Relationship mortgage discounts for moving a million assets

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Silly Wabbit
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Re: Relationship mortgage discounts for moving a million assets

Post by Silly Wabbit »

smby wrote: Thu Jul 15, 2021 6:07 pm
Silly Wabbit wrote: Thu Jul 15, 2021 4:38 pm I locked a 1.75% with Schwab (through Quicken Loans/Rocket Mortgage). Jumbo, 30 year-5/6-month ARM, with negative costs, .5% discount for 1m in new assets. Would have been 1.5% with no points/credits.

I shopped BofA and Schwab, Schwab matched BofA's undiscounted rate of 2%.
Just locked 5/6 ARM at 1.7% no cost at Schwab with $1M relationship
High five, congrats! I'm feeling pretty good about it.
smby
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Re: Relationship mortgage discounts for moving a million assets

Post by smby »

:happy
gmang
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Re: Relationship mortgage discounts for moving a million assets

Post by gmang »

All done on 7/6m Interest Only jumbo ARM at 1.5%, no points, less than $4k in costs with Schwab! This was made possible at the 0.75% discount tier.
Tingting1013
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Re: Relationship mortgage discounts for moving a million assets

Post by Tingting1013 »

gmang wrote: Sat Jul 17, 2021 7:40 pm All done on 7/6m Interest Only jumbo ARM at 1.5%, no points, less than $4k in costs with Schwab! This was made possible at the 0.75% discount tier.
Welcome to the 1.5% club!
triom6
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Re: Relationship mortgage discounts for moving a million assets

Post by triom6 »

gmang wrote: Sat Jul 17, 2021 7:40 pm All done on 7/6m Interest Only jumbo ARM at 1.5%, no points, less than $4k in costs with Schwab! This was made possible at the 0.75% discount tier.
Wow, congrats, that is fantastic!! The lowest I could get with Schwab/QuickenLoans on a 7/6m IO Jumbo was 2.125%, no points, ~$4k in fees. (That was with the .5% discount tier).
Average Investor
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Re: Relationship mortgage discounts for moving a million assets

Post by Average Investor »

Anyone getting good refi rates at Schwab for an asset-based loan? I’ve reached out to them but have not heard back yet.

I have an asset-based refi process started with Chase but am hoping to get at least one competitor in the mix. I cannot qualify for a loan based on income.

Thank you.
Tomorrow never knows.
Baldrekr
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Location: Seattle, WA

Re: Relationship mortgage discounts for moving a million assets

Post by Baldrekr »

gmang wrote: Sat Jul 17, 2021 7:40 pm All done on 7/6m Interest Only jumbo ARM at 1.5%, no points, less than $4k in costs with Schwab! This was made possible at the 0.75% discount tier.
This is a great rate, for a regular jumbo ARM they are advertising 1.625% (2.375 - 0.75% discount), and their interest only loan rate is 0.25% higher (so 1.875% after discount). How did you get such a great rate, I am looking at refinancing with them as well.
gmang
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Re: Relationship mortgage discounts for moving a million assets

Post by gmang »

Baldrekr wrote: Mon Jul 19, 2021 3:29 pm This is a great rate, for a regular jumbo ARM they are advertising 1.625% (2.375 - 0.75% discount), and their interest only loan rate is 0.25% higher (so 1.875% after discount). How did you get such a great rate, I am looking at refinancing with them as well.
This process started over six weeks ago. I started with an termsheet from BofA, which they were able to get Schwab to agree to match. I think in the current market, BofA is known for good pricing on jumbo ARMs and IOs, so perhaps you should start there. Schwab was also able to get me a $3k bonus to bring over a large IRA.
jarjarM
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Re: Relationship mortgage discounts for moving a million assets

