Types of Mortgages
There are many types of mortgages. Yours should have the right combination of features that give you the greatest financial flexibility. An HSBC Mortgage Specialist can help you tailor the approach that's right for your circumstances.
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Learn more about which type of mortgage is right for you:
HSBC Traditional (Residential) Mortgage
An ideal choice if you are a first-time homebuyer, have limited down payment options and want to build equity in your home.
What you need to know before applying for an HSBC Traditional (Residential) MortgageExpanded press enter to Collapse Collapsed press enter to Expand
HSBC Equity Power Mortgage
Access up to 80% of the value of your home4 to renovate, travel or make a major purchase.
Consolidate high-interest debt and reduce the amount of interest you pay.
Benefit from a combination of fixed and variable terms.
An ideal choice if you want to use the equity you've built up in your home for important goals or to simplify your borrowing needs.
What you need to know before applying for an HSBC Equity Power MortgageExpanded press enter to Collapse Collapsed press enter to Expand
HSBC Home Equity Line of Credit
Instant access to cash whenever you need it
Use as much or as little money as you like
Pay interest only on the amount you use
Access funds using the equity in your home.
What you need to know before applying for an HSBC Home Equity Line of CreditExpanded press enter to Collapse Collapsed press enter to Expand
How to apply
What you need to know before applyingExpanded press enter to Collapse Collapsed press enter to Expand
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1 How much you can prepay depends upon the type of mortgage you have. If you hold an open mortgage and your installment payments are up to date, you can pay some or all of your mortgage loan at any time without penalty. If you hold a Variable Closed mortgage, during the first three years if your installment payments are up to date OR if you hold a Fixed Closed mortgage and your installment payments are up to date, you may make three types of extra payments without penalty: 1) On any anniversary date of the mortgage loan, you may make a lump sum payment up to 20% of the original principal amount, minimum of $100; 2) Along with any installment payment, you may make an extra payment in the same amount as your installment payment; 3) Once a year, you may increase your installment payment up to 20% for 12 months. The total extra and increased payments in a year cannot be more than 20% of the original principle amount. If you hold a Variable Closed mortgage after the first three years, your mortgage becomes an open term where you may pay some or all of your mortgage loan without penalty.
5 In order to qualify for HSBC Premier you must have an active HSBC Premier chequing account, and meet at least one of the following eligibility criteria:
• Total Relationship Balance of $100,000 (CAD) or more, or
• Total Mortgage Amount of $500,000 (CAD) or more, or
• Total Monthly Income Deposit of $6,500 (CAD) or more plus confirmation of $100,000 or more in deposits and/or investments in Canada
Some exclusions apply. A monthly fee will be charged if you do not meet at least one of the eligibility criteria above. 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.
6 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 $5,000 or hold personal HSBC Bank Canada residential mortgage with original amount of $150,000 or greater. Some exclusions apply. A monthly fee will be charged if you do not meet at least one of the conditions above.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.
* 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. Applications are subject to credit review and approval. This rate is only available for Residential (Conventional) and Equity Power Mortgages, a higher interest rate may apply in circumstances, but not limited to the following: the property is not owner-occupied, the amortization is greater than 25 years, and the debt service ratios exceed HSBC’s standard lending guidelines.
** The variable rate is equal to HSBC Prime Rate - 1.01%. 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.