HSBC mortgage rates are excellent

In examining HSBC mortgage rates the first thing we noticed is that they’re based off a 60 day rate lock which is great. Due to the fact HSBC’s mortgage rates are the same or better than top competition, with a fairly low APR which means fairly low closing fees, we have to give them a better grade than Wells Fargo, Citi, Chase, others of whom we’ve also reported on this week. As far as 30 year fixed mortgage rates are concerned, HSBC is as good as any of the major retail banks that you can walk into and obtain a mortgage face to face with the loan officer. On a 60 day rate lock HSBC is actually right on point with our reported par rates, the only bank we can say that for.

Why the HSBC Quoted 60 day Rate Lock is so Great

Give HSBC a lot of credit for quoting with a 60 day rate lock. HSBC does not quote low and change the terms at the end like a lot of banks do. What many mortgage lenders do not tell you when you begin a refinance loan especially, is that it’s going to take 45 days. They quote you a rate, and if you accept the terms they lock that rate for 30 days. So what happens when you’re refinance is at day #29 with still weeks of underwriting left before a possible close? Your loan officer will give you a ring and tell you the loan is taking longer than expected do to the huge number of people refinancing at the low rates. He’ll tell you unfortunately we need to extend the rate lock which is going to cost an extra .5 percent. On a $400,ooo loan .5 percent is an extra 2 grand in fees. Ouch. Wouldn’t you have liked to know that before hand when you were comparing loan offers? Too late. Locking for 60 days should ensure you get what you want in the end.

Current HSBC Mortgage Rates, Fixed

We’ve included a table below from the information we got off HSBC’s website displaying mortgage rates. Please not these rates are based off California, that being said they shouldn’t fluctuate too much from state to state. HSBC’s most competitive program without a doubt is their 30 year fixed mortgage. For HSBC mortgage rates see below.

Source – us.hsbc.com/1/2/3/personal/home-loans/mortgage/mortgage-rates
Fixed Rate Loan Programs
All Rates Effective 9/30/2009
15 Year Conforming Purchase
4.500%
15 Year Conforming Refinance
4.500%
30 Year Conforming Purchase
4.875%
30 Year Conforming Refinance
4.875%
30 Year FHA/VA Purchase
5.000%
30 Year FHA/VA Refinance
5.000%