Post by jarjarM »

gmang wrote: Sat Jul 17, 2021 7:40 pm All done on 7/6m Interest Only jumbo ARM at 1.5%, no points, less than $4k in costs with Schwab! This was made possible at the 0.75% discount tier.
Congrats! I just closed my 10/6m jumbo ARM at 1.625% and <$3k cost from Schwab, also made possible by the 0.75% discount. :beer
gougou
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Re: Relationship mortgage discounts for moving a million assets

Post by gougou »

gmang wrote: Sat Jul 17, 2021 7:40 pm All done on 7/6m Interest Only jumbo ARM at 1.5%, no points, less than $4k in costs with Schwab! This was made possible at the 0.75% discount tier.
Congrats! Wish I had $5M :D
The sillier the market’s behavior, the greater the opportunity for the business like investor.
Letsgo
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Re: Relationship mortgage discounts for moving a million assets

Post by Letsgo »

Great thread. Thanks all. I closed two loans simultaneously with Schwab / Rocket recently and very smooth experience. BoA could’ve matched on the primary but no one seemed close on my rental. Got 2.25% 7/6 with almost all costs covered on the rental (after .5% discount).
elljefe
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Re: Relationship mortgage discounts for moving a million assets

Post by elljefe »

Great deal! Can you please let me know the contact info for the person you worked with at Schwab/Quicken? Thanks!

If anyone else has a good contact there could you please post it here or DM me with the info?

Thanks in advance!

okdeal wrote: Thu Jul 08, 2021 6:55 pm I closed today and got a great deal with Schwab / Quicken Loans-Rocket Mortgage.

I got 1.875% on a 7 year interest only, $1.2m loan; (only $200 of closing costs), had to move $1m of assets over to get that rate (0.5% discount)
Location: SoCal

Definitely thanks to all the posters in this thread.

Started out with BofA offering 2.25% if I moved $500k of assets and that would cost me $3500.

Then Union Bank beat that rate by offering 2.25% at zero cost

Then Schwab / Quicken Loans asked me what it would take to earn my business. I said 2.125% with no cost. The first night the loan officer called and said he couldn't do it, but was still working on it. The next night he said he got it approved--2.125%, for a cost of $200 and only having to move $250k of assets. I asked what if I moved $1m over, and he said then the rate would be 1.875%, same costs.

Quicken Loans does all the underwriting, it was a slick process and took 33 days total.
bravesfan21
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Re: Relationship mortgage discounts for moving a million assets

Post by bravesfan21 »

ElliotAlderson wrote: Thu Jul 08, 2021 1:41 pm Locked 2.625 + .375% discount - 30yr fixed - Wells Fargo. Bay Area.
How did you get them down to 2.625 before discount?

Does anyone know if WF, BoA, etc match non-private bank offers before applying the relationship discount?
anilj
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Re: Relationship mortgage discounts for moving a million assets

Post by anilj »

How are people able to get such a great rate?
I am looking for a refi for Jumbo (for 2M loan) and the best rate they have is 2.75% or so for "non-relationship" pricing. I have some rental income that is less than 2 years, so a lot of the bigger banks are out of the picture.

Are there any lenders that can try to match these relationship pricing rates and also allow for short term rental income?
jarjarM
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Re: Relationship mortgage discounts for moving a million assets

Post by jarjarM »

elljefe wrote: Thu Jul 22, 2021 2:00 am Great deal! Can you please let me know the contact info for the person you worked with at Schwab/Quicken? Thanks!

If anyone else has a good contact there could you please post it here or DM me with the info?

Thanks in advance!
If you have account in Schwab, then there's someone that's responsible for your account (sort like financial advisor but they don't really manage or charge AUM). He/She can usually push for you on the Quicken side a bit, especially if you have significant asset with them. Otherwise, just call the schwab mortgage phone #, which will transfer you to the quicken representative who's specialize with schwab/quicken mortgage. Good luck. :beer
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softwaregeek
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Re: Relationship mortgage discounts for moving a million assets

Post by softwaregeek »

anilj wrote: Fri Jul 23, 2021 8:31 pm How are people able to get such a great rate?
I am looking for a refi for Jumbo (for 2M loan) and the best rate they have is 2.75% or so for "non-relationship" pricing. I have some rental income that is less than 2 years, so a lot of the bigger banks are out of the picture.

