About HSBC Mortgage
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HSBC is a banking and finance company that offers a variety of mortgage types with low down payment options. The company is transparent about its mortgage rates on its website, and its services are available in most states — though some of its mortgages are limited to HSBC clients and residents of select states.
Overall Satisfaction Rating
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About HSBC Mortgage
HSBC Bank USA’s mortgage loan division provides home loans in every state except Alaska and West Virginia. It posts its rates online, but it’s wise to get a personalized quote to make sure its listed rates apply to you. HSBC offers a wide variety of mortgages, including fixed-rate and adjustable-rate conventional loans, jumbo loans between $2 million and $10 million and affordable housing loans with low down payments.
Some of HSBC’s loans come with restrictions — for instance, some of its jumbo loans are available only to those who bank with HSBC, and it offers some affordable housing loans only to residents of New York and New Jersey.
How does HSBC Mortgage work?
HSBC provides mortgages for residents of every state except Alaska and West Virginia. You can apply online or through a mortgage consultant if you’re interested in borrowing. HSBC offers several mortgage types, including fixed-rate conforming and jumbo mortgages with loans ranging from $2 million to $10 million. Some of its mortgages are available only to those with HSBC bank accounts.
HSBC has several affordable mortgage options with low down payments:
- Community Works
- Home Possible
- Homebuyer Dream
These programs are designed for first-time homebuyers but are also available to other borrowers — however, some of these programs are limited to New York and New Jersey residents.
HSBC Mortgage rates
HSBC posts and regularly updates its mortgage rates online. It publishes rates only for New York, so if you’re in another state you should call a representative to get personalized local rates. HSBC’s mortgage rates also change over time, so check back to keep up with any shifts in rate. Some factors that influence your mortgage rates include:
- Your credit score
- The loan-to-value ratio
- Your location
HSBC Mortgage FAQ
- Where is HSBC Mortgage available?
- HSBC mortgages are available in every state except West Virginia and Alaska.
- How long does HSBC take to approve a mortgage?
- The time it takes for HSBC to approve a mortgage varies from borrower to borrower; it can take up to a few weeks.
- Does HSBC Mortgage offer jumbo mortgage loans?
- Yes. HSBC offers several jumbo options, including both fixed-rate and adjustable-rate jumbo mortgages ranging from $2 million and $10 million.
- Does HSBC Mortgage offer international mortgage loans?
- No, HSBC doesn’t offer international mortgage loans.
Is HSBC Mortgage good?
HSBC Mortgage is an ideal option for many homebuyers nationwide. As long as you live in any state other than Alaska or West Virginia, you can apply for a mortgage with HSBC. It offers mortgage loans with conventional, jumbo and low down payment options. You might benefit from an HSBC mortgage if you’re a first-time homebuyer or if you have limited cash for a down payment in New York or New Jersey.
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We're now heading into month 5 of our refinance dance with HSBC. Both of us have excellent credit, our combined income is well into 6 figures, and we have lots of money in the bank. They sent us an appraiser who lowballed our apartment's value--not low enough to tank the proposed loan, but typical of what might of a time have been called "sharp practices". The real issue so far has been the terrible communication. I understand that they have to do a financial colonoscopy on us, but we've been forthcoming and prompt; whereas, they've been largely unreachable, their written communications have been cryptic, and, when we finally get to speak to someone, they come off harried and flustered.
Coming to the end of our first rate-lock extension, we had to hound them to send us contracts for our review. Their attorneys called them three times, and the next communication from HSBC was a request for us to send them duplicate documents (the ones they got from us two months ago were supposedly out of date) along with a request for a letter attesting that no, we did not in fact own an apartment that we had rented more than a decade ago. Soon, perhaps, we will get closing documents to review, but the rate lock extension lapses in twelve days. This organization does not function well, and I am starting to worry that their loan servicing will be as disorganized as their underwriting process. Will they record our payments, or will I come how one day to a surprise foreclosure? I am thinking of walking away from this deal.
