Relationship mortgage discounts for moving a million assets
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Re: Relationship mortgage discounts for moving a million assets
FWIW, rates tanked today on Jumbos. Buddy just relocked (not float down) for 1.625 after relationship for a 10/1 jumbo with WF. So annoyed that I already closed.
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Re: Relationship mortgage discounts for moving a million assets
Was this for a purchase or refi?Savingscaptain wrote: ↑Wed Nov 18, 2020 2:00 am FWIW, rates tanked today on Jumbos. Buddy just relocked (not float down) for 1.625 after relationship for a 10/1 jumbo with WF. So annoyed that I already closed.
Re: Relationship mortgage discounts for moving a million assets
Update on my efforts and request for assistance.
WF: 1.2mm refi in GA. Moving $1mm gets me 50bps off their quoted rates. With the 50bps reduction this looks to be 2.875% on a 30yr and 2.625% on a 10/1 ARM. Thoughts on competitiveness? Ideally, I'd like to get one of the below to quote me and then have some competition amongst the parties.
Citi and BBVA: Striking out on finding anything for GA. Anyone have a referral?
JPMorgan / Chase: I placed a call into JPMorgan Private bank and understand now they require $5mm in assets to work with me. Gentleman took my info and is passing along to a rep at Chase. Likewise to the bullet above any recommended contacts at Chase?
Lastly - am I missing any banks to consider here?
WF: 1.2mm refi in GA. Moving $1mm gets me 50bps off their quoted rates. With the 50bps reduction this looks to be 2.875% on a 30yr and 2.625% on a 10/1 ARM. Thoughts on competitiveness? Ideally, I'd like to get one of the below to quote me and then have some competition amongst the parties.
Citi and BBVA: Striking out on finding anything for GA. Anyone have a referral?
JPMorgan / Chase: I placed a call into JPMorgan Private bank and understand now they require $5mm in assets to work with me. Gentleman took my info and is passing along to a rep at Chase. Likewise to the bullet above any recommended contacts at Chase?
Lastly - am I missing any banks to consider here?
Re: Relationship mortgage discounts for moving a million assets
Were there any points at play here? That is far from what I am getting quoted from WF just yesterday.Savingscaptain wrote: ↑Wed Nov 18, 2020 2:00 am FWIW, rates tanked today on Jumbos. Buddy just relocked (not float down) for 1.625 after relationship for a 10/1 jumbo with WF. So annoyed that I already closed.
Re: Relationship mortgage discounts for moving a million assets
Thanks to al 3 of you for the responsesSavingscaptain wrote: ↑Wed Nov 18, 2020 1:58 amIt doesn't martter, they are happy to have your business in any way possible.
Crom laughs at your Four Winds
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Re: Relationship mortgage discounts for moving a million assets
PurchaseTingting1013 wrote: ↑Wed Nov 18, 2020 5:28 amWas this for a purchase or refi?Savingscaptain wrote: ↑Wed Nov 18, 2020 2:00 am FWIW, rates tanked today on Jumbos. Buddy just relocked (not float down) for 1.625 after relationship for a 10/1 jumbo with WF. So annoyed that I already closed.
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Re: Relationship mortgage discounts for moving a million assets
No points. Mine (and others here I believe) got 1.75 at 0 points. He got a slight improvement yesterday since he hadn't closed yetjawi wrote: ↑Wed Nov 18, 2020 8:02 amWere there any points at play here? That is far from what I am getting quoted from WF just yesterday.Savingscaptain wrote: ↑Wed Nov 18, 2020 2:00 am FWIW, rates tanked today on Jumbos. Buddy just relocked (not float down) for 1.625 after relationship for a 10/1 jumbo with WF. So annoyed that I already closed.
Base rate for me was 2.250 with 0.5 relationship discount if came to 1.75. they also waived all lender fees in the form of a credit of 2300ish $$
Last edited by Savingscaptain on Wed Nov 18, 2020 11:46 am, edited 1 time in total.
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Re: Relationship mortgage discounts for moving a million assets
If you really want to spend time for a rate. Get the WF quote after moving assets (loan estimate) send to Citi and then move assets there and take their reduction. It takes a lot of effort and time, but you might get a better rate. Purchase vs refi should be no different ideally, as they are taking on the same liability. this is just the banks making crazy moneyjawi wrote: ↑Wed Nov 18, 2020 8:00 am Update on my efforts and request for assistance.