Are there any lenders that can try to match these relationship pricing rates and also allow for short term rental income?
I am unclear on how these come together. The relationship discount is based on assets at the bank/broker. The debt/income is an underwriting issue. Should be totally seperate.
sc9182
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Re: Relationship mortgage discounts for moving a million assets

Post by sc9182 »

bravesfan21 wrote: Thu Jul 22, 2021 9:51 am
ElliotAlderson wrote: Thu Jul 08, 2021 1:41 pm Locked 2.625 + .375% discount - 30yr fixed - Wells Fargo. Bay Area.
How did you get them down to 2.625 before discount?

Does anyone know if WF, BoA, etc match non-private bank offers before applying the relationship discount?
Yes - if you work with a good relationship manager & good mortgage Pro at that bank ..
Then - layer Relationship discount on-top (again, they at times play hardball saying either Price-matching or Relationship discount., but not both. But, you would have to make them work with you, and dangle incoming net-new monies coming-in to their Brokerage from your side :-)
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CalculatedRisk
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Re: Relationship mortgage discounts for moving a million assets

Post by CalculatedRisk »

bravesfan21 wrote: Thu Jul 22, 2021 9:51 am
ElliotAlderson wrote: Thu Jul 08, 2021 1:41 pm Locked 2.625 + .375% discount - 30yr fixed - Wells Fargo. Bay Area.
How did you get them down to 2.625 before discount?

Does anyone know if WF, BoA, etc match non-private bank offers before applying the relationship discount?
Earlier, s/he said they put down 35%
ElliotAlderson
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Re: Relationship mortgage discounts for moving a million assets

Post by ElliotAlderson »

bravesfan21 wrote: Thu Jul 22, 2021 9:51 am
ElliotAlderson wrote: Thu Jul 08, 2021 1:41 pm Locked 2.625 + .375% discount - 30yr fixed - Wells Fargo. Bay Area.
How did you get them down to 2.625 before discount?

Does anyone know if WF, BoA, etc match non-private bank offers before applying the relationship discount?
I didn't have to get them down, that's what they offered me. You may even be able to get 2.5 now, but my purchase closed so I'm not watching rates anymore. PM me if you would like my contact from WF, he was truly great to work with.
ElliotAlderson
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Re: Relationship mortgage discounts for moving a million assets

Post by ElliotAlderson »

CalculatedRisk wrote: Wed Jul 28, 2021 2:20 am
bravesfan21 wrote: Thu Jul 22, 2021 9:51 am
ElliotAlderson wrote: Thu Jul 08, 2021 1:41 pm Locked 2.625 + .375% discount - 30yr fixed - Wells Fargo. Bay Area.
How did you get them down to 2.625 before discount?

Does anyone know if WF, BoA, etc match non-private bank offers before applying the relationship discount?
Earlier, s/he said they put down 35%
Good research, in the end I actually did 25% down and still got the same rate. It always helps to gave a competing rate to bring over but I had a hard time finding Lenders as there were so many buyers a lot of Lenders seemed overwhelmed. I tried Chase, Citi, and First Republic all who ended up giving me bad rates, or totally ghosting me after giving them all my info and pulling my credit.
gougou
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Re: Relationship mortgage discounts for moving a million assets

Post by gougou »

Letsgo wrote: Thu Jul 22, 2021 12:02 am Great thread. Thanks all. I closed two loans simultaneously with Schwab / Rocket recently and very smooth experience. BoA could’ve matched on the primary but no one seemed close on my rental. Got 2.25% 7/6 with almost all costs covered on the rental (after .5% discount).
Is the mortgage on your rental a jumbo loan? Could you share more details on your mortgages (primary vs rental)? All my rentals are conforming and I find it hard to get good deals anywhere.
The sillier the market’s behavior, the greater the opportunity for the business like investor.
jimjam600
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Re: Relationship mortgage discounts for moving a million assets

