First-Time Home Buyer

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First-Time Home Buyer

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.

Affordability

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 is right for you.

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 home buyers 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 home 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.

A HSBC Mortgage could be just what you need.

2-year fixed closed term

6.54% (6.62% APR)^*

5-year fixed closed term

5.94% (5.97% APR)^*

Today's best rates

Call 1-866-609-4722

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

Protect your family and home with HSBC Mortgage Creditor Insurance

Find out more about the Mortgage Creditor Insurance

How to apply

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.

Get prequalified

In a few simple steps, learn how much of a mortgage you may qualify for with the HSBC Mortgage Prequalification Calculator.

Learn more

Get prequalified

Need to talk?

Call: 1-866-609-4722

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

Come see us

Find a branch near you

Issued by HSBC Bank Canada for persons in Canada.

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Rates are subject to change without notice and are applicable to First Mortgages only. For information and to confirm most recent rates, please contact any HSBC branch. Some restrictions apply.

* The annual percentage rate (APR) is based on a $200,000 mortgage for the applicable term assuming a property valuation fee of $300. APR 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. Rate is only available for residential mortgages, a higher interest rate may apply for non-owner-occupied properties, amortizations greater than 25 years, and exceptions to HSBC's standard lending guidelines. Applications are subject to credit approval.

*** The variable rate is equal to HSBC Prime Rate -0.80%. The rate will change as HSBC's Prime Rate changes. 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.