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?

If your down payment is less than 20% of the value of the property, the mortgage is considered a high-ratio mortgage and mortgage loan insurance must be purchased. Mortgage loan insurance protects the lender against the mortgage being defaulted, and the cost of the insurance premium is passed on to you. You can pay it in one lump sum or it can be added onto your mortgage and included in your regular mortgage payment.

This is not the same as mortgage life insurance, which pays off your mortgage in the event of your death.

To learn more, click Mortgage Default Insurance Disclosure Notice.

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?