I should have taken note of the other reviews, they were not exaggerating. My first experience with HSBC mortgages was in 2013, it was the worst experience including last minute delays and an emergency overnight international flight back to the US at my cost, when HSBC suddenly realized they could not accept my attorney signing to close on my behalf after all, despite it being their suggestion in the first place when I wanted to extend closing due to a business trip. Anyway, that was all in the past. When I went to refinance this year with another bank HSBC offered to match the rate. Foolishly I accepted to stay. What a mistake.
Despite being a premier international customer the service has been absolutely awful. It took over 3 months to close. I received conflicting emails from HSBC to the extent their advisor told me to ignore system generated emails received from HSBC. The mortgage team were switching between various email addresses and text messages meaning it was impossible to control back up of what had been said when and by whom. Every request would suddenly be a last minute emergency which had to be resolved immediately.
I started checking in with them in advance if we were all set for the next step, and whether anything was required, so we could prepare, particularly as I was dealing with overseas assets and time zones. Repeatedly I was told nothing was required and then we would get another Friday afternoon emergency where critical documentation was suddenly required immediately from overseas when the European banks had already closed. Requests for paperwork were contradictory. Some requests made no sense. My requests for clarification on what they were asking for would just result in them continuing to repeat the same request with no explanation. I realized they often didn't know what they were asking for either, requiring me to do my own research to figure it out.
We had to extend closing twice as HSBC would suddenly realize another document was required, or an already submitted and approved document was no longer what they needed. The fees just kept racking up and I stil don't understand how I incurred such high fees in refinancing when I believed we had initially discussed a much lower figure, but between the various erratic forms of communication I have no proof and I just wanted to get the whole experience over with.
When I asked for clarification of the very vague final statement of costs the agent was unable to fully explain what the various sums were for. During the time it took to refinance an existing mortgage with HSBC I viewed another property, purchased it, and rented it out (not through HSBC) while HSBC were still trying to refinance this property. I highly recommend anyone to steer clear of this bank for mortgage purposes, it was an absolute nightmare and highly stressful. I should have gone with the other bank. Save yourself the stress and go elsewhere.
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Closing document from the first and second mortgages. Most are forged. I have forensic to prove it. Including 5 mortgage that have been notarized that are not mine. Payment history from 2001 until 2014 that state that every payment made was NSF (contemporary slavery). 12% interest rate. They would not let me refinance with any other bank with their illegal practices. I could not receive a timely payoff amount for 14 years. Not one. There is so much more abuse. They entered forged documents into court. The banks have too much power to destroy mankind. The laws need to be changed.
I am currently in the process of finalizing a mortgage with them and the overall experience has been horrific. Despite being a Premier customer both in France and in the US, I was given false informations from my initial contact (like 45 days from quote to close - we have now been at this for over 9 weeks, and it is not done), the administrative back and forth has been horribly slow (despite it being a easy mortgage - great credit rating, low amount vs value and income, etc), and my contact Stephen has been horribly unresponsive. I have been sending weekly and then daily emails to get updates and no answer. But when documents were required, it was within 24hrs. We could have anticipated all the documents requested by the underwriters, and instead Stephen has acted as a slow mailbox, often sending me duplicate requests, etc. I regret deeply using them...
We originally decided to move forward with HSBC as they were offering a cash out refinance on a 10/1 ARM. After two months to make it past approval and underwriting, they changed their minds and withdrew the approval deciding not to offer a cash out option. A complete waste of 3 months even involving opening new accounts. Would NOT recommend to anyone. Go with your local large bank - not HSBC. Clearly mortgages aren’t a major part of the business they care about.
We tried to get a mortgage through HSBC and our coordinator was Gregory **. First exchange with Gregory sounded promising but very quickly it all fell apart.
Below is a laundry list of the many issues we had in dealing with them. Some of which pretty egregious in my mind... Gregory took off for a week long vacation without any email automatic email responses advising his clients why he is not responding. Only after I get on the phone and spent 1 hour to get someone to help us with our application.
