Hot Deals

[HSBC] HSBC Fixed rates: 2.34% 2-year, 2.14% 5-yr Insured & 2.44% 5-Yr (with cashback!)

  • Last Updated:
  • May 31st, 2020 12:31 am
[OP]
Newbie
Jul 27, 2008
62 posts
123 upvotes
Toronto, ON

[HSBC] HSBC Fixed rates: 2.34% 2-year, 2.14% 5-yr Insured & 2.44% 5-Yr (with cashback!)

Deal Link:
Retailer:
HSBC
More offers from HSBC
HSBC has dropped their rates for their fixed mortgages:
2.14% Fixed High Ratio mortgage for 5 years
2.34% Switch or New Purchase personal mortgage loan for 2 years
2.44% Switch or New Purchase personal mortgage loan for 2 years

For all their products, you have an option to choose traditional/residential mortgage or equity power mortgage. Let your mortgage specialist know.


Regarding timelines, it should take about 2-5 business days for a mortgage specialist to contact you regarding your application.
Additional 3-4 business days for the preapproval process.
HSBC takes about 5 business days for their underwriter to review your complete mortgage application including review by CHMC if applied for insured mortgages.


Available cash back for 5-year fixed or variable rate closed term mortgage of $200,000 or more on a new purchase or when moving an existing mortgage from another financial institution:
$1,200 for mortgage balances between $200,000 and up to $399,999.99, or
$2,000 for mortgage balances between $400,000 and up to $749,999.99, or
$3,000 for a mortgage balance of greater than or equal to $750,000.
Cashback offers end on October 2, 2020


Make sure to read their terms and conditions:

High Ratio terms and conditions (3 year and 5 year respectively):
https://www.hsbc.ca/content/dam/hsbc/ca ... -tc-en.pdf
https://www.hsbc.ca/content/dam/hsbc/ca ... -tc-en.pdf

Switch mortgage terms and conditions:
https://www.hsbc.ca/content/dam/hsbc/ca ... -tc-en.pdf

New Purchase mortgage terms and conditions:
https://www.hsbc.ca/content/dam/hsbc/ca ... -tc-en.pdf

Cashback terms and conditions:
https://www.hsbc.ca/content/dam/hsbc/ca ... -tc-en.pdf


Edit1: HSBC's 5 year variable rate is equal to HSBC Prime Rate -1.11%. The rate will change as HSBC's Prime Rate changes. Currently at 2.34% as of March 6th.

Edit2: It looks like people have reported 2.29% 5-year fixed rate on a 30-year amortization for any type of mortgage with Scotiabank via eHome portal: https://www.scotiabank.com/ca/en/person ... ehome.html

Edit3: Prime rate for CIBC is 2.95% for their variable 3-year and 5-year rates as of March 17th.

Edit4: HSBC Bank Canada will lower its prime lending rate by 50 basis points to 2.95% from 3.45%, effective 18 March 2020 !! Currently at 1.84% as of March 18th. As of March 19, the discounted rate increases from -1.1% to -0.46%, increasing variable rate to 2.49%.

Edit5: 3 year insured rate dropped from 1.99% to 1.88% as of March 21st. It went back up to 1.99% as of March 24th.

Edit6: Rates have increased and rates have been updated as of March 31st.
Last edited by Van Dutch on May 1st, 2020 1:51 am, edited 13 times in total.
Part-Time Realtor
Thread Summary
Other banks offering cash offers but call to negotiate lower rates:

CIBC has up to $3,000 cashback (offer ends June 2nd):
$3,000 on a mortgage loan amount of $750,000 or more
$2,000 on a mortgage loan of $500,000-749,999, $1,200 on a mortgage loan of $300,000-$499,999
$1,000 on a mortgage loan of $100,000-$299,999
https://www.cibc.com/en/interest-rates/ ... rates.html


BMO has cashback up to a maximum $10,000 of your principal mortgage amount (0.5% of your principal with minimum $50K).
Must apply for 5 year fixed mortgage. Offer ends May 31st.
https://www.bmo.com/main/personal/mortg ... al-offers/


