HSBC Mortgage Rates

Below you will find HSBC’s posted 5-year fixed and variable mortgage rates. Use Rates4u.ca comparison chart to evaluate other brokerages and lenders against HSBC and ensure you get the best mortgage rate!

 

HSBC mortgage rates overview

HSBC Canada is the Canadian subsidiary of HSBC, the sixth biggest bank in the world. HSBC has branches in every province except Prince Edward Island and is the largest foreign-owned bank in the country. Among its standard retail banking products, HSBC also has a large mortgage division, and their rates are some of the most competitive in Canada.

 

HSBC Fixed-Rate Mortgages

HSBC Fixed Rate Mortgage product reduces the risk of future interest rate fluctuations by “locking in” a specific interest rate for the term. This can create peace of mind for most homeowners, making it an appealing mortgage product for most home buyers; if you’re thinking of or arranging a new mortgage for a future or your current home, your fixed interest rate mortgage can be guaranteed up to 120 days before your home’s closing date. If the interest rates go up during that time, you will be guaranteed a lower rate. 

 

TERM LENGTH

HSBC RATE

BEST RATE

1-Year Fixed

2-Year Fixed

3-Year Fixed

4-Year Fixed

5-Year Fixed

7-Year Fixed

10-Year Fixed

HSBC Variable-Rate Mortgages

The HSBC Variable Rate Mortgages provides you with fixed payments over the term of your mortgage; keep in mind, the interest rate will fluctuate with any changes in the bank of Canada prime interest rate. If the bank of Canada prime rate goes down, more of your payment will go towards paying off your principal; while if the bank of Canada prime rate goes up, more of your payment will go towards your mortgage’s interest costs. This is a great financial tool for people expecting rates to fall or take advantage of current low mortgage rates. Most times, the HSBC variable mortgage is a convertible mortgage that allows you to convert to another term, such as a fixed mortgage at any time. This feature provides you with flexibility and security, as it enables you to convert to a longer closed term should your variable rate mortgage no longer meet your needs. 

 

5-Year Variable

HSBC mortgage products

Below, you can find a quick summary of the three largest HSBC mortgage products:  

 HSBC Traditional (Residential) Mortgage:
This is the main HSBC mortgage product, offering both fixed and variable rates. The traditional mortgage also comes with a generous prepayment option of ’20/20′, which means you’ll be able to top up your regular mortgage payments up to 20% or pay lump sums totaling 20% of your original mortgage amount each year. 
 

 

HSBC Equity Power Mortgage:  

This product allows you to access the equity you’ve built up in your home through your mortgage. You have access to a lump sum of cash for any practical purpose, such as debt consolidation, renovations, or university tuition. 

  

HSBC Home Equity Line of Credit:  

 HSBC’s home equity line of credit (HELOC) is another way to access the equity in your home. This allows you to borrow funds with a line of credit attached to your mortgage. 

Accessing HSBC mortgage rates

As with all the rates displayed on Rates4u.ca, HSBC mortgage rates are updated every day and can be found above. You can access these rates conveniently, without stepping foot outside your home, by either filling out an online mortgage application or simply speaking with an HSBC mortgage agent over the phone. 

 

HSBC mortgage application checklist

Once you have started the application process, HSBC will ask you questions relating to what you owe and own; some of the expenses relating to the property, such as heating costs, taxes, and condo fees; also, whether you will be using the property to generate income. Additional information HSBC will require includes: 

 

  • Your last two years T1 and Notice of Assessment
  • A current list of your assets and liabilities
  • The confirmation of your down payment may include recent bank statements, a Gift Letter, or RRSP withdrawal confirmations.
  • Job letter proving current employment and income, including recent payslips
  • Documents are proving additional income such as child tax credit etc.
  • The details about the property your buying or currently own, including the MLS listing (if applicable) and any associated bills and taxes (e.g., property taxes, heating costs, and condo fees).

More about HSBC Canada

HSBC Canada is the seventh-largest bank in Canada, with its Corporate headquarters in the financial district of Vancouver, British Columbia. The name HSBC roots from the older company name, the Hongkong and Shanghai Banking Corporation. HSBC Canada was formerly known as the Hongkong Bank of Canada (HBC). 

 

HSBC prepayment charges

There are downsides to a fixed-rate mortgage, such as the restriction on paying out your mortgage early. Despite well-thought-out plans, unexpected life events sometimes require a mortgage to be broken and paid out early. 

 

Like all of Canada’s Big six banks, HSBC fixed-rate mortgage prepayment charges are calculated on the greater of: 

 

  • The interest rate differential (IRD) or
  • Three months’ interest

 

This is based on the difference between the rate the bank could lend at today (the posted rate) and your rate for a term equivalent to the remaining term of your mortgage. The more your rate is above today’s published rates, the higher the IRD charge will be. 

