Types of Mortgage Loans, KeyBank, types of mortgages.#Types #of #mortgages


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Which of our mortgages is right for you?

Conventional Fixed Rate Mortgage

You plan to stay in your home for more than a few years.

Rate remains the same for the term of the loan.

Allows for easier budgeting.

Conventional Adjustable Rate Mortgage

You may want to sell or refinance early and can afford to make larger monthly payments should interest rates rise.

Interest rate adjusts periodically to reflect market condition within a predetermined time frame, and there may not be a cap on interest rate increases.

Lower initial rate can be locked in for different time periods, after which the interest rate and monthly payments may change.

Government (FHA/VA/HomeReady ® )

You qualify based on income and other factors.

You qualify for a VA home loan as a veteran or reservist.

FHA loans offer low down payment options and the ability to use gift funds for down payment and closing costs.

VA loans are partially guaranteed by the VA, so private lenders can provide better terms like 100% loan-to-value without mortgage insurance and no down payment in most cases.*

Jumbo Loan

You are in the market for a higher priced home.

Loan amounts up to $3.5 million with fixed- and adjustable-rate options.

SilverKey available for single family attached and detached, condos and Planned Unit Developments (PUDs).

GoldKey exclusive to Key Private Bank clients and for up to 90% LTV to $1 million with no PMI required.

Combination

You have funds for a 10% down payment.

You’ll have 2 simultaneous mortgages, one for 80% of the home’s value (LTV) and one for 10% LTV. The remaining 10% is your down payment.

Eliminates the need for Private Mortgage Insurance (PMI)

Community Professional

You qualify based on income, location or profession.

Community loans may offer low down payments.

Professional loans are tailored to financial realities of doctors and dentists.

State Bond

You are qualified as a first time home buyer in the state.

Various programs with features including competitive rates.

We’re in your neighborhood!

Have all your questions answered by an experienced mortgage loan officer near you.

Mon-Fri 8 a.m.- 8 p.m. EST

*Unless required by the lender, or if the purchase price exceeds the reasonable value of the property as determined by VA, or the loan is made with graduated payment features

NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. Information and offer are subject to change without notice. All loans are subject to credit and collateral approval.


Mortgage Types Compared – Guide To Your Mortgage Options, types of mortgages.#Types #of #mortgages


Mortgage Types Explained

Not every home buyer and borrower is the same. As such, there are plenty of mortgage programs available out there to meet the needs of various types of borrowers with very different financial backgrounds and needs.

The decision about which type of mortgage you choose is an important one. It’s essential to make sure you understand all your options before making the selection on which mortgage type is right for you.

Fixed-Rate Mortgages

The most popular type of mortgage is the fixed-rate mortgage. With this option, the interest rate is locked in and will remain the same throughout the duration of the term. Fixed-rate mortgages allow borrowers to make the same payment every month without having to worry about any fluctuations in their given interest rate.

It’s important to note, however, that the rate is only locked in and guaranteed for the term, and not the entire amortization period of the mortgage. For instance, if you agree to a 30-year mortgage with a 5-year term, your rate is locked in only for that 5-year period. Once the term expires, you’ll need to renegotiate a new rate at a new term, or opt for a completely different type of mortgage altogether.

The trade-off for such predictability is that these mortgages can often come with higher closing costs. In addition, they can be a little more challenging to get approved for versus some other types of mortgages. However, despite these disadvantages, obtaining a fixed-rate mortgage can make sense for many buyers, particularly first-timers.

Adjustable-Rate Mortgages

Contrary to the fixed-rate mortgage, an adjustable-rate mortgage (ARM) comes with an interest rate that fluctuates as the market dictates. This type of loan traditionally starts off with a low rate and adjusts over time. With ARMs, the rate will change during the term of the mortgage.

Generally speaking, such mortgages are initially set up like a standard loan based on the present interest rate. At regular intervals, the mortgage is reviewed, and should the market interest rate change, the lender will adjust the mortgage repayment plan accordingly. This can be done either by changing the length of the amortization period, the size of the payment, or a combination of both.

A popular variety of an adjustable-rate mortgage these days is the “hybrid ARM,” in which a certain interest rate is guaranteed to stay fixed for a certain time. This initial interest rate is often lower than what you would traditionally be offered with a traditional 30-year fixed loan.

Conventional Mortgages

A conventional – or conforming – mortgage is one that is not insured by the federal government, which means no guarantees are made to the lender should the borrower default on the mortgage payments. As such, they are considered higher risk for lenders. For this reason, borrowers typically need to have a high credit score, a healthy financial history, and a low debt-to-income ratio in order to get approved for a conventional loan.

If less than 20% is put towards a down payment, Freddie Mac and Fannie Mae guidelines stipulate that the lender needs to bring on a private insurer for the loan. Such Private Mortgage insurance (PMI) must be paid for by the borrower. However, once the borrower has paid down at least 20% of the property’s purchase price, payments for PMI will cease.

