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HSBC Bank Mortgage Refinance Review


ConsumersAdvocate.org Rating: 4.5 / 5 (Excellent)
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HSBC Bank USA, N.A. is a subsidiary of HSBC Holding PLC, one of the largest financial institutions in the world. The company offers mortgage refinance loans on residential property throughout the United States, excluding the state of Alaska and West Virginia.
 
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How Do We Rate HSBC Bank?

Breakdown

4.8/5
Loan Variety
4.5/5
Ease of Process
4.0/5
Customer Service and Reputation
4.5/5
Discounts and fees

Our Overall Rating: 4.5 / 5 (Excellent)

HSBC aims its mortgage refinance business at several niche markets. First, given its international pedigree, it's not surprising that the bank stresses the services it offers to permanent residents of the US and to people who are relying on family members overseas for financial assistance. Second, the bank favors a service model of customer interaction based on in-person and over-the-phone communication. Third, HSBC devotes considerable space on its website to its jumbo loan options, suggesting to us that it especially values high-net-worth customers. Within these niches, the firm is a solid choice for those looking to refinance. In addition, HSBC also offers conforming and affordable mortgages at competitive rate to meet the refinance needs of all their clients.

Loan Options

Lender Type
Bank
Loans Offered
Rate & Term
Cash-out
Refinance
Loan Programs
Conventional
Jumbo
Maximum Loan Size
3,000,000
Fixed Year Terms
30 Year Fixed
25 Year Fixed
20 Year Fixed
15 Year Fixed
Adjustable Rate Mortgage Terms
10/1 ARM
7/1 ARM
5/1 ARM
5/1 Jumbo ARM

Loan Variety - 4.8 / 5

HSBC Bank advertises two types of mortgage refinance plans. In one, the borrower refinances only the outstanding balance on his or her mortgage, plus closing costs. In the other, the refinance converts some of the equity in the property to cash, which the borrower can use for home renovations, tuition payments, debt consolidation or other major expenses.

Application Process

Ease of Process - 4.5 / 5

HSBC, like most other banks, does not publish information about its refinance approval procedures and they don't make promises on loan closing times. HSBC Bank has an online process for obtaining a pre-qualification on a refinance transaction. Given that the internal workings of the refinance approval process are generally hidden industry-wide, HSBC's approach to these matters is squarely in line with the industry.

HSBC Bank Reputation

Memberships & Regulatory Info.

Nationwide Mortgage Licensing System ID
399799
Nationwide Mortgage Regulatory Actions
0
NMLS Collection Date
2019-06-24
CFPB Total Mortgage Complaints
7
CFPB Collection Date
2019-06-24

Online Reviews

Trustpilot Trustscore
4.9
BBB Rating
F
Date Collected
2019-06-24

Customer Service and Reputation - 4 / 5

Since HSBC Bank has been in business for over 150 years, it's clear they're doing something right. We were struck by the relatively few numbers of complaints that had been filed against HSBC Bank before the CFPB. We view that low number as a more reliable indicator of customer service and reputation than its disappointing Trustpilot and BBB scores. People who are more comfortable dealing with financial institutions online will be glad to know there is a process they can take to obtain a mortgage pre-qualification online. Other ways to deal with HSBC Bank are over the phone and in person at one of its 225+ branches. HSBC Bank has branches in cities that include New York, Los Angeles, Seattle, Miami, San Francisco and Washington, D.C.

Contact & Additional Information

Homepage URL
https://www.us.hsbc.com/
Company Phone
(844) 472-2684
Headquarters Address
P.O. Box 2013, Buffalo, NY, 14240
Year Founded
1850

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