Poorly communicated the status of missing documents, which were almost always positioned as last-minute emergencies instead of simple requests. Their online submission process is so inefficient and impossible to track. Constantly sent spam e-mails and texts that have nothing to do with the status of our loan, many of which actually confuse loan process. They processed the $500 appraisal fee without approving the property HOA. Every document sent had to be revised 3 times over and apparently internal communication is a joke. There is no point person that can guide you through the process as Greg in the end proved to be a completely inept and incompetent. I'd read terrible reviews before using them, but I gave them the benefit of the doubt since I used HSBC many years back but apparently things have fallen apart there. DO NOT WASTE YOUR TIME WITH HSBC and Gregory **.
Started out promising, got the mortgage in principal certificate but went rapidly downhill. I have to chase them to find anything out! This has got to be the worst customer service I’ve experienced in a decade. Seriously blunt and unsympathetic that a house, a home is relying on their professionalism. I’ll probably lose the property. Beyond frustration right now.
Normally I assume you get complaints ‘after the fact’ so in actual fact little if anything can be done, however my issue is current. I have applied for a mortgage Ref No. ** and initially told two weeks for a decision but I had to produce some more documentation as the upload payslips we not 100%. I did so immediately. 2 weeks became 4 weeks. After some chasing up I was emailed back to say the underwriter found another property in my name. I immediately sent the sale completion statement as evidence that the property in question was sold in June.
Now coming into week 6 and poor communication, update, lack of acknowledgement of receipt of documents sent. I have tried is a series of emails to explain the vendor and estate agents may pull out because I keep promising ‘next week’. Too much to explain all here, you’d have to look into my case but if I would of known about this service I would have gone elsewhere. If after 6 weeks I get refused, I would be furious as I’d probably lose the property and have to start from scratch. As I said at the beginning, this is not after the fact. It’s happening now and could actually be resolved with some expedience. To be honest, I’m not holding out but the customer care has been so poor for such a big corporation. I’ve since google many similar reviews warning people away from HSBC mortgages. Anyway. If nothing else thanks for reading thus far.
If you use HSBC, you must allow months for any issues to be worked out. At first they seem to help but then fail to follow through. We closed a home equity line of credit 6 years ago and paid the required recording fee. Now that we are closing on the sale of our house, we find that they never recorded a lien release. They tried to pass off the responsibility to a related lender, but after weeks of getting nowhere with that company, they acknowledged responsibility. A branch manager tried to help, but the correct department didn’t even respond to HIM! We already missed one closing date and are on the way to missing another and possibly losing the buyer and much more.
I am a REALTOR and after my heavily advising against using HSBC my client still went with them. I have closed over 400 transactions for my clients and this was my first experience with HSBC and it was an absolute nightmare! HSBC has held their file in underwriting for a week. We've missed 3 closing dates and my buyers are now in a hotel for Christmas with all of their belongings in a moving truck locked inside a warehouse. HSBC is unresponsive, they refuse to answer questions and I can honestly say they are not only the worst mortgage company I've ever dealt with but the absolute worst company in general I have ever dealt with in my life. Please stay away from this company.
My wife and I had a horrible experience trying to get a mortgage through HSBC. The mortgage agent tried to get my wife and I to sign up for a mortgage that was incorrect, the agent also tried to get us to sign documents that he incorrectly filled out. Communicated only occurred when I reached out to the agent. The mortgage agent was very selective and sparse with any correspondence. In many instances the loan officer would request documents which my wife and I had already submitted. It was a clear sign the loan officer did not review the original document package we sent over.
The mortgage application took 6 months to process due to the lack of correspondence and due diligence from HSBC. My wife and I were anticipating closing in September, but due to multiple delays from HSBC we did not close till December. My wife and I are dealing with extra expenses due to the lost time in acquiring the new residence. These extra expense are causing us financial hardship that we did not anticipate. The lack of professionalism is unacceptable. My wife and I lost 6 months of our time and efforts. If I had the opportunity to start over I would stay clear of HSBC. Both Consumer Affairs and the Better Business Bureau rate HSBC mortgage at one star which is too high. I have tried multiple times to file complaints against the mortgage agent and the loan officer but they seem to fall on deaf ears. This is absolutely unacceptable from a bank that claims to be "world class".
HSBC Mortgage Company Information
- Company Name:
- HSBC Mortgage
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