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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
Member
Apr 19, 2009
214 posts
89 upvotes
Patiently waiting for HSBC to drop their prime rates to 2.45%.... the other big 5 have already done so
Sr. Member
Mar 11, 2002
816 posts
225 upvotes
alwayssave wrote: Anyone going through the approval process with HSBC and can share the experience?

Here is mine so far:
I am doing a switch and just yesterday (a full week after sending all the docs to the mortgage specialist via email)I got an email saying I was approved ( variable rate at Prime - 1.11) and asked me to go to a branch and open an account so that they could continue with the process, they gave me a client number to provide to the person that opens the account at the branch. I was expecting to receive a commitment letter with all the terms but they just sent an email. I asked about that and the person I'm dealing with said that once I opened the account he will prepare all the documents for me to sign.

Going to the branch Monday morning. Will provide an update next week.
Moved my renewal to HSBC last November, (for a January renewal) because of the holidays and what not everything was a long drawn out process. But what you say is correct, the mortgage specialist was able to provide a rate over email (per the process you outlined) then we had to go to the branch to open the account and sign a bunch of forms for the back office to process (took a couple of weeks) then the back and forth between HSBC/Notary/Old Lender to get everything funded on time.

I want to say it took around 6 weeks total from doing in the bank stuff to getting the mortgage funded. (I believe it was something in the neighbourhood of $3000 cashback minus the $300 appraisal)

Thanks
Deal Fanatic
User avatar
Apr 23, 2007
9689 posts
843 upvotes
Mississauga
gbill2004 wrote: I was offered 2.65% on a 5 year fixed. Should I take it?Seems fair.
Was offered 2.59 from TD
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Newbie
Aug 26, 2018
60 posts
102 upvotes
Winnipeg
Hello.
Mortgage due in July. Made a call in January and got 2.89. Would I be locked if I did t sign anything? I originally signed up for 5 year fixed. Would 5 year variable closed be best at this time?
Deal Fanatic
May 5, 2008
5337 posts
1985 upvotes
Winnipeg
Lots of good information on the mortgage rates thread
Deal Addict
User avatar
Dec 19, 2013
1894 posts
1217 upvotes
Ottawa
fearex wrote: As per @AnthonyC18 's post, 2.34

And I might have seen @ahlaker post 2.31 somewhere as well?

Edit: Just got off the phone with mortgage rep at Canada Life, their best rates (Assuming 780+ credit score) are:
2.34 if you have an investment with Canada Life
2.37 if you don't

Their rate is going up next wednesday, probably to around 2.90
Which number did you contact them at? Or did you request the call back?
Member
Jul 27, 2014
494 posts
327 upvotes
Montreal, QC
NoCountry4RFDer wrote: Which number did you contact them at? Or did you request the call back?
I filled out their contact form on their website and an agent contacted me and put me in touch with a mortgage specialist Thursday and I had a call with their mortgage specialist on Friday. Sent my forms over the weekend and haven't heard back yet.
Newbie
Sep 13, 2014
57 posts
3 upvotes
Mississauga, ON
If the rate was going to increase, you would have complained as well.
Jr. Member
Jul 16, 2017
184 posts
159 upvotes
Lower rate is in effect at TD today. My variable rate down to 1.5%.

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Newbie
Oct 13, 2008
27 posts
archon wrote: Lower rate is in effect at TD today. My variable rate down to 1.5%.

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Thx for the note - can you share where this was posted? Just was on their website and variable rates are still showing higher than the 1.5%.
Newbie
Apr 23, 2017
96 posts
34 upvotes
Myko wrote: Thx for the note - can you share where this was posted? Just was on their website and variable rates are still showing higher than the 1.5%.
Prime is currently 2.45% and he has a promo rate of prime less 0.95%
Jr. Member
Jul 16, 2017
184 posts
159 upvotes
Myko wrote: Thx for the note - can you share where this was posted? Just was on their website and variable rates are still showing higher than the 1.5%.
This is my rate (P-0.95) as negotiated and set for a 5-year closed variable term a couple years back.
Deal Addict
Oct 21, 2004
2456 posts
473 upvotes
airmail wrote: Lots of good information on the mortgage rates thread
Happen to have a link?
Deal Addict
Oct 21, 2004
2456 posts
473 upvotes
If I can get 2.29% from BMO fixed 5 year, should I take it?

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