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?

This means that your mortgage term has come to an end and you can renegotiate for a new interest rate, term, and payment schedule. This is also the time to make a larger payment (lump sum payment) without pre-payment penalties on your mortgage to help pay it off sooner.

If you are currently with HSBC Bank Canada, contact us by calling 1-800-310-HSBC (4722) or visit your local branch. If you are with another financial institution, please contact us — you'll be pleased to find out what HSBC Bank Canada can offer you!

Mortgage rates are going down, what should I do?

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