These types of mortgages follow the guidelines set by Fannie Mae and Freddie Mac, and may either be fixed- or adjustable-rate mortgages.

FHA Loans

For those who don’t meet the stringent requirements to get approved for a conventional loan, there are government-backed loan options available, such as FHA loans. These mortgages, which are guaranteed by the Federal Housing Administration, get a lot of attention from first-time home buyers and borrowers with less-than-perfect credit because of their more attractive features and easier lending requirements.

FHA mortgages offer low down payment requirements for those who may be unable to gather a large lump sum of money to put towards their home purchase. While the minimum down payment for a conventional mortgage is 5% of the purchase price of a home, FHA mortgages allow buyers to put down as little as 3.5%.

It should be noted that the Federal Housing Administration doesn’t actually issue the loans. Instead, it supports lenders should borrowers default on the mortgage payments.

Interest-Only Mortgages

Some borrowers choose an interest-only mortgage in an effort to keep their payments as low as possible. A mortgage is considered “interest only” if the monthly mortgage payments consist only of interest. This option lasts for a specified period, typically 5 to 10 years. Borrowers can pay more than interest if they choose to. No principle portion is paid, which means the only way equity can be built up during this interest-only time period is through appreciation.

By only being temporarily responsible for paying the interest portion, monthly payments are substantially less. It’s important to note, however, that reducing monthly mortgage payments will increase the overall interest that will need to be paid over the life of the mortgage, and lowers the amount of home equity that will be gained. That’s why such an option should only be temporary in nature.

Home Equity Loans

Also referred to as second mortgages, home equity loans allow homeowners to borrow money against the equity already built up in the home. They are an attractive option for those who need to cover a large expense, such as a major home renovation where a large sum of money is required up front. With these types of loans, homeowners can borrow up to $100,000 of equity and still be able to deduct all of the interest upon filing their tax returns.

There are two types of home equity loans: fixed-rate loans and lines of credit. Both of these variations typically range from 5 to 15 years, and must be repaid in full when the home is sold.

The fixed-rate variation offers a single lump sum of money to the homeowner, which then needs to be repaid over a certain time period at a specific interest rate.

With a home equity line of credit (HELOC), homeowners can borrow against the equity in their homes similar to the way a credit card works. They are allowed to borrow a set limit, and can withdraw as little or as much as needed at any time, as long as this limit is not exceeded. Only the amount withdrawn is charged interest, and once the money is repaid, it can be borrowed again and again until the end of the loan term is reached.

Related Resources

Types of mortgages

Do you have questions about a mortgage? You have come to the right place. Check here for any topic regarding mortgages answered by our financial experts.

Read More Types of mortgages

Interest Only Calculator

This handy calculator can help you determine what your savings and ultimate cost with an interest only mortgage verses a traditional home loan.

Read More Types of mortgages

Early Pay Off

Our early payoff calculator tells you exactly how much more it will cost per month to pay your mortgage off early based on a shorter payment term.

Read More Types of mortgages

Mortgage Calculator

If you are planning to get a mortgage, our free mortgage calculator tool can provide you with plenty of information in order to make an informed decision.

Free Tool

Use the Mortgage Calculator on your site for FREE


Buy-to-let mortgages with HSBC Expat – Types of rate – HSBC Expat, types of mortgages.#Types


Buy-to-let mortgages with HSBC Expat – Types of rate

Please enable cookies

To use online banking you need to allow this website to use cookies. This setting is usually found in your browser’s privacy or security settings. If you have cookies disabled you will still be able to use the HSBC Expat website but online banking will not be available and some other features may not work as expected.

Types of mortgages

  • Why HSBC Expat

How you can benefit

Types of mortgages

  • Online Banking
  • Mobile Banking
  • International offices
  • Contact us 24/7
    • Types of mortgages
    • Your guide to buying to let in the UK Download now
  • Solutions for your future

    Guides and tools for expats

    • Planning to move abroad
    • Just arrived in a new country
    • Experienced expat
    • Moving back home
    • Expat life is.
    • Types of mortgages
    • A Different Perspective: Expat life Watch the video
  • Buy to let mortgages

    Buy to Let rates

    HSBC are not able to provide mortgages to residents of all countries. Subject to confirmation that you meet the applicable eligibility criteria and depending upon your country of residence, individual circumstances and your requirements buy to let mortgages may be provided by either HSBC Expat or HSBC Bank plc, based in the UK.

    Choose between tracker or fixed interest rates

    HSBC Expat and HSBC Bank plc, in the UK, offer tracker interest rates. HSBC Bank plc, in the UK, also offer fixed interest rates. Before you proceed with a mortgage you should make sure you can afford the monthly payments.

