Q:

How can you refinance a HSBC home loan?

A:

Quick Answer

It is possible to complete a consultation request form on the HSBC website to explore refinancing options, says HSBC. A representative from HSBC responds to these inquiries with options that potentially include home equity lines of credit or refinancing with new terms and interest rates.

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Full Answer

Applicants seeking qualification for HSBC's refinance programs must meet program requirements, including gaining credit approval, HSBC explains. There are also geographic restrictions on certain programs. It is important to examine current market conditions to consider whether interest rates are favorable enough to make refinancing an attractive option.

HSBC offers full documentation and streamlined mortgage refinance programs, the company states. Rate-term refinances and cash-out refinances are available as full-documentation loans. Rate-term refinance loans potentially allow borrowers to lower both their terms and interest rates, pay off existing mortgages, and roll closing costs into the new loan. Cash-out refinances give borrowers the opportunity to take a loan against their home equity. Not all loans qualify for the cash-out refinancing option.

Streamlined refinance loans with HSBC do not come with a cash-out option, says HSBC. They are designed for borrowers to lower their interest rates and monthly payments with minimal documentation, HSBC notes. Borrowers who have interest rates that are higher than the current market rate are most likely to benefit and qualify for streamlined refinance loans.

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