member
Jan 4, 2006
175 posts
143 upvotes
GTA
Tmonz1 wrote: Can someone point me to the best lenders to use when posting a mortgage to a new house??
It depends if you go with big banks or you are ok with other A lenders. Major banks have high IRD on fixed rate mortgages if you want to break early while others have "fair penalty" conditions which saves a lot on penalty.
Amit Parikh
Mortgage Agent
RateShop Inc. FSCO Lic. No.12733
Member
Oct 12, 2005
370 posts
311 upvotes
Lower Mainland BC
RolandCouch wrote: Just catching up to speed on this thread...so the rates are slightly higher than what brokers are offering in the mortgage thread, but include cash back instead?
Essentially. You can generally get a better APR using a broker. Every once and a while, HSBC drops their rates significantly below the competition, but I don’t think that’s the case right now. However use HSBC’s rates & cash back as a comparison and shop around. :)

As I mentioned before, disadvantages of HSBC:

1) To get their promos, you have to use a HSBC bank account to pay the mortgage. If you don’t want to switch banks or live far from a branch, this is a pain.
2) Similar to the big 5, HSBC uses an IRD penalty based off a discount from inflated posted rates. This results in higher penalties for fixed mortgages. See https://www.ratespy.com/fair-penalty-le ... s-05109252 for more info.
Deal Guru
Jun 26, 2011
13562 posts
3657 upvotes
GTA
ejohan wrote: Essentially. You can generally get a better APR using a broker. Every once and a while, HSBC drops their rates significantly below the competition, but I don’t think that’s the case right now. However use HSBC’s rates & cash back as a comparison and shop around. :)

As I mentioned before, disadvantages of HSBC:

1) To get their promos, you have to use a HSBC bank account to pay the mortgage. If you don’t want to switch banks or live far from a branch, this is a pain.
2) Similar to the big 5, HSBC uses an IRD penalty based off a discount from inflated posted rates. This results in higher penalties for fixed mortgages. See https://www.ratespy.com/fair-penalty-le ... s-05109252 for more info.
Thanks.
Given all that I'll likely just go with a broker as I had planned
Jr. Member
Jul 21, 2017
102 posts
24 upvotes
What is the best rate offered by HSBC so far , for a non-insured mortgage ?
Fixed 5 year = ?
Variable 3/5 Years = ?
Newbie
Jun 26, 2017
2 posts
aaleemm wrote: What is the best rate offered by HSBC so far , for a non-insured mortgage ?
Fixed 5 year = ?
Variable 3/5 Years = ?
Same question. What is the best rate so far?
Member
Oct 12, 2005
370 posts
311 upvotes
Lower Mainland BC
aaleemm wrote: What is the best rate offered by HSBC so far , for a non-insured mortgage ?
Fixed 5 year = ?
Variable 3/5 Years = ?
Promo rates available nationally for non-insured are 5 fixed 1.96% plus cash bonus of $1,200 for mortgages between $200,000 up to $399,999.99; $2,000 for mortgages between $400,000.00 up to $749,999.99, and $3,000 for mortgages greater than or equal to $750,000.00.

5-year variable is 1.89% (p-0.56%), becomes open after year 3. No cash back.
Newbie
Feb 18, 2007
10 posts
2 upvotes
I was quoted 1.81% on a 5 year fixed, uninsured. There was about $300 in appraisal fees they wouldn't waive, but $1200 cash back if you're mortgage is more than 200k.

Didn't ask about variable.

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