First Time Home Buyer

You're not alone

An HSBC Mortgage Specialist will be with you every step of the way. We’ll make sure that you understand your options, the home-buying process and when to engage the other professionals who make up your home-buying team.




Make the best choices for you, your family and your future, with mortgage solutions from HSBC. We can help you achieve all of your goals by ensuring that the first mortgage you select is right for you.

Learn more about mortgage down payments

Closing costs

Some of the money that you’ve saved for your first home will need to include closing costs. These are the legal and administrative fees that all home buyers are required or recommended to pay before and after the transaction is completed.

Mortgage default insurance providers will ask for proof of your ability to cover closing costs based on 1.5% of the purchase price. Budgeting at least this amount is recommended for all first-time home buyers.

View closing costs at a glance

Fixed versus variable interest rate

Mortgage payments reduce the interest owing on your loan while they reduce the principal amount that you owe. In the first term of your first mortgage, most of your payment will be allocated to interest charges. By your final term, the opposite will happen.

With a fixed rate mortgage, your interest rate will not change throughout the term of your mortgage.

With a variable rate** mortgage, your payment amount stays fixed for the term; however, the interest rate will fluctuate with any changes in our prime interest rate.

Get pre-approved and shop with an advantage

A no cost, no-obligation pre-approval gives you several advantages in today’s competitive housing market.

When you get a Mortgage Pre-approval Letter2 for an HSBC mortgage, you’ll know exactly how much you can afford to spend on your first home. This empowers you to negotiate from a position of strength, knowing that financing will not be an issue when your offer is accepted.

An HSBC Mortgage could be just what you need.

Five year variable** closed

2.65%  (2.68% APR)*


Five year fixed closed

2.69%  (2.72% APR)*

Call 1-866-609-4722

Lines are open Mon-Fri from 6am-6pm PT

Protect your family and home with HSBC Mortgage Creditor Insurance

How to apply

Need to talk?

Call: 1-866-609-4722

Lines are open Mon-Fri from 6am-6pm PT

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* The annual percentage rate (APR) is based on a $200,000 mortgage for the applicable term assuming a property valuation fee of $300. APR means the cost of borrowing for a loan expressed as an interest rate. It includes all interest and some non-interest charges associated with the mortgage. If there are no non-interest charges, the annual interest rate and APR will be the same. Applications are subject to credit review and approval. This rate is only available for Residential (Conventional) and Equity Power Mortgages, a higher interest rate may apply in circumstances, but not limited to the following: the property is not owner-occupied, the amortization is greater than 25 years, and the debt service ratios exceed HSBC’s standard lending guidelines.

** The variable rate is equal to HSBC Prime Rate 0.20%. The rate will change as HSBC's Prime Rate changes.  Rates are subject to change without notice. For information and to confirm most recent rates, please contact any HSBC branch. Mortgage Rates above are applicable to First Mortgages only. Some restrictions apply.

1 High Ratio Mortgage is when customer obtains a personal mortgage with mortgage default insurance with HSBC Canada. For full terms and conditions.

2 Mortgage pre-approval is available for a maximum mortgage amount of CAD $1,000,000 and applies to Traditional (Residential) or Equity Power Secured mortgages. Available purpose options include: purchase, refinance of existing HSBC mortgage, or refinance from another financial institution. Owner occupied principal residence only. Single or multiple home owner applicants are allowed. Applies to single family dwelling and condominium/strata units only (excluding leaseholds and cooperatives).Application may be sole or joint applications (spousal or non-spousal) with a maximum of 2 applicants.