    Tracker interest rate

    Available from HSBC Expat

    The tracker mortgage interest rate is set at an agreed percentage above the Bank of England base rate. The monthly payments rise and fall (track) in line with changes to the base rate.

    • No early repayment charge
    • Make unlimited overpayments
    • Make lump sum reductions
    • Repay your loan at any time

    The following tracker mortgage interest rates are available from HSBC Expat Only:

    The Bank of England Base Rate is set by the Bank of England. HSBC Tracker mortgage interest rates are linked with a margin above this Base Rate.

    This is the percentage rate at which the lender calculates the interest that is charged the borrower on a mortgage.

    APR stands for the Annual Percentage Rate of charge used to compare loan offers.

    The period during which the fixed or tracker rate applies. Following the expiry of the fixed rate period, the mortgage rate will revert to the HSBC buy to let mortgage variable rate.

    A fee charged on some mortgages to secure a particular mortgage deal and/or to cover administration costs.

    The fee charged for the administration involved in arranging the loan.

    The maximum amount that can be borrowed with this product.

    For information on the tracker mortgage interest rates available from HSBC Bank plc, in the UK visit:

    Fixed interest rate

    Available from HSBC Bank plc, in the UK, only.

    A fixed rate mortgage provides the security of fixed mortgage payments until an agreed date, no matter what happens to interest rates. HSBC Bank plc, in the UK fixed rate mortgages revert to the HSBC variable rate at the end of the fixed rate period.

    An Early Repayment Charge applies if you increase your standard monthly payment by more than 20% or you repay (by any other method) all or part of your mortgage, over and above your standard monthly payment, during a fixed rate period.

    For information on the fixed mortgage interest rates available from HSBC Bank plc, in the UK visit:

    Understanding fees

    A number of different fees are chargeable for different types of mortgages. The table below explains some of the fees involved and provides amounts where possible.

    A non refundable fee charged on some mortgages to secure a particular mortgage deal and/or to cover administration costs.

    The fee charged for the administration involved in arranging the loan.

    The fee charged by a lender who, with the customer’s written consent, requests details from their existing mortgage lender.

    A Completion fee is a fee the lender charges to cover the cost of electronically transferring the mortgage funds to the borrower.

    Also referred to as a professional valuation, a Standard Valuation Fee is a fee to cover the basic valuation of a property conducted on behalf of a mortgage lender to enable them to assess the security offered by the property for the proposed mortgage.

    An exit fee is a fee charged by many institutions when you fully repay your mortgage. HSBC Bank do not charge an exit fee.

    Standard Valutation fee scale

    The current fee, including VAT (UK only), for HSBC Expat, Buy to Let property valuations is detailed below. Fees are subject to change, therefore, please refer to your Key Facts Illustration for details of the fees payable by you. The valuation fee quoted includes a 35 non-refundable administration fee. Please note this fee scale is not applicable to properties in the Channel Islands and Isle of Man. For such properties please refer to your local HSBC Bank plc, in the UK branch.


    Different Types of Mortgage Loans Explained – 2017 Update, types of mortgages.#Types #of #mortgages


    The Different Types of Mortgage Loans in 2017, Explained

    By Brandon Cornett | 2017, all rights reserved | Duplication prohibited

    What are the different types of mortgage loans available to home buyers in 2017, and what are the pros and cons of each? This is one of the most common questions we receive here at the Home Buying Institute. This page offers some basic information about the types of loans available in 2017. Follow the hyperlinks provided for even more information. And be sure to send us your questions!

    Types of mortgages

    Loan Reps Are Standing By

    Did you know you can get free, no-obligation mortgage quotes online? It’s a great way to get the ball rolling.

    If you already understand the basic types of home loans, and you’re ready to move forward with the process, use one of the links provided below. Otherwise, keep reading below to learn about the different financing options available in 2017. You can always come back to these links later on.

    Types of Mortgages Available in 2017, Explained

    There are many different types of mortgages available to home buyers. They are all thoroughly explained on this website. But here, for the sake of simplicity, we have boiled it all down to the following options and categories.

    Option 1: Fixed vs. Adjustable Rate

    As a borrower, one of your first choices is whether you want a fixed-rate or an adjustable-rate mortgage loan. All loans fit into one of these two categories, or a combination hybrid category. Here’s the primary difference between the two types:

    • Fixed-rate mortgage loans have the same interest rate for the entire repayment term. Because of this, the size of your monthly payment will stay the same, month after month, and year after year. It will never change. This is true even for long-term financing options, such as the 30-year fixed-rate loan. It has the same interest rate, and the same monthly payment, for the entire term.
    • Adjustable-rate mortgage loans (ARMs) have an interest rate that will change or adjust from time to time. Typically, the rate on an ARM will change every year after an initial period of remaining fixed. It is therefore referred to as a hybrid product. A hybrid ARM loan is one that starts off with a fixed or unchanging interest rate, before switching over to an adjustable rate. For instance, the 5/1 ARM loan carries a fixed rate of interest for the first five years, after which it begins to adjust every one year, or annually. That’s what the 5 and the 1 signify in the name.

