Ready to Buy Your Dream Home? Applying for the US HSBC Select Mortgage
The US HSBC Select Mortgage offers financing options for those who aren't existing HSBC Premier clients or don't meet the minimum deposit requirements for Premier mortgages. Here's a guide to navigate the application process for this mortgage product.
Qualifying for a Select Mortgage
- Down Payment: A minimum down payment of 20% is required for mortgages up to $2 million.
- Citizenship/Residency: You must be a US Citizen or Permanent Resident.
Initiating Your Application
There's no online application for the Select Mortgage. However, you have two options to get started:
- Phone: Contact a Mortgage Consultant directly at 844. HSBC. MTG (844.472.2684). They can answer your questions, guide you through the pre-approval process, and initiate your application.
- In Person: Visit your nearest HSBC branch and speak with a mortgage specialist. They can assess your eligibility and start your application process.
What to Expect During the Application Process
- Pre-Approval: This initial step helps determine your borrowing power based on your income, credit score, and down payment.
- Documentation Gathering: You'll need to provide documents like pay stubs, tax returns, bank statements, and proof of employment.
- Credit Check: A credit check will be conducted to assess your creditworthiness.
- Underwriting: The underwriter will evaluate your application and financial situation to determine your eligibility for the loan.
- Closing: Once approved, you'll work with a closing agent to finalize the loan and purchase your property.
Additional Tips for a Successful Application
- Strong Credit Score: Aim for a good credit score (generally above 670) to improve your chances of approval and potentially qualify for a lower interest rate.
- Employment Stability: Demonstrate a history of steady employment and income.
- Debt-to-Income Ratio: Maintain a healthy debt-to-income ratio (ideally below 36%). This shows your ability to manage existing debts alongside a mortgage payment.
Remember: While the Select Mortgage doesn't require a Premier relationship, it still has eligibility requirements. For personalized guidance and to discuss your specific situation, contact HSBC directly through the phone number provided or visit your nearest branch.
