Buying a Home, Purchasing a Home | HSBC Canada


First-Time Home Buyer

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.

Closing costs

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 Letter2 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.
  • 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
For a complete list of documentation, speak to a mortgage specialist at 1-866-609-4722
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:
Equifax Canada
Trans-Union Canada
1-877-713-3393 (Quebec only) 1-866-525-0262 (All other provinces)
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.

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Get pre-approved

Lock in your rate and find out how much you may be able to borrow.

Start application for pre-approval

Mortgage rates

Find the option that works for you with HSBC's mortgage calculators.

Current mortgage rates

Mortgage Calculators

Find the option that works for you with HSBC's mortgage calculators.

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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.

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An HSBC mortgage specialist will call you within 1 business day

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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 $300. 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. This rate is only available for Residential (Conventional) and Equity Power Mortgages of owner-occupied properties with an amortization of 25 years or less.

** Actual rate will vary depending on fluctuations to HSBC Prime Rate. Rates are subject to change without notice. For information and to confirm most recent rates, please contact any HSBC branch. Mortgage Rates above are applicable to First Mortgages only. Some restrictions apply.

1 High Ratio Mortgage is when customer obtains a personal mortgage with mortgage default insurance with HSBC Canada.

2 Mortgage pre-approval is available for a maximum mortgage amount of CAD $1,000,000 and applies to Traditional (Residential) or Equity Power Secured mortgages. Available purpose options include: purchase, refinance of existing HSBC mortgage, 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.

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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

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Call 1-866-609-4722

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Mon-Fri 6am-6pm PST