Post by jimjam600 »

ElliotAlderson wrote: Thu Jul 29, 2021 1:57 pm
CalculatedRisk wrote: Wed Jul 28, 2021 2:20 am
bravesfan21 wrote: Thu Jul 22, 2021 9:51 am
ElliotAlderson wrote: Thu Jul 08, 2021 1:41 pm Locked 2.625 + .375% discount - 30yr fixed - Wells Fargo. Bay Area.
How did you get them down to 2.625 before discount?

Does anyone know if WF, BoA, etc match non-private bank offers before applying the relationship discount?
Earlier, s/he said they put down 35%
Good research, in the end I actually did 25% down and still got the same rate. It always helps to gave a competing rate to bring over but I had a hard time finding Lenders as there were so many buyers a lot of Lenders seemed overwhelmed. I tried Chase, Citi, and First Republic all who ended up giving me bad rates, or totally ghosting me after giving them all my info and pulling my credit.
Adding a datapoint in case useful. Wells matched BOA and then layered discount on top of it. Then also allowed further reduction in rate when rates dropped. Ended up at 2.125 for 30 year fixed on ~2m purchase with 30% down. One hiccup, even though appraisal came in at value, Wells underwriting at the last minute (like two weeks after appraisal was in) raised some "marketability concern" which required us to put down 30% down instead of 25% down. Too late at that point to look elsewhere though, and realistically, would not have found a better rate. PM me if you want my loan officer contact. Also have a guy at BOA that I liked better.
rkot0806
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Re: Relationship mortgage discounts for moving a million assets

Post by rkot0806 »

jimjam600 wrote: Thu Jul 29, 2021 3:32 pm Adding a datapoint in case useful. Wells matched BOA and then layered discount on top of it. Then also allowed further reduction in rate when rates dropped. Ended up at 2.125 for 30 year fixed on ~2m purchase with 30% down. One hiccup, even though appraisal came in at value, Wells underwriting at the last minute (like two weeks after appraisal was in) raised some "marketability concern" which required us to put down 30% down instead of 25% down. Too late at that point to look elsewhere though, and realistically, would not have found a better rate. PM me if you want my loan officer contact. Also have a guy at BOA that I liked better.
Thanks for the datapoint. Could you mention the relationship discount and amount of assets moved over? Also, any reason why you put 25% to begin with?

It's the second time I'm hearing of a last minute concern leading to higher downpayment. It's tough to suddenly raise so much cash to cover that extra 5%.
jimjam600
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Re: Relationship mortgage discounts for moving a million assets

Post by jimjam600 »

rkot0806 wrote: Thu Jul 29, 2021 4:51 pm
jimjam600 wrote: Thu Jul 29, 2021 3:32 pm Adding a datapoint in case useful. Wells matched BOA and then layered discount on top of it. Then also allowed further reduction in rate when rates dropped. Ended up at 2.125 for 30 year fixed on ~2m purchase with 30% down. One hiccup, even though appraisal came in at value, Wells underwriting at the last minute (like two weeks after appraisal was in) raised some "marketability concern" which required us to put down 30% down instead of 25% down. Too late at that point to look elsewhere though, and realistically, would not have found a better rate. PM me if you want my loan officer contact. Also have a guy at BOA that I liked better.
Thanks for the datapoint. Could you mention the relationship discount and amount of assets moved over? Also, any reason why you put 25% to begin with?

It's the second time I'm hearing of a last minute concern leading to higher downpayment. It's tough to suddenly raise so much cash to cover that extra 5%.
.5% discount for bringing over $1m to Wells Trade. Won't keep it there. 25% because we got a slightly better rate at 25% than at 20% and we have relatively more assets than income so it made sense for us to put more down. But it was a bummer to be asked to put even more down when it was too late to do anything else.
modernist
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Re: Relationship mortgage discounts for moving a million assets

Post by modernist »

Quicken/Schwab 7/6 ARM Interest Only.

