Home Equity line of credit details | HSBC

Home Equity Line of ChoiceSM

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It's your equity. Access it when you need it.

Home Equity Line of ChoiceSM

You've worked hard to build equity in your home. If you're ready to start using that equity–whether for home improvement, school tuition or another purpose–we can help.

The Home Equity Line of ChoiceSM is ideal for homeowners who would like the flexibility of a line of credit with the security of a fixed-rate loan. And you can conveniently access your Line of Choice by simply writing a check.

Benefits for HSBC Premier Clients

As an HSBC Premier client, you have a financial relationship that makes the most of your money and time, with access to our best available rates1 on a Home Equity Line of ChoiceSM. There are no application fees, no annual fees and you will pay no closing costs2 if the account remains open for more than three years.

Flexible Terms

Enjoy convenient access to your home equity with available line amounts from $10,000 to $350,000 for qualified applicants. For HSBC Premier clients, line amounts are available up to $1 milion.

Here are a couple of things you should know about your line of credit:

  • Your access period will be for up to 10 years with an interest-only3 payment
  • Your line will amortize once over 240 months at the end of the 10-year access period

Convenient Features

Enjoy the convenience of time and money-saving features, such as:

  • Tax benefits. Your interest may be tax-deductible. Check with your tax advisor to make sure.
  • Easy access. You can access the money you need simply by writing checks.
  • Up to three fixed-rate loans. You can elect to have a fixed rate on up to three different loan segments on your Line of Choice if you prefer the security of a fixed rate and payment amount.
  • Personal Internet Banking: Use Personal Internet Banking to transfer funds directly to your HSBC Checking Account.
  • Borrowing power. As a qualified applicant, you can borrow up to 80% of your equity. As an HSBC Premier client, you can borrow up to 85%.

To speak to someone about your questions, request a callback, locate your local HSBC branch or call 866.731.4722.

Additional Options

Current HSBC Home Equity customers may be able to request a line increase.

1 To qualify for preferred rates on a Home Equity Line of ChoiceSM, you must be HSBC Premier prior to closing. Discounts can be cancelled or subject to change at any time and cannot be combined with any offer or discount.

2 The Annual Percentage Rate (APR) for a Home Equity Line of ChoiceSM is variable and is based on the U.S. Prime Rate published each day in The Wall Street Journal (but not the Weekend Edition of The Wall Street Journal) (the “Index”) plus a margin. If The Wall Street Journal publishes more than one U.S. Prime Rate for a day, the Index will be the average of those rates. The index as of the last change date of December 17, 2015 is 3.50%. The maximum APR is the greater of 15.9% or 5% above the initial APR. The APR will not increase or decrease by more than 4% in each year. Rates apply to lines secured by your primary residence (excluding co-ops and 3-4 family property) with a total loan-to-value ("TLTV") ratio of 80% or less. Higher rates may apply for different TLTV's, property and product types. Please contact us for current rates on lines with different terms.

The APR does not include closing costs. For lines equal to or lesser than $500,000, HSBC will pay all closing costs. For lines greater than $500,000, HSBC will pay half of the Mortgage Taxes and Title insurance costs, and all other closing costs, which are estimated to range between $1,000 to $17,000. If you terminate your account within the first three years, you will have to pay an early termination fee of $500 or $750 (California and Virginia properties), plus certain fees paid to third parties on your behalf. These third party fees include mortgage taxes and mortgage tax-like fees, and title insurance costs, and are estimated to range from $600 to $15,000 ($500,000 or less) or $500 to $9,500 (more than $500,000), but might be higher. No annual or application fees will be assessed. Your home equity account will be secured by a mortgage on your home. Property insurance is required and flood insurance may be required.

3 An "interest-only" Home Equity Line of Choice allows you to pay only the interest on the money you borrow for the first 10 years. This is known as the "interest-only period". If you only pay the amount of interest that is due, once the interest-only period ends, you will still owe the original amount you borrowed. Your monthly payment will then increase substantially even if interest rates stay the same because you must pay back the principal as well as interest.

Mortgage and home equity products are offered in the U.S. by HSBC Bank USA, N.A. Subject to credit approval. Borrowers must meet program qualifications. Programs are subject to change. Geographic and other restrictions may apply. Discounts can be cancelled or are subject to change at anytime and cannot be combined with any other offer or discount.

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