TD is offering up to $2,500 cashback by August 31st. Must apply for minimum 4 year closed mortgage with principal mortgage of $150K or more
$750,000+ for $2500 cash bonus
$500,000-$749,999 for $2000 cash bonus
$200,000-$499,999 for $1000 cash bonus
$150,000-$199,999 for $500 cash bonus
https://www.td.com/ca/en/personal-banki ... ge-offers/
1104 replies
Deal Addict
User avatar
Feb 23, 2005
1842 posts
2305 upvotes
Toronto
are these going to be collateralize mortgages? Makes it harder/costlier to switch out at next renewal if they are...
Deal Fanatic
Aug 21, 2007
5404 posts
415 upvotes
Markham
ugh, wish this was here about a month ago...closing on marhc 20 for a new home, and this would have been perfect

despite short timelines i may see what can be done.
Sr. Member
Jun 6, 2004
592 posts
58 upvotes
Calgary
Thanks OP. Just got approved at the previous rate of 2.49%, haven’t signed the mortgage yet. I emailed and hope my HSBC mortgage specialist will get me the new rate.
Sr. Member
User avatar
Dec 10, 2009
887 posts
2941 upvotes
Van Isle
1.89% 5yr is coming right up. Hold off if possible.
inappropriate signature
Member
User avatar
Apr 27, 2012
483 posts
262 upvotes
Ottawa
Great! Lower mortgage rates is exactly what I needed when buying a house this spring/summer. I cannot wait to compete with the other 5-10 people for each house.
Banned
Apr 26, 2019
314 posts
351 upvotes
Nunavut
Sweet, how do u guys buy houses just msg the selling agent? Do i need a lawyer or just be like i can offer $ amount? Ive texted 5 guys they don't reply
Jr. Member
Sep 14, 2014
166 posts
84 upvotes
Barrie, ON
benzylique wrote: Great! Lower mortgage rates is exactly what I needed when buying a house this spring/summer. I cannot wait to compete with the other 5-10 people for each house.
*eye roll* I don't think the pity party forum is in Hot Deals....
Jr. Member
Feb 13, 2012
185 posts
95 upvotes
Greater Sudbury
benzylique wrote: Great! Lower mortgage rates is exactly what I needed when buying a house this spring/summer. I cannot wait to compete with the other 5-10 people for each house.
I feel your pain
Newbie
Feb 27, 2012
53 posts
24 upvotes
WEST VANCOUVER
sonyminidiscman wrote: are these going to be collateralize mortgages? Makes it harder/costlier to switch out at next renewal if they are...
Wondering the same thing
Deal Addict
User avatar
Jan 5, 2006
4947 posts
245 upvotes
Toronto
Cheezoos1 wrote: Wondering the same thing
Just use HSBC's rate to give you better leverage at your preferred lender. I used HSBC's advertised rate to get TD to match which I then used to get an even better rate at another large FI on a conventional charge mortgage. If your bank isn't trying to get your business, you shouldn't feel committed to use them.
Last edited by Asad_A203 on Mar 2nd, 2020 12:18 pm, edited 1 time in total.
Sr. Member
Jun 6, 2004
592 posts
58 upvotes
Calgary
katwittfan wrote: 1.89% 5yr is coming right up. Hold off if possible.
Where is the information to support this statement?
Banned
Sep 19, 2012
1253 posts
1860 upvotes
Calgary
sonyminidiscman wrote: are these going to be collateralize mortgages? Makes it harder/costlier to switch out at next renewal if they are...
Cheezoos1 wrote: Wondering the same thing
Collateral mortgage isn't a big deal at switch time anymore. Lots of lenders switch them for free now. Maybe a few years ago this was a thing, but practically speaking it doesn't matter much anymore.
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Sr. Member
User avatar
Dec 10, 2009
887 posts
2941 upvotes
Van Isle
c001m4n wrote: Where is the information to support this statement?
"open your eyes otis...look at the world"

Just a gut feel man nothing to support.
inappropriate signature
Newbie
Feb 5, 2020
9 posts
8 upvotes
Montréal
Hindustunna wrote: Sweet, how do u guys buy houses just msg the selling agent? Do i need a lawyer or just be like i can offer $ amount? Ive texted 5 guys they don't reply
In my opinion you should simply get a buyer's agent, they cost nothing and will handle the legal and paperwork for you and scheduling for you. I was browsing realtor with my gf and we'd simply send the properties to my agent and she'd take care of contacting the other agent and booking visits and everything

Top

Thread Information

There are currently 4 users viewing this thread. (1 member and 3 guests)

schlouf