Mortgage FAQs and Glossary

What types of mortgages does HSBC Bank Canada offer

I'm considering purchasing a home soon, what do I do first?

What is pre-approval?

How much can I borrow?

How much will my mortgage payment be each month?

What is a down payment and how much do I need to buy a home?

When is mortgage insurance required?

What is amortization and what is a mortgage term?

What's the difference between a fixed rate mortgage and a variable rate mortgage?

What's the difference between a closed term mortgage and an open term mortgage?

How can I save money on my mortgage?

What is the HSBC Smart Savers Mortgage?

My mortgage is up for renewal, what do I do?

Mortgage rates are going down, what should I do?

Are there other costs I should know about, and how much are they?

There are several possible extra costs involved in purchasing a home.

Some are one-time closing costs, such as land transfer taxes, legal or notary fees, fire insurance, survey fee or title insurance, and GST. Others, such as property insurance, are ongoing monthly expenses.

You might want to budget 1.5% – 4% of the price of your new home to cover these costs.