HSBC mortgage review: A global bank with many home loan options

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HSBC mortgage loans at a glance

  • Conventional loans: Yes
  • FHA loans: Yes
  • VA loans: Yes
  • Refinancing: Yes
  • Jumbo loan: Yes
  • Adjustable rates: Yes (terms unclear)
  • Fixed rates: Yes (30 and 15 years)

HSBC is a global bank that has locations in dozens of countries, including the U.S. It offers banking services across the U.S. in cities like Chicago, Los Angeles and New York.

One of the biggest benefits of taking out a mortgage through HSBC is its variety of home loans. The bank’s options include conventional loans, government-backed loans and jumbo loans. And HSBC is pretty transparent about sharing its daily mortgage rates.


  • Offers programs with low down payment options and closing costs assistance
  • Transparent about its daily mortgage rates
  • Home equity and cash-out refinance options are available 


  • Only current HSBC customers will qualify for the best rates
  • You’ll have to speak with a home loan consultant, so the application process isn’t entirely online

4 things to know about an HSBC mortgage loan

1. Variety of loan options

HSBC offers a variety of home loans, including conventional loans, jumbo loans, and fixed-rate and adjustable-rate mortgages.

Plus, there are quite a few promotions for current HSBC customers who want to borrow a large amount with a jumbo mortgage. But most of these programs cater to wealthy borrowers.

The bank is pretty transparent about sharing its lowest daily mortgage rates on its website. That can make comparing rates among lenders more straightforward if you’re in the early process of shopping for a mortgage.

2. Offers programs to help make homeownership more attainable for first-time borrowers

HSBC also offers programs that make homeownership more attainable for people who need assistance buying a home. Here’s a look at its options.

  • CommunityWorks — This program offers up to $7,000 in closing cost assistance. And it can be used in combination with other eligible grants to make homeownership more affordable.
  • HomeReady — You may be able to qualify for HSBC’s HomeReady mortgage with a down payment as low as 3%. The bank also allows borrowers to add a nonoccupant co-borrower or renter for qualification purposes.
  • Home Possible — The Home Possible Mortgage is a fixed-rate mortgage that also offers a down payment option as low as 3%. First-time homebuyers are required to complete a homebuyer education course.
  • Homebuyer Dream Program — The Homebuyer Dream Program is only available to certain New York and New Jersey residents. If you’re eligible for the program, you could receive a grant of up to $14,500 to apply toward your down payment and closing costs. To qualify, you must be a first-time homebuyer who lives in an eligible county in New York or New Jersey.

Plus, HSBC offers government-backed VA loans and FHA loans. Both loans come with low down payment requirements, and you can use funds gifted from family members toward your closing costs.

3. Home equity and cash-out refinance option available

HSBC also offers a home equity line of credit, or HELOC, of up to $250,000. A HELOC is a revolving line of credit determined by your home equity, and you’ll only pay interest on the money you actually borrow.

And if you’re a current HSBC customer, you can receive either a 0.25% or 0.50% rate discount if you set up auto payment from a qualifying checking account.

The bank also offers a cash-out refinance option on your home. With a cash-out refinance, you’ll take out a new, larger mortgage that replaces your current one and receive the difference as cash.

Both of these options are useful because they can help you tap into the existing equity in your home. That can make it easier for you to achieve other financial goals, like completing a home renovation project or consolidating debt.

4. A good option for international borrowers

If you’re a global borrower who is interested in buying a home in the U.S., HSBC is a good option to consider. The bank offers fixed-rate and adjustable-rate loans with financing up to $4 million. But you’ll need to provide certain documentation to qualify, and your mortgage payments must be paid in U.S. dollars.

Who is an HSBC loan good for?

If you’re interested in taking out a mortgage but aren’t sure where to start, it may be helpful to look into HSBC. The bank provides a range of mortgage types that you can explore.

And if you’re a current HSBC banking customer, you can qualify for a rate discount on your mortgage with automatic payments from a qualifying checking account. (But you’ll want to read the fine print since you’ll need a minimum balance of $10,000 to qualify for HSBC’s Preferred Mortgage program.)

The bank does offer affordable homeownership options as well. And if you’re an international borrower looking to purchase a home in the U.S., HSBC could be the right choice for you.  

How to apply for an HSBC mortgage

If you’re interested in applying for a mortgage with HSBC, there are a few different ways you can get started. You can fill out a short form online and a home loan consultant will contact you to complete a rate quote. You can also call the bank directly and speak with someone if you want a bit more hand-holding through the process.

Once you submit all of your information, an HSBC representative will contact you to finalize the application process. They’ll give you a checklist of what you’ll need going forward.

Not sure if HSBC is right for you? Consider these alternatives.

If you’re shopping for a mortgage, you have a window of time where multiple credit inquiries are only counted as one for your credit scores. You typically have 14 days — though it could be longer depending on the scoring model.

  • Better Mortgage: Better Mortgage provides a streamlined online mortgage application process and may be able to give you a loan estimate within minutes.
  • Axos Bank: With Axos Bank, new and existing customers who take out a mortgage through can have their lender fees waived and earn cash back on their payments if they meet certain conditions.

About the author: Jamie Johnson is a Kansas City-based freelance writer who specializes in finance and business. She covers a variety of personal finance topics, including building credit, credit cards, p… Read more.