WF: 1.2mm refi in GA. Moving $1mm gets me 50bps off their quoted rates. With the 50bps reduction this looks to be 2.875% on a 30yr and 2.625% on a 10/1 ARM. Thoughts on competitiveness? Ideally, I'd like to get one of the below to quote me and then have some competition amongst the parties.
Citi and BBVA: Striking out on finding anything for GA. Anyone have a referral?
JPMorgan / Chase: I placed a call into JPMorgan Private bank and understand now they require $5mm in assets to work with me. Gentleman took my info and is passing along to a rep at Chase. Likewise to the bullet above any recommended contacts at Chase?
Lastly - am I missing any banks to consider here?
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Re: Relationship mortgage discounts for moving a million assets
The recent quote I received from WF for a $1.5M jumbo loan including a 0.5% discount for $1M AUM:
30-year fixed 2.75%
7/1 ARM 2.375%
10/1 ARM 2.5%
30-year fixed 2.75%
7/1 ARM 2.375%
10/1 ARM 2.5%
Re: Relationship mortgage discounts for moving a million assets
Yes this is close to what I am getting as well. I'd really love to get to the 10/1 ARM @ 1.75% that I am seeing above.Count of Notre Dame wrote: ↑Wed Nov 18, 2020 12:07 pm The recent quote I received from WF for a $1.5M jumbo loan including a 0.5% discount for $1M AUM:
30-year fixed 2.75%
7/1 ARM 2.375%
10/1 ARM 2.5%
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Re: Relationship mortgage discounts for moving a million assets
Wouldn't we all! But also at some point if you have $1-3M in assets and you're just looking to arbitrage borrowing rate vs. investing return I would think just using some portfolio margin (~1% rate at Interative Brokers) would get that job done with minimal risk. Sure the debt is callable but with assets that high and low amounts of leverage it's effectively the same risk as a mortgage but with a much better interest rate. Plus the margin interest is tax deductible and could shield your portfolio's dividends from taxes.jawi wrote: ↑Wed Nov 18, 2020 1:12 pmYes this is close to what I am getting as well. I'd really love to get to the 10/1 ARM @ 1.75% that I am seeing above.Count of Notre Dame wrote: ↑Wed Nov 18, 2020 12:07 pm The recent quote I received from WF for a $1.5M jumbo loan including a 0.5% discount for $1M AUM:
30-year fixed 2.75%
7/1 ARM 2.375%
10/1 ARM 2.5%
I don't have $1M in a taxable account that I can move and my existing 10/1 ARM @ 2.75% with First Republic is probably as good as it's going to get for me?
Re: Relationship mortgage discounts for moving a million assets
Will WF/Citi (or any other bank) give you a Loan Estimate showing the relationship discount before you transfer assets?Savingscaptain wrote: ↑Wed Nov 18, 2020 11:45 am If you really want to spend time for a rate. Get the WF quote after moving assets (loan estimate) send to Citi and then move assets there and take their reduction.
Or do you mean actually transfer the assets to the first bank, get a loan estimate from them, and then transfer to the second bank?
(In that case, do you need to wait a few weeks between transfers, to get the cost basis info transferred?)
(Chase won't give me an official Loan Estimate showing the discount until after I actually do the transfer (and even then I'm not sure if they'll give me a new Loan Estimate or just the Closing Disclosure will show the discount). It's easy to get an informal quote showing the discounted rate, but WF/Citi won't match that; they want to see an official Loan Estimate.)
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Re: Relationship mortgage discounts for moving a million assets
Just got a fresh quote from WF for IO ARM refi in Bay Area:
5/1: 2.5%
7/1: 2.625%
10/1: 2.75%
Reflects discount for $1M assets transferred
5/1: 2.5%
7/1: 2.625%
10/1: 2.75%
Reflects discount for $1M assets transferred
Re: Relationship mortgage discounts for moving a million assets
For jumbo loan refis up to $2m in CA, Owning is advertising 2.75% for a 30-year fixed with no closing costs. This rate is probably subject to some LTV requirement, so YMMV.
Not related to relationship discounts, but just posting in this thread since most of you are discussing jumbos.
Not related to relationship discounts, but just posting in this thread since most of you are discussing jumbos.
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Re: Relationship mortgage discounts for moving a million assets
I mean the latter. You need to transfer assets. If they are all in your name transfer is super easy via ACATS and it completes in 5 business days by policysgboggle wrote: ↑Wed Nov 18, 2020 2:35 pmWill WF/Citi (or any other bank) give you a Loan Estimate showing the relationship discount before you transfer assets?Savingscaptain wrote: ↑Wed Nov 18, 2020 11:45 am If you really want to spend time for a rate. Get the WF quote after moving assets (loan estimate) send to Citi and then move assets there and take their reduction.
