As part of your application for a mortgage, HSBC will conduct an independent real estate appraisal by a qualified real estate appraiser. An appraisal is required when you ask to use a home or other real estate as security for a loan. The appraisal will create an estimate of the fair market value of a property.
We will complete an analysis of your personal financial information to determine the maximum funds you can borrow.
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There are costs you will need to anticipate when you apply for a mortgage. These include legal fees, a negotiation fee, a property appraisal fee and stamp duty. These costs typically amount to be about 5 - 10 per cent of the mortgage. Your lawyer can provide additional information.
HSBC may lend up to 80 per cent financing of the value of the property for the first time home buyer, so you could get started with twenty per cent of the purchase price.
A term we use during the mortgage application process, the debt service ratio is the ratio of your fixed expenses to your income and will help determine if you can make your mortgage payments comfortably.
When you apply for a mortgage, you will be asked for details and evidence of your monthly salary.
You will find a complete list in this guide.
If you do not already have one, you will need to establish an HSBC bank account to obtain a mortgage with us.
This can be done as part of the mortgage application process.