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Fixed-Rate Mortgages | Bank of America

January 08, 2015

Predictable monthly payments

Mortgage Fixed Rate Loan

A fixed-rate mortgage offers a straightforward, predictable monthly payment. With fixed-rate mortgages, your interest rate—and your total monthly payment of Glossary Term:principal layer and Glossary Term:interest layer—will stay the same for the entire Glossary Term:term layer of the loan. That predictability makes it easier to set your budget.

Advantages of a fixed-rate mortgage

Fixed-rate mortgages are a good choice if you:

  • Think interest rates could rise in the next few years and want to keep the current rate
  • Plan to stay in your home for many years
  • Prefer the stability of a fixed principal/interest payment to a payment that changes periodically (which is what happens with an adjustable-rate mortgage)

How term affects interest and equity

In general, the longer the term of the fixed-rate mortgage is the more interest you will pay over the life of the loan and the higher your interest rate will be, but your monthly payments will tend to be lower. The shorter the repayment term is, the lower the interest rate will be and the faster you’ll pay off and build Glossary Term:equity layer in your home, though your monthly payments will generally be higher.

Fixed-rate mortgage loans are available in a variety of repayment terms, with 30-, 20- and 15-year fixed-rate mortgages being the most popular.

30-year fixed-rate mortgage

The 30-year fixed-rate mortgage is one of the most popular mortgages. Many people like the fixed interest rate and lower monthly payments. But since the term of the loan is long, you’ll pay more interest over the life of the loan than you would on a shorter-term mortgage, and you’ll build equity more slowly.

20-year fixed-rate mortgage

A 20-year fixed-rate mortgage helps you pay off your home faster and build equity more quickly than longer-term fixed-rate mortgages. A 20-year fixed-rate mortgage generally has a lower interest rate than longer-term home loans but higher monthly payments.

15-year fixed-rate mortgage

You generally pay a lower interest rate with a 15-year fixed-rate mortgage than you would for longer-term fixed-rate mortgage loans. You will pay less interest than you would with a longer-term loan and build equity more quickly. However, your monthly payments will be higher for a 15-year fixed-rate mortgage than they would be on a longer-term mortgage.

Fixed-rate interest-only loans

Note: Bank of America offers the interest-only payment option on jumbo loans only.

Fixed-rate interest-only loans have a 30-year term and an initial time frame, usually 10 years, during which you can choose to make interest-only payments or both principal and interest payments. This means the initial payments are comparatively low, allowing you to use the balance of your cash flow for other immediate needs. At the end of the interest-only period, you will be required to pay both interest and principal so the outstanding balance will be paid in full over the remaining 20-year term of the loan.

While you’re paying only interest, your payments are not building potential home equity. By the end of the interest-only period you will still owe the original amount you borrowed, which may make it more difficult to refinance your mortgage or to make money from selling your home. If you paid only interest during the initial time frame, once the initial time frame expires your payments will be significantly higher and can result in “payment shock.” Be sure you fully understand the risks involved before committing to an interest-only loan and making interest-only monthly payments. Since this loan begins with an interest-only period, you will pay more interest over the life of the loan compared with a traditional 30-year mortgage.

Interest-only loans tend to appeal to people whose income fluctuates (those who are self-employed, on commission or on a bonus schedule) or who expect to own their home for a short period of time.

Jumbo loans

If your mortgage will be for an amount higher than Glossary Term:conforming layer thresholds, a jumbo mortgage may be an option. Jumbo loans are available for primary residences, second or vacation homes and investment properties, and are also available in a variety of terms. Jumbo home loans typically have a higher interest rate than smaller home loans due to different Glossary Term:underwriting layer and home equity requirements.

Combination loans

A combination loan pairs a conforming first mortgage with a home equity Glossary Term:second mortgage layer for up to 80% of the property’s value in a single application with 1 down payment. Combination loans may help you avoid the higher rates of a jumbo first mortgage. Combination loans are made up of 3 parts:

  • First mortgage
  • Second
  • mortgage (home equity loan)
  • Down payment

These 3 parts can be combined in different ways. For example, a 70% first mortgage, 10% home equity second mortgage and 20% down payment. Talk with a Bank of America mortgage loan officer for information about combination loans.

 

 

Fixed-Rate Mortgages | Bank of America Fixed-Rate Mortgages | Bank of America Reviewed by BARI.0492 on January 08, 2015 Rating: 5

Mortgage Loans Closing Procedure | Bank of America

January 08, 2015

What happens at Closing?

 

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When you purchase a new home, closing day can be a whirlwind. Everything moves fast and there are a lot of papers to sign. It’s a good idea to review what will happen ahead of time, so you can feel prepared and close your loan with confidence.

Who will be there?

The number of people who will attend your closing depends on many factors, including the state where the property is located, the property type, and more. At the closing, in addition to you, the people attending may include:

  • your attorney (if you have one)
  • the seller(s) or the builder's representative (if you've bought a brand new home)
  • the seller’s attorney (if they have one)
  • both real estate professionals (yours and the seller’s)
  • a lender's representative or your Glossary Term:title company layer (in some cases)
  • the closing agent (which could be a representative from the title company or a real estate attorney)
  • a notary public
What happens at closing?
  • The closing can be held at the title company’s office, your lender’s office, a real estate attorney’s office, or other agreed upon location, depending on the circumstances.  Here’s a review of what will happen at closing: you’ll review and sign all of your loan documents. Make sure that each document is explained clearly and that you understand the Glossary Term:term layer to which you are agreeing. If something is different than what you expected or agreed to, don’t sign until the issue is resolved to your satisfaction.
  • You’ll provide evidence of required homeowners insurance and inspections (if applicable)
  • You’ll give a certified or cashier’s check to cover your down payment (if applicable) closing costs, prepaid interest, taxes and insurance.
  • Your lender will distribute the funds covering your home loan amount to the closing agent.
  • Depending on your loan terms, you may also be required to set up a new escrow (or impound) account with your lender, so you can pay your property taxes and homeowners insurance along with your monthly mortgage payment.
What are you signing?
The main focus at a closing is to sign the final paperwork. The four main items to review and/or sign during closing are:

HUD-1 Settlement Statement: The itemized list of the final credits and charges, for both you and the seller, based on the terms of the contract. You should receive a copy of the HUD-1 at least one day prior to the closing for your review.