Or do you mean actually transfer the assets to the first bank, get a loan estimate from them, and then transfer to the second bank?
(In that case, do you need to wait a few weeks between transfers, to get the cost basis info transferred?)
(Chase won't give me an official Loan Estimate showing the discount until after I actually do the transfer (and even then I'm not sure if they'll give me a new Loan Estimate or just the Closing Disclosure will show the discount). It's easy to get an informal quote showing the discounted rate, but WF/Citi won't match that; they want to see an official Loan Estimate.)
In my case the I just sent an email from one LO to another before even a credit pull. Though I had to try 3-4 officers before one agreed to really talk without a full appliancation
Re: Relationship mortgage discounts for moving a million assets
Correct - optimal in that strategy would be take mortgage up to deductible limit. Then portfolio margin for rest desired.Count of Notre Dame wrote: ↑Wed Nov 18, 2020 1:57 pmWouldn't we all! But also at some point if you have $1-3M in assets and you're just looking to arbitrage borrowing rate vs. investing return I would think just using some portfolio margin (~1% rate at Interative Brokers) would get that job done with minimal risk. Sure the debt is callable but with assets that high and low amounts of leverage it's effectively the same risk as a mortgage but with a much better interest rate. Plus the margin interest is tax deductible and could shield your portfolio's dividends from taxes.jawi wrote: ↑Wed Nov 18, 2020 1:12 pmYes this is close to what I am getting as well. I'd really love to get to the 10/1 ARM @ 1.75% that I am seeing above.Count of Notre Dame wrote: ↑Wed Nov 18, 2020 12:07 pm The recent quote I received from WF for a $1.5M jumbo loan including a 0.5% discount for $1M AUM:
30-year fixed 2.75%
7/1 ARM 2.375%
10/1 ARM 2.5%
I don't have $1M in a taxable account that I can move and my existing 10/1 ARM @ 2.75% with First Republic is probably as good as it's going to get for me?
But would be ideal to have an alternative to IBKR rate wise for diversification - split the margin across 2 or more brokers. Any out there? I guess you could do your own option spread to achieve it if you’re comfortable.
Re: Relationship mortgage discounts for moving a million assets
This seems like an outlier based on what I have read here. But I called WF yesterday to inquire about refinancing my Jumbo 10/1 at 2.625 with a balance just over $1M. They told me that due to current conditions with COVID, they are no longer offering jumbo refinances unless you had a pre-existing relationship with WF as of 6/30 OR if you are able to move $1M in assets to them. I haven't seen that posted anywhere else here, so wondering if they just didn't want my business. This was just a call to their random mortgage number listed on their website.
Re: Relationship mortgage discounts for moving a million assets
Ive seen that policy in the media.boston85 wrote: ↑Thu Nov 19, 2020 8:20 am This seems like an outlier based on what I have read here. But I called WF yesterday to inquire about refinancing my Jumbo 10/1 at 2.625 with a balance just over $1M. They told me that due to current conditions with COVID, they are no longer offering jumbo refinances unless you had a pre-existing relationship with WF as of 6/30 OR if you are able to move $1M in assets to them. I haven't seen that posted anywhere else here, so wondering if they just didn't want my business. This was just a call to their random mortgage number listed on their website.
Chase’s head of risk last week said they are loosening COVID overlays on the back of home price appreciation.
Re: Relationship mortgage discounts for moving a million assets
Buying another home. Citi was able to meet/beat Wells FargoSavingscaptain wrote: ↑Sun Oct 25, 2020 12:39 pmI was in the same boat as you, and hoping chase or another lender could beat, for a new purchase, no one can come close.
Citi - 2% 10/1 ARM jumbo loan 80% LTV.
Wells probably could match but I hate dealing with them. They are most conservative with underwriting, and the slowest, but usually cheapest.
Chase - unwilling to underwrite my situation given tech RSU income and rental income not being seasoned
First Republic - not competitive at all. Low LTVs, forced to use 1% AUM fee investment account, keep cash in checkings. I do not get the hype about this bank. They were. fast in getting back to me
Union Bank also doing quick turnaround for me at 2.375%, but more flexibility in bringing $$ over which helps with underwriting.
The way I see it, you have your big 3, and it will come down to Wells and one of Citi/Chase. Then pick one smaller bank in case you want more specific product or faster turn around time/fast close. All big banks are 14 days + just to get to first stage of underwriting
Re: Relationship mortgage discounts for moving a million assets
Is Citi’s 2% rate with or without a relationship discount?
