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?

First of all, start narrowing your search among all the available homes you could choose, by determining your price range. You can:

• Find out how much you can borrow with our online mortgage calculator.
• Get started online for pre-approval.
• Call our toll-free number at 1-888-310-HSBC (4722).
• Visit your nearest branch.

Based on your financial situation, we can give you pre-approval for a purchase amount to help you start looking for homes within your price range.

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?