Homeowner tip:
Do not sign your Glossary Term:HUD-1 Settlement Statement layer if it’s significantly higher than your Glossary Term:Good Faith Estimate layer (see the Understanding the closing costs section of the article for more about the Good Faith Estimate), if you see a different rate on your loan than you agreed on, or if there are any additional clauses in your paperwork that weren’t explained to you. Don’t sign anything until you can resolve these issues with your lender and are satisfied with all the terms of your loan. If you can’t resolve these issues and you haven’t signed anything, you are free to walk away. Don’t feel pressured—after all, it is your money.

Deed of trust or mortgage: The documents in which you agree to a Glossary Term:lien layer on your property, as security for repayment of your home loan.

The promissory note: The mortgage (or Glossary Term:promissory note layer) is a legal “IOU” that represents your promise to pay the lender according to the agreed terms, including the dates on which you must make your mortgage payments and where they must be sent.

Clarity Commitment® documentFootnote1: As a Bank of America customer, in most cases you will have the advantage of reviewing this one-page summary, written in plain language, highlighting key terms of your loan.

Estimating closing costs

You will also pay Glossary Term:closing costs layer when you sign your final mortgage loan documents. Typically, you can expect to pay about 3% of the total loan amount in closing costs, although that number will depend on the state you are purchasing in and the type of loan you choose.

Understanding the closing costs
You will receive a Good Faith Estimate (or GFE) several days after submitting your loan application. The GFE is an estimate of your loan’s costs.

There are many elements that may go into your total closing costs, including: discount Glossary Term:points layer, recording fees, Glossary Term:origination fees layer, appraisal, notary fees, attorney fees, Glossary Term:title insurance layer, and more, depending on your loan program and where you live. Ask your lender to give you an overview of all the fees in your mortgage and to explain any you don’t understand.

Prior to closing your loan, you’ll receive your final HUD-1 Settlement Statement listing your final closing costs. Many of these costs you’ll know ahead of time, as they were listed in your GFE.

Once you’ve determined your closing costs, be sure to bring a certified or cashier’s check for the amount of your closing costs. You’ll need to provide those funds at closing. Typically personal checks aren’t accepted, so make sure to check with your closing agent about which form of payment is acceptable.

Homeowner tip:
Some fees on your Good Faith Estimate and HUD-1 Settlement Statement are paid outside of closing (or “POC”). This means the fees have been paid or must be paid separate from your closing costs. This commonly includes fees for credit reports and appraisals that you will usually pay in advance. Other POC fees may include those paid by your lender to a mortgage broker, but these are usually included in the interest rate or other settlement charge and are not an additional cost to you.

Closing on a home is exciting—whether it’s your first or your tenth. With the right amount of preparation, you’ll enjoy the experience even more.

 

Mortgage Loans Closing Procedure | Bank of America Mortgage Loans Closing Procedure | Bank of America Reviewed by BARI.0492 on January 08, 2015 Rating: 5

Home Appraisal Process | Mortgage Loans | Bank of America

January 08, 2015

The Home Appraisal Process

If you're buying a home and your offer has been accepted, the next step is applying for your mortgage. As part of that process your lender will order a home Glossary Term:appraisal layer, which gives you a trained professional’s point of view on the Glossary Term:fair market value layer of the home to make sure the home’s value supports the purchase price.

Who orders the appraisal?
Your lender will order the appraisal to be performed by a licensed appraiser. Borrowers are typically required to pay for the appraisal, and the cost will appear on the Glossary Term:HUD-1 layer closing document as part of your Glossary Term:closing costs layer.
What happens at the appraisal?

For a home purchase, an on-site appraisal is needed for the mortgage to be approved. Appraisers consider:

  • Glossary Term:Comparable layer properties that have sold recently, similar in size and location to the home you are buying; their sale prices are usually the most important factor
  • General condition and age of the home
  • Location of the home, including views or other remarkable features
  • Size and features (for example, the number of bedrooms and baths) of the home and property
  • Major structural improvements such as additions and remodeled rooms
  • Features and Glossary Term:amenities layer such as swimming pools and wood flooring
What’s the difference between an appraisal and an inspection?
An appraiser does not necessarily look for potential defects in the home. That’s a home inspector’s role.

An inspector would be hired by you directly if you are purchasing a home and want an itemized report of potential repairs or problems with the home. On the other hand, the appraiser is hired by your lender to determine the home’s fair market value. This will allow your lender to ensure that the home loan amount is in line with what the home is really worth.

Home Appraisal Process | Mortgage Loans | Bank of America Home Appraisal Process | Mortgage Loans | Bank of America Reviewed by BARI.0492 on January 08, 2015 Rating: 5

Mortgages Approval Procedure | Bank of America

January 08, 2015

To get a clearer view of the home loan process, it’s helpful to know some of the factors that will be considered when your mortgage application is reviewed.

