Ally Bank
4.5 Bankrate ScoreAlly Bank began offering direct-to-consumer home...
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HSBC Bank is a global banking institution. While it boasts name recognition, the bank might be best suited to current customers, borrowers in need of a jumbo loan or those abroad looking to purchase property in the U.S. It doesn’t offer government-backed loans, either, which limits some more flexible financing options.
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Loans offered
Conventional, jumbo, refinancing and more
Min. credit score required
Undisclosed
Nationwide availability
All U.S. states
Min. down payment
3% for conventional loans
HSBC Bank is one of the biggest financial institutions in the world, established in 1865 and offering services including banking, investing and mortgages. In the U.S., the bank is incorporated in Maryland and maintains offices in some major hubs, including New York (where it’s headquartered) and Washington, D.C. While HSBC has been downsizing for several years now, it continues to offer mortgages, with an emphasis on catering to international investors along with first-time homebuyers.
All-in-one app for banking and mortgage
Assistance programs providing up to $5,000 or $9,500 in closing cost and down payment help (only available in some states)
Jumbo loan options for borrowers in the U.S. and abroad
Cash-out refinancing solution for investors
Few locations
No government-backed loans
Only some rate information available online
Affordability: HSBC Bank’s mortgage rates are just slightly below Bankrate’s averages (as of this review), so you might be able to find better deals elsewhere. The bank’s lowest rates are reserved for those with a credit score of 740 or higher.
Availability: HSBC Bank is available to borrowers in the U.S. and other countries, but appears to focus much of its business on real estate investors, offering a bevy of jumbo loans and creative financing for all-cash purchases.
Borrower experience: You can start the lending process easily through HSBC’s website, but you’ll need to consult with a loan officer for details regarding your specific mortgage.
HSBC Bank’s mortgage rates are in line with Bankrate’s averages (as of this review), so shop around to see if there are other lower-cost banks or lenders out there. The bank displays rates on its website, but the figures shown are only for borrowers with excellent credit and based in certain counties in New York. For rates in any other location, you’ll need to contact the bank. You can also request a custom rate quote through the bank’s site.
The bank isn’t as forthcoming about fees, but it does advertise credits on some jumbo products, which can save you anywhere from $250 to $1,500 in closing costs, depending on your relationship and balance with the bank.
HSBC Bank lends to borrowers across the U.S. and abroad, with a range of financing options including conventional and jumbo products and some low-down payment programs. In general, for a conventional loan with this lender, you’ll need to keep your debt-to-income (DTI) ratio to no more than 36 percent. If you’re a homebuyer outside the U.S., you’ll need to provide additional documentation, as well: a valid U.S. visa and proof of at least two years’ employment and residency.
HSBC Bank is a global organization with millions of customers. For its U.S. operations, the Better Business Bureau gives it an A- rating. In the past, the bank has weathered controversy for a lack of anti-money laundering protections.
If you’d like to obtain a mortgage with HSBC, you can start by getting prequalified online. (For the bank, “prequalification” and “preapproval” appear to refer to the same thing: a letter that indicates you’re likely to be approved for financing.) Once you close your loan, you can use the HSBC app to conveniently manage mortgage payments along with banking services.
You can apply for a mortgage with HSBC Bank in person at a branch location, online or by phone at 844-472-2684 (844-HSBC-MTG). Its loan officers are available for in-person consultations in California, Florida, New Jersey, New York, Virginia and Washington. Here are some tips to prepare for the process:
Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)
HSBC Bank offers both rate-and-term and cash-out refinancing options, including for all-cash homebuyers and those who don’t want to (or can’t) pay closing costs upfront. You can find some current refinance rates on the bank’s website, but you’ll need to contact a loan officer for specifics.
Rating: 4.2 stars out of 5
4.2
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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Rating: 4.9 stars out of 5
4.9
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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Rating: 4.8 stars out of 5
4.8
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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Loans offered Conventional, jumbo, refinancing and more |
Loans offered Conventional, jumbo, FHA, refinancing and more |
Loans offered Conventional, jumbo, FHA, VA, USDA, refinancing and more |
Min. credit score required Undisclosed |
Min. credit score required 620 for conventional loans, 500 for FHA loans |
Min. credit score required 620 for conventional loans, 580 for FHA loans, 580 for VA loans |
Down payment 3% for conventional loans |
Down payment 3% for conventional loans, 3.5% for FHA loans |
Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans |
Nationwide availability All U.S. states |
Nationwide availability Available in all U.S. states except Texas |
Nationwide availability All U.S. states |
NMLS: 399799
5.0
2 ratings
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100% of customers would recommend this lender.