I highly recommend anyone to steer clear of this bank for mortgage purposes, it was an absolute nightmare and highly stressful. During the time it took to refinance an existing mortgage with HSBC I viewed another property, purchased it, and rented it out (not through HSBC) while HSBC were still trying to refinance this property. When I asked for clarification of the very vague final statement of costs the agent was unable to fully explain what the various sums were for. The fees just kept racking up and I stil don't understand how I incurred such high fees in refinancing when I believed we had initially discussed a much lower figure, but between the various erratic forms of communication I have no proof and I just wanted to get the whole experience over with. We had to extend closing twice as HSBC would suddenly realize another document was required, or an already submitted and approved document was no longer what they needed. I realized they often didn't know what they were asking for either, requiring me to do my own research to figure it out. My requests for clarification on what they were asking for would just result in them continuing to repeat the same request with no explanation. Requests for paperwork were contradictory. Repeatedly I was told nothing was required and then we would get another Friday afternoon emergency where critical documentation was suddenly required immediately from overseas when the European banks had already closed. I started checking in with them in advance if we were all set for the next step, and whether anything was required, so we could prepare, particularly as I was dealing with overseas assets and time zones. Every request would suddenly be a last minute emergency which had to be resolved immediately.
The mortgage team were switching between various email addresses and text messages meaning it was impossible to control back up of what had been said when and by whom. I received conflicting emails from HSBC to the extent their advisor told me to ignore system generated emails received from HSBC. Loan applications for home purchases only by yearĭespite being a premier international customer the service has been absolutely awful. Almost 63% (2,558) eventually closed, and about 9% (369) of applications were denied. You can potentially get an HSBC Select Mortgage even if you have no existing relationship with the company, but you’ll need combined personal deposit and investment balances of $1 million or more to qualify for an HSBC Elite Mortgage, for example. HSBC’s various jumbo loans have varying terms based on the extent of your current relationship with HSBC. Keep in mind that these interest rates may be slightly higher than with standard loans.
HSBC markets these programs to first-time homebuyers and veterans, but they are available to anyone who qualifies.Īffordable mortgage programs like CommunityWorks, HomeReady and Home Possible allow for low down payments, and regional programs like the Homebuyer Dream Program and SONYMA (State of New York Mortgage Agency) loans can also lower costs, but these programs are only available in New York and New Jersey. HSBC doesn’t offer government-backed loans, but its affordable and regional loan programs may appeal to similar borrowers.
In 2021, HSBC’s average rate for home purchase loans was 0.37% lower than the national average. Just keep in mind that rates can change daily depending on economic conditions, and interest rates can also vary by borrower. HSBC publishes its current starting rates for its home purchase loans, refinance loans and home equity lines of credit on its website.
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