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When you apply for a mortgage, your loan officer will forward your application and the supporting documentation to an Glossary Term:underwriter layer. It's the underwriter's responsibility to review your loan scenario and the supporting documentation to ensure that it meets the loan program guidelines, to determine whether or not you qualify for the loan.

The underwriter looks at your application to see if it meets these basic criteria:

  1. Your ability to repay the loan. This requirement basically asks, "Is your income enough to cover the new mortgage payment and all your other monthly expenses?" To figure this out, lenders use your debt-to-income ratio (DTI). To calculate yours, add up 2 things: your projected monthly home payment and your other recurring debt (monthly payments toward loans and credit cards, for example). Do not include expenses like your electric bill or phone bill. Divide that total number by your monthly pre-tax income to find your ratio. Most lenders want your debt-to-income ratio to be 36% or less, but the ratio that works best for you is the one that you can comfortably afford. If you're self-employed, tell your lender so they can help guide you through any specific questions about your employment or income.
  2. Your likelihood to repay the loan. Your payment history and Glossary Term:credit score layer are indicators to lenders of your likelihood to make payments in the future.
  3. The home value. The underwriter carefully looks at the home value (based on a professional appraisal ordered by your lender) of the property you are purchasing to verify that it meets or exceeds the purchase price. This will also help them ensure the Glossary Term:loan-to-value layer (LTV) ratio fits within the loan program guidelines. (For more complete information, read The home appraisal process.) To qualify for a conventional loan, most lenders require you to have a loan-to-value ratio of no more than 80-95%. The higher your home's value and the less you owe on it, the lower your LTV ratio.
  4. For a purchase, the source of funds for your down payment. The underwriter will verify your Glossary Term:down payment layer funds. If you have a down payment of less than 20%, you will typically be required to pay private mortgage insurance (PMI), which increases your monthly mortgage payment. The underwriter will review your documentation to estimate whether you have enough money to cover Glossary Term:closing costs layer. You may also be required to have set aside two or more monthly mortgage payments as Glossary Term:reserves layer, depending on the loan program and/or loan amount. Lenders typically require reserves to cover your mortgage payment in case of emergencies or unforeseen events.
Mortgages Approval Procedure | Bank of America Mortgages Approval Procedure | Bank of America Reviewed by BARI.0492 on January 08, 2015 Rating: 5

Mortgage and Home Loans in United States (USA) | Bank of America

January 08, 2015

Finding the right home and the right mortgage helps set a solid foundation for successful homeownership. We have the mortgage tools, information and expertise to help you with the decisions you need to make along the way. Once you have found a home (and the seller has accepted your offer) that fits your personal preferences, your needs and your budget, it’s time to apply for your loan. If you have already selected your lender, get in touch with them and they can take your application. You can apply for a mortgage by filling out an application in person, and depending on your lender, may be able to start over the phone, or online. You’ll fill out an application, providing information on behalf of yourself and anyone else who is going to be listed as a Glossary Term: co-borrower layer on the mortgage (like a spouse or partner). If you’ve already been Glossary Term: preapproved layer, you may have filled out some of the application details by this point. What you’ll need To apply for a home mortgage, you’ll need to provide your lender with documentation to help verify your employment history, creditworthiness, and overall financial situation. If you are applying with someone else (called a co-borrower, such as your spouse), they will also need to provide the same documents.

Bank of America Home Loans

Be prepared to provide the following: W-2s (for the last 2 years) Recent pay stubs (two most recent consecutive) Bank statements for all financial accounts, including investments (for the last 2 months, all pages) Signed personal and business tax returns (all pages and relevant schedules) If self-employed, a copy of most recent quarterly or year-to-date profit/loss statement A copy of the signed Purchase and Sales Agreement Your lender may require more documents, depending on your circumstances and the type of mortgage for which you’re applying. You can expect your lender to ask you details about your employment and financial history. With your permission, your lender will also run your Glossary Term: credit report layer as part of the process. Because a mortgage is such an important financial commitment, be sure to take your time and carefully fill out the application as completely and accurately as possible. Not disclosing credit problems up-front or holding back requested documents will only delay the process and potentially prevent approval of the mortgage, so it’s to your benefit to fully disclose everything about your finances. Locking in your interest rate Since Glossary Term: interest rates layer fluctuate frequently, things can change between the day you apply for your loan and the day you close. If you want to protect yourself against rising interest rates and ensure that the Glossary Term: loan terms layer you used to build your budget are locked, you might consider Glossary Term: locking in layer your rate with your lender when you fill out your loan application. A rate lock, also known as a “rate commitment,” is your lender’s assurance that the interest rate and Glossary Term: discount points layer are guaranteed until the rate lock expiration date. The lender will provide the terms of the rate lock to you in writing, including the agreed-upon interest rate, the length of the lock, and any discount points you choose to pay. Of course, if you believe that interest rates will decrease in the near future, waiting to lock your rate may make sense to you. In the end, it’s a personal choice when to lock your rate. The rate must be locked prior to the lender preparing your closing documents. Talk to your lender about the choice that best suits your needs and your preferences.