Rate: 1.5%
Points: 0 (but did have to pay loan processing fee)
Loan ~1.5M
Location: Bay Area

Brought over 1M in assets for 0.5% discount (from 2.0%).

Required competitive negotiation of BofA vs Quicken offers.
triom6
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Re: Relationship mortgage discounts for moving a million assets

Post by triom6 »

rkot0806 wrote: Thu Jul 29, 2021 4:51 pm It's the second time I'm hearing of a last minute concern leading to higher downpayment. It's tough to suddenly raise so much cash to cover that extra 5%.
This happened to me as well with WF and also at the last minute. Definitely would not recommend them for a purchase loan.
triom6
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Re: Relationship mortgage discounts for moving a million assets

Post by triom6 »

Schwab/QuickenLoans is now offering a 1% discount if you bring $10M +.
https://www.schwab.com/public/schwab/ba ... gage_rates

It seems that several here have gotten great pre-discount rates from Schwab/QuickenLoans. I had no luck with that and the best I was able to get was what was published in the link above.
BillWalters
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Re: Relationship mortgage discounts for moving a million assets

Post by BillWalters »

Wells Fargo is an unmitigated disaster for residential mortgages. Avoid at all costs. Endless document requests followed by last minute changes in loan terms. The absolute worst.
ElliotAlderson
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Re: Relationship mortgage discounts for moving a million assets

Post by ElliotAlderson »

I just closed with WF and had no issues like others are mentioning. Without knowing specific details of someones loan hard to break down what happened.
jory1804
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Re: Relationship mortgage discounts for moving a million assets

Post by jory1804 »

How are these banks able to offer such large relationship discounts? Is it really profitable for them?

In my case, WF gave me 0.5% off a 4M mortgage, saving me 20k of interest every year. There are no post-close requirements (I can move the money immediately after closing), and intend to spend exactly zero on additional services from WF.
gotrojan
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Re: Relationship mortgage discounts for moving a million assets

Post by gotrojan »

Anyone got a better rate for my scenario?
I’ve $1.3M outstanding on a $2.3M primary single family home value Bay Area. Looking to refi at 30yr fixed and getting 2.625 with BofA with no points and credits enough to cover all closing fees (only need to pay the property tax and prorated interest).

Was hoping to get WF to match it and move $1M to bring it down to 2.125 but WF is not moving below 2.875%.

Appreciate any pointers and/or you experience with getting recent refi in the Bay Area. If anyone got 2.5% for a similar scenario let me know (would like to get BofA to match it if WF doesn’t)

Thanks!
wildcat123
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Re: Relationship mortgage discounts for moving a million assets

Post by wildcat123 »

gotrojan wrote: Mon Aug 02, 2021 1:31 am Anyone got a better rate for my scenario?
I’ve $1.3M outstanding on a $2.3M primary single family home value Bay Area. Looking to refi at 30yr fixed and getting 2.625 with BofA with no points and credits enough to cover all closing fees (only need to pay the property tax and prorated interest).

Was hoping to get WF to match it and move $1M to bring it down to 2.125 but WF is not moving below 2.875%.

Appreciate any pointers and/or you experience with getting recent refi in the Bay Area. If anyone got 2.5% for a similar scenario let me know (would like to get BofA to match it if WF doesn’t)

Thanks!
Doesn't Bank of America offer relationship discount?
antmn
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Re: Relationship mortgage discounts for moving a million assets

Post by antmn »

Doing a similar refinance in Washington state and Keybank is able to beat BofA's pricing even without moving any funds over. Moving funds over gets you a further 0.25% but those funds will incur a management fee.
gotrojan wrote: Mon Aug 02, 2021 1:31 am Anyone got a better rate for my scenario?
I’ve $1.3M outstanding on a $2.3M primary single family home value Bay Area. Looking to refi at 30yr fixed and getting 2.625 with BofA with no points and credits enough to cover all closing fees (only need to pay the property tax and prorated interest).

