Home Equity Disclosures
Home Equity Disclosure:
‡ Click here for information regarding home equity products with Interest Only Options, Early Termination Fees and Reduced Documentation.
1. The Plus Checking, EmployeePlus BankingSM and HSBC Premier interest rates referenced require automatic payment deduction from a Plus Checking or Premier checking account.
2. To qualify for HSBC's Plus Checking, personal banking clients must maintain $15,000 in total combined balances, that include personal deposit, investment and qualifying credit balances.
3. To qualify for HSBC Premier, personal banking clients must have $100,000 in combined personal deposit and investment balances or $500,000 in combined personal deposit, investment, and credit/mortgage balances. If you don't maintain minimum balance requirements, you can still take advantage of all Premier has to offer for a monthly service fee of $50.
Home Equity Loan Disclosure:
Monthly Payment;
For a 5-20 Year Fully-Amortizing Term: Your monthly payment will be the amount that is required to fully repay your Loan in substantially equal payments over the term of your loan.
- For example:
On a 5 year $10,000 loan at 8.25% APR you would make 60 payments of $203.96. On a 20 year $10,000 loan at 8.25% APR you would make 240 payments of $85.21
For a 15-Year Balloon: Your monthly payment will be based on a 30-year amortization with a balloon payment due 15 years from the date on which the Loan is made.
- For example:
On a $10,000 loan at 8.25% APR amortized over 30 years, your monthly payment would be $75.13 for 180 months with a balloon payment of $7,743.90
Higher rates may apply for loans secured by other types of owner-occupied property (i.e: second homes, 3-4 units, Co-ops), other product types (i.e: Stated Income), where borrower has less than 20% equity in the mortgaged property or for customers requesting a balloon repayment option. Additionally, higher rates also apply to investment properties.
Loans are subject to credit approval and will be secured by a mortgage on your home.
Your interest rate may differ from the rate in this example.
Loan Fees:
No closing costs are charged at account opening for loans of $500,000 or less. If you terminate your account within the first three years you will have to pay an early termination fee of $500 ($750 if the property securing the account is located in California or Virginia) plus the amount of any Mortgage Tax, Intangible Tax, Documentary Stamp Tax or Mortgage Registry Tax (NY, FL, GA, MN, OK, TN). These taxes could range from $270 to $17,400. In addition to the above for all loans greater than $500,000 you will be required to pay any mortgage tax-like fees associated with that line amount over $500,000 at the time your account is established. Your home equity account will be secured by a mortgage on your home. Property insurance and flood insurance, if applicable, is required.
This offer does not apply to applications submitted through a mortgage broker. Discounts can be cancelled or subject to change at any time. Discount cannot be combined with any other offer or discount.
In the state of NJ loans for the purpose of Home Improvement are not available.
Regular rate may vary daily. The maximum APR that can apply is the greater of 15.9% or 5 percentage points over the regular index in effect as of loan closing plus the margin used for interest rate adjustments. In addition to this maximum rate "cap", the interest rate cannot increase or decrease by more than 4 percentage points each year. Your home equity account will be secured by a mortgage on your home. Property insurance and flood insurance, if applicable, is required. Lines are subject to credit approval, satisfaction of title and appraisal requirements. No closing costs are charged at account opening for lines less than $500,000. If you terminate your account within the first three years you will have to pay an early termination fee of $500 ($750 if the property securing the account is located in California or Virginia) plus the amount of the Mortgage Tax, Intangible Tax, Documentary Stamp Tax or Mortgage Registry Tax (NY, FL, GA, MN, OK, TN). These taxes could range from $270 to $17,400. In addition, to the above for lines greater than $500,000 (which are processed on an exception basis) you will be required to pay any mortgage tax-like fees associated with the amount greater than $500,000 at the time your account is established. Home equity products close through HSBC Mortgage Corporation (USA). This offer does not apply to applications submitted through a mortgage broker. Discounts can be cancelled or subject to change at any time. Discount cannot be combined with any other offer or discount.
In the state of NJ loans for the purpose of Home Improvement are not available.
† The EmployeePlus BankingSM Program is an exclusive personal banking package for employees of participating companies. To find out if your company is enrolled in this Program, visit your nearby HSBC branch and mention EmployeePlus Banking or call
Deposit products offered through HSBC Bank USA, N.A. or HSBC National Bank USA are Member FDIC.
Home Equity Products offered through HSBC Mortgage Corporation (USA).
