Home Buying Process: Steps to Buying a Home | HSBC
Buying a home is a big step. We can help guide you through the process.
Whether you're a first-time home buyer or you've already purchased a home in the past, HSBC has the tools and experience to help you successfully navigate the process. We can help you ask the right questions and understand each step along the way.
Talk to us about getting started and take advantage of our convenient mortgage calculators and tools to help you estimate your costs.
Knowing how much you can borrow is the very first step to buying a home. Once you know the amount, you can then search homes that fit your preferred location, lifestyle and budget.
To get an idea about how much you can afford, use our mortgage calculators to determine your down payment, closing costs, mortgage payments and other costs associated with purchasing a home.Calculate how much you can afford
View other mortgage calculators
Before you look for a new home, consider the advantages of getting pre-approved for a mortgage. Based on your unique financial situation, our mortgage consultants can help you establish a plan to achieve your home ownership goals while staying on budget.
An HSBC Pre-Approved Mortgage1 offers competitive rates2 with our 90-day commitment and gives you additional leverage during seller negotiations. Credit checks are included and there are no up-front fees3. With HSBC you can look for your new home knowing how much home you can afford.Get Pre-Approved
Looking for an affordable mortgage can be a challenging process that requires some guidance. At HSBC, we offer a variety of mortgages designed to meet the different needs of our customers.
Compare our HSBC mortgages and see which type of mortgage fits your needs.Compare Mortgages
Before you start to feel overwhelmed by the mortgage application process, HSBC is here to be your guide. We can help you prepare with the right documents, along with advice and checklists that keep you organized throughout the process.
- Gather relevant information such as:
- Purchase location, price and down payment if you are buying a property
- If you are refinancing, please provide estimated property value and loan amount you want to borrow
- Our checklist outlines all the documentation you'll need for applying for a mortgage
- Begin your application in one of the following ways:
- Provide supporting documents.
Your dedicated home mortgage consultant will provide you with a list of specific documents required to process your loan application. The consultant will also provide you with information about estimated closing costs and loan terms. Please review, sign, and return these documents along with any required fees to get the processing complete.
- Loan Approval Process
Once you formally apply for an HSBC Mortgage, we will take the following steps:
- Application Review: Our mortgage professional will perform a credit check and review and verify all documents that you provided with the application
- Appraisal: We will order an Appraisal and/or Condo/Co-op Questionnaire, if applicable
- Disclosures: Application and Mortgage Disclosures will be delivered to you via Express Mail for your review and signature
- Approval/Commitment: Next, your mortgage application will be underwritten and approved if it meets all requirements
- Title Ordered: Your attorney will complete a title search to ensure the property you wish to purchase legally belongs to the seller and is free from any violations
- Schedule for Closing: The processor will contact you to schedule closing. Your attorney will then set up the closing date with all parties who need to attend
- Closing: At closing you will need a bank check prepared for the remaining down payment and any and all fees associated with the transaction.
Check it off on the Checklist
At any point during the process, you will have your mortgage professional help you with all the steps involved in processing your application and closing your loan.
View our Mortgage Checklist to familiarize yourself with the required documents for the application.
First Time Home Buyer?
Please consider the below additional information as part of your home purchase decision:
- Home Buying vs. Renting Advantages
- Who are involved in the Home Buying Process?
- Down Payment and Costs to Consider
- HSBC's First Home Club Program
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 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.
3 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.
Mortgage and home equity products 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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