Mortgage and Home Loans in United States (USA) | Bank of America Mortgage and Home Loans in United States (USA) | Bank of America Reviewed by BARI.0492 on January 08, 2015 Rating: 5

Loans in USA (Secure, Unsecured, Payday, Installment Loan etc)

January 05, 2015
Peer to peer lending (P2P), or social lending, is a new process of connecting an individual borrower with lenders, without using traditional banks to obtain an unsecured loan. As a potential borrower, you can post a request for a loan, along with a brief description of how you will use it. The borrower and lenders are strangers; their only knowledge of each other is through the P2P website. Although the idea seems very informal, a peer-to-peer loan contract is a formal, legally binding agreement between two parties; checks and pay stubs are required. There can still be fees for late and missed payments. The lenders must report your loan payment history to the credit reporting agencies. Consumer Action has more information about peer-to-peer lending.
Types of Loans
There are different types of loans. Some are secured loans. This mean that your property and things you own are used as collateral, and if you cannot pay back the loan, the lender will take your collateral to get their money back. Other types of loans, unsecured loans, don’t use property as collateral. Lenders consider these as more risky than secured loans, so they charge a higher interest rate for them. Most credit cards are unsecured loans, although some consumers have secured credit cards. Two very common secured loans are home equity and installment loans.
Home-Equity Loans
A home equity loan could be a smart way to pay off high-interest debt or pay for home repairs. But consider carefully before taking out a home equity loan. If you are unable to make payments on time, you could lose your home.
Home equity loans can either be a revolving line of credit or a lump sum. Revolving credit lets you withdraw funds when you need them. A lump sum is a one-time closed-end loan, for a particular purpose, such as remodeling or tuition. Apply for a home equity loan through a bank or credit union first. These loans are likely to cost less than those offered by finance companies.

Installment Loans

Before you sign an agreement for a loan to buy a house, a car or other large purchase, make sure you fully understand all the lender's terms and conditions, including:
  • The dollar amount you are borrowing.
  • The payment amounts and when they are due.
  • The total finance charge, the total of all the interest and fees you must pay to get the loan.
  • The Annual Percentage Rate (APR), the rate of interest you will pay over the full term of the loan.
  • Penalties for late payments.
  • What the lender will do if you can't pay back the loan.
  • Penalties if you pay the loan back early
The Truth in Lending Act requires lenders to give you this information so you can compare different offers.

Payday and Tax Refund Loans

Payday loans are illegal in some states. Recent changes in the law for payday lenders have also made payday loans illegal for members of the military. With a typical payday loan, you might write a personal check for $115 to borrow $100 for two weeks, until payday. The annual percentage rate (APR) in this example is 390 percent! If you can repay the loan quickly, it may not appear such a bad deal. But if you can't pay off the loan quickly, that relatively small loan can grow into a large amount of debt. At 390 percent, a $100 loan will become $490 in a year and $2,401 in two years.
Another high cost way to borrow money is a tax refund loan. This type of credit lets you get an advance on a tax refund for a fee. APRs as high as 774% have been reported. If you are short of cash, avoid both of these loans by asking for more time to pay a bill or seeking a traditional loan. Even a cash advance on your credit card may cost less.





Loans in USA (Secure, Unsecured, Payday, Installment Loan etc) Loans in USA (Secure, Unsecured, Payday, Installment Loan etc) Reviewed by BARI.0492 on January 05, 2015 Rating: 5

Test post - Label Standardization # 4

September 24, 2014
Taiwan, Thailand, Turkey, UAE, Uganda, UK, Ukraine, US, USA, USSR, WAME, Yemen, Zimbabwe,
Test post - Label Standardization # 4 Test post - Label Standardization # 4 Reviewed by BARI.0492 on September 24, 2014 Rating: 5

We will take you through the mortgage process, step by step

March 05, 2014

We will take you through the mortgage process, step by step

Application & Credit verification

Learn more about these important first steps

Documents you may need

Download this helpful checklist of some of the documents required for a U.S. mortgage

Pre-approval

Consider the advantages you'll have with an HSBC Pre-Approved Mortgage

Closing on your U.S. home

Here's a quick look at the real estate closing process, and a way to estimate your costs

HSBC mortgage document checklist
Your HSBC Mortgage Consultant will help you with all necessary documentation. Our U.S. Mortgage Document checklist can help you get started.
We will take you through the mortgage process, step by step We will take you through the mortgage process, step by step Reviewed by BARI.0492 on March 05, 2014 Rating: 5

HSBC Mortgage offers valuable benefits for international buyers

March 05, 2014

An HSBC Mortgage offers valuable benefits for international buyers

HSBC Mortgages
Choose the mortgage program that best meets your needs

Benefits of financing

See how financing may make sense even if you have the money to fully pay for a home


Cash Out Refinancing

Learn how you can borrow against your home's available equity

HSBC Mortgage offers valuable benefits for international buyers HSBC Mortgage offers valuable benefits for international buyers Reviewed by BARI.0492 on March 05, 2014 Rating: 5

US. mortgage expertise that can open doors for you.

March 05, 2014
US. mortgage expertise that can open doors for you.
If you are looking to obtain a U.S. mortgage, why not go with the bank that specializes in providing home financing options for international borrowers? We have the expertise to guide you through the home financing process from start to finish. You can expect:

  • Exclusive service
    Priority processing that provides quick turnaround
  • Preferred rates
    Our preferred rates on Premier Deluxe Mortgages1
  • Home financing options
    Up to $3 million in financing2 with fixed and ARM options
  • Closing cost credit
    Up to $1,500 closing cost credit on Premier Deluxe Mortgages3

Portable HSBC credit history

You may still qualify for a mortgage even if you haven't established credit in the United States. HSBC offers portable HSBC credit history4 so you can transfer your HSBC credit history from another country to an HSBC branch in the United States.
US. mortgage expertise that can open doors for you. US. mortgage expertise that can open doors for you. Reviewed by BARI.0492 on March 05, 2014 Rating: 5

Premier Line of Credit - USBank America

March 05, 2014

Premier Line of CreditPremier Line of Credit

U.S. Bank customers can enjoy instant access to funds on an ongoing basis with the U.S. Bank Premier Line of Credit.1 You'll have the money you need, whenever you need it, at a competitive interest rate.
 
