Home Equity line of credit details | HSBC
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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.
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 $500,000.
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
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. You can even transfer funds online to a checking or savings account or receive a check at a branch.
- 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%.
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 No closing costs are charged at account opening for a Home Equity less than $500,000. If you terminate your account within the first three years, you will have 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 $19,900. In addition to the above, for a Home Equity greater than $500,000 (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. Property and flood insurance if applicable are 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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