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HSBC Bank Mortgage Review 2024

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At a glance

HSBC Bank
NMLS: 399799
Editor's take

HSBC Bank is a global banking institution. While it boasts name recognition, the bank might be best suited to current customers, borrowers in need of a jumbo loan or those abroad looking to purchase property in the U.S. It doesn’t offer government-backed loans, either, which limits some more flexible financing options.

Bankrate Score
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4.2
Rating: 4.2 stars out of 5
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Bankrate Score

Customer Rating
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5.0
Rating: 5 stars out of 5

2 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, refinancing and more

Credit Good

Min. credit score required

Undisclosed

Location

Nationwide availability

All U.S. states

Dollar Coin

Min. down payment

3% for conventional loans

At a glance

HSBC Bank

NMLS: 399799

4.2

Rating: 4.2 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, refinancing and more

Location

Nationwide Availability

All U.S. states

Credit Good

Min. credit score required

Undisclosed

HSBC Bank overview

HSBC Bank is one of the biggest financial institutions in the world, established in 1865 and offering services including banking, investing and mortgages. In the U.S., the bank is incorporated in Maryland and maintains offices in some major hubs, including New York (where it’s headquartered) and Washington, D.C. While HSBC has been downsizing for several years now, it continues to offer mortgages, with an emphasis on catering to international investors along with first-time homebuyers.

Pros and cons of HSBC Bank

Pros
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    All-in-one app for banking and mortgage

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    Assistance programs providing up to $5,000 or $9,500 in closing cost and down payment help (only available in some states)

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    Jumbo loan options for borrowers in the U.S. and abroad

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    Cash-out refinancing solution for investors

Cons
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    Few locations

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    No government-backed loans

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    Only some rate information available online

Our Editor’s Take on HSBC Bank

HSBC Bank is a global banking institution. While it boasts name recognition, the bank might be best suited to current customers, borrowers in need of a jumbo loan or those abroad looking to purchase property in the U.S. It doesn’t offer government-backed loans, either, which limits some more flexible financing options.

How Bankrate scored HSBC Bank

  • Affordability: HSBC Bank’s mortgage rates are just slightly below Bankrate’s averages (as of this review), so you might be able to find better deals elsewhere. The bank’s lowest rates are reserved for those with a credit score of 740 or higher.

  • Availability: HSBC Bank is available to borrowers in the U.S. and other countries, but appears to focus much of its business on real estate investors, offering a bevy of jumbo loans and creative financing for all-cash purchases.

  • Borrower experience: You can start the lending process easily through HSBC’s website, but you’ll need to consult with a loan officer for details regarding your specific mortgage.

Affordability: 6.8/10

HSBC Bank’s mortgage rates are in line with Bankrate’s averages (as of this review), so shop around to see if there are other lower-cost banks or lenders out there. The bank displays rates on its website, but the figures shown are only for borrowers with excellent credit and based in certain counties in New York. For rates in any other location, you’ll need to contact the bank. You can also request a custom rate quote through the bank’s site.

The bank isn’t as forthcoming about fees, but it does advertise credits on some jumbo products, which can save you anywhere from $250 to $1,500 in closing costs, depending on your relationship and balance with the bank.

Availability: 10/10

HSBC Bank lends to borrowers across the U.S. and abroad, with a range of financing options including conventional and jumbo products and some low-down payment programs. In general, for a conventional loan with this lender, you’ll need to keep your debt-to-income (DTI) ratio to no more than 36 percent. If you’re a homebuyer outside the U.S., you’ll need to provide additional documentation, as well: a valid U.S. visa and proof of at least two years’ employment and residency.

Borrower experience: 8.3/10

HSBC Bank is a global organization with millions of customers. For its U.S. operations, the Better Business Bureau gives it an A- rating. In the past, the bank has weathered controversy for a lack of anti-money laundering protections.

If you’d like to obtain a mortgage with HSBC, you can start by getting prequalified online. (For the bank, “prequalification” and “preapproval” appear to refer to the same thing: a letter that indicates you’re likely to be approved for financing.) Once you close your loan, you can use the HSBC app to conveniently manage mortgage payments along with banking services.

How to apply for a mortgage with HSBC Bank

You can apply for a mortgage with HSBC Bank in person at a branch location, online or by phone at 844-472-2684 (844-HSBC-MTG). Its loan officers are available for in-person consultations in California, Florida, New Jersey, New York, Virginia and Washington. Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.

  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.

  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.) 

Refinancing with HSBC Bank

HSBC Bank offers both rate-and-term and cash-out refinancing options, including for all-cash homebuyers and those who don’t want to (or can’t) pay closing costs upfront. You can find some current refinance rates on the bank’s website, but you’ll need to contact a loan officer for specifics.

Compare HSBC Bank to other lenders

HSBC Bank
Rating: 4.2 stars out of 5
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4.2

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Bethpage Federal Credit Union
Rating: 4.9 stars out of 5
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4.9

Bankrate Score
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Read full review
First Mortgage Direct
Rating: 4.8 stars out of 5
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4.8

Bankrate Score
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Read full review

Loans offered

Conventional, jumbo, refinancing and more

Loans offered

Conventional, jumbo, FHA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Min. credit score required

Undisclosed

Min. credit score required

620 for conventional loans, 500 for FHA loans

Min. credit score required

620 for conventional loans, 580 for FHA loans, 580 for VA loans

Down payment

3% for conventional loans

Down payment

3% for conventional loans, 3.5% for FHA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

All U.S. states

Nationwide availability

Available in all U.S. states except Texas

Nationwide availability

All U.S. states

HSBC Bank customer ratings and reviews

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NMLS: 399799

5.0

Rating: 5 stars out of 5

2 ratings

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This lender has 0 recent reviews.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5
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100% of customers would recommend this lender.