With the Premier Line of Credit, our version of an unsecured line of credit, you'll enjoy:
  • Generous credit limits
  • Competitive Annual Percentage Rates, currently as low as 9.25% to 13.25%
  • No annual fees
  • Convenient, ongoing access to your funds via
    • Premier Line Access Checks
    • Visa® Platinum Access Card
    • Branch tellers
    • 24-Hour Banking
    • usbank.com
  • No fees for funds advanced by phone, branch teller, Internet or U.S. Bank Premier Line Access Checks
  • Same low Annual Percentage Rate for advances, balance transfers and purchases
The APR may vary and as of August 28, 2013, the variable APR for Purchases, Balance Transfers and Cash Advance is 9.25% - 13.25% (based on your creditworthiness)]. Cash Advance ATM fee: 4% of each advance amount, $15 minimum. Cash Equivalent fee: 4% of each cash amount, $20 minimum. The annual fee is $0. Foreign Transaction fee: 3% of each foreign purchase transaction or foreign ATM advance transaction in a Foreign Currency.
 
View Rates & Pricing Info
 
How it Works???
 
A U.S. Bank Premier Line of Credit is a revolving, open-end line of unsecured credit that gives you instant access to funds on an ongoing basis with fewer fees. To apply, you must be a current U.S. Bank customer. It's perfect for:
  • Home improvements
  • School tuition and expenses
  • Managing your personal cash flow
  • Paying off high interest rate credit cards
  • Unexpected expenses
Standard Benefits
  • No collateral required
  • Fast access to your funds in as little as 48 hours
  • Free U.S. Bank Internet Banking, Bill Pay, Online Statements and Account Alerts
What do you need to apply???
 
To qualify for a Premier Line you must be an established U.S. Bank customer with a checking account. If you are a recent customer (less than 120 days) or wish to become a U.S. Bank customer, please visit one of our branches. You will need the following information for your Premier Line of Credit application:
  • Social Security Number
  • Proof of your current rent or mortgage payment
  • Details of your current employment
  • Proof of your annual income
Premier Line of Credit - USBank America Premier Line of Credit - USBank America Reviewed by BARI.0492 on March 05, 2014 Rating: 5

Home Equity: Your Home Is a Financial Resource

March 05, 2014

Home Equity: Your Home Is a Financial Resource

HSBC Home Equity options represented by couple admiring the view in their home.
Equity is the difference between the current market (appraised) value of your home and the outstanding balance of your mortgage. By tapping into the equity you have built in your home, you may already have the financial resources you need to pursue personal goals. If you want to consolidate your high interest debt, pay for your child's college education, repair or remodel your home, or take a well-deserved vacation, then you may want to consider a home equity line of credit as one of your options.
Evaluating the advantages and costs when you take on a home equity line of credit is an important first step. With a home equity line of credit, you will have additional monthly payments and interest charges. Carefully consider the impact of these new expenses before you choose to apply for a home equity line of credit.
At HSBC, we can help you access the equity in your home that you've worked so hard to build.
HSBC Premier Clients receive preferred rates1 on Home Equity Line of ChoiceSM. To learn more about HSBC Premier, please request a callback or call 866.503.4722.
A home equity line of credit from HSBC comes with many added benefits including:
  • Flexibility in accessing and repaying the funds - Manage your approved funds and use them whenever you need to. You can conveniently access your approved credit line by simply writing a check and there are no fees2 in accessing your funds.
  • Tax Savings - Interest charges may be tax deductible. Please consult your tax advisor about the deductibility of interest.
  • Lower your monthly payments by consolidating higher interest rate debt - Home equity rates can be lower than credit card and personal loan rates and can help you reduce your monthly payments in addition to savings on interest charges.
Home Equity: Resources
Our Home Equity resources can help you decide whether an HSBC Home Equity Line of ChoiceSM is right for you and your family. Learn more with our Home Equity FAQs and Home Equity Checklist.

Home Equity: Getting Started
To get started on accessing the equity in your home, request a callback from one of our Mortgage Consultants or call 866.731.4722.
Home Equity: Your Home Is a Financial Resource Home Equity: Your Home Is a Financial Resource Reviewed by BARI.0492 on March 05, 2014 Rating: 5

Refinancing: What is It and What you need to know?

March 05, 2014

Refinancing: What is It and What you need to know?

HSBC Mortgage represented by a couple buying a new home.
Refinancing is the process of renegotiating your mortgage. With refinancing, you may change your loan terms or take out equity in your home.

Why refinance? You may want to take advantage of favorable market rates to cash in on savings. Or perhaps you need extra cash for home remodeling or education. Whatever your reason, working with HSBC can help make the process easy.

Reasons to Refinance and Why Timing is Important
Many factors may come into play when you are making a decision to refinance your mortgage. For example, you may want to refinance your home to pay for your child's education. In this case, your need to refinance is immediate. However, you may also want to refinance for reasons such as remodeling your home. In this case, your timing can be more flexible and the choice to refinance can be based on market conditions. Whatever your reason, HSBC can help you understand how market forces such as interest rate fluctuations will impact your decision and how the decision to refinance is often as much about "when" as "why".