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Re: Relationship mortgage discounts for moving a million assets
Oh weird that WF didn't beat that like crazy. I got a 10/1 at 1.75 and I was getting pretty good until my buddy got 1.625 and all of a sudden I wasn't the cool kid anymore
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Re: Relationship mortgage discounts for moving a million assets
Hoping for a 30 yr fixed refi at 2.5 but it's looking less likely.
Called Chase and no luck, they have the lowest published rates.
Called Chase and no luck, they have the lowest published rates.
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Re: Relationship mortgage discounts for moving a million assets
What rates are they quoting you?softwaregeek wrote: ↑Sun Nov 22, 2020 3:47 pm Hoping for a 30 yr fixed refi at 2.5 but it's looking less likely.
Called Chase and no luck, they have the lowest published rates.
I am in midst of refinance with Chase. They quoted me 30% 30 year fixed jumbo which would be 2.5% after relationship discount.
I just transferred my assets into youinvest.
Re: Relationship mortgage discounts for moving a million assets
What was the rate pre discount?spacecadet610 wrote: ↑Sun Nov 22, 2020 4:12 pmWhat rates are they quoting you?softwaregeek wrote: ↑Sun Nov 22, 2020 3:47 pm Hoping for a 30 yr fixed refi at 2.5 but it's looking less likely.
Called Chase and no luck, they have the lowest published rates.
I am in midst of refinance with Chase. They quoted me 30% 30 year fixed jumbo which would be 2.5% after relationship discount.
I just transferred my assets into youinvest.
Re: Relationship mortgage discounts for moving a million assets
How much was the relationship discount?spacecadet610 wrote: ↑Sun Nov 22, 2020 4:12 pm I am in midst of refinance with Chase. They quoted me 30% 30 year fixed jumbo which would be 2.5% after relationship discount.
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Re: Relationship mortgage discounts for moving a million assets
I meant to write 3% prediscount rate, with .5% discount with $1 million asset transfer. For a small fee she said I can reduce the rate to 2.3875.mervinj7 wrote: ↑Sun Nov 22, 2020 5:23 pmWhat was the rate pre discount?spacecadet610 wrote: ↑Sun Nov 22, 2020 4:12 pmWhat rates are they quoting you?softwaregeek wrote: ↑Sun Nov 22, 2020 3:47 pm Hoping for a 30 yr fixed refi at 2.5 but it's looking less likely.
Called Chase and no luck, they have the lowest published rates.
I am in midst of refinance with Chase. They quoted me 30% 30 year fixed jumbo which would be 2.5% after relationship discount.
I just transferred my assets into youinvest.
Re: Relationship mortgage discounts for moving a million assets
Really, when was this? I don't even see 10/1 on wells site anymore, just 10/6.Savingscaptain wrote: ↑Sun Nov 22, 2020 4:11 amOh weird that WF didn't beat that like crazy. I got a 10/1 at 1.75 and I was getting pretty good until my buddy got 1.625 and all of a sudden I wasn't the cool kid anymore
Usually the public site from what I saw, was accurate and you just applied relationship discount. So last week I saw 2.375%, which would match your 1.6255, but the public site shows points. I guess you can get that waived. Like I said, Wells should usually be the cheapest you just need to deal with them and they are a PITA. If you are vanilla W2 than that shouldn't matter though.
Union bank does offer 10/1 ARM where you can lock the rate at any time, as in year 2 you just lock the current rate. Kinda cool. Also they have 40 year amortization where after 10 year period you can convert to 30 year amort. Guess Japanese banks are used to low yields.
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Re: Relationship mortgage discounts for moving a million assets
Oh damn they moved to a 10/6. Shoot! That would have been nice. Oh well can't get everything I guess. All the pricing is the same. They will waive all points.oracle101 wrote: ↑Mon Nov 23, 2020 5:10 pmReally, when was this? I don't even see 10/1 on wells site anymore, just 10/6.Savingscaptain wrote: ↑Sun Nov 22, 2020 4:11 amOh weird that WF didn't beat that like crazy. I got a 10/1 at 1.75 and I was getting pretty good until my buddy got 1.625 and all of a sudden I wasn't the cool kid anymore
Usually the public site from what I saw, was accurate and you just applied relationship discount. So last week I saw 2.375%, which would match your 1.6255, but the public site shows points. I guess you can get that waived. Like I said, Wells should usually be the cheapest you just need to deal with them and they are a PITA. If you are vanilla W2 than that shouldn't matter though.