    As you might imagine, both of these types of mortgages have certain pros and cons associated with them. Use the link above for a side-by-side comparison of these pros and cons. Here they are in a nutshell: The ARM loan starts off with a lower rate than the fixed type of loan, but it has the uncertainty of adjustments later on. With an adjustable mortgage product, the rate and monthly payments can rise over time. The primary benefit of a fixed loan is that the rate and monthly payments never change. But you will pay for that stability through higher interest charges, when compared to the initial rate of an ARM.

    Option 2: Government-Insured vs. Conventional Loans

    So you’ll have to choose between a fixed and adjustable-rate type of mortgage, as explained in the previous section. But there are other choices as well. You’ll also have to decide whether you want to use a government-insured home loan (such as FHA or VA), or a conventional regular type of loan. The differences between these two mortgage types are covered below.

    A conventional home loan is one that is not insured or guaranteed by the federal government in any way. This distinguishes it from the three government-backed mortgage types explained below (FHA, VA and USDA).

    Government-insured home loans include the following:

    The Federal Housing Administration (FHA) mortgage insurance program is managed by the Department of Housing and Urban Development (HUD), which is a department of the federal government. FHA loans are available to all types of borrowers, not just first-time buyers. The government insures the lender against losses that might result from borrower default. Advantage: This program allows you to make a down payment as low as 3.5% of the purchase price. Disadvantage: You’ll have to pay for mortgage insurance, which will increase the size of your monthly payments.

    The U.S. Department of Veterans Affairs (VA) offers a loan program to military service members and their families. Similar to the FHA program, these types of mortgages are guaranteed by the federal government. This means the VA will reimburse the lender for any losses that may result from borrower default. The primary advantage of this program (and it’s a big one) is that borrowers can receive 100% financing for the purchase of a home. That means no down payment whatsoever.

    USDA / RHS Loans

    The United States Department of Agriculture (USDA) offers a loan program for rural borrowers who meet certain income requirements. The program is managed by the Rural Housing Service (RHS), which is part of the Department of Agriculture. This type of mortgage loan is offered to rural residents who have a steady, low or modest income, and yet are unable to obtain adequate housing through conventional financing. Income must be no higher than 115% of the adjusted area median income [AMI]. The AMI varies by county. See the link below for details.

    Combining: It’s important to note that borrowers can combine the types of mortgage types explained above. For example, you might choose an FHA loan with a fixed interest rate, or a conventional home loan with an adjustable rate (ARM).

    Option 3: Jumbo vs. Conforming Loan

    There is another distinction that needs to be made, and it’s based on the size of the loan. Depending on the amount you are trying to borrow, you might fall into either the jumbo or conforming category. Here’s the difference between these two mortgage types.

    • A conforming loan is one that meets the underwriting guidelines of Fannie Mae or Freddie Mac, particularly where size is concerned. Fannie and Freddie are the two government-controlled corporations that purchase and sell mortgage-backed securities (MBS). Simply put, they buy loans from the lenders who generate them, and then sell them to investors via Wall Street. A conforming loan falls within their maximum size limits, and otherwise conforms to pre-established criteria.
    • A jumbo loan, on the other hand, exceeds the conforming loan limits established by Fannie Mae and Freddie Mac. This type of mortgage represents a higher risk for the lender, mainly due to its size. As a result, jumbo borrowers typically must have excellent credit and larger down payments, when compared to conforming loans. Interest rates are generally higher with the jumbo products, as well.

    This page explains the different types of mortgage loans available in 2017. But it only provides a brief overview of each type. Follow the hyperlinks provided above to learn more about each option. We also encourage you to continue your research beyond this website. Education is the key to making smart decisions, as a home buyer or mortgage shopper.


    Different Types of Mortgage Loans Explained – 2017 Update, types of mortgages.#Types #of #mortgages


    The Different Types of Mortgage Loans in 2017, Explained

    By Brandon Cornett | 2017, all rights reserved | Duplication prohibited

    What are the different types of mortgage loans available to home buyers in 2017, and what are the pros and cons of each? This is one of the most common questions we receive here at the Home Buying Institute. This page offers some basic information about the types of loans available in 2017. Follow the hyperlinks provided for even more information. And be sure to send us your questions!

    Types of mortgages

    Loan Reps Are Standing By

    Did you know you can get free, no-obligation mortgage quotes online? It’s a great way to get the ball rolling.

    If you already understand the basic types of home loans, and you’re ready to move forward with the process, use one of the links provided below. Otherwise, keep reading below to learn about the different financing options available in 2017. You can always come back to these links later on.