Refinancing Benefits for HSBC Premier Clients
When refinancing a home, Premier Clients receive preferred mortgage rates and pricing1. This is in addition to access to Premier Deluxe Mortgages2 and other benefits of HSBC Premier banking. To learn more about HSBC Premier Mortgages, please request a callback or call 866.503.4722

Refinancing ResourcesOur refinancing resources can help you decide whether refinancing is right for you. Get answers to your refinancing questions with the following tools.
Mortgage Calculators

Mortgage FAQs
Mortgage Document Checklist
HSBC Refinance Programs

Refinancing: Getting Started


To get started on a new refinancing application, Request a callback from one of our Mortgage Consultants or call 866.731.4722.

For more information on Refinancing, read the Consumer Guide to Mortgage Refinancing*.
Refinancing: What is It and What you need to know? Refinancing: What is It and What you need to know? Reviewed by BARI.0492 on March 05, 2014 Rating: 5

HSBC Advance

March 05, 2014

HSBC Advance

To apply or learn more call 866.584.4722 or
Request a callback Apply online

Discover how an HSBC Advance relationship1
can help you make the most of your money - today or tomorrow

You have big plans for your future. And you know that the actions you take today will play a big part in shaping your tomorrow. HSBC Advance was created specifically to help people like you.

Day-to-day banking

Enjoy the enhanced benefits and services of a banking relationship.

Growing your money

Start on the road to your financial future.

International services on demand

Assistance around the corner and across the globe.

Financial tools and online calculators

Manage all of your online accounts from one source.

You could be eligible to receive a
$300 Apple® Gift Card when you
begin an HSBC Advance relationship.

Our way of saying thanks


Day-to-day banking

Meeting your banking needs today, while helping you get ready for tomorrow. HSBC Advance is a comprehensive relationship designed to help you simplify your finances so you can focus on achieving your goals. From everyday banking to international support, HSBC Advance can help you reach those goals. As an HSBC Advance client, you will have access to financial opportunities, special discounts, and other benefits to help you make the most of your money while taking care of the day-to-day elements quickly - now and down the road.
  • Take advantage of no annual fee and no foreign transaction fees with the HSBC Platinum MasterCard® with Cash or Fly Rewards credit card2.
  • Get up to three rebates per month on non-HSBC ATM third-party surcharges in the U.S. outside of New York State3
  • Save with discounted rates on a Home Equity Line of Choice4
  • Bank when you want, where you want with Personal Internet Banking from HSBC. You can manage your finances in one place from the comfort of your home - or anywhere else with Internet access.
  • Personal Internet Banking customers can also experience the convenience of mobile banking so you can stay on top of your finances wherever you go. Pay bills, check balances, transfer funds, view transaction history and more - all at your fingertips. Download the HSBC Mobile Banking App5 from the App StoreSM or Google Play™.
    Available on the App Store    Android app on Google play
  • Receive in-branch assistance and priority phone support by calling 866.584.4722. Representatives are available to answer your questions 24 hours a day, seven days a week. If you are calling from outside the United States or Canada, you may call us collect at 716.841.4477.

Growing your money

As well as meeting your banking needs today, at HSBC we also want to help you prepare for tomorrow. HSBC Securities (USA) Inc. and HSBC Insurance Agency (USA) Inc. offer a selected set of wealth management products to meet the needs of clients.

International services on demand6

Wherever and whenever you need us, we'll be there. With HSBC Advance you will receive priority phone services and 24/7 Telephone Banking via our interactive Voice Response Unit (VRU).
  • Enjoy 50% off international account opening along with the seamless transfer of your HSBC credit history so you can have your account set up before you move to your new country.
  • Use wire transfers to conveniently send funds from your U.S. HSBC accounts across the street or across the globe.

Financial tools and online calculators

EasyView brings together your HSBC and non-HSBC accounts onto one page with one password, giving you total account access to your online portfolio including bank accounts, credit cards, mortgages, loans, investment accounts, online shopping, news sources, email, and more.
  • View and manage all your online accounts from one source
  • Set up alerts and reminders for payment due dates
HSBC Advance gives you access to a variety of online interactive financial tools, simulators, and calculators designed to help you save now and plan for later.
Thinking of buying a home? Use our handy home mortgage calculators to find out how much you can afford to borrow and the amount your payments will be. In the market for life insurance? Our insurance calculators can help determine how much life insurance you require and which type of insurance best suits your needs.

New to HSBC? - Offer Details

Begin an HSBC Advance relationship1 from January 13, 2014 through and including April 4, 2014 with a qualifying balance of $25,000 in combined U.S. personal deposit and investment balances9 and you may be eligible to receive a $300 Apple® Gift Card at your U.S. address.
OR
Begin an HSBC Advance relationship1 from January 13, 2014 through and including April 4, 2014 with a qualifying balance of $25,000 in combined U.S. personal deposit and investment balances9 and open an HSBC Platinum MasterCard® with Cash or Fly Rewards credit card2 from January 13, 2014 through and including April 4, 2014 and you may be eligible to receive a $300 Apple® Gift Card at your U.S. address or 30,000 HSBC Cash or Fly Rewards Program Bonus Points7 ("Rewards Bonus Points").
As an added bonus, when you open a new HSBC Platinum MasterCard® with Cash or Fly Rewards credit card you will also earn DOUBLE HSBC Cash or Fly Rewards Bonus Points on new, net retail card purchases for the first six months from card Account Opening. You can redeem Rewards Program Points for cash back or travel opportunities - including airline tickets with no blackout dates. Plus, there's no cap on Rewards Program Points earned.