Union bank does offer 10/1 ARM where you can lock the rate at any time, as in year 2 you just lock the current rate. Kinda cool. Also they have 40 year amortization where after 10 year period you can convert to 30 year amort. Guess Japanese banks are used to low yields.
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Re: Relationship mortgage discounts for moving a million assets
Thought I’ll provide another data point since this thread was very useful for me! I am in the process of refinancing with Chase - 30 year fixed rate at 2.375 (yet to close) with 0.179 points and closing costs. This includes a relationship discount of 0.5% for transferring 1Million to Chase Brokerage (can include IRA but not 401K). Loan amount is 815K in CA.
I got quotes from First Republic and WF. First Republic quoted a rate of 2.95% (30yr Fixed) for making First Republic my “primary bank”. Closing costs were about $3,500-3,800. I took this quote to my Chase lender. He was then able to offer me 2.875% with 1.147 points or 3.00% with 0.809 points
and Lender’s credit of 0.9680 points (all this before the relationship discount). Closing costs (A+B+C) are around $4000. I am yet to get the final Closing Disclosure from Chase with 0.5% off the rate for becoming a Chase Private Client and transferring 1Million - but once done, my final rate should be 2.375 with 0.179 points. There is also a $2000 bonus for transferring 250K to Chase and becoming a private client. My spouse and I did this separately so we are each eligible for bonus. This 250K however cannot be in a YouInvest or a retirement account.
WF said they cannot match or beat the Chase offer.
I must mention, while I was negotiating a mortgage refinance, Chase sent me an offer for a no-refinance rate reduction (my original loan is also with Chase), reducing the rate from 3.75 to 3.375, keeping all terms of original loan the same. I took this up to reduce my monthly payment while I continued on the path to refinance anyway.
I have a few questions -
1. All these quotes were locked almost a couple of months ago (closing process is taking long), are the rates today better? If better, is there a way to negotiate a 'float down' before finalizing the CD?
2. Once the closing is complete, how long do you keep the assets with Chase? We have all our moved assets (mostly Vanguard funds and some individual stocks) in a full service Chase brokerage at the moment (to take advantage of the 2K bonus), the advisor says there's no fees since our accounts meet the minimum $$ requirements - am I missing something?
I got quotes from First Republic and WF. First Republic quoted a rate of 2.95% (30yr Fixed) for making First Republic my “primary bank”. Closing costs were about $3,500-3,800. I took this quote to my Chase lender. He was then able to offer me 2.875% with 1.147 points or 3.00% with 0.809 points
and Lender’s credit of 0.9680 points (all this before the relationship discount). Closing costs (A+B+C) are around $4000. I am yet to get the final Closing Disclosure from Chase with 0.5% off the rate for becoming a Chase Private Client and transferring 1Million - but once done, my final rate should be 2.375 with 0.179 points. There is also a $2000 bonus for transferring 250K to Chase and becoming a private client. My spouse and I did this separately so we are each eligible for bonus. This 250K however cannot be in a YouInvest or a retirement account.
WF said they cannot match or beat the Chase offer.
I must mention, while I was negotiating a mortgage refinance, Chase sent me an offer for a no-refinance rate reduction (my original loan is also with Chase), reducing the rate from 3.75 to 3.375, keeping all terms of original loan the same. I took this up to reduce my monthly payment while I continued on the path to refinance anyway.
I have a few questions -
1. All these quotes were locked almost a couple of months ago (closing process is taking long), are the rates today better? If better, is there a way to negotiate a 'float down' before finalizing the CD?
2. Once the closing is complete, how long do you keep the assets with Chase? We have all our moved assets (mostly Vanguard funds and some individual stocks) in a full service Chase brokerage at the moment (to take advantage of the 2K bonus), the advisor says there's no fees since our accounts meet the minimum $$ requirements - am I missing something?
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Re: Relationship mortgage discounts for moving a million assets
I am in a similar boat as you.bumblebee_22 wrote: ↑Tue Dec 01, 2020 3:28 am Thought I’ll provide another data point since this thread was very useful for me! I am in the process of refinancing with Chase - 30 year fixed rate at 2.375 (yet to close) with 0.179 points and closing costs. This includes a relationship discount of 0.5% for transferring 1Million to Chase Brokerage (can include IRA but not 401K). Loan amount is 815K in CA.
