Mortgage FAQs and Glossary

What types of mortgages does HSBC Bank Canada offer

We offer a range of mortgages that suit your financial lifestyle. Whether you’re a first-time home buyer or you’re shopping around before you renew, HSBC Bank Canada offers a variety of mortgage options to meet your financial goals:

• Terms ranging from 6 months to 10 years
• Fixed or variable rates.
• Closed or open terms.
• Payment schedules from monthly to weekly.
• A variety of ways to save interest and pay off your mortgage sooner.

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?