Upgrade to HSBC Advance - Offer Details

Begin an HSBC Advance relationship1 from January 13, 2014 through and including April 4, 2014 and fund with $25,000 of new money8 and you may be eligible to receive a $300 Apple® Gift Card at your U.S. address.
OR
Begin an HSBC Advance relationship1 from January 13, 2014 through and including April 4, 2014 and fund with $25,000 of new money8 and you may be eligible to receive 30,000 HSBC Cash or Fly Rewards Program Bonus Points7 ("Rewards Bonus Points") towards your existing HSBC Platinum MasterCard® with Cash or Fly Rewards credit card2.
OR
Begin an HSBC Advance relationship1 from January 13, 2014 through and including April 4, 2014 and fund with $25,000 of new money8 and open an HSBC Platinum MasterCard® with Cash or Fly Rewards credit card2 from January 13, 2014 through and including April 4, 2014 and you may be eligible to receive a $300 Apple® Gift Card at your U.S. address or 30,000 HSBC Cash or Fly Rewards Bonus Points7.
As an added bonus, when you open a new HSBC Platinum MasterCard® with Cash or Fly Rewards credit card you will also earn DOUBLE HSBC Cash or Fly Rewards Bonus Points on new, net retail card purchases for the first six months from card Account Opening. You can redeem Rewards Program Points for cash back or travel opportunities - including airline tickets with no blackout dates. Plus, there's no cap on Rewards Program Points earned.