I got quotes from First Republic and WF. First Republic quoted a rate of 2.95% (30yr Fixed) for making First Republic my “primary bank”. Closing costs were about $3,500-3,800. I took this quote to my Chase lender. He was then able to offer me 2.875% with 1.147 points or 3.00% with 0.809 points
and Lender’s credit of 0.9680 points (all this before the relationship discount). Closing costs (A+B+C) are around $4000. I am yet to get the final Closing Disclosure from Chase with 0.5% off the rate for becoming a Chase Private Client and transferring 1Million - but once done, my final rate should be 2.375 with 0.179 points. There is also a $2000 bonus for transferring 250K to Chase and becoming a private client. My spouse and I did this separately so we are each eligible for bonus. This 250K however cannot be in a YouInvest or a retirement account.
WF said they cannot match or beat the Chase offer.
I must mention, while I was negotiating a mortgage refinance, Chase sent me an offer for a no-refinance rate reduction (my original loan is also with Chase), reducing the rate from 3.75 to 3.375, keeping all terms of original loan the same. I took this up to reduce my monthly payment while I continued on the path to refinance anyway.
I have a few questions -
1. All these quotes were locked almost a couple of months ago (closing process is taking long), are the rates today better? If better, is there a way to negotiate a 'float down' before finalizing the CD?
2. Once the closing is complete, how long do you keep the assets with Chase? We have all our moved assets (mostly Vanguard funds and some individual stocks) in a full service Chase brokerage at the moment (to take advantage of the 2K bonus), the advisor says there's no fees since our accounts meet the minimum $$ requirements - am I missing something?
Locked in rate through Chase of jumbo 30yr fixed at 3.0 with .151 points or 2.875 with .481 points BEFORE relationship discount. Rates drops by 0.5 with $1million transfer.
I locked on 11/2 and have conditional approval now. completed my asset transfer last week and should see the updated LE this week sometime.
I was told they do have an unofficial channel to lower the rate for me before closing. It's not supposed to be talked about as only used if they are at risk for losing you to another bank.
Once you close, you can move the assets out. I plan on initiating the transfer out day after closing. If you are waiting for the additional $2k bonus for transferring in assets, you need to fulfill those requirements to keep the money there.
Re: Relationship mortgage discounts for moving a million assets
Are you saying that Chase matched (beat) First Republic's rate, and they're also giving you the relationship discount? What was Chase's rate before you showed them the First Republic quote? Or you didn't talk to Chase at all before this, and they might've given you the same rate regardless of what FR quoted?bumblebee_22 wrote: ↑Tue Dec 01, 2020 3:28 am First Republic quoted a rate of 2.95% (30yr Fixed) ... I took this quote to my Chase lender. He was then able to offer me 2.875% ... (all this before the relationship discount)
(Someone previously said that Chase no longer allows matches + relationship discount, though maybe that isn't true.)
What's your LTV? The rates Chase quoted me are worse, e.g., 3.25% for 0.134 points. My LTV is above 60%; possibly the rate would be better at under 60%. Also, mine is for a condo; not sure if rates are better for single family homes. And my loan balance is under $750k (but still jumbo); not sure if rates are different for larger loans.
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Re: Relationship mortgage discounts for moving a million assets
I tried to bring a WF rate for Chase to match BEFORE relationship discount but was told they could only match after the relationship discount was taken.
I was told someone got fired because they matched another bank and put the relationship discount on top of it.
I was told someone got fired because they matched another bank and put the relationship discount on top of it.
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Re: Relationship mortgage discounts for moving a million assets
Yes, Chase matched/beat FR's rate before giving me the relationship discount. The rates I got from Chase before negotiating with a quote from FR were similar to (actually worse than) what you've been quoted (3.25% with 0.45 points). My Chase lender was willing to match FR's rates but only if I had a formal loan estimate from FR. He said he needed to submit a loan estimate from FR for Chase to match.sgboggle wrote: ↑Tue Dec 01, 2020 12:35 pmAre you saying that Chase matched (beat) First Republic's rate, and they're also giving you the relationship discount? What was Chase's rate before you showed them the First Republic quote? Or you didn't talk to Chase at all before this, and they might've given you the same rate regardless of what FR quoted?bumblebee_22 wrote: ↑Tue Dec 01, 2020 3:28 am First Republic quoted a rate of 2.95% (30yr Fixed) ... I took this quote to my Chase lender. He was then able to offer me 2.875% ... (all this before the relationship discount)
(Someone previously said that Chase no longer allows matches + relationship discount, though maybe that isn't true.)
What's your LTV? The rates Chase quoted me are worse, e.g., 3.25% for 0.134 points. My LTV is above 60%; possibly the rate would be better at under 60%. Also, mine is for a condo; not sure if rates are better for single family homes. And my loan balance is under $750k (but still jumbo); not sure if rates are different for larger loans.
