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Active mortgage brokers in the thread (as of September 2024) are: @CdnRealEstateGuy (Kevin) @PaulMeredith. @rateconnect (Phil) @TazZaide. @johnnyhoang. Note, all of the rates quoted on the thread are for approvals, not pre-approvals. This means these rates are for transfers/renewals, purchases with an accepted offer, or refinances.
Retailer: HSBC. More offers from HSBC. HSBC is offering a 5-year fixed closed mortgage at 2.35%. This is easily the best rate I've seen in a long time, especially in the last few months since rates started to rise. I spoke with a rep and she mentioned there's a 20% pre-payment privilege, and allowed up 15% payment increases.
Hold a personal HSBC Bank Canada residential mortgage with original amount of $500,000 or greater, or Have income deposits of $6,500 within a calendar month plus confirmation of $100,000 or more in assets under management in Canada, or
$3,000 for a mortgage balance of greater than or equal to $850,000, or $2,000 for mortgage balances between $450,000 and up to $849,999 or $1,200 for mortgage balances between $200,000 and up to $449,999.99. HELOC: Prime -0.15% (Currently 4.55%)
by default a normal mortgage in alberta from hsbc is not an Equity power mortgage. its just a regular mortgage.. if you want a equity power mortgage, by definition that is a collateral charge mortgage. the term conventional is probably whats trowing things off. i think i misused that term, so i'm sorry about that, and thanks for pointing that out.
PS-Here is a link to the HSBC mortgage rate section, Right under "Mortgage Rates" in the box it says: "Special offer rate of 6.00% APR on a 5-year variable closed term high ratio mortgage" The 6.00% is high ratio/insured only.
Would be great to have the variable rate and put lumpsum payments, if allowed. "For a variable rate closed mortgage, the prepayment charge will be 90 days' interest if the prepayment is within the first 3 years of the term." Are there no pre-payment options to pay off the mortgage a little quicker with some extra cash on hand??
Forums; Expired Offers; Expired Hot Deals [HSBC] Earn 6.35% on new deposits with an HSBC Canadian Dollar High Rate Savings Account (until Jan 12, 2024)
49 posts. 156 upvotes. [HSBC] HSBC 5yr Variable mortgage rates. Retailer: HSBC. More offers from HSBC. Saw this, not sure if it is true. I am in the market, so will confirm tomorrow. Right now I am approved for 1.49% 4yr fixed + $3k + a few other fee reimbursements through a bank.
The only fee out of your pocket is the legal (1,000-1,500). The difference between my bank's rate of 2.69% and 2.35% HSBC is offering over 5 years, is around $4,500 for my mortgage. So worst case scenario, I have to pay $1,500 in 5 years, I'm still ending up saving $3,000. +1.