if i dont have a mortgage - but a very large heloc with hsbc - would i get a premier account for free?
HSBC
HSBC Fixed rates: 1.84% 2-yr & 5-yr, 1.64% 5-yr Insured (with cashback ends Oct 30!)
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- milolai
- Deal Fanatic
- Dec 24, 2005
- 5853 posts
- 1695 upvotes
- sixer
- Deal Addict
- Sep 5, 2004
- 4657 posts
- 1385 upvotes
- Guelph, ON
Does HSBC charge any costs to setup a HELOC on a mortgage transfer that does not have a HELOC? FYI, not a CHMC or high ratio mortgage.
- ejohan
- Sr. Member
- Oct 12, 2005
- 907 posts
- 820 upvotes
- Vancouver
Unlimited withdrawals and deposits on your Premier chequing accounts (available in Canadian and US Dollar)picturethismister wrote: ↑ What are the benefits of the Premier account?
Free personalized cheques
No fees when you send an INTERAC e-Transfer® from your HSBC Premier chequing account (Canadian accounts only)
No fee access to 3,300 HSBC ATMs and THE EXCHANGE® ATMs across Canada and unlimited rebates on other banks ATMs in Canada (up to $2.00 rebate per withdrawal fee)
$0 wire transfer fees** View footnote * when you send foreign exchange wire transfer less than $10,000
Bank drafts in Canadian Dollars, U.S. Dollars, and most other major world currencies
HSBC Premier World Elite Mastercard available - $50/year annual fee (regularly $150)
HSBC Premier Eligibility:
- Have an active Premier chequing account, and
- Maintain a $100,000 balance in combined personal deposits and investments with HSBC Bank Canada and its subsidiaries
- Reach a Total Mortgage Balance of $500,000 or more
- Deposit $6,500 (CAD) or more to you HSBC Premier account(s) monthly plus confirmation of $100,000 or more in deposits and/or investments in Canada
Everyday banking essentials plus exclusive benefits including a dedicated Premier Relationship Manager as your one point of contact for all your financial needs.
As far as I know, they seem to charge the FNF fees (~$600) regardless and that will also cover setting up the HELOC.
- CruzControl
- Newbie
- May 1, 2008
- 5 posts
- 1 upvote
- Mississauga
whoever is offering 2.04% fixed, pls PM me. Mortgage renewal with $440k renewal balance. Thanks.
- minaso
- Newbie
- Jan 29, 2012
- 81 posts
- 31 upvotes
- Ottawa
I have an uninsured mortgage and HELoC with balance, both from TD. The mortgage amortization is 30 years, started 6 years ago, but have 22 years left because of prepayments.
Can I swich both to HSBC without paying the HELoC balance before the switch? Would I keep the same amortization? What is the rate offered on the HELoC?
Can I swich both to HSBC without paying the HELoC balance before the switch? Would I keep the same amortization? What is the rate offered on the HELoC?
- XitrumX235298
- Jr. Member
- Jun 7, 2017
- 190 posts
- 81 upvotes
I have a variable 1.65% with RBC around 300k, i have been asking to switch to a fixed one since they are low now, however, everytime i asked RBC to match, they said you got pretty good rate, wait, when it's about to go up then switch.
I'm not quite sure if this make sense? can anyone give me an advice, please.
Thanks,
I'm not quite sure if this make sense? can anyone give me an advice, please.
Thanks,
- ejohan
- Sr. Member
- Oct 12, 2005
- 907 posts
- 820 upvotes
- Vancouver
HSBC told me the rate for HELOC was p+0.5% for Advance (mortgage 150-499k) and p+0.25% for Premier (mortgage 500k+) YMMV. They should be able to switch the HELOC over without you having to pay it off. Rates for uninsured mortgage are 2.44% fixed and 2.25% (p-0.2%) variable. You can likely do better through a broker or even through a big 6 right now. Take a look at official-mortgage-rates-thread-351105/4019/#p32604758. Also apparently National Bank has some really good rates right now but they don’t post them online, might be worth calling them to find out too.minaso wrote: ↑ I have an uninsured mortgage and HELoC with balance, both from TD. The mortgage amortization is 30 years, started 6 years ago, but have 22 years left because of prepayments.
Can I swich both to HSBC without paying the HELoC balance before the switch? Would I keep the same amortization? What is the rate offered on the HELoC?
