You’re not alone
An HSBC mortgage specialist will be with you every step of the way. We’ll make sure that you understand your options, the home-buying process and when to engage the other professionals who make up your home-buying team.
Make the best choices for you, your family and your future, with mortgage solutions from HSBC. We can help you achieve all of your goals by ensuring that the first mortgage you select will create the world you want to live in. Learn more about mortgage down payments.
Some of the money that you’ve saved for your first home will need to include closing costs. These are the legal and administrative fees that all homebuyers are required or recommended to pay before and after the transaction is completed.
Mortgage default insurance providers will ask for proof of your ability to cover closing costs based on 1.5% of the purchase price. Budgeting at least this amount is recommended for all first-time buyers.
View closing costs at a glance
Fixed versus variable interest rate
Mortgage payments reduce the interest owing on your loan while they reduce the principal amount that you owe. In the first term of your first mortgage, most of your payment will be allocated to interest charges. By your final term, the opposite will happen.
With a fixed rate mortgage, your interest rate will not change throughout the term of your mortgage.
With a variable rate** mortgage, your payment amount stays fixed for the term; however, the interest rate will fluctuate with any changes in our prime interest rate.
Get pre-approved and shop with an advantage
A no cost, no-obligation pre-approval gives you several advantages in today’s competitive housing market.
When you get a Mortgage Pre-approval Letter1 for an HSBC mortgage, you’ll know exactly how much you can afford to spend on your first home. This empowers you to negotiate from a position of strength, knowing that financing will not be an issue when your offer is accepted.
|How it works
||The Mortgage Pre-approval Letter is an agreement between you and HSBC. Providing there are no changes to the information you present, you can count on receiving the money you need to buy your first home.
|How long it applies
||A pre-approval is valid for 90 days. If you do not find the perfect home in that time, you can easily renew your pre-approval assuming no substantial changes to your eligibility.
|What to bring
||Your time is valuable so an HSBC mortgage specialist can provide you with a list of the documentation you’ll need to provide. The information required may vary but typically includes the following.
For a complete list of documentation, speak to a mortgage specialist at 1-866-609-4722
- Proof of employment
- Personal tax returns
- Bank account information
- Credit history
- Financial statements, if self employed
- Gift letters if you are borrowing money from a relative
Mon-Fri 6am-6pm PST
|Check your credit rating
||You can check your own credit rating quickly and easily.
To find out how to obtain a copy of your credit bureau report, contact:
1-877-713-3393 (Quebec only)
1-866-525-0262 (All other provinces)