Pre-approved Mortgage: How-to and Advantages | HSBC
Pre-approval – What Does It Mean for You?
When preparing for a home purchase, HSBC can assess your mortgage needs, determine the amount you can borrow and offer you a pre-approved mortgage loan1 based on our assessment. So, as you begin looking for a home, you can feel comfortable knowing how much you can afford - which makes the home-buying process a much smoother one.
At HSBC, your pre-approval involves a process which includes all necessary credit and information checks1. And, we charge no up-front fees2, so you are free to focus on shopping for your new home without obligation or worry.
An HSBC Mortgage that has been pre-approved offers many advantages:
- Gain additional leverage during negotiations with the seller when you have a pre-approved mortgage amount
- Feel secure knowing how much home you can afford to purchase
- Have peace of mind knowing that you are receiving competitive mortgage rates3
Here is a list of information that we require for Pre-Approval:
- Two Most Recent Years of W2 if applicable
- Two Most Recent Years of SIGNED Personal Federal Tax Returns, include all schedules if applicable.
- Two Most Recent Years of SIGNED Business Federal Tax Returns, include all schedules if applicable
- Most Recent One Month of Pay Stubs if applicable
- Most Recent Two Months of Bank Statements with ALL Pages including Checking, Savings, Investment, and Retirement Accounts (any unusually large deposits must be documented and a written explanation be explained)
- Unexpired Gov't Issued ID/Permanent Resident Card/Copy of Passport with Valid Work Visa
- Copy of Rental Agreement or copy of current Mortgage Statement
Increase your negotiating power with an HSBC Pre-Approval1. We are available to help you get started on the Pre-Approval process:
- Request a callback from a mortgage professional.
- If you are an existing Premier client, please call 866.503.4722 or
- Call 866.731.4722 to speak with one of our mortgage professional.
1 Final mortgage approval is subject to receipt of a satisfactory purchase contract by commitment expiration date, satisfactory appraisal and title report and completion of all conditions stated in your commitment letter.
2 Credit report, appraisal fees and/or application fee (if applicable) are collected when a purchase contract is submitted. Standard processing and third party fees will be collected at loan closing.
3 The interest rate is not guaranteed until the pre-approval is converted to a loan application, which must include the identification of a property. You may then elect to lock the interest rate at any time from the date of application until 10 days prior to closing.
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.
Get Started with your Pre-approvalRequest a consultation
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We are here to help. For service in all other languages, call us today toll free at 800.975.4722. For collect calls outside the U.S., contact us at 716.841.7212.