HSBC Mortgages For Homebuyers

Buying a home is always an exciting experience, but it is also a major financial decision.

HSBC Mortgage wants to help you buy your dream house.

Once you’ve decided to purchase a property, an HSBC mortgage partner will guide you through the process.  

Prepare And Get Prequalified

Your first step is to speak with an HSBC mortgage consultant to prequalify for an HSBC mortgage. This conversation should happen even before you start researching houses for sale. 

Your mortgage consultant will determine your credit status based on your financial records.

Then, with the consultant, you can determine a realistic budget. By prequalifying for an HSBC mortgage, you will know what you can afford in advance.

Choosing the Right Mortgage

The next step to buying your dream home is to choose the right type of mortgage.

There are many different types of mortgages, but which one is the best for you? 

HSBC can direct customers to the correct mortgage according to their individual needs.

There are three types of HSBC mortgages:

Conforming mortgages

The terms and conditions of conforming mortgages follow the Freddie Mac and Fannie Mae guidelines the Federal Housing Finance Agency laid down.

This mortgage is particularly good for customers with good credit records because it provides low interest rates.

Jumbo mortgages

Jumbo Mortgages are higher than the dollar limit set by Freddie Mac and Fannie Mae.

Affordable and Regional Mortgages

HSBC designed their mortgages for first-time homebuyers to be affordable. However, this type of mortgage may also be suitable for a veteran. 

HSBC offers different affordable and regional mortgage programs to suit different customer needs. 

Through HSBC mortgage consultants’ help, you can find a mortgage that will address your personal needs.

Applying for a Mortgage

After choosing a mortgage, HSBC guides its customers step-by-step through the mortgage application process. 

Once you inform your  HSBC consultant of the property location you’ve chosen, the price, and the down payment amount required, you can begin your application process. 

Important documentation that you will be required to present includes: 

  • Bank statements
  • Pay stubs
  • Wage and tax statements

The mortgage consultant will provide you with information regarding closing costs and your loan terms.

Mortgage guide for first-time homebuyers
Mortgage guide for first-time homebuyers

Continuing the HSBC Mortgage Journey

HSBC continues to guide you through your mortgage journey, from applying to closing the loan. Below are important documents you will encounter during the closing stage of the loan:

Closing Disclosure

This document contains a detailed summary of the terms of the mortgage, monthly payments, and closing costs.

Promissory Note

This document is a promise that a borrower will repay the loan. It contains the loan amount, terms, and a description of the lender’s actions if you fail to repay the expected amount.

Deed of Trust

This document secures the Promissory Note and gives a lender the right to claim the house if you fail to pay your mortgage as agreed.

Certificate of Occupancy

This document is applicable if the house you are buying is newly constructed. You will need it to move in.

Conclusion

If you’re a first-time homebuyer, HSBC Mortgage consultants will not only guide you through the mortgage process but will also help you to buy your dream home. 

It’s that simple.

Comparing Mortgage Providers

Mortgages are a big deal. It is good practice to compare mortgage providers to ensure that you select a partner best suited to your needs.

A mortgage provider should be in-line with your values and one whom you feel comfortable handling your mortgage.

Here are some other mortgage providers we have covered:

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