TORONTO – HSBC claims to offer interest rates below 1% for some mortgages that rate the rate comparison website RateSpy. com says is a record low for Canada.
The bank is promoting a 0. 99% interest rate on its website for new five-year variable term mortgages, with the annual percentage (APR) on a mortgage being 200. 000 USD based.
The deal applies to high-rate residential home mortgages, which means the buyer has a down payment of less than 20% of the purchase price.
prices. Robert McLister, editor of ca and RateSpy, says this is an important point as the buyer also has to pay for the default insurance due to the small down payment.
The rate is also variable based on changes in the HSBC policy rate, which is now 1. 46%, so the interest rate could go up in the next few years if the economy improves and the Bank of Canada increases the interest rate.
Mortgage rates are currently low after the Bank of Canada cut its overnight rate in the wake of the COVID-19 economic downturn.
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Mortgage Loans, Fixed Rate Mortgage, HSBC Bank, RateSpy. com, Canada
World News – CA – HSBC offers mortgage rates below 1%
Related Title :
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– Less than 1% mortgage rate now available in Canada
– HSBC offers mortgage rates below 1%
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