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?

Pre-approval is a strategic step in the home buying process because:

• The interest rate is guaranteed up to 60 days, even if interest rates go up. And if a better promotion comes up in the meantime, you're still eligible to apply for it. It's a win-win for you.
• You know the mortgage amount that you can borrow to purchase your home, so your real estate agent can show you homes that are within your price range.
• Sellers are more interested in offers from buyers who have their financing already lined up.

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?