    Types of Mortgages Available in 2017, Explained

    There are many different types of mortgages available to home buyers. They are all thoroughly explained on this website. But here, for the sake of simplicity, we have boiled it all down to the following options and categories.

    Option 1: Fixed vs. Adjustable Rate

    As a borrower, one of your first choices is whether you want a fixed-rate or an adjustable-rate mortgage loan. All loans fit into one of these two categories, or a combination hybrid category. Here’s the primary difference between the two types:

    • Fixed-rate mortgage loans have the same interest rate for the entire repayment term. Because of this, the size of your monthly payment will stay the same, month after month, and year after year. It will never change. This is true even for long-term financing options, such as the 30-year fixed-rate loan. It has the same interest rate, and the same monthly payment, for the entire term.
    • Adjustable-rate mortgage loans (ARMs) have an interest rate that will change or adjust from time to time. Typically, the rate on an ARM will change every year after an initial period of remaining fixed. It is therefore referred to as a hybrid product. A hybrid ARM loan is one that starts off with a fixed or unchanging interest rate, before switching over to an adjustable rate. For instance, the 5/1 ARM loan carries a fixed rate of interest for the first five years, after which it begins to adjust every one year, or annually. That’s what the 5 and the 1 signify in the name.

    As you might imagine, both of these types of mortgages have certain pros and cons associated with them. Use the link above for a side-by-side comparison of these pros and cons. Here they are in a nutshell: The ARM loan starts off with a lower rate than the fixed type of loan, but it has the uncertainty of adjustments later on. With an adjustable mortgage product, the rate and monthly payments can rise over time. The primary benefit of a fixed loan is that the rate and monthly payments never change. But you will pay for that stability through higher interest charges, when compared to the initial rate of an ARM.

    Option 2: Government-Insured vs. Conventional Loans

    So you’ll have to choose between a fixed and adjustable-rate type of mortgage, as explained in the previous section. But there are other choices as well. You’ll also have to decide whether you want to use a government-insured home loan (such as FHA or VA), or a conventional regular type of loan. The differences between these two mortgage types are covered below.

    A conventional home loan is one that is not insured or guaranteed by the federal government in any way. This distinguishes it from the three government-backed mortgage types explained below (FHA, VA and USDA).

    Government-insured home loans include the following:

    The Federal Housing Administration (FHA) mortgage insurance program is managed by the Department of Housing and Urban Development (HUD), which is a department of the federal government. FHA loans are available to all types of borrowers, not just first-time buyers. The government insures the lender against losses that might result from borrower default. Advantage: This program allows you to make a down payment as low as 3.5% of the purchase price. Disadvantage: You’ll have to pay for mortgage insurance, which will increase the size of your monthly payments.

    The U.S. Department of Veterans Affairs (VA) offers a loan program to military service members and their families. Similar to the FHA program, these types of mortgages are guaranteed by the federal government. This means the VA will reimburse the lender for any losses that may result from borrower default. The primary advantage of this program (and it’s a big one) is that borrowers can receive 100% financing for the purchase of a home. That means no down payment whatsoever.

    USDA / RHS Loans

    The United States Department of Agriculture (USDA) offers a loan program for rural borrowers who meet certain income requirements. The program is managed by the Rural Housing Service (RHS), which is part of the Department of Agriculture. This type of mortgage loan is offered to rural residents who have a steady, low or modest income, and yet are unable to obtain adequate housing through conventional financing. Income must be no higher than 115% of the adjusted area median income [AMI]. The AMI varies by county. See the link below for details.

    Combining: It’s important to note that borrowers can combine the types of mortgage types explained above. For example, you might choose an FHA loan with a fixed interest rate, or a conventional home loan with an adjustable rate (ARM).

    Option 3: Jumbo vs. Conforming Loan

    There is another distinction that needs to be made, and it’s based on the size of the loan. Depending on the amount you are trying to borrow, you might fall into either the jumbo or conforming category. Here’s the difference between these two mortgage types.

    • A conforming loan is one that meets the underwriting guidelines of Fannie Mae or Freddie Mac, particularly where size is concerned. Fannie and Freddie are the two government-controlled corporations that purchase and sell mortgage-backed securities (MBS). Simply put, they buy loans from the lenders who generate them, and then sell them to investors via Wall Street. A conforming loan falls within their maximum size limits, and otherwise conforms to pre-established criteria.
    • A jumbo loan, on the other hand, exceeds the conforming loan limits established by Fannie Mae and Freddie Mac. This type of mortgage represents a higher risk for the lender, mainly due to its size. As a result, jumbo borrowers typically must have excellent credit and larger down payments, when compared to conforming loans. Interest rates are generally higher with the jumbo products, as well.