- ahlaker
- Banned
- Sep 19, 2012
- 1253 posts
- 1867 upvotes
- Calgary
Very likely no. I don't think you can have HSBC mortgage + HELOC + TD HELOC. TD won't let that happen (and they'll operationalize that by not allowing a "postponement" of their HELOC). That simply means they won't let HSBC go in front of them in priority once HSBC registers a new mortgage after discharging the TD mortgage.minaso wrote: ↑ I have an uninsured mortgage and HELoC with balance, both from TD. The mortgage amortization is 30 years, started 6 years ago, but have 22 years left because of prepayments.
Can I swich both to HSBC without paying the HELoC balance before the switch? Would I keep the same amortization? What is the rate offered on the HELoC?
None of the big banks post their best rates online. It's quite annoying really. I would treat getting a mortgage kind of like buying a car. It's a negotiation and what you get is completely dependent on your leverage. You said it right, YMMV!.
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
- magik23
- Newbie
- Dec 9, 2019
- 85 posts
- 29 upvotes
Not the OP but I met with HSBC in person today to go over the 2.04% rate which can be for uninsured (wow!) mortgages. Note that this is a promo for the new Markville branch in the GTA. I know this is different from how the OP got his.CruzControl wrote: ↑ whoever is offering 2.04% fixed, pls PM me. Mortgage renewal with $440k renewal balance. Thanks.
- rahulpatel1987
- Member
- Sep 12, 2008
- 372 posts
- 108 upvotes
- Toronto
Is it possible to PM the contact info of the person?
- magik23
- Newbie
- Dec 9, 2019
- 85 posts
- 29 upvotes
PM'drahulpatel1987 wrote: ↑ Is it possible to PM the contact info of the person?
- ovni121
- Sr. Member
- Sep 8, 2010
- 723 posts
- 917 upvotes
- Ottawa
I have an appointment at the Ottawa office Wednesday. Anybody have a recommendation for a Mortgage Specialist there?
- boonh
- Jr. Member
- Oct 27, 2011
- 100 posts
- 8 upvotes
Can you PM me the contact info of the person from HSBC Markville branch? Thanks!
- addicted2it
- Deal Addict
- Jul 30, 2005
- 2348 posts
- 258 upvotes
I was very skeptical going with HSBC initially - yesterday I finalized / got the 2.04% (renewal for an uninsured mortgage) rate at another HSBC branch in Mississauga - had a very good person at the bank whom I dealt with. Super responsive and on the ball - totally different experience from my previous agent. Happy to share her details for anyone going this route.
I tried to get the appraisal fees waived but they wouldn't budge.
Just a couple of things to note for the RFD'ers who are looking into this. The terms for getting the $500 bonus for opening a premier account have changed. Now you need to fund your new account with $25K or more and leave the money there for atleast 3 months. Previously I think you just had to fund it with $25K initially (within 30 days of opening) and you could remove the fund after 3 or 4 days. I am still going to give this a shot - will use my LOC and move funds over for 5 days.
There are other small bonuses available as well - $100 to transfer pay roll. $50 for doing a recurring payment - $50 for paying an online bill etc.
Happy to answer any questions that folks may have - has been a good experience so far.
I tried to get the appraisal fees waived but they wouldn't budge.
Just a couple of things to note for the RFD'ers who are looking into this. The terms for getting the $500 bonus for opening a premier account have changed. Now you need to fund your new account with $25K or more and leave the money there for atleast 3 months. Previously I think you just had to fund it with $25K initially (within 30 days of opening) and you could remove the fund after 3 or 4 days. I am still going to give this a shot - will use my LOC and move funds over for 5 days.
There are other small bonuses available as well - $100 to transfer pay roll. $50 for doing a recurring payment - $50 for paying an online bill etc.
Happy to answer any questions that folks may have - has been a good experience so far.
- tanman49
- Newbie
- Feb 16, 2015
- 12 posts
- Toronto, ON
That’s great to hear! Can you PM me her contact?
Have been looking for a contact at HSBC.
Have been looking for a contact at HSBC.
addicted2it wrote: ↑ I was very skeptical going with HSBC initially - yesterday I finalized / got the 2.04% (renewal for an uninsured mortgage) rate at another HSBC branch in Mississauga - had a very good person at the bank whom I dealt with. Super responsive and on the ball - totally different experience from my previous agent. Happy to share her details for anyone going this route.
