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I have my mortgage through HSBC and we called to ask about paying more each month towards the principle and the person on the phone said we could not do that (we have a 30 year fixed). Is that legal? I believe HSBC may be Canadian based. Just wondering if anyone has experience with that.
I have my mortgage through HSBC and we called to ask about paying more each month towards the principle and the person on the phone said we could not do that (we have a 30 year fixed). Is that legal? I believe HSBC may be Canadian based. Just wondering if anyone has experience with that.
Unless you signed a mortgage with a prepayment penalty, which would be insane, I don't think it's legal, although I know my mortgage company (Everhome) is notorious for NOT applying early principle payments to the principle.
I have my mortgage through HSBC and we called to ask about paying more each month towards the principle and the person on the phone said we could not do that (we have a 30 year fixed). Is that legal? I believe HSBC may be Canadian based. Just wondering if anyone has experience with that.
I have never heard of a mortgage that does not allow you to pay additional principal. Even when there is a prepayment penalty, it usually does not kick in unless you prepay at least 10% of the total balance.
BTW- HSBC is based in Hong Kong. It's full name is Hong Kong Shanghai Bank.
If you gave every American 300K, that would be over 80 TRILLION dollars.
Obviously the number is different then. I was listening as opposed to watching so my detail of the numbers is way off...should have done the simple math first instead of writing from the hip
I have my mortgage through HSBC and we called to ask about paying more each month towards the principle and the person on the phone said we could not do that (we have a 30 year fixed). Is that legal? I believe HSBC may be Canadian based. Just wondering if anyone has experience with that.
One way around that should be by sending your regular amount in one check and another check for the additional amount you're paying, with the notation "to be applied to principal only".
And yes, Tom is correct, HSBC's roots go back to Hong Kong
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