Fixed or variable rate, which is better?
Your choice! It's a personal decision.
Choose a fixed rate - a Home Equity Loan - if you like the security of locking in an annual percentage rate and fixed monthly payments. Choose a variable rate - a Home Equity Line of Credit - if you want to be able to save should rates go down. Variable rate lines typically carry a lower initial rate than fixed rate loans.
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Are there tax advantages with a Home Equity Line or Loan?
Yes.
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 about your home equity interest deduction.
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How fast can I get my loan?
Very fast.
Home Equity Loans and Lines ($10,000 - $500,000) require an appraisal and title search. Based on these requirements, you can expect to close about four to six weeks after you apply.
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Can I protect myself with insurance coverage, just in case?
Yes.
We offer a credit life insurance plan that would pay off your outstanding account balance, up to the $55,000 policy maximum, if the primary or joint borrower passes away. Certain restrictions apply.
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Can I get a copy of my appraisal?
Yes.
We will provide a copy of the appraisal used in connection with your application for credit within 30 days of receiving your written request. However, you must be willing to reimburse us for the cost of the appraisal. If you want a copy, please write to us at the following address:
HSBC Bank USA, National Association
Home Equity Department
P.O. Box 4012
Buffalo, NY 14240-4012
In your letter, please include your name, address, and telephone number where you can be reached during the day.
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Can I have my payments deducted from my checking account?
Yes.
Having your payments deducted automatically from your HSBC checking account ensures that your payments are always made on time. Or, sign up for Internet Banking with Free Bill Pay from HSBC and make your payments online. You can also use your HSBC Debit MasterCard® Card to make payments at hundreds of HSBC ATMs throughout New York State and Pennsylvania or at any HSBC branch. Of course, the mail works too!
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Are there closing costs on a home equity?
At HSBC, there are no closing costs at account opening but you may be required to reimburse us for certain fees paid to third parties if the account is closed within three years of opening. Reimbursement rules vary by state.
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How do I apply?
It's easy. Fill out our online application.
Or phone 1-800-975-HSBC (1-800-975-4722) to apply or to obtain our current rates.
Contact Us with any questions. We will be glad to help!
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