    This page explains the different types of mortgage loans available in 2017. But it only provides a brief overview of each type. Follow the hyperlinks provided above to learn more about each option. We also encourage you to continue your research beyond this website. Education is the key to making smart decisions, as a home buyer or mortgage shopper.


    Buy-to-let mortgages with HSBC Expat – Types of rate – HSBC Expat, types of mortgages.#Types


    Buy-to-let mortgages with HSBC Expat – Types of rate

    Please enable cookies

    To use online banking you need to allow this website to use cookies. This setting is usually found in your browser’s privacy or security settings. If you have cookies disabled you will still be able to use the HSBC Expat website but online banking will not be available and some other features may not work as expected.

    Types of mortgages

    • Why HSBC Expat

    How you can benefit

    Types of mortgages

    • Online Banking
    • Mobile Banking
    • International offices
    • Contact us 24/7
    • Types of mortgages
    • Your guide to buying to let in the UK Download now
  • Solutions for your future

    Guides and tools for expats

    • Planning to move abroad
    • Just arrived in a new country
    • Experienced expat
    • Moving back home
    • Expat life is.
    • Types of mortgages
    • A Different Perspective: Expat life Watch the video
  • Buy to let mortgages

    Buy to Let rates

    HSBC are not able to provide mortgages to residents of all countries. Subject to confirmation that you meet the applicable eligibility criteria and depending upon your country of residence, individual circumstances and your requirements buy to let mortgages may be provided by either HSBC Expat or HSBC Bank plc, based in the UK.

    Choose between tracker or fixed interest rates

    HSBC Expat and HSBC Bank plc, in the UK, offer tracker interest rates. HSBC Bank plc, in the UK, also offer fixed interest rates. Before you proceed with a mortgage you should make sure you can afford the monthly payments.

    Tracker interest rate

    Available from HSBC Expat

    The tracker mortgage interest rate is set at an agreed percentage above the Bank of England base rate. The monthly payments rise and fall (track) in line with changes to the base rate.

    • No early repayment charge
    • Make unlimited overpayments
    • Make lump sum reductions
    • Repay your loan at any time

    The following tracker mortgage interest rates are available from HSBC Expat Only:

    The Bank of England Base Rate is set by the Bank of England. HSBC Tracker mortgage interest rates are linked with a margin above this Base Rate.

    This is the percentage rate at which the lender calculates the interest that is charged the borrower on a mortgage.

    APR stands for the Annual Percentage Rate of charge used to compare loan offers.

    The period during which the fixed or tracker rate applies. Following the expiry of the fixed rate period, the mortgage rate will revert to the HSBC buy to let mortgage variable rate.

    A fee charged on some mortgages to secure a particular mortgage deal and/or to cover administration costs.

    The fee charged for the administration involved in arranging the loan.

    The maximum amount that can be borrowed with this product.

    For information on the tracker mortgage interest rates available from HSBC Bank plc, in the UK visit:

    Fixed interest rate

    Available from HSBC Bank plc, in the UK, only.

    A fixed rate mortgage provides the security of fixed mortgage payments until an agreed date, no matter what happens to interest rates. HSBC Bank plc, in the UK fixed rate mortgages revert to the HSBC variable rate at the end of the fixed rate period.

    An Early Repayment Charge applies if you increase your standard monthly payment by more than 20% or you repay (by any other method) all or part of your mortgage, over and above your standard monthly payment, during a fixed rate period.

    For information on the fixed mortgage interest rates available from HSBC Bank plc, in the UK visit:

    Understanding fees

    A number of different fees are chargeable for different types of mortgages. The table below explains some of the fees involved and provides amounts where possible.

    A non refundable fee charged on some mortgages to secure a particular mortgage deal and/or to cover administration costs.

    The fee charged for the administration involved in arranging the loan.

    The fee charged by a lender who, with the customer’s written consent, requests details from their existing mortgage lender.

    A Completion fee is a fee the lender charges to cover the cost of electronically transferring the mortgage funds to the borrower.

    Also referred to as a professional valuation, a Standard Valuation Fee is a fee to cover the basic valuation of a property conducted on behalf of a mortgage lender to enable them to assess the security offered by the property for the proposed mortgage.

    An exit fee is a fee charged by many institutions when you fully repay your mortgage. HSBC Bank do not charge an exit fee.

    Standard Valutation fee scale

    The current fee, including VAT (UK only), for HSBC Expat, Buy to Let property valuations is detailed below. Fees are subject to change, therefore, please refer to your Key Facts Illustration for details of the fees payable by you. The valuation fee quoted includes a 35 non-refundable administration fee. Please note this fee scale is not applicable to properties in the Channel Islands and Isle of Man. For such properties please refer to your local HSBC Bank plc, in the UK branch.


