Your relationship with HSBC is valued and respected. We appreciate that you have chosen the global expertise and local commitment of our team. We're here to help you combine home ownership with a variety of complementary strategies so you can achieve long-term prosperity.
Renew with confidence
Contacting your HSBC Mortgage Specialist a few months in advance of your renewal date can help you take advantage of options to save money and pay down your mortgage faster.
How HSBC can help you renew with confidence:
- Financial review
When you renew your mortgage, you’ll be asked to select a new term and type of mortgage.
If your circumstances have changed, there may be a more appropriate solution for you. We’ll help you determine if changes to your lifestyle or income suggest the need for a new approach.
- Identify savingsRenewing early is one way to lock in a competitive interest rate. Now may also be the time to consider switching to another HSBC mortgage product or increasing your equity. We’ll help you decide if this option is right for you.
- Become mortgage-free fasterPre-payment options provide a number of ways to pay down your mortgage faster. We’ll review your current payment plan and identify all the ways you can reach your goals faster1.
- Put your equity to workHome equity is a powerful resource when it’s used to achieve meaningful financial goals. Now may be the right time to ask about an HSBC Home Equity Line of Credit if you have plans to renovate, need money for tuition or want to invest for the future.
How to renew
Lines are open Mon-Fri from 6am-6pm PT
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1How much you can prepay depends upon the type of mortgage you have. If you hold an open mortgage and your installment payments are up to date, you can pay some or all of your mortgage loan at any time without penalty. If you hold a Variable Closed mortgage, during the first three years if your installment payments are up to date OR if you hold a Fixed Closed mortgage and your installment payments are up to date, you may make three types of extra payments without penalty: 1) On any anniversary date of the mortgage loan, you may make a lump sum payment up to 20% of the original principal amount, minimum of $100; 2) Along with any installment payment, you may make an extra payment in the same amount as your installment payment; 3) Once a year, you may increase your installment payment up to 20% for 12 months. The total extra and increased payments in a year cannot be more than 20% of the original principle amount. If you hold a Variable Closed mortgage after the first three years, your mortgage becomes an open term where you may pay some or all of your mortgage loan without penalty.
* 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. This rate is only available for Residential (Conventional) and Equity Power Mortgages of owner-occupied properties with an amortization of 25 years or less. Rates are subject to change without notice. Some restrictions may apply.
** The variable rate is equal to HSBC Prime Rate - 1.01%. 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.