Details | Home Equity Line of Choice | HSBC

 

Home Equity Line of ChoiceSM

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

You've worked hard to build equity in your home. If you're ready to start using that equity - whether for home renovations1, education expenses, to consolidate debt or another purpose - we can help.

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

  • Rate2 discount for Premier3 and Advance4 cients. Premier clients receive 1.00% rate discount and Advance clients receive a 0.50% rate discount when you elect auto-pay from your HSBC checking account
  • Line amount to suit your needs. Credit line amounts available up to $350,000. For Premier clients, credit line amounts available up to $1 million
  • Easy access. You can access your cash funds simply by writing a check
  • Pay no application or annual fees5
  • No closings costs5. Pay no closing costs on lines up to $500,000
  • Tax deductibility. Interest charges may be tax deductible6
  • Fixed-rate loans7. You can have up to three fixed rate loans within your line of credit at any one time if you prefer the security of a fixed rate and payment amount

Getting started

To learn more or apply:

Additional resources

Our home equity resources can help you decide whether a Home Equity Line of ChoiceSM is right for you and your family. Learn more with our Home Equity FAQs, Home Equity Information Checklist and Key Facts.

1 Home Equity Line of ChoiceSM for the purpose of home improvement is not eligible in New Jersey.

2 Discounts and loan amount depend on specific program and may require certain Premier or Advance balances, reserves, equity and automatic payment from an HSBC Premier or Advance checking account.

3 To be eligible for an HSBC Premier home equity line of credit, you must be a Premier relationship customer with a U.S. Premier checking account. To learn more about the Premier relationship requirements contact an HSBC branch or call toll free at 866.801.6756.

4 To be eligible for an Advance home equity line of credit, you must be an Advance relationship customer with a U.S. Advance checking account. To learn more about the Advance relationship requirements contact an HSBC branch or call toll free at 844.374.9016.

5 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 March 16, 2017 is 4.00%. 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 line amounts of $500,000 or less, HSBC will pay all closing costs. For line amounts greater than $500,000, you will be required to pay 50% of title insurance costs and any mortgage tax-like fees; however, HSBC will pay all other closing costs. Generally, closing costs are estimated to range from $270 to $19,900, but may be higher depending on the location of your home and the amount of your line of credit. If you terminate your account within the first three years, you will have to pay an early termination fee of $500 (or $750 for properties located in California and Virginia), plus any mortgage tax-like fees paid by HSBC at the time your account was established. No annual or application fees will be assessed. Your Home Equity account will be secured by a mortgage on your home. All persons on the deed must sign the mortgage. Property insurance is required and flood insurance may be required.

6 Consult your tax advisor for details on tax deductibility of interest paid on loans secured by your home.

7 The fixed rate loan option provides the ability to fix the interest rate on all or a portion of the outstanding balance during the draw period. Up to three balances can be fixed at one time. Additional conditions apply.

United States persons are subject to U.S. taxation on their worldwide income and may be subject to tax and other filing obligations with respect to their U.S. and non-U.S. accounts. U.S. persons should consult a tax advisor.

Mortgage and home equity products are offered in the U.S. by HSBC Bank USA, N.A. and are only available for properties located in the U.S. 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.

Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.

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Premier3 clients receive a

1.00%

auto-pay rate discount2

Advance4 clients receive a

0.50%

auto-pay rate discount2

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†† Investments, Annuity and Insurance Products:
ARE NOT A BANK DEPOSIT OR OBLIGATION OF THE BANK OR ANY OF ITS AFFILIATES ARE NOT FDIC INSURED ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY ARE NOT GUARANTEED BY THE BANK OR ANY OF ITS AFFILIATES MAY LOSE VALUE

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