HSBC Mortgage review June 2019 |

HSBC mortgage review

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This big-name bank offers almost any kind of home loan.

Buying a home can be both thrilling and stressful — especially if the whole thing’s new to you. HSBC Bank offers a wide range of mortgages and home loan options for both the first-time and veteran homebuyer.

Description An international bank operating in over 70 countries.
Loan types Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA
Minimum credit 620
Minimum down payment 3%
Origination fee N/A
Other fees Appraisals: $25–$155 for broker price opinion, $25–$1,000 for full appraisal
Inspection: $12–$35
Property preservation photos: $0–$175
Foreclosures: $100–$4,950 for attorney fees, $5–$1,500 for process server, $5–$2,875 for publication
In general, online reviews are worrisome. HSBC customers complain of miscommunications from the provider that resulted in payment mixups and refinancing issues. Some borrowers report HSBC claiming payments weren’t made on customer home loans for years.

HSBC Bank overall garners a low 2 out of 10 on Trustpilot based on 46 reviews. It doesn’t do much better with the Better Business Bureau, which gives it a D rating.

If you pursue a home loan with this provider, make sure to keep careful documentation of your payments, confirming they’re processed in a reasonable time, over the course of your loan.

Do I qualify for a loan with HSBC?

Some factors that HSBC will consider when determining whether you qualify are your credit score, debt-to-income ratio, how well you’ve managed your prior credit and the length of your credit history.

First-time homebuyers with a credit score of at least 620 may qualify for a Fannie Mae loan with 3% down, while borrowers with a score of 580 or below may qualify for an FHA loan but will have to put 10% down.

General requirements include:

  • US citizen or permanent resident
  • At least 18 years of age
  • Two-year work history

What can I expect with an HSBC mortgage?

  • High max loans. Single-family homes are eligible for up to $424,100, while “super conforming” mortgages offer higher limits of up to $636,150 for homes in designated high-cost areas. If you qualify for an HSBC Premier or Advance Deluxe mortgage, you could see approval for up to $3 million.
  • Interest-only payments. With ARM Premier and Advance Deluxe loans, you may qualify to pay interest only on a variable-rate mortgage.
  • Automatic payments. Automate your mortgage payments with flexibility, choosing from weekly, biweekly, twice-monthly or monthly payments.
  • Discounts. If you’re approved for HSBC’s Premier Deluxe mortgage, you’re eligible for closing cost credits of up to $1,500. CommunityWorks and HSBC First Home Club programs offer up to $7,500 in closing cost assistance for eligible participants.

Pros and cons of HSBC home loans


  • Range of loans. Tap into a wide selection of mortgage terms, sizes and rates — from fixed-rate financing to FHA and VA loans.
  • Perks for HSBC customers. Premier and Advance Deluxe mortgages offer exclusive rates and priority processing to customers with HSBC investments.
  • Special mortgage programs. HSBC CommunityWorks, First Home Club and SONYMA programs are available to help first-time homebuyers with closing costs, flexible lending and competitive rates.
  • Online account access. Monitor the details of your home loan through HSBC’s 24/7 online banking platform.


  • Negative reviews. The BBB gives it a D rating, and reviewers on TrustPilot complain about payment issues, resulting in its low score of 2 out of 10.
  • Limited online application. After applying online, you still need to meet with a mortgage specialist to complete your application.

How do I get pre-approval or apply?

While you can get the application process rolling online, you won’t be able to complete your application without meeting with an HSBC mortgage specialist.

Required documentation

  • Two most recent years of W2s, if applicable
  • Two most recent years of signed personal federal tax returns — include all schedules if applicable
  • Two most recent years of signed business federal tax returns — include all schedules if applicable
  • Most recent one month of pay stubs, if applicable
  • Most recent two months of bank statements with all pages, including checking, savings, investment and retirement accounts. Any unusually large deposits must be documented and explained in writing.
  • Unexpired government issued ID/permanent resident card/copy of passport with valid work visa
  • Copy of rental agreement or copy of current mortgage statement

I got the loan. Now what?

  • Automate your payments. HSBC lets you select the frequency of your loan payments. Choose from monthly, biweekly or weekly due dates.
  • Don’t be afraid to ask for help. If you find yourself unable to repay your loan on time, reach out to HSBC customer service. This lender may be willing to modify your payment schedule while you get back on your feet.

Bottom line

HSBC offers a range of mortgages that include the usual suspects — fixed-rate loans and ARMsas well as VA mortgages and products designed specifically for first-time homebuyers.

Compare home loan options with other providers to find the best option for you before making a decision.

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