My LTV is 60% and it's a single family home, not sure if that made any difference.
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Re: Relationship mortgage discounts for moving a million assets
sgboggle wrote: ↑Tue Dec 01, 2020 12:35 pmAre you saying that Chase matched (beat) First Republic's rate, and they're also giving you the relationship discount? What was Chase's rate before you showed them the First Republic quote? Or you didn't talk to Chase at all before this, and they might've given you the same rate regardless of what FR quoted?bumblebee_22 wrote: ↑Tue Dec 01, 2020 3:28 am First Republic quoted a rate of 2.95% (30yr Fixed) ... I took this quote to my Chase lender. He was then able to offer me 2.875% ... (all this before the relationship discount)
(Someone previously said that Chase no longer allows matches + relationship discount, though maybe that isn't true.)
What's your LTV? The rates Chase quoted me are worse, e.g., 3.25% for 0.134 points. My LTV is above 60%; possibly the rate would be better at under 60%. Also, mine is for a condo; not sure if rates are better for single family homes. And my loan balance is under $750k (but still jumbo); not sure if rates are different for larger loans.
That is not true chase does match. You just need a good officer. Rates are different for jumbo
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Re: Relationship mortgage discounts for moving a million assets
Well the trick is never saying something is after relationship discount. They have no way to know unless you are doing an arm product. The loan estimate is very standard. Better yet get a closing doc and send that. It has no mention of discountspacecadet610 wrote: ↑Tue Dec 01, 2020 2:00 pm I tried to bring a WF rate for Chase to match BEFORE relationship discount but was told they could only match after the relationship discount was taken.
I was told someone got fired because they matched another bank and put the relationship discount on top of it.
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Re: Relationship mortgage discounts for moving a million assets
Don't forget 75k bonus ultimate reward points or $750 which stacks on top of thisbumblebee_22 wrote: ↑Wed Dec 02, 2020 12:32 amYes, Chase matched/beat FR's rate before giving me the relationship discount. The rates I got from Chase before negotiating with a quote from FR were similar to (actually worse than) what you've been quoted (3.25% with 0.45 points). My Chase lender was willing to match FR's rates but only if I had a formal loan estimate from FR. He said he needed to submit a loan estimate from FR for Chase to match.sgboggle wrote: ↑Tue Dec 01, 2020 12:35 pmAre you saying that Chase matched (beat) First Republic's rate, and they're also giving you the relationship discount? What was Chase's rate before you showed them the First Republic quote? Or you didn't talk to Chase at all before this, and they might've given you the same rate regardless of what FR quoted?bumblebee_22 wrote: ↑Tue Dec 01, 2020 3:28 am First Republic quoted a rate of 2.95% (30yr Fixed) ... I took this quote to my Chase lender. He was then able to offer me 2.875% ... (all this before the relationship discount)
(Someone previously said that Chase no longer allows matches + relationship discount, though maybe that isn't true.)
What's your LTV? The rates Chase quoted me are worse, e.g., 3.25% for 0.134 points. My LTV is above 60%; possibly the rate would be better at under 60%. Also, mine is for a condo; not sure if rates are better for single family homes. And my loan balance is under $750k (but still jumbo); not sure if rates are different for larger loans.
My LTV is 60% and it's a single family home, not sure if that made any difference.
Re: Relationship mortgage discounts for moving a million assets
Could you share the contact ?
spacecadet610 wrote: ↑Sun Nov 22, 2020 4:12 pmWhat rates are they quoting you?softwaregeek wrote: ↑Sun Nov 22, 2020 3:47 pm Hoping for a 30 yr fixed refi at 2.5 but it's looking less likely.
Called Chase and no luck, they have the lowest published rates.
I am in midst of refinance with Chase. They quoted me 30% 30 year fixed jumbo which would be 2.5% after relationship discount.
I just transferred my assets into youinvest.
Re: Relationship mortgage discounts for moving a million assets
Receive a quote this morning from WF for 1.8m loan, 2.5m property, 72% LTV
Rates are pre-discount. $1m in AUM will get .5% discount
30yr 2.75% w/$1630 WF fees
10/6 2.375 w/$1630 WF fees
7/6 2.125% w/$6130 WF fees (more points?)
5/6 2.25% w/$1630 WF fees
10/6 IO 2.5% w/$3880 WF fees (more points?)
