As the biggest foreign-owned bank in Canada, HSBC Bank Canada writes loans for Canadians in nearly every province. If you are looking for great HSBC Canada mortgage rates, you have come to the right place. We provide one-stop shopping for interest rates from HSBC, which means you can quickly compare and choose the best rate for your HSBC loan when you use our resources. Before you decide on an HSBC mortgage, you should consider the following information. Then, click on the best interest rate to apply for a mortgage from HSBC.
HSBC Mortgage Loan Options in Canada
HSBC Bank Canada offers many different mortgage products to Canadian home buyers. To help you decide which mortgage is right for you, here is a list of the main HSBC mortgage options:
• HSBC Smart Savers Mortgage™ — The HSBC Smart Savers Mortgage™ is an innovative mortgage product the bank recently introduced in Canada after offering it in other parts of the world. With this mortgage, you use your savings to get the absolute lowest HSBC mortgage rates. It links one or more of your HSBC accounts to your mortgage, discounting your interest rate by the same percentage that your savings represent in relation to your loan. For example, if you link an account that has $40,000 to a mortgage of $400,000, the standard interest rate will be reduced by ten percent because $40,000 is ten percent of $400,000. This mortgage is available in closed 1-, 3- or 5-year terms, and you can choose a variable interest rate or a fixed interest rate option.
• Equity Power Mortgage — This product enables you to borrow up to 80 percent of your home’s value less the amount of principal remaining on your loan. This is the ideal product if you need to pay for a significant expense such as a home improvement but do not want to pay the high interest rates charged on revolving lines of credit and personal loans. You can get an equity power mortgage with a fixed or variable interest rate. Open loan terms of six months and one year are available, as well as closed terms ranging from six months to ten years.
• Traditional Mortgages — Like most other Canadian banks, HSBC Bank Canada also offers traditional mortgages with variable and fixed interest rates. These loans also feature the best HSBC mortgage rates, and they are ideal for individuals who are new to mortgages and do not want to be bothered with the complexities of unconventional mortgage options. Open and closed loan terms are available that match the terms for Equity Power Mortgages. You can also set an amortization period as long as thirty years in order to make monthly payments more affordable.
What Sets HSBC Mortgage Rates and Products Apart from Other Lenders
Every lender offers some unique advantages over other banks, and HSBC Bank Canada is no exception. What HSBC lacks in the sheer number and variety of mortgage products it makes up for in the custom benefits that the bank offers its customers on the mortgages that it does provide. We have already mentioned the HSBC Smart Savers Mortgage™ and the way it allows diligent savers to reduce their interest rate. Still, there are several other benefits that you should know about if you are considering HSBC for your mortgage.
First, HSBC Bank Canada structures its variable mortgages in a way that lets you move from a closed mortgage to an open mortgage before the end of your original loan term. After three years of paying a closed variable-rate mortgage, your loan becomes open and you can pay it off or renew it without extra fees or penalties. You can also change a variable-rate mortgage into a fixed-rate mortgage at any point without further charges. Either way, you can save a lot of money on interest over the life of your loan with HSBC.
HSBC Bank Canada also offers you a special way to pay down your mortgage faster through purchases that you would make no matter which bank holds your mortgage. Through the HSBC Personal Rewards Program associated with the HSBC MasterCard, you earn points on every purchase you make with your credit card. These points can be redeemed for several different items, but they can also be exchanged for credit towards your HSBC mortgage. You will be going to the grocery store anyway, so why not pay with your HSBC MasterCard and reduce your mortgage principal at the same time?
Mortgage Loan Approval Through HSBC Bank Canada
Applying for a mortgage in order to qualify for low HSBC Bank mortgage rates begins by clicking on the interest rate on this page that interests you. After clicking on the rate, you will be taken to the online mortgage application, which should take only about five minutes to complete. You will hear back within a couple hours, and you will have no problem getting approved if you have a good credit history.
Before you apply for pre-approval or for a loan on a property that you already own or have under contract, you should know what the bank will want from you. You should have this information ready so that you can complete your mortgage application:
• a list of assets and liabilities
• the amortization period you desire
• the address of the property for which the loan is requested
• how much of a down payment you can afford
• employment history and details
• the term length you require
HSBC Bank Canada History and Fascinating Facts
Many people trust HSBC with their mortgage because of the bank’s large size and rich history. These are just a few of the things you should know about the bank:
• HSBC Bank Canada is a subsidiary of HSBC Holdings, which has offices in more than eighty countries and sovereign territories.
• HSBC Bank Canada was chartered in 1981.
• HSBC is headquartered in Vancouver, and the bank has donated more than $2 million to the University of British Columbia.
Get an HSBC Bank Canada Mortgage Today
You should not wait any longer to enjoy the benefits of current HSBC mortgage rates. Choose the rate you desire on this page to begin the process of applying for an HSBC mortgage.
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