Switch Bank Mortgage | HSBC Canada

Mortgages

Switch to an HSBC Mortgage

Switch up

Whether you’re a current customer or looking to explore new opportunities, we make it easy to switch your mortgage to HSBC. We’ll take care of all paperwork, and offer you a competitive interest rate1.

Getting to know you

Switching your mortgage from one provider to another is easy. What matters most is that you take this opportunity to re-evaluate your needs and determine how your new mortgage will help you reach new financial goals. As an HSBC customer, you may qualify for additional savings when you choose the HSBC Premier2 or HSBC Advance3 banking package.

If your mortgage is up for renewal soon, speak to a mortgage specialist at 1-866-609-4722.
We’ll help you plan for a smooth transition and show you the right steps to avoid unnecessary penalties or fees.

Step-by-step

When you switch your mortgage to HSBC, you may be able to bring your current amortization with you. That means all the money that went toward interest payments in the early days of your first mortgage will be considered paid.

You have the opportunity to negotiate a new mortgage with a new amortization period. You also have the choice of flexible terms and a host of pre-payment options4 that may help you become mortgage-free faster.

Avoiding fees and charges

Switching your mortgage before the end of your current term may result in penalties or fees. Sometimes, these costs are worth the expense if you are switching for a more competitive interest rate. Other times, it’s more advantageous to wait for your current term to expire. We’ll show you the math and help you make an informed decision.

Timing

If your mortgage is up for renewal any time in the next six months, now is a great time to start working on your next move.

What to bring

We do all the work. Simply provide us with the name of your current lender and authorize HSBC to obtain the details of your payout. Upon approval of your HSBC mortgage, we’ll ask you to authorize a transfer title and you’ll be on your way to greater savings.

At this rate, you’ll be home in no time. See all rates.

 

The key to unlocking your future home. An HSBC Mortgage could be just what you need. Learn more.

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.

 

Need to talk to us?

Our mortgage specialists are here to help.

Call us:
1-866-609-4722

Lines are open Mon-Fri 6am-6pm PT

Come and see us

If you would like a face-to-face chat, just pop in to a branch.

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An HSBC mortgage specialist will call you within 1 business day



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1 To confirm most recent rates, please contact any HSBC branch. All rates are subject to change without notice. Subject to credit approval.

2  HSBC Advance requires you to have an active HSBC Advance chequing account and maintain combined personal deposits and investments with HSBC Bank Canada and its subsidiaries of $25,000, or hold personal HSBC Bank Canada residential mortgage balances of $150,000 or greater. Some exclusions apply. A monthly fee of $25 may be charged if you do not meet these minimum balance requirements (fee may change from time to time). For full details regarding eligibility and any fees which may apply please refer to the Personal Service Charges/Statement of Disclosure available at any HSBC Bank Canada branch or online at hsbc.ca

3  HSBC Premier eligibility requires you to have an active HSBC Premier chequing account and maintain a $100,000 balance in combined personal deposits and investments with HSBC Bank Canada and its subsidiaries, some exclusions apply. For full details regarding eligibility and any fees which may apply, please refer to the Personal Service Charges/Statement of Disclosure available at any HSBC Bank Canada branch or online at www.hsbc.ca.

4 To be eligible to apply a prepayment you must be up to date on your regular mortgage payments. The lump sum payment of up to 20% must be a minimum of $100 and can only be made on the anniversary date of you mortgage loan. You may only increase your regular payment amount once each year and you must continue to pay this new mortgage payment amount for at least 12 months. You may make an additional payment or increase your regular monthly payment or both. For each year your extra and increased payments, in total, must be less than 20% of the original principal amount of your mortgage loan.

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

Call 1-888-981-4722

Hours of Operation
Mon-Fri 6am-6pm PST

Call 1-866-609-4722

Hours of Operation
Mon-Fri 6am-6pm PST