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Home Equity Line of ChoiceSM FAQs
Answers to your questions about Home Equity Lines
How is a Home Equity Line of Choice different from a standard Home Equity Line of Credit?
Home Equity Line of Choice gives you the best of both 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 Choice?
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 Choice?
It's easy: just contact an HSBC Mortgage Specialist at 866.435.7085 and let one of our representatives walk you through it. Premier clients can contact us at 866.435.7089. Fees apply.
How soon can I request a fixed-rate loan segment from my Home Equity Line of Choice?
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. An access or draw period is the time during which you are allowed to use the funds. It will be defined for you when you take your loan.
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 Choice?
There is no application fee required for this product.
When is my payment due?
Payment is by the due date indicated in your statement.
When would Late Charge be assessed?
I will be charged a Late Charge of 5% of the amount of the Minimum Payment if I am more than 15 days late in making a Minimum Payment.
Are there tax advantages with a Home Equity Line of Choice?
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 to determine your home equity interest deduction eligibility.
Can I have my payments deducted from my checking account?
Yes. You have three options:
- Have your payments deducted automatically from your HSBC checking account. Please call 866.435.7085 for more information
- Registered Personal Internet Banking ("PIB") customers can access and make payments to their mortgage or HELOC account(s) through the HSBC website using the bill pay function
Log on to Personal Internet Banking
Register for Personal Internet Banking
- Make payments at any HSBC branch
How do I apply for an HSBC Home Equity Line of Choice?
It's easy: Visit any HSBC branch or call us at 888.346.1717.
What if I have more questions?
We will be happy to help.
- For questions about new applications, please call us at 888.346.1717, Monday through Friday 8am to 9pm ET, and on Saturdays 8am to 5pm ET.
- For inquiries about an existing mortgage or home equity account, call an HSBC Mortgage Specialist at 866.435.7085, Monday through Friday 8:30am to 8:30pm ET. HSBC Premier clients can contact us at 866.435.7089.
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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