Was hoping to get WF to match it and move $1M to bring it down to 2.125 but WF is not moving below 2.875%.

Appreciate any pointers and/or you experience with getting recent refi in the Bay Area. If anyone got 2.5% for a similar scenario let me know (would like to get BofA to match it if WF doesn’t)

Thanks!
Baldrekr
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Re: Relationship mortgage discounts for moving a million assets

Post by Baldrekr »

modernist wrote: Fri Jul 30, 2021 11:44 am Quicken/Schwab 7/6 ARM Interest Only.

Rate: 1.5%
Points: 0 (but did have to pay loan processing fee)
Loan ~1.5M
Location: Bay Area

Brought over 1M in assets for 0.5% discount (from 2.0%).

Required competitive negotiation of BofA vs Quicken offers.
This is really good, as Schwab's 7/1 IO is currently 2.625% and it looks like you were able to get them to 2.0% before discounts. I'd really like to refi to a similar rate with Schwab but BofA was completely uncompetitive when I talked to them and couldn't even come close to my existing rate with Chase's 2.125% of 7/6 for a non-IO arm.

Could you PM me your loan officer info at Schwab/Quicken? The person I have been talking to there hasn't shown any interest in negotiating.
gotrojan
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Re: Relationship mortgage discounts for moving a million assets

Post by gotrojan »

Yes, BofA is more aggressive but they have only $500k relationship discount. I'm looking for moving $750K (and may be $1M if stars align wit the stock market).

wildcat123 wrote: Mon Aug 02, 2021 12:56 pm
gotrojan wrote: Mon Aug 02, 2021 1:31 am Anyone got a better rate for my scenario?
I’ve $1.3M outstanding on a $2.3M primary single family home value Bay Area. Looking to refi at 30yr fixed and getting 2.625 with BofA with no points and credits enough to cover all closing fees (only need to pay the property tax and prorated interest).

Was hoping to get WF to match it and move $1M to bring it down to 2.125 but WF is not moving below 2.875%.

Appreciate any pointers and/or you experience with getting recent refi in the Bay Area. If anyone got 2.5% for a similar scenario let me know (would like to get BofA to match it if WF doesn’t)

Thanks!
Doesn't Bank of America offer relationship discount?
gotrojan
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Re: Relationship mortgage discounts for moving a million assets

Post by gotrojan »

Would you mind sharing your contact and also the rate offered? (DM me if you prefer). Thanks!
antmn wrote: Mon Aug 02, 2021 2:34 pm Doing a similar refinance in Washington state and Keybank is able to beat BofA's pricing even without moving any funds over. Moving funds over gets you a further 0.25% but those funds will incur a management fee.
gotrojan wrote: Mon Aug 02, 2021 1:31 am Anyone got a better rate for my scenario?
I’ve $1.3M outstanding on a $2.3M primary single family home value Bay Area. Looking to refi at 30yr fixed and getting 2.625 with BofA with no points and credits enough to cover all closing fees (only need to pay the property tax and prorated interest).

Was hoping to get WF to match it and move $1M to bring it down to 2.125 but WF is not moving below 2.875%.

Appreciate any pointers and/or you experience with getting recent refi in the Bay Area. If anyone got 2.5% for a similar scenario let me know (would like to get BofA to match it if WF doesn’t)

Thanks!
skibummer
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Re: Relationship mortgage discounts for moving a million assets

Post by skibummer »

DP:

I just got 1.99% for a 10 yr fixed for $550K with a 75% LTV cash out refinance with Schwab/Quicken. I was eligible for the 0.5% discount Schwab asset pricing Quicken tier, but this was a better deal than the asset pricing options. Closing costs are covered with Schwab and Quicken credits. No escrow required. Very happy.
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softwaregeek
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Re: Relationship mortgage discounts for moving a million assets

Post by softwaregeek »

jory1804 wrote: Sun Aug 01, 2021 11:20 am How are these banks able to offer such large relationship discounts? Is it really profitable for them?

