HSBC mortgage review
Offers multiple first-time homebuyer programs and jumbo loans up to $10 million, but home loans aren’t available in Alaska or West Virginia.
finder.com’s rating: 3.8/5.0
- Choose this lender for first-time homebuyer programs or super jumbo loans.
- Choose another lender if you want a 0% down USDA loan for a rural property.
- A good option high-wealth individuals and international borrowers.
Minimum credit score
Minimum down payment (Conventional)
Not available in: AK, WV
|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|
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.
To find out if you’re eligible for an HSBC home loan, visit the company’s website. Basic eligibility for an HSBC mortgage includes:
- Residency in any state except Alaska or West Virginia.
- Two years’ history of employment.
- A FICO credit score of 620 or higher.
- No history of bankruptcy in the past two years.
The standard documents you’ll need to apply for a home loan from HSBC include:
For employed persons:
- Your most recent pay stub and W-2s
- Two years of Federal Tax returns (1040s), if self-employed
- Your mortgage statement and mortgage note if you have a first mortgage with another lender
- Most recent property taxes, if not escrowed
- Most recent home insurance binder
For co-ops, you’ll need:
- A complete signed proprietary lease
- Stock certificates
Costs and fees
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.
How to apply for a mortgage with HSBC
To get started:
- Visit the US HSBC home loan site and select Get Started.
- Choose whether you want a Get a rate quote or Get started online.
- Get a rate quote will prompt you to fill out a short form, then wait for a loan officer to contact you.
- Get started online will begin the online application process involving a hard credit check.
- Select Get started online to proceed with the online application and fill out your contact information and create a username and password.
- Check your email to verify your email address and sign in with your credentials.
- Enter your current address information, personal details, coborrower information if any, loan type sought, property information and loan amount.
- Answer questions about your employment history, income, assets and liabilities. Then answer the financial declaration questions.
- Submit the application and wait to be contacted by a loan officer to continue the mortgage application process.
What types of mortgages can I get through HSBC Bank?
Other mortgage products offered by HSBC
HSBC also offers these specialized types of mortgages.
- CommunityWorks. A 3% down mortgage loan that can be combined with eligible grants to give you up to $7,000 toward closing costs.
- HomeReady. This Fannie Mae loan program requires 3% down and can be used for one- to four-unit family dwellings, condominiums, planned unit developments (PUDs) and cooperatives.
- Home Possible. This Freddie Mac loan program requires 3% down and is flexible with how you fund your down payment.
- Homebuyer Dream Program. For residents of New York and New Jersey, this loan program offers up to a $9,500 grant toward a down payment and closing costs.
- HSBC Select Mortgage. Home loans up to $2 million, plus $250 toward closing costs.
- HSBC Preferred Mortgage. Home loans up to $3 million, plus $750 toward closing costs.
- HSBC Deluxe Mortgage. Home loans up to $4 million, plus $1,000 toward closing costs.
- HSBC Elite Mortgage. Home loans up to $4 million, financing for both US and international borrowers and $1,500 toward closing costs.
- HSBC Summit Mortgage. Home loans up to $10 million, financing for both US and international borrowers and $1,500 toward closing costs.
- HELOC. As of July 2022, HSBC’s HELOC offers an introductory rate of 1.74%. HSBC also allows you to convert some or all of your HELOC balance to a fixed interest rate.
- Mortgage refinancing. This type of loan could reduce your interest rate, lower your monthly mortgage payment and get rid of private mortgage insurance (PMI).
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.
How HSBC’s mortgage products compare to other lenders
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).
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Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
HSBC reviews and complaints
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.
Pros and cons of HSBC
- Large loan selection. Borrowers have access to a wide selection of mortgage programs, loan limits and rates — from state programs and down payment assistance to super jumbo loans up to $10 million.
- Special mortgage programs. HSBC CommunityWorks and SONYMA in NY are programs to help first-time homebuyers with closing costs, flexible lending criteria and competitive rates.
- Online account access. Lets you monitor the status of your home loan application through HSBC’s 24/7 online banking platform.
- Not available in all states. While available in most states, HSBC home loans are not available to customers in Alaska or West Virginia.
- Early termination fees. If you terminate your account within three years, you’re required to pay a fee of $500 (or $750 for properties in CA and VA), plus any mortgage tax-like fees HSBC paid when setting up your account.
- Website issues. When using the website, the top menu frequently covers the page, making it difficult to read the information underneath it.
What is HSBC?
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.