HSBC Mortgage Review

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HSBC Mortgage
0.7 stars
Average rating for this product is: 0.7 out of 5

From 3 ratings and 30 reviews

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NO2HSBCMORTGAGE's Review of HSBC Mortgage

8th Jun 2006

Overall Rating

0 stars
  • Value for money
    0 stars
  • Repayment Method
    Repayment
  • Product
    Variable rate
Good Points

There are NO good points about HSBC.


Bad Points

There is a pre-payment penalty if you pay off before 2-years, and after that the interest rate adjusts. The only way you may be able to fix it is to refinance, but if you refinance you are again on a pre-payment penalty for another 2 years!! What is the point of this MORTGAGE COMPANY???


General Comments

I was at 7.05% (1,090.00 p,i, and escrow). On my two year anniversary with my HSBC mortgage in April 2006, I purchased land, and I am in the middle of working on a construction loan. I awaited my 2 year pre-payment penalty before deciding to either buy or build another home. So, NOW May 2006, my interest is 10.05% (1,400.00 p,i, and escrow). I just got a home equity loan the first of May to put down on the land. If I would have received a letter from HSBC, then I would have just refinanced my entire house. Now because of the new debt ratio, I am unable to get my construction loan! I have a bad mortgage with HSBC and a separate lot of land of 3 1/2 acres that I now can not build on for a while because of the debt ratio and the fact that I just got a second on my loan.

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