Now might be the perfect time to refinance your home or apply for a mortgage because HSBC is currently offering rates below 1% for some mortgages. (adsbygoogle = window.adsbygoogle || []).push({});> The bank is currently advertising a 0.99% rate on its website for new five-year variable closed term mortgages, with the annual percentage rate (APR), based on a $200,000 mortgage. Previously, HSBC — which is Canada’s seventh-largest bank by assets — was offering a rate of 1.44% for mortgages of this kind. The deal only applies to high-ratio residential mortgages, which means the homebuyer has a down payment of less than 20% of the purchase price, with the lowest payment being $1,129. According to Rate Spy, a higher interest rate may still apply for non-owner-occupied properties, amortizations greater than 25 years, and exceptions to HSBC’s standard lending guidelines