In my case, WF gave me 0.5% off a 4M mortgage, saving me 20k of interest every year. There are no post-close requirements (I can move the money immediately after closing), and intend to spend exactly zero on additional services from WF.
The average Boglehead is not a profit center for a bank. But the average Boglehead is not the average American.

The bank has the ability to upsell you on all sorts of things - investment management, etc. and a good portion of clients will stay.

But it's not just about the assets. It's also due to the fact that loans made to people with higher liquid assets are less risky.
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Re: Relationship mortgage discounts for moving a million assets

Post by LadyGeek »

I removed a post requesting a referral. As a reminder, see: No Solicitation
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DH0
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Re: Relationship mortgage discounts for moving a million assets

Post by DH0 »

modernist wrote: Fri Jul 30, 2021 11:44 am Quicken/Schwab 7/6 ARM Interest Only.

Rate: 1.5%
Points: 0 (but did have to pay loan processing fee)
Loan ~1.5M
Location: Bay Area

Brought over 1M in assets for 0.5% discount (from 2.0%).

Required competitive negotiation of BofA vs Quicken offers.
Impressive. I have basically the exact same scenario (except > 1M assets are already at Schwab from a rental refi a few months ago) and tried to get a quote from BoA to bring Schwab down further from 2.125%...but BofA told me they're no longer doing interest only! Did you start by negotiating on a regular ARM and then subsequently have them add 1/8th for IO?
aegywn
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Best banking relationship benefits?

Post by aegywn »

Hi Folks,

Planning on taking out a mortgage for a $2M home in NYC. I have about $2M give or take to park in an "relationship account" at a bank, e.g. Wells or Citi.

The obvious candidates for this sort of relationship banking are Wells, Citi, Schwab and Chase. (BofA seems to have terrible benefits). Are there other banks I should be considering?

Any other thoughts on what strategy I should use to get the minimal rate?

Thanks!
Last edited by aegywn on Wed Aug 11, 2021 8:17 pm, edited 1 time in total.
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Re: Relationship mortgage discounts for moving a million assets

Post by LadyGeek »

^^^ Welcome! I moved your post into the ongoing discussion.
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SFMarc
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Re: Best banking relationship benefits?

Post by SFMarc »

aegywn wrote: Thu Aug 05, 2021 5:13 pm The obvious candidates for this sort of relationship banking are Wells, Citi, Schwab and Chase. (BofA seems to have terrible benefits). Are there other banks I should be considering?
BofA has great benefits for https://www.bankofamerica.com/preferred-rewards/ but that only requires $100k for Platinum Honors.
Topic Author
softwaregeek
Posts: 951
Joined: Wed May 08, 2019 8:59 pm

Re: Best banking relationship benefits?

Post by softwaregeek »

aegywn wrote: Thu Aug 05, 2021 5:13 pm Hi Folks,

Planning on taking out a mortgage for a $2M home in NYC. I have about $2M give or take to park in an "relationship account" at a bank, e.g. Wells or Citi.

The obvious candidates for this sort of relationship banking are Wells, Citi, Schwab and Chase. (BofA seems to have terrible benefits). Are there other banks I should be considering?

Any other thoughts on what strategy I should use to get the minimal rate?

Thanks!
Ya'ir
Not sure that I see a difference. BofA has always had the strongest offers for me. An eighth on my mortgage is 100 a month. Nothing else comes close in value. Also, account move bonuses. Probably 5k on those. And the museum card. And the technology is best in class. Credit card is good too, at higher balance levels.

Used to have chase private client. Hated it, it’s basically a sales program when what I basically want good mortgage rates and premium phone support. CPC always tries to get you into the branch.

Schwab is excellent service, has the best banking product but not competitive on certain mortgages like 30 year fixed. They are very competitive on variable rate. Also, discount Amex plat. I use this for checking and emergency funds and and still use as a secondary broker.