    Mortgage Advice That You Can Trust – Mortgages-OnlineMortgages-Online, Mortgage Advice and Arranging, types of mortgages.#Types


    Mortgage Advice That You Can Trust

    Mortgages-Online are a team of mortgage advisers providing mortgage advice NATIONWIDE by remote means. Mortgage advice is delivered via the Internet, telephone and sometimes face to face. We have a wealth of experience having provided online mortgage advice since 1997.

    A professional mortgage broker is likely to save you money when a arranging your mortgage. Unlike a lender that can only offer a limited range of mortgages, Mortgages-Online can choose from thousands of mortgages from many lenders. With such a vast choice of mortgage products you can be confident of finding the best mortgage.

    It can be time consuming if you have to provide information to more than one lender. Once we understand your needs Mortgages-Online will eliminate lenders that cannot help, determine which lender is the most suitable and then make an application on your behalf. It s all rather painless and we can apply this principle the next time you apply for a mortgage, saving you time both now and in the future.

    What next?

    Either telephone and speak directly with a mortgage adviser or complete an enquiry form and we will contact you.

    Our initial consultation is FREE and we will be able to tell you immediately whether or not we can help. If we can help then we will need to gather some fairly detailed information; this is something that every lender and mortgage broker must do.

    We can start the mortgage application process either before or after you have found a property. Throughout the process we will liaise with the lender and any third parties to keep you updated.

    We can also help you with life assurance, buildings and contents and finding a solicitor if you do not have one in mind. We offer a one stop shop for friendly, unbiased mortgage advice that you can trust.

    YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

    Mortgages-Online is authorised and regulated by the Financial Conduct Authority, No. 442328. Some of our services may not be regulated by the Financial Conduct Authority.

    Initial consultation is free. If you decide to proceed with our service then a fee may be charged for our advice. See Charges.

    We can recommend mortgages from the whole of market.

    Your details remain confidential and are not shared with third parties except solely for the purpose of arranging a mortgage and related products that you purchase through us.


    Types of mortgages, types of mortgages.#Types #of #mortgages


    Types of mortgages

    Get a low interest rate guaranteed for 5 years, predictable fixed payments, and the flexibility to prepay annually a portion of your mortgage ahead of time.

    • Choose terms of 6 months to 10 years
    • Enjoy a lower interest rate and predictable payments
    • Prepay or increase payment amounts by up to 20% once per mortgage year
    • Cash back option available*
    • Learn more
    • Apply now
    • Choose an open- or fixed-term mortgage of 5 years
    • Benefit from a lower interest rate and predictable payments
    • Choose an amortization of up to 30 years
    • Convert to a fixed-term mortgage any time
    • Learn more
    • Apply now
    • Share the deposit, mortgage, and other costs with one or more co-owners
    • Get flexible payment options, portability, assumability, and competitive rates
    • Gain peace of mind knowing each owner is covered by life insurance
    • Learn more
    • Look into home equity loans and other options
    • Consider a lower-interest Bright Ideas loan for energy-saving renovations
    • Learn more
    • Look into a range of environmental financing options, including the Bright Ideas home renovation loan
    • Save money on your CMHC high-ratio mortgage insurance
    • Take advantage of rebates and incentives from BC Hydro, FortisBC, and more
    • Learn more
    • Apply now

    *Take out a 3, 4, 5, 7 or 10-year fixed-term mortgage, and we will give you cash back in an amount of up to 5% of the mortgage principal, or up to 2% of the mortgage principal for laneway mortgages transferred from another institution. Cash back is paid on the date the mortgage is funded. If the mortgage is not funded, no cash back will be paid. If you choose to break your mortgage commitment for any reason prior to maturity, you will be required to repay a portion of the cash back received.


    Buy-to-let mortgages with HSBC Expat – Types of rate – HSBC Expat, types of mortgages.#Types


    Buy-to-let mortgages with HSBC Expat – Types of rate

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  • Buy to let mortgages

    Buy to Let rates

    HSBC are not able to provide mortgages to residents of all countries. Subject to confirmation that you meet the applicable eligibility criteria and depending upon your country of residence, individual circumstances and your requirements buy to let mortgages may be provided by either HSBC Expat or HSBC Bank plc, based in the UK.

    Choose between tracker or fixed interest rates

    HSBC Expat and HSBC Bank plc, in the UK, offer tracker interest rates. HSBC Bank plc, in the UK, also offer fixed interest rates. Before you proceed with a mortgage you should make sure you can afford the monthly payments.

    Tracker interest rate

    Available from HSBC Expat

    The tracker mortgage interest rate is set at an agreed percentage above the Bank of England base rate. The monthly payments rise and fall (track) in line with changes to the base rate.

    • No early repayment charge
    • Make unlimited overpayments
    • Make lump sum reductions
    • Repay your loan at any time

    The following tracker mortgage interest rates are available from HSBC Expat Only:

    The Bank of England Base Rate is set by the Bank of England. HSBC Tracker mortgage interest rates are linked with a margin above this Base Rate.

