Offers | Mortgages | HSBC Canada

For a limited time, receive to to $1,5001 cash back on a new mortgage* when you make mortgage payments from an HSBC deposit account.

 

Get one step closer to your home with an HSBC Mortgage.

For a limited time3 you could receive up to $1,500 cash back on an eligible new mortgage when you make mortgage payments from an HSBC deposit account.

1 When you obtain a personal mortgage loan with HSBC Bank Canada in the amount of CA$200,000 or more with a closed term of four years or longer and make mortgage payments from a chequing or savings account with HSBC3, you may receive a cash bonus of up to $1,500. The HSBC Mortgage Cash Back Offer runs from April 1, 2017 to September 30, 2017 inclusive.

Offer details:

The HSBC Mortgage Cash Back Offer is available to all HSBC customers except customers who:
• have an existing Mortgage with HSBC or have had a Mortgage with HSBC within the past 6 months;
• are not the age of majority in their province or territory of residence;

Approval of your Mortgage is subject to standard lending guidelines.

The Mortgage must be in the amount of $200,000 or more with a closed term of four years or longer.

The Mortgage must be applied for and approved during the Offer Period and fully funded by HSBC within the commitment period of the approved Mortgage offer.

HSBC will credit the Cash Back to the HSBC Chequing or Savings Account within 5 days of funding the Mortgage if all qualifications and other conditions are satisfied on the following basis:
• $500 for Mortgages between $200,000 and up to $499,999
• $1,500 for Mortgages greater than or equal to $500,000.

For full Terms and Conditions, please click here .

What you need to know before applying

  • You are at least the age of majority, 18 or 19 years of age depending on your province of residence
  • You are a Canadian resident
  • You will be asked to provide personal details and gross annual income (pre-tax)
  • You will be asked to consent to us obtaining your credit report
  • If you are applying for a joint loan, the co-applicant must complete the application. If there is more than one co-applicant, please call us to proceed at 1-866-609-4722
  • All mortgages are subject to standard credit approval.

 

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*The annual percentage rate (APR) is based on a $200,000 mortgage for the applicable term assuming a property valuation fee of $250. APR means the cost of borrowing for a loan expressed as an interest rate. It includes all interest and some non-interest charges associated with the mortgage. If there are no non–interest charges, the annual interest rate and APR will be the same. Mortgages funds must be advanced within 90 days from the date of application. Special offers are only available for owner-occupied properties with an amortization of 25 years or less. Rates subject to change without notice. Subject to credit approval. For information and to confirm most recent rates, please contact any HSBC branch. Some restrictions apply. Visit any HSBC Bank Canada branch or go online at www.hsbc.ca to learn more. Revenue property rates available upon request.

2Mortgage pre-approval is available for a maximum mortgage amount of $1,000,000 CAD and applies to Traditional (Residential) or Equity Power Secured mortgages. Funds can be used for the purchase, or refinance from another financial institution. Owner occupied principal residence only. Single or multiple home owner applicants are allowed. Applies to single family dwelling and condominium/strata units only (excluding leaseholds and cooperatives). Application may be sole or joint applications (spousal or non-spousal) with a maximum of 2 applicants.

3Terms and conditions apply.

What is a down payment and how much do I need to buy a home?

A mortgage down payment is the amount of money you have saved to purchase your home. You can have as little as 5% of the purchase price amount for a down payment to qualify for a mortgage.

Calculate your mortgage payments

If you are a first-time homebuyer, you may be able to use your RRSP for a down payment.

Learn more

What is amortization and a mortgage term?

Amortization is the estimated number of years it will take to pay off your mortgage. Amortization periods range up to 30 years. The longer your amortization is, the lower your mortgage payments will be, but the higher the total amount of interest you'll pay over the life of the mortgage.

A mortgage term is the length of time you agree to a specific mortgage interest rate and a set payment schedule. A mortgage term can range from as little as 6 months to as long as 10 years. At the end of a term, you can agree to a new interest rate and payment schedule (renew the mortgage), or you can pay off your mortgage in full.

You may have several mortgage terms during the amortization period.

What's the difference between a fixed rate mortgage and a variable rate mortgage?

A fixed rate mortgage allows you to lock in a specific annual interest rate for a certain period of time, known as the term. Terms range from 6 months to 10 years. The interest rate and the payments on the mortgage remain the same for the length of your term. As you make payments and the principal amount is reduced, more of the mortgage payment is applied to the principal and less of the payment is applied to the interest. Because the interest rate does not change throughout the term, you know in advance the amount of interest you will pay and how much principal you will owe at the end of your term.

With a variable rate mortgage, the annual interest rate is based on the Bank's Prime Rate plus or minus a specified percentage. The interest rate changes with the Bank's Prime Rate. Variable mortgage terms range from 3 or 5 years. The regular mortgage payment is a fixed amount. As interest rates fall more of the payment is applied to the principal, and as rates rise, more of the payment is applied to the interest. The regular mortgage payment may be adjusted if the amount of your payment is not enough to cover the interest portion of the payment. Because the interest rate changes, it is not possible to know in advance how much interest you will pay and how much principal you will owe at the end of your term. You can convert a variable rate mortgage into a fixed rate mortgage of the same or longer term at any time during your term without additional cost.

My mortgage is up for renewal, what should 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.

  • New to HSBC? Call an HSBC mortgage advisor at 1-888-310-4722 or visit your local branch
  • Already an HSBC client? You may be eligible for a preferred rate as an HSBC Premier1 or HSBC Advance2 client.

Learn more about HSBC Premier
Learn more about HSBC Advance

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