Wells has historically had very strong mortgage rates in some regions but beyond lending I don’t see them as leaders anywhere. And their history ….

Citi has historically not dealt well with self directed investors. But their rates seem to fluctuate and sometimes they are quite competitive on lending. Citigold seems like a compelling package although less so without the top tier prestige credit card. Citigold gives credit card points form holding an account, 200 a year cash credit and an annual fee discount on a fancy mileage card. But would be more compelling if people didn’t complain so much about them. But they used to have a much better card lineup for citigold account holders.
antmn
Posts: 9
Joined: Tue Sep 03, 2019 1:45 pm

Re: Relationship mortgage discounts for moving a million assets

Post by antmn »

skibummer wrote: Mon Aug 02, 2021 5:31 pm DP:

I just got 1.99% for a 10 yr fixed for $550K with a 75% LTV cash out refinance with Schwab/Quicken. I was eligible for the 0.5% discount Schwab asset pricing Quicken tier, but this was a better deal than the asset pricing options. Closing costs are covered with Schwab and Quicken credits. No escrow required. Very happy.
Was this on a primary residence?
antmn
Posts: 9
Joined: Tue Sep 03, 2019 1:45 pm

Re: Relationship mortgage discounts for moving a million assets

Post by antmn »

Data point:

Just locked on refinance of primary home with BofA. Worked with their private bank and had them match a competitor. Got a 0.25% rate discount for bringing $500k in assets over to their no fee brokerage (Merrill Edge). Rates below include the new asset discount

Mortgage Balance: $1.7M
Loan type: 10/1 ARM
Rate: 1.75%

Also had the option of a 30 year fixed at 2.375%. But choosing to go with the ARM.

How does the rates for the 10/1 ARM look? Feels like I can't get this any lower but looking for data points to show me otherwise
malbec84
Posts: 4
Joined: Mon Oct 15, 2018 12:43 am

Re: Relationship mortgage discounts for moving a million assets

Post by malbec84 »

antmn wrote: Wed Aug 11, 2021 2:27 pm Data point:

Just locked on refinance of primary home with BofA. Worked with their private bank and had them match a competitor. Got a 0.25% rate discount for bringing $500k in assets over to their no fee brokerage (Merrill Edge). Rates below include the new asset discount

Mortgage Balance: $1.7M
Loan type: 10/1 ARM
Rate: 1.75%

Also had the option of a 30 year fixed at 2.375%. But choosing to go with the ARM.

How does the rates for the 10/1 ARM look? Feels like I can't get this any lower but looking for data points to show me otherwise
- So you get 2.00% pre-discount?
- 0 points?
- What was your strategy? Did you present any competing offer?
jcricket73
Posts: 47
Joined: Thu Jan 21, 2021 10:48 am

Re: Relationship mortgage discounts for moving a million assets

Post by jcricket73 »

Anyone have a good contact for a HELOC? Seems like they're hard to come by these days. I just like having them for liquidity and the pledged asset line feature at Schwab is a PITA to set up (need a separate account, need to take out $70k to start with, etc).
Cashking
Posts: 37
Joined: Sun Mar 28, 2021 10:13 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Cashking »

I’m locked with BofA at 2.375% 30 year fixed for $2.7 million mortgage with approx 65% loan to value. The rate assumes $3m in new money moving to BofA. Has anyone seen lower 30 year fixed rates?
pduan87
Posts: 36
Joined: Sat Mar 31, 2007 10:51 pm

Re: Relationship mortgage discounts for moving a million assets

Post by pduan87 »

Cashking wrote: Wed Aug 11, 2021 6:45 pm I’m locked with BofA at 2.375% 30 year fixed for $2.7 million mortgage with approx 65% loan to value. The rate assumes $3m in new money moving to BofA. Has anyone seen lower 30 year fixed rates?
How much were closing costs?
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