Home Equity FAQs
- How is a Home Equity Line of ChoiceSM different from a standard Home Equity Line of Credit, or a Home Equity Loan?
- How many fixed rate loans can I have with my Home Equity Line of ChoiceSM?
- How do I request a fixed rate loan segment from my Home Equity Line of ChoiceSM?
- How soon can I request a fixed rate loan from my Home Equity Line of ChoiceSM?
- Am I required to request a fixed rate loan at any point in time?
- How long is the option to request a fixed rate loan segment available to me?
- Is there a minimum amount for a fixed rate loan segment?
- How will I be billed if I request a fixed rate loan segment?
- Are there any additional fees required to apply for the Home Equity Line of ChoiceSM?
- Are there tax advantages with a Home Equity Line of ChoiceSM or Home Equity Loan?
- Can I still apply for a Home Equity Loan?
- Can I get a copy of my appraisal?
- Can I have my payments deducted from my checking account?
- How do I apply for an HSBC Home Equity Line of ChoiceSM or a Home Equity Loan?
- What if I have more questions?
How is a Home Equity Line of ChoiceSM different from a standard Home Equity Line of Credit, or a Home Equity Loan?
Home Equity Line of Choice gives you the best of both worlds by combining the flexibility of a line of credit with the security of a fixed rate loan, in one convenient account. Home Equity line of Choice allows you to make purchases with a line of credit, and if rates start to rise, you have the option to request all or a portion of the outstanding balance set up as a fixed rate loan.
How many fixed rate loan segments can I have with my Home Equity Line of ChoiceSM?
You can have up to three fixed rate loans at one time.
How do I request a fixed rate loan segment from my Home Equity Line of ChoiceSM?
It's easy, just contact an HSBC Mortgage Specialist at
How soon can I request a fixed rate loan segment from my Home Equity Line of ChoiceSM?
You can request a fixed rate loan segment after closing.
Am I required to request a fixed rate loan segment at any point in time?
No, requesting a fixed rate loan segment is entirely optional.
How long is the option to request a fixed rate loan segment available to me?
You can request a fixed rate loan segment at anytime during the access (draw) period of the account.
Is there a minimum amount for a fixed rate loan segment?
The minimum fixed rate loan segment amount is $5,000.
How will I be billed if I request a fixed rate loan segment?
All outstanding line of credit and fixed rate loan segment payments will appear on one monthly billing statement with one due date, and one payment. Balance and rate information will be disclosed individually for each line and loan segment.
Are there any additional fees required to apply for the Home Equity Line of ChoiceSM?
There is no application fee required for this product.
Are there tax advantages with a Home Equity Line of ChoiceSM or Home Equity Loan?
Yes, in many cases.
You may be eligible to deduct up to 100% of the interest you pay on your HSBC Home Equity Account. However, because individual circumstances affect tax situations, you should talk to your tax advisor about your home equity interest deduction.
Can I still apply for a Home Equity Loan?
Sure, we still offer Home Equity loans for those one time needs for cash.
Can I get a copy of my appraisal?
Yes.
We will provide a copy of the appraisal used in connection with your application for credit within 30 days of receiving your written request. However, you must be willing to reimburse us for the cost of the appraisal. If you want a copy, please write to us at the following address:
HSBC Mortgage Corporation (USA)
Home Equity Department
P.O. Box 4012
Buffalo, NY 14240-4012
In your letter, please include your name, address, and telephone number where you can be reached during the day.
Can I have my payments deducted from my checking account?
Yes.
Having your payments deducted automatically from your HSBC checking account ensures that your payments are always made on time. Or, sign up for Internet Banking with Free Bill Pay from HSBC and make your payments online. You can also use your HSBC Debit MasterCard® with PayPassTM to make payments at hundreds of HSBC ATMs or at any HSBC branch. Of course, the mail works too!
How do I apply for an HSBC Home Equity Line of ChoiceSM or a Home Equity Loan?
It's easy, complete an application online at us.hsbc.com, or call us at
What if I have more questions?
We'll be happy to answer your questions and tell you more. Simply contact an HSBC Mortgage Specialist at