 

The Big six banks are notorious for having high— and astronomical— penalties. Always consider this when you are mortgage shopping or ask your mortgage broker; if there is a chance you may need to break your mortgage early, then you may be better off with a fair penalty lender. Or variable-rate mortgage (which charges three months’ interest penalty to break a mortgage early). 

 

HSBC prepayment charges

As of September 19, 2020, HSBC’s Prime Rate is 2.45%

 

How does HSBC set their Prime rate?

Each bank or lender determines its Prime rate. Banks in Canada usually look to the target overnight rate or the Policy Interest Rate set by the Bank of Canada (BoC). Similar changes typically follow changes in the target overnight rate in Prime rates. As a result, most banks and lenders in Canada have similar Prime rates. 

Best Mortgage Rates In Canada

3-Year Variable Mortgage Rates

0.99%

5 Year Fixed Mortgage Rates

1.64%

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Yes

Pre-approval

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15%

Pre-approval

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15%

Lump sum pre-payment

HSBC 5 Year Variable Mortgage Rate

1.79%

HSBC Best Mortgage Rates - Rates4u.ca

5-Year Variable

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No

Pre-approval

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20%

Pre-Payments

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20%

Lump sum pre-payment

HSBC 3 Year Fixed Mortgage Rate

2.50%

HSBC Best Mortgage Rates - Rates4u.ca

3-Year Fixed

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No

Pre-approval

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20%

Pre-Payments

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20%

Lump sum pre-payment

HSBC 5 Year Fixed Mortgage Rate

2.29%

HSBC Best Mortgage Rates - Rates4u.ca

5-Year-Fixed

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No

Pre-approval

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20%

Pre-Payments

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20%

Lump sum pre-payment

HSBC 10 Year Fixed Mortgage Rate

5.99%

HSBC Best Mortgage Rates - Rates4u.ca

10-Year-Fixed

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No

Pre-approval

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20%

Pre-Payments

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20%

Lump sum pre-payment

Citadel 5 Year Variable High Ratio Mortgage Rate

1.15%

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Yes

Pre-approval

finance-13-5

15%

Pre-Payments

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15%

Lump sum pre-payment

Citadel 3 Year Variable Mortgage Rate

0.99%

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3-Year-Variable

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No

Pre-approval

finance-13-5

20%

Pre-approval

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20%

Lump sum pre-payment

Citadel 5 Year Fixed High Ratio Mortgage Rate

1.64%

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Yes

Pre-approval

finance-13-5

15%

Pre-Payments

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15%

Lump sum pre-payment

Citadel 10 Year Fixed Mortgage Rate

2.49%

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No

Pre-approval

finance-13-5

15%

Pre-Payments

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15%

Lump sum pre-payment

HSBC 1 Year Fixed Mortgage Rate

2.49%

HSBC Best Mortgage Rates - Rates4u.ca

1-Year-Fixed

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No

Pre-approval

finance-13-5

20%

Pre-Payments

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20%

Lump sum pre-payment

Citadel 1 Year Fixed Mortgage Rate

1.74%

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1-Year-Fixed

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No

Pre-approval

finance-13-5

20%

Pre-Payments

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20%

Lump sum pre-payment

HSBC 2 Year Fixed Mortgage Rate

1.84%

HSBC Best Mortgage Rates - Rates4u.ca

2-Year Fixed

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No

Pre-approval

finance-13-5

20%

Pre-Payments

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20%

Lump sum pre-payment

Citadel 2 Year Fixed Mortgage Rate

1.69%

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2-Year-Fixed

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No

Pre-approval

finance-13-5

20%

Pre-Payments

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20%

Lump sum pre-payment

Citadel 3 Year Fixed Mortgage Rate

1.39%

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3-Year-Fixed

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Yes

Pre-approval

finance-13-5

15%

Pre-Payments

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15%

Lump sum pre-payment

HSBC 4 Year Fixed Mortgage Rate

4.09%

HSBC Best Mortgage Rates - Rates4u.ca

4-Year Fixed

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No

Pre-approval

finance-13-5

20%

Pre-Payments

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20%

Lump sum pre-payment

Citadel 4 Year Fixed Mortgage Rate

1.74%

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4-Year-Fixed

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No

Pre-approval

finance-13-5

20%

Pre-Payments

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20%

Lump sum pre-payment

Citadel 5 Year Fixed Mortgage Rate

1.64%

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5-Year-Fixed

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Yes

Pre-approval

finance-13-5

15%

Pre-Payments

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15%

Lump sum pre-payment

HSBC 7 Year Fixed Mortgage Rate

5.64%

HSBC Best Mortgage Rates - Rates4u.ca

7-Year-Fixed

Dislike_down_hand

No

Pre-approval

finance-13-5

20%

Pre-Payments

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20%

Lump sum pre-payment

Citadel 7 Year Fixed Mortgage Rate

2.34%