mortgage from HSBC Premier

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Has anyone done mortgages with HSBC? My friend just now got a rate of 2.21% for a 5/1 Jumbo ARM in SF bayarea with 0 closing costs. The only caveat is that he needs to qualify for HSBC premier status (i.e. put in at least 100k into HSBC). He can remove the 100k after the loan is complete, but he will have to pay $50 per month extra.

Looks too good to be true. Just wondering if anyone has successfully done loans with HSBC and what their experience was.

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I believe one should be able to qualify for Premier with the mortgage as well.

Will you save more than $600 per year in interest ?

rpothine said:   Has anyone done mortgages with HSBC? My friend just now got a rate of 2.21% for a 5/1 Jumbo ARM in SF bayarea with 0 closing costs. The only caveat is that he needs to qualify for HSBC premier status (i.e. put in at least 100k into HSBC). He can remove the 100k after the loan is complete, but he will have to pay $50 per month extra.

Looks too good to be true. Just wondering if anyone has successfully done loans with HSBC and what their experience was.


Yes, I have an HSBC Premier mortgage, 30yr fixed. I got a rate of 3.75. I did look at the ARM option, but I was told that I would have to keep 100k in the bank for 3 years, otherwise the rate would go up. The upshot is that if you are ready to park 100k at HSBC for 3 years they will do a no-doc Premier ARM. So if I were your friend I would verify their policy - it's not just the $50 a month for premier status without 100k in the bank, its potentially a higher rate...

Zaos said:   I believe one should be able to qualify for Premier with the mortgage as well.

Yes you can qualify for premier status with a mortgage (which would remove the $50 Premier monthly fee for not having $100k in the bank) but the mortgage balance must be $500k.
And the issue here is more than the $50 a month - see above...

arbitman said:   Zaos said:   I believe one should be able to qualify for Premier with the mortgage as well.

Yes you can qualify for premier status with a mortgage (which would remove the $50 Premier monthly fee for not having $100k in the bank) but the mortgage balance must be $500k.
And the issue here is more than the $50 a month - see above...


For a bay area mortgage, 500k shouldn't be too much. Investments also qualify, though I'm not sure if holding a bunch on etfs will qualify for the ARM rate reduction.

arbitman said:   rpothine said:   Has anyone done mortgages with HSBC? My friend just now got a rate of 2.21% for a 5/1 Jumbo ARM in SF bayarea with 0 closing costs. The only caveat is that he needs to qualify for HSBC premier status (i.e. put in at least 100k into HSBC). He can remove the 100k after the loan is complete, but he will have to pay $50 per month extra.

Looks too good to be true. Just wondering if anyone has successfully done loans with HSBC and what their experience was.


Yes, I have an HSBC Premier mortgage, 30yr fixed. I got a rate of 3.75. I did look at the ARM option, but I was told that I would have to keep 100k in the bank for 3 years, otherwise the rate would go up. The upshot is that if you are ready to park 100k at HSBC for 3 years they will do a no-doc Premier ARM. ..

Really ? No doc just for depositing 100k?

No/low doc - you have to show somethingin the past, but current income can be stated.
You have to keep the 100k parked there - for 3 years IIRC, otherwise they can raise the rate.



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