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finder.com’s rating: 3.8/5.0
★★★★★
Conventional: 620
Minimum credit score
3%
Minimum down payment (Conventional)
Not available in: AK, WV
State availability
Loan products offered | Conventional, Jumbo, FHA, VA, HELOC, Refinance |
---|---|
Minimum credit score | Conventional: 620 |
Minimum down payment (Conventional) | 3% |
State availability | Not available in: AK, WV |
NMLS # | 330511 |
Review by
Shannon Terrell is a lead writer and spokesperson at NerdWallet and a former editor at Finder, specializing in personal finance. Her writing and analysis on investing and banking has been featured in Bloomberg, Global News, Yahoo Finance, GoBankingRates and Black Enterprise. She holds a bachelor’s degree in communications and English literature from the University of Toronto Mississauga.
HSBC offers a wide range of home loan options for both lower-income and high-wealth individuals. It offers perks for existing HSBC customers on specific home loans and helps first-time buyers with programs like CommunityWorks, HomeReady, HomePossible and SONYMA.
But unlike other lenders in the US, the company doesn’t specialize in mortgages. Unless you’re after a specific loan program that only HSBC offers, it may be worth comparing other lenders in the US to find the best loan program, interest rates and service levels for your needs.
HSBC is not currently available on Finder
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To find out if you’re eligible for an HSBC home loan, visit the company’s website. Basic eligibility for an HSBC mortgage includes:
The standard documents you’ll need to apply for a home loan from HSBC include:
For employed persons:
For co-ops, you’ll need:
HSBC charges an origination fee of $1250 in most states, plus an appraisal fee and credit reporting fee. Your actual costs and fees may vary depending on your loan type, location and other qualifying factors.
To get started:
HSBC also offers these specialized types of mortgages.
For the HSBC Preferred, Deluxe, Elite and Summit mortgages, borrowers must have an HSBC deposit or an investment account with a minimum balance of $10,000 to $1,000,000. International financing is also available with these loans.
HSBC doesn’t offer adjustable-rate mortgages in Rhode Island.
Compared to other lenders, HSBC offers a much wider selection of home mortgage options, including multiple first-time homebuyer programs with low down payment requirements and high-limit jumbo loans for both US and international borrowers and investors. And for residents of New York, HSBC offers down payment assistance through SONYMA (State of New York Mortgage Agency).
Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.
Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
HSBC is not accredited with the Better Business Bureau (BBB) and has a B- business rating with 357 customer complaints that closed in the last three years across multiple HSBC departments. As of July 2022, HSBC has a 1 out of 5 rating with the BBB from 18 customers.
On the plus side, HSBC has a 4.8 out of 5 rating on Zillow from 23 customers, who mention fast and expedient service and lower-than-expected interest rates. Customers on Trustpilot give the company 1.3 out of 5 stars across all banking products, with some home loan customers complaining about poor service and long wait times on the phone to overseas call centers.
As one of the world’s largest banks, HSBC was established in 1865 as The Hongkong and Shanghai Banking Corporation. HSBC currently serves more than 40 million customers globally, with a network covering 64 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America. As an international bank, HSBC offers financing for both US residents and international borrowers.
HSBC is not currently available on Finder
Have you considered Rocket Mortgage?
Apply online for free and lock in your rate for 90 days.