    This is the percentage rate at which the lender calculates the interest that is charged the borrower on a mortgage.

    APR stands for the Annual Percentage Rate of charge used to compare loan offers.

    The period during which the fixed or tracker rate applies. Following the expiry of the fixed rate period, the mortgage rate will revert to the HSBC buy to let mortgage variable rate.

    A fee charged on some mortgages to secure a particular mortgage deal and/or to cover administration costs.

    The fee charged for the administration involved in arranging the loan.

    The maximum amount that can be borrowed with this product.

    For information on the tracker mortgage interest rates available from HSBC Bank plc, in the UK visit:

    Fixed interest rate

    Available from HSBC Bank plc, in the UK, only.

    A fixed rate mortgage provides the security of fixed mortgage payments until an agreed date, no matter what happens to interest rates. HSBC Bank plc, in the UK fixed rate mortgages revert to the HSBC variable rate at the end of the fixed rate period.

    An Early Repayment Charge applies if you increase your standard monthly payment by more than 20% or you repay (by any other method) all or part of your mortgage, over and above your standard monthly payment, during a fixed rate period.

    For information on the fixed mortgage interest rates available from HSBC Bank plc, in the UK visit:

    Understanding fees

    A number of different fees are chargeable for different types of mortgages. The table below explains some of the fees involved and provides amounts where possible.

    A non refundable fee charged on some mortgages to secure a particular mortgage deal and/or to cover administration costs.

    The fee charged for the administration involved in arranging the loan.

    The fee charged by a lender who, with the customer’s written consent, requests details from their existing mortgage lender.

    A Completion fee is a fee the lender charges to cover the cost of electronically transferring the mortgage funds to the borrower.

    Also referred to as a professional valuation, a Standard Valuation Fee is a fee to cover the basic valuation of a property conducted on behalf of a mortgage lender to enable them to assess the security offered by the property for the proposed mortgage.

    An exit fee is a fee charged by many institutions when you fully repay your mortgage. HSBC Bank do not charge an exit fee.

    Standard Valutation fee scale

    The current fee, including VAT (UK only), for HSBC Expat, Buy to Let property valuations is detailed below. Fees are subject to change, therefore, please refer to your Key Facts Illustration for details of the fees payable by you. The valuation fee quoted includes a 35 non-refundable administration fee. Please note this fee scale is not applicable to properties in the Channel Islands and Isle of Man. For such properties please refer to your local HSBC Bank plc, in the UK branch.


    Types of Mortgage Loans, KeyBank, types of mortgages.#Types #of #mortgages


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    Types of mortgages Types of mortgages

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    First-Time Homebuyer

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    Refinance

    Which of our mortgages is right for you?

    Conventional Fixed Rate Mortgage

    You plan to stay in your home for more than a few years.

    Rate remains the same for the term of the loan.

    Allows for easier budgeting.

    Conventional Adjustable Rate Mortgage

    You may want to sell or refinance early and can afford to make larger monthly payments should interest rates rise.

    Interest rate adjusts periodically to reflect market condition within a predetermined time frame, and there may not be a cap on interest rate increases.

    Lower initial rate can be locked in for different time periods, after which the interest rate and monthly payments may change.

    Government (FHA/VA/HomeReady ® )

    You qualify based on income and other factors.

    You qualify for a VA home loan as a veteran or reservist.

    FHA loans offer low down payment options and the ability to use gift funds for down payment and closing costs.

    VA loans are partially guaranteed by the VA, so private lenders can provide better terms like 100% loan-to-value without mortgage insurance and no down payment in most cases.*

    Jumbo Loan

    You are in the market for a higher priced home.

    Loan amounts up to $3.5 million with fixed- and adjustable-rate options.

    SilverKey available for single family attached and detached, condos and Planned Unit Developments (PUDs).

    GoldKey exclusive to Key Private Bank clients and for up to 90% LTV to $1 million with no PMI required.

    Combination

    You have funds for a 10% down payment.

    You’ll have 2 simultaneous mortgages, one for 80% of the home’s value (LTV) and one for 10% LTV. The remaining 10% is your down payment.

    Eliminates the need for Private Mortgage Insurance (PMI)

    Community Professional

    You qualify based on income, location or profession.

    Community loans may offer low down payments.

    Professional loans are tailored to financial realities of doctors and dentists.

    State Bond

    You are qualified as a first time home buyer in the state.

    Various programs with features including competitive rates.

    We’re in your neighborhood!

    Have all your questions answered by an experienced mortgage loan officer near you.

    Mon-Fri 8 a.m.- 8 p.m. EST

    *Unless required by the lender, or if the purchase price exceeds the reasonable value of the property as determined by VA, or the loan is made with graduated payment features

    NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. Information and offer are subject to change without notice. All loans are subject to credit and collateral approval.