The Truth About HSBC’s 0.99% Mortgage Rate
Published at : 07 Dec 2020
HSBC has set a new record for the lowest mortgage rate ever offered in Canada's history. This is huge news in the mortgage world, especially as the economy continues to lag and the Bank of Canada has advised Canadians that the overnight lending rate will remain low until at least 2023.
The 0.99% interest rate however, won't be available to everyone. In order to qualify for the mortgage you will need to be applying for an insured mortgage with less than 20% downpayment.
It is also important to know that there will be implications when it comes time to lock in. Mainly, exposure to potentially higher lock in rates and the prospect of big bank fixed rate mortgage penalties.
HSBC 0.99 mortgage rate0.99 mortgage rateBank of Canada