Get a mortgage, refinance your existing one or take out a home equity line of credit with HSBC.
Having a home means having an investment — and, if done right, some peace of mind. To ease the stress that comes with getting a home, refinancing or remodeling one, HSBC offers three lending options tailored to suit your needs.
What makes HSBC home loans unique?
HSBC is a global financial institution that offers a wide array of products and services. Because HSBC is well established, the home loans it provides are backed by years of experience. Each of the products has benefits tailored to the needs of the borrower, with added features for HSBC’s Premier and Advance clients.
What are HSBC home loans?
HSBC offers three types of home loans to satisfy specific needs you have for your property. The home equity line of credit — called the HSBC Home Equity Line of Choice — lets you tap into the home equity you’ve already built through ownership.
As rates improve, you may look into refinancing what you already have to bring down payments or more quickly pay off your mortgage. HSBC provides the choice of rate and term refinancing and a cash-out refinance. Each has benefits and drawbacks that you can discuss with an HSBC mortgage professional.
If you’re looking to buy a home, mortgages are available for everyone from FHA and VA borrowers to Premier HSBC clients. Rates and terms will depend on the type of mortgage you’re interested in, your qualifications and the amount you wish to borrow.
|Home equity line of credit||Varies, rate discounts of up to 0.5% available||Yes||$1 million for qualified borrowers||$5,000 fixed-rate loan segment||Free if line is under $500,000|
|Mortgage refinance||Varies||Yes||$3 million for qualified borrowers||Varies||Varies|
|Mortgage||Varies||Yes||$3 million for qualified borrowers||Varies||Varies, but up to $1,500 credit for some mortgages|
What are the benefits of HSBC home loans?
- Dedicated mortgage consultant. From application to closing, you’ll have a consultant to help you through the process.
- First Home Club. If eligible, you could receive up to $7,500 in financial assistance toward the down payment and closing costs of your first home.
- Rate discounts. HSBC Premier and Advance clients can receive a 0.50% or 0.25% rate discount, respectively, on home equity lines of credit.
- Closing costs. HELOCs of under $500,000 won’t carry a closing fee.
What to watch out for
Taking out a loan or credit, especially on a home, is a huge decision. And the financial repercussions could be more significant if you find yourself able to make payments or are approved for a rate that is higher than you expected.
When going through HSBC’s offerings, keep an eye out for:
- Rate differences. Premier and Advance rates are limited to qualified HSBC customers. Premier relationships involve maintaining a Premier checking account with a minimum balance of $100,000.
- Value changes. If the value of your home changes, your credit line may be reduced or frozen.
- Overspending potential. A HELOC carries with it significant temptation. When there’s available funding, it can be easy to make snap decisions on big purchases that could potentially turn into big regrets.
- No online application. To apply for a home loan, you must call HSBC or visit a branch.
Am I eligible for an HSBC home loan?
If you’ve compared HSBC’s offerings and find its the right lender for your home needs, look at what you may need to qualify. Eligibility requirements will differ among products, but generally you’ll need to:
- Be at least 18 years old.
- Be a US citizen or a permanent resident.
- Prove demonstrable, consistent income that can support your existing debt obligations and your desired loan amount.
If you meet the eligibility requirements and are ready to apply:
- Visit HSBC’s website and call the phone number listed for the product you’re interested in.
- Submit your application over the phone.
Details you may need to provide include:
- Your full name, Social Security number and date of birth.
- Your personal contact information.
- Your annual income and employment information.
Documentation will also vary depending on your funding option, but at minimum you will need driver’s license, passport or other government-issued ID along with recent bank statements and pay stubs.
I got an HSBC loan. Now what?
You’ve made a giant step toward your future. Now it’s time to keep moving forward.
If you’ve gotten a HELOC, spend what you need to wisely. As with any loan, keeping track of your costs and budgeting for repayments can help you avoid any penalties that come with late payments.
Not making payments can lead to fees at best and foreclosure at worst.
By becoming a Premier or Advance member with HSBC, you can benefit from discounted rates and better repayment terms.
But before you take out any financing, make sure that you’ve thoroughly researched your options and compared providers to find the lowest rate and best repayment terms you qualify for.