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Home Equity: Your Home Is a Financial Resource
Equity is the difference between the current market (appraised) value of your home and the outstanding balance of your mortgage. By tapping into the equity you have built in your home, you may already have the financial resources you need to pursue personal goals. If you want to consolidate your high interest debt, pay for your child's college education, repair or remodel your home, or take a well-deserved vacation, then you may want to consider a home equity line of credit as one of your options.
Evaluating the advantages and costs when you take on a home equity line of credit is an important first step. With a home equity line of credit, you will have additional monthly payments and interest charges. Carefully consider the impact of these new expenses before you choose to apply for a home equity line of credit.
At HSBC, we can help you access the equity in your home that you've worked so hard to build.
HSBC Premier Clients receive preferred rates1 on Home Equity Line of ChoiceSM. To learn more about HSBC Premier, please request a callback or call 866.503.4722.
A home equity line of credit from HSBC comes with many added benefits including:
- Flexibility in accessing and repaying the funds - Manage your approved funds and use them whenever you need to. You can conveniently access your approved credit line by simply writing a check and there are no fees2 in accessing your funds.
- Tax Savings - Interest charges may be tax deductible. Please consult your tax advisor about the deductibility of interest.
- Lower your monthly payments by consolidating higher interest rate debt - Home equity rates can be lower than credit card and personal loan rates and can help you reduce your monthly payments in addition to savings on interest charges.
Home Equity: Resources
Home Equity: Getting Started
To get started on accessing the equity in your home, request a callback from one of our Mortgage Consultants or call 866.731.4722.
To qualify for HSBC Premier, you need to open a Premier Checking account and maintain $100,000 in combined U.S. personal deposit and investment balances. Business owners may use their commercial balances to qualify for personal Premier relationship. A monthly maintenance fee of $50.00 will be incurred if minimum balance requirements are not maintained. To be eligible for Premier Deluxe Mortgages, the Premier account must be funded before the closing of the mortgage.
1 Discounts and loan amount depend on specific program and may require certain Premier balances, reserves, equity, and automatic payment from an HSBC Premier checking account.
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 line amount greater than $500,000, you will be required to pay 50% of mortgage tax-like fees associated with the line amount greater than $500,000 at the time your account is established. Your Home Equity account will be secured by a mortgage on your home. Property and flood insurance, if applicable, are required. All persons on the deed must sign the mortgage. Lines are subject to credit approval.
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 any time and cannot be combined with any other offer or discount.
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