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?

Closed means that during the term that you have chosen, there are certain restrictions on the amount you can pre-pay (that is, pay over and above the amount of your regular payments) on your mortgage balance. If you pay your mortgage off before the term is over or pay more than allowable under our pre-payment options, you may be subject to a pre-payment penalty.

Open means that you can pay your mortgage down or off entirely without paying a pre-payment penalty.

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?