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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:
  • Oct 23rd, 2020 1:51 pm
Deal Addict
User avatar
Apr 5, 2008
2477 posts
102 upvotes
Toronto
kowboy wrote: 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.
What is the appraisal fee for?
Newbie
User avatar
Sep 2, 2020
2 posts
Toronto
Hi all,

I am a first time user and do not know how to use the PM feature yet. I believe I am not entitled to it unless I have at least one post.

Like many here, I would like to break my term with my lender so I can refinance at a lower interest rate. I am interested in the HSBC low fixed rates. Could someone kindly give me your rep contact information? I live in Durham. More information below. Thanks!

Mortgage owing - $748,000
The rough market value of the property - 1.2 million
Current rate: 3.24% fix (have another 2.5 years left
Located in Ajax, ON
No HELOC tied to the mortgage
Sr. Member
Sep 16, 2011
594 posts
965 upvotes
LONDON
Does HSBC give construction mortgages? Some builders take payments on milestones.
Newbie
Mar 7, 2011
38 posts
37 upvotes
asdisme wrote: What is the appraisal fee for?
I'm about to go with CIBC. They waived my appraisal fee. They're giving me $2000 for my mortgage > $500k.

Appraisal is to determine the value of your property.
If the property is with $500k but you purchased it for $800k and need a $700k mortgage, they may not lend you the money because your property is worth less than the mortgage amount.
Jr. Member
User avatar
Sep 21, 2007
149 posts
29 upvotes
kowboy wrote: 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.
which bank is this? did you get the matching rate or upfront ?
Newbie
Nov 19, 2017
57 posts
73 upvotes
Toronto
Finally finished my mortgage switch from TD (Fixed rate 2.77%) to HSBC at 1.81%. I have to pay penalty higher than I expected for breaking mortgage since I still had 3 years left with TD but I think I will still be better off.

Paid $300 appraisal and $672 lawyer fee and got $1200 as cashback from HSBC.
Newbie
Jul 21, 2017
92 posts
22 upvotes
mstech wrote: Finally finished my mortgage switch from TD (Fixed rate 2.77%) to HSBC at 1.81%. I have to pay penalty higher than I expected for breaking mortgage since I still had 3 years left with TD but I think I will still be better off.

Paid $300 appraisal and $672 lawyer fee and got $1200 as cashback from HSBC.
how much was the penalty?
Newbie
Nov 19, 2017
57 posts
73 upvotes
Toronto
aaleemm wrote: how much was the penalty?
Penalty from TD was around $3000 for mortgage which included discharge fee and there was another $300 fee for discharging HELOC.
Newbie
Jul 2, 2020
43 posts
14 upvotes
mstech wrote: Penalty from TD was around $3000 for mortgage which included discharge fee and there was another $300 fee for discharging HELOC.
Were the mortgage and HELOC registered separately or was it via the flexline product? Just curious as to why double the discharge fee.
Newbie
Nov 19, 2017
57 posts
73 upvotes
Toronto
Noviverde wrote: Were the mortgage and HELOC registered separately or was it via the flexline product? Just curious as to why double the discharge fee.
For years I had only mortgage and just added HELOC last year. It don't think it was flexline product. I never even used it, although HSBC has much better offer on HELOC as interest rate is only prime rate (2.45%).
Newbie
Mar 2, 2014
59 posts
154 upvotes
Ottawa
Sorry, dumb question - was the lawyer fee charged by TD? Were there any other "hidden" fees from HSBC?
Newbie
Nov 19, 2017
57 posts
73 upvotes
Toronto
vekktorious wrote: Sorry, dumb question - was the lawyer fee charged by TD? Were there any other "hidden" fees from HSBC?
I used HSBC lawyer but you can use your own but as far as I know $672 is not bad especially when you are transferring collateral mortgage. Everything is handled by HSBC on there end. As far as I have understood following steps are involved

- HSBC approved new mortgage loan
- You sign up paper work for discharging the mortgage and authorize FNF (HSBC uses FNF for lawyer services) for transfer
- HSBC requested for discharge statement from TD
- HSBC received the discharge statement (Took around week). This document will list final amount which includes all the fees and penalties which will be charged by TD
- Authorized extra penalty to be charged for HELOC which was not known but was listed by TD for discharge
- After all documents signed, funds are transferred from HSBC to TD on per-determined closing date
- After closing date, it actually took few days to see my mortgage on HSBC online portal.
- And it took 5 working days for TD to finally showing mortgage closed after closing date

I was very confused after closing date since I did not see any mortgage details on HSBC and still could see on TD for few days and was constantly calling HSBC for update.

After one week I can still my mortgage on TD online portal although balance is showing $0. I guess TD is just slow on updating things.

Hopefully this will help someone who is looking for mortgage transfer first time. I know i was confused since this was my first time for mortgage switch.
Newbie
Jul 2, 2020
43 posts
14 upvotes
mstech wrote: I used HSBC lawyer but you can use your own but as far as I know $672 is not bad especially when you are transferring collateral mortgage. Everything is handled by HSBC on there end.
So just to confirm, other than the HELOC discharge fee, TD did not charge you anything or add any amount to the final statement? So effectively your cost was the $672 plus the HELOC discharge fee, right?
Newbie
Nov 19, 2017
57 posts
73 upvotes
Toronto
Noviverde wrote: So just to confirm, other than the HELOC discharge fee, TD did not charge you anything or add any amount to the final statement? So effectively your cost was the $672 plus the HELOC discharge fee, right?
As quoted in previous post, I had to pay approx. $3000 as penalty which reflects on discharge statement from TD since I broke my 4 years fixed mortgage. I was still in the first year of my mortgage. Most of the penalty was added to my new HSBC mortgage. I also received $1200 as cashback from HSBC.

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