Existing HSBC Advance client - Offer Details

Add $25,000 in new money8 to your existing HSBC Advance relationship1 from January 13, 2014 through and including April 4, 2014 and you may be eligible to receive a $300 Apple® Gift Card at your U.S. address.
OR
Add $25,000 in new money8 to your existing HSBC Advance relationship1 from January 13, 2014 through and including April 4, 2014 and you may be eligible to receive 30,000 HSBC Cash or Fly Rewards Program Bonus Points7 ("Rewards Bonus Points") towards your existing HSBC Platinum MasterCard® with Cash or Fly Rewards credit card2.
OR
Add $25,000 in new money8 to your existing HSBC Advance relationship1 from January 13, 2014 through and including April 4, 2014 and open an HSBC Platinum MasterCard® with Cash or Fly Rewards credit card2 from January 13, 2014 through and including April 4, 2014 and you may be eligible to receive a $300 Apple® Gift Card at your U.S. address or 30,000 HSBC Cash or Fly Rewards Bonus Points7.
As an added bonus, when you open a new HSBC Platinum MasterCard® with Cash or Fly Rewards credit card you will also earn DOUBLE HSBC Cash or Fly Rewards Bonus Points on new, net retail card purchases for the first six months from card Account Opening. You can redeem Rewards Program Points for cash back or travel opportunities - including airline tickets with no blackout dates. Plus, there's no cap on Rewards Program Points earned.
To learn more about HSBC Advance
Call 866.584.4722 or
Request a Callback
Advance New Customer Offer: requires that each of the elements be met to be eligible for the gift indicated as set forth below. Qualified customers will be notified via mail within 90 days of fulfilling each of the elements to be eligible for the gift indicated as set forth below; notification will include instructions for redeeming gift of choice. Limit one gift per customer. This offer is nontransferable. New money8 used to qualify for this offer may not be used to qualify for any additional offer. You may however qualify for additional offers if you use new money. In situations when there are multiple offers available, HSBC will fulfill the highest value offer you are eligible to receive. Any gift not redeemed within 90 days of notification will be forfeited. The value of the Apple® Gift Card or the value of the initial Rewards Bonus Points will be reported on IRS Form 1099.
To be eligible for a $300 Apple® Gift Card each of the following elements must be met:
  1. Begin a new U.S. HSBC Advance relationship from January 13, 2014 through and including April 4, 2014 and fund with $25,000 in new money within 90 days of Account Opening; and
  2. Eligible customers must have a valid U.S. mailing address on their account. No shipments outside the U.S. are allowed.
OR
To be eligible for 30,000 Cash or Fly Rewards Bonus Points each of the following elements must be met:
  1. Begin a new U.S. HSBC Advance relationship from January 13, 2014 through and including April 4, 2014 and fund with $25,000 in new money within 90 days of Account Opening; and
  2. You must apply and be approved for an HSBC Platinum MasterCard® with Cash or Fly Rewards credit card from January 13, 2014 through and including April 4, 2014; and
  3. Your HSBC Platinum MasterCard® with Cash or Fly Rewards credit card must be open and in good standing at the time of Rewards Bonus Points fulfillment. Allow 4-6 weeks after the selection of the Rewards Bonus Points is made for Points to post to your Account.
Advance Upgrade Customer Offer: requires that each of the elements be met to be eligible for the gift indicated as set forth below. Qualified customers will be notified via mail within 90 days of fulfilling each of the elements to be eligible for the gift indicated as set forth below; notification will include instructions for redeeming gift of choice. Limit one gift per customer. This offer is nontransferable. New money used to qualify for this offer may not be used to qualify for any additional offer. You may however qualify for additional offers if you use new money. In situations when there are multiple offers available, HSBC will fulfill the highest value offer you are eligible to receive. Any gift not redeemed within 90 days of notification will be forfeited. The value of the Apple® Gift Card or the value of the initial Rewards Bonus Points will be reported on IRS Form 1099.
To be eligible for a $300 Apple® Gift Card each of the following elements must be met:
  1. Upgrade an existing U.S. HSBC non-Advance relationship to a new U.S. HSBC Advance relationship from January 13, 2014 through and including April 4, 2014 and fund with $25,000 of new money within 90 days of Account Opening; and
  2. Eligible customers must have a valid U.S. mailing address on their account. No shipments outside the U.S. are allowed.
OR
To be eligible for 30,000 Cash or Fly Rewards Bonus Points each of the following elements must be met:
  1. Upgrade an existing U.S. HSBC non-Advance relationship to a new U.S. HSBC Advance relationship from January 13, 2014 through and including April 4, 2014 and fund with $25,000 of new money within 90 days of Account Opening; and
  2. If you are not an existing HSBC Platinum MasterCard® with Cash or Fly Rewards credit card customer you must apply and be approved for an HSBC Platinum MasterCard® with Cash or Fly Rewards credit card from January 13, 2014 through and including April 4, 2014; and
  3. Your HSBC Platinum MasterCard® with Cash or Fly Rewards credit card must be open and in good standing at the time of Rewards Bonus Points fulfillment. Allow 4-6 weeks after the selection of the Rewards Bonus Points is made for Points to post to your Account.
Advance Existing Customer Offer: requires that each of the elements be met to be eligible for the gift indicated as set forth below. Qualified customers will be notified via mail within 90 days of fulfilling each of the elements to be eligible for the gift indicated as set forth below; notification will include instructions for redeeming gift of choice. Limit one gift per customer. This offer is nontransferable. New money used to qualify for this offer may not be used to qualify for any additional offer. You may however qualify for additional offers if you use new money. In situations when there are multiple offers available, HSBC will fulfill the highest value offer you are eligible to receive. Any gift not redeemed within 90 days of notification will be forfeited. The value of the Apple® Gift Card or the value of the initial Rewards Bonus Points will be reported on IRS Form 1099.
To be eligible for a $300 Apple® Gift Card each of the following elements must be met:
  1. Add $25,000 in new money to your existing U.S. HSBC Advance relationship from January 13, 2014 through and including April 4, 2014; and
  2. Eligible customers must have a valid U.S. mailing address on their account. No shipments outside the U.S. are allowed.
OR
To be eligible for 30,000 Cash or Fly Rewards Bonus Points each of the following elements must be met:
  1. Add $25,000 in new money to your existing U.S. HSBC Advance relationship from January 13, 2014 through and including April 4, 2014; and
  2. If you are not an existing HSBC Platinum MasterCard® with Cash or Fly Rewards credit card customer, you must apply and be approved for an HSBC Platinum MasterCard® with Cash or Fly Rewards credit card from January 13, 2014 through and including April 4, 2014; and
  3. Your HSBC Platinum MasterCard® with Cash or Fly Rewards credit card must be open and in good standing at the time of Rewards Bonus Points fulfillment. Allow 4-6 weeks after the selection of the Rewards Bonus Points is made for Points to post to your Account.
1 To qualify for an HSBC Advance Relationship, you need to open an HSBC Advance checking account and maintain $15,000 in combined U.S. personal deposit and investment balances. A monthly maintenance fee of $20.00 will be incurred if minimum balance requirements are not maintained.
The Annual Percentage Yield (APY) and balance for an Advance checking account which is accurate as of 03/05/2014 is 0.01% APY on balances of $5.00 or more. APY is variable and subject to change after opening. Charges and fees may reduce earnings.
2 HSBC Platinum MasterCard® with Cash or Fly Rewards credit cards are issued by HSBC Bank USA, N.A., subject to credit approval. Please see Summary of Terms, which contain Important Information about the rates, fees and other costs.
3 Available only on U.S. non-HSBC ATM transactions (except in New York State) initiated from HSBC Advance checking. HSBC will rebate up to three qualifying ATM third-party surcharge fees incurred based on transaction date order during the calendar month. The rebate will be credited to your account on the first business day of the following calendar month.
4 HSBC Discounts require an HSBC Advance Checking account and are subject to credit review and approval. Discounts may be cancelled or subject to change at any time and cannot be combined with any other offer or discount.
5 Data charges from your mobile service provider may apply.
6 United States persons are subject to U.S. taxation on their worldwide income and may be subject to tax and other filing obligations with respect to their U.S. and non-U.S. accounts.
7 During the first six months your Platinum MasterCard® with Cash or Fly Rewards credit card is open, you will receive Double Rewards Program Points on new, net retail card purchases. Otherwise, you will earn one Rewards Program Point for every dollar charged in new, net retail card purchases.
8 New money is defined as deposits or investments not previously held by any member of the HSBC Group. Accounts/assets that are ineligible for inclusion in the offer or for determination of new money include insurance products, including fixed and variable annuities; 529 College Savings Plans; any retirement accounts including but not limited to IRAs, Keogh, Simple IRAs and 401(k) Plans, corporate accounts, and trust accounts.
9 Investments are offered by HSBC Securities (USA) Inc. (HSI), member NYSE/FINRA/SIPC. HSI is an affiliate of HSBC Bank USA, N.A.
Investment Products:
ARE NOT A BANK DEPOSIT OR OBLIGATION OF THE BANK OR ANY OF ITS AFFILIATESARE NOT FDIC INSUREDARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCYARE NOT GUARANTEED BY THE BANK OR ANY OF ITS AFFILIATESMAY LOSE VALUE
MasterCard® and the MasterCard brand mark are registered trademarks of MasterCard International Incorporated. MasterCard International Incorporated is not a sponsor of this promotion.
Apple is a registered trademark of Apple Inc. All rights reserved. Apple is not a participant in or sponsor of this promotion.
App Store is a service mark of Apple Inc.
Google Play is a trademark of Google Inc.
Deposit products offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
HSBC Advance HSBC Advance Reviewed by BARI.0492 on March 05, 2014 Rating: 5
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