I tried to get the appraisal fees waived but they wouldn't budge.
Just a couple of things to note for the RFD'ers who are looking into this. The terms for getting the $500 bonus for opening a premier account have changed. Now you need to fund your new account with $25K or more and leave the money there for atleast 3 months. Previously I think you just had to fund it with $25K initially (within 30 days of opening) and you could remove the fund after 3 or 4 days. I am still going to give this a shot - will use my LOC and move funds over for 5 days.
There are other small bonuses available as well - $100 to transfer pay roll. $50 for doing a recurring payment - $50 for paying an online bill etc.
Happy to answer any questions that folks may have - has been a good experience so far.
- addicted2it
- Deal Addict
- Jul 30, 2005
- 2348 posts
- 258 upvotes
- rahulpatel1987
- Member
- Sep 12, 2008
- 372 posts
- 108 upvotes
- Toronto
Can you PM the contact for the mortgage specialist? Thanks.
addicted2it wrote: ↑ I was very skeptical going with HSBC initially - yesterday I finalized / got the 2.04% (renewal for an uninsured mortgage) rate at another HSBC branch in Mississauga - had a very good person at the bank whom I dealt with. Super responsive and on the ball - totally different experience from my previous agent. Happy to share her details for anyone going this route.
I tried to get the appraisal fees waived but they wouldn't budge.
Just a couple of things to note for the RFD'ers who are looking into this. The terms for getting the $500 bonus for opening a premier account have changed. Now you need to fund your new account with $25K or more and leave the money there for atleast 3 months. Previously I think you just had to fund it with $25K initially (within 30 days of opening) and you could remove the fund after 3 or 4 days. I am still going to give this a shot - will use my LOC and move funds over for 5 days.
There are other small bonuses available as well - $100 to transfer pay roll. $50 for doing a recurring payment - $50 for paying an online bill etc.
Happy to answer any questions that folks may have - has been a good experience so far.
- oo7ibm
- Member
- Dec 20, 2010
- 452 posts
- 157 upvotes
- Toronto
I’ll take that info as well if you don’t mind! Thanks!addicted2it wrote: ↑ PM sent.
Gullible? Click here to find out!
- mlbsport
- Newbie
- Mar 21, 2012
- 78 posts
- 37 upvotes
- Toronto
Hey,
My mortgage is up for renewal in September (uninsured) and if you don't mind sharing her info, that would be awesome.
Thanks for sharing your experience
My mortgage is up for renewal in September (uninsured) and if you don't mind sharing her info, that would be awesome.
Thanks for sharing your experience
addicted2it wrote: ↑ I was very skeptical going with HSBC initially - yesterday I finalized / got the 2.04% (renewal for an uninsured mortgage) rate at another HSBC branch in Mississauga - had a very good person at the bank whom I dealt with. Super responsive and on the ball - totally different experience from my previous agent. Happy to share her details for anyone going this route.
I tried to get the appraisal fees waived but they wouldn't budge.
Just a couple of things to note for the RFD'ers who are looking into this. The terms for getting the $500 bonus for opening a premier account have changed. Now you need to fund your new account with $25K or more and leave the money there for atleast 3 months. Previously I think you just had to fund it with $25K initially (within 30 days of opening) and you could remove the fund after 3 or 4 days. I am still going to give this a shot - will use my LOC and move funds over for 5 days.
There are other small bonuses available as well - $100 to transfer pay roll. $50 for doing a recurring payment - $50 for paying an online bill etc.
Happy to answer any questions that folks may have - has been a good experience so far.
- Maplecountry
- Deal Addict
- Nov 25, 2013
- 1220 posts
- 714 upvotes
- Sauga
My mortgage is up for renewal in July (insured) and if you don't mind sharing her info, that would be much appreciated .
Thanks for sharing your experience to the RFD family. RBC's renewal offer is 2.30 for 5 yrs fixed. Are a lot of folks who have renewals coming up looking to get a variable rate or fixed rate now?
Thanks for sharing your experience to the RFD family. RBC's renewal offer is 2.30 for 5 yrs fixed. Are a lot of folks who have renewals coming up looking to get a variable rate or fixed rate now?