7/6 IO 2.375% w/$1630 WF fees
Rates are pre-discount. $1m in AUM will get .5% discount
30yr 2.75% w/$1630 WF fees
10/6 2.375 w/$1630 WF fees
7/6 2.125% w/$6130 WF fees (more points?)
5/6 2.25% w/$1630 WF fees
10/6 IO 2.5% w/$3880 WF fees (more points?)
7/6 IO 2.375% w/$1630 WF fees
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Re: Relationship mortgage discounts for moving a million assets
Are you sure these are pre-discount rates? So 30 yr would be 2.25% after discount?triom6 wrote: ↑Mon Dec 07, 2020 10:22 am Receive a quote this morning from WF for 1.8m loan, 2.5m property, 72% LTV
Rates are pre-discount. $1m in AUM will get .5% discount
30yr 2.75% w/$1630 WF fees
10/6 2.375 w/$1630 WF fees
7/6 2.125% w/$6130 WF fees (more points?)
5/6 2.25% w/$1630 WF fees
10/6 IO 2.5% w/$3880 WF fees (more points?)
7/6 IO 2.375% w/$1630 WF fees
Those rates match what i was quoted AFTER relationship discount.
Re: Relationship mortgage discounts for moving a million assets
Yes, they are pre-discount. This is for a purchase loan. The rates are close to what is posted at https://www.wellsfargo.com/mortgage/rates/
I don't have a breakdown of fees. I think they want me to apply before they will provide those details.
I don't have a breakdown of fees. I think they want me to apply before they will provide those details.
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Re: Relationship mortgage discounts for moving a million assets
When i go to that link I am getting 3.25% rate for a 30 yr fixed jumbo. Perfect credit score. < 70% LTVtriom6 wrote: ↑Mon Dec 07, 2020 11:49 am Yes, they are pre-discount. This is for a purchase loan. The rates are close to what is posted at https://www.wellsfargo.com/mortgage/rates/
I don't have a breakdown of fees. I think they want me to apply before they will provide those details.
Maybe you're getting a better rate based on your location.
Re: Relationship mortgage discounts for moving a million assets
I see 2.875% purchase and 3.125% refi for what it is worth when I enter my info for GA.spacecadet610 wrote: ↑Mon Dec 07, 2020 12:15 pmWhen i go to that link I am getting 3.25% rate for a 30 yr fixed jumbo. Perfect credit score. < 70% LTVtriom6 wrote: ↑Mon Dec 07, 2020 11:49 am Yes, they are pre-discount. This is for a purchase loan. The rates are close to what is posted at https://www.wellsfargo.com/mortgage/rates/
I don't have a breakdown of fees. I think they want me to apply before they will provide those details.
Maybe you're getting a better rate based on your location.
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Re: Relationship mortgage discounts for moving a million assets
Would you mind providing your banker contact at WF? Those look like great rates, even pre-discount. My FR rate is currently 2.75% on a 7/1 ARM. Would love to go interest only.triom6 wrote: ↑Mon Dec 07, 2020 10:22 am Receive a quote this morning from WF for 1.8m loan, 2.5m property, 72% LTV
Rates are pre-discount. $1m in AUM will get .5% discount
30yr 2.75% w/$1630 WF fees
10/6 2.375 w/$1630 WF fees
7/6 2.125% w/$6130 WF fees (more points?)
5/6 2.25% w/$1630 WF fees
10/6 IO 2.5% w/$3880 WF fees (more points?)
7/6 IO 2.375% w/$1630 WF fees
Re: Relationship mortgage discounts for moving a million assets
PM Sent, keep us posted on how it goes! The rates I was quoted were for a purchase in CA.Count of Notre Dame wrote: ↑Mon Dec 07, 2020 3:06 pm Would you mind providing your banker contact at WF? Those look like great rates, even pre-discount. My FR rate is currently 2.75% on a 7/1 ARM. Would love to go interest only.
Re: Relationship mortgage discounts for moving a million assets
triom6, could you please send me the contact at WF as well? thanks!
- AndyBogleHeads
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Re: Relationship mortgage discounts for moving a million assets
triom6 wrote: ↑Mon Dec 07, 2020 11:22 am
Receive a quote this morning from WF for 1.8m loan, 2.5m property, 72% LTV
Rates are pre-discount. $1m in AUM will get .5% discount
30yr 2.75% w/$1630 WF fees
10/6 2.375 w/$1630 WF fees
7/6 2.125% w/$6130 WF fees (more points?)
5/6 2.25% w/$1630 WF fees
10/6 IO 2.5% w/$3880 WF fees (more points?)
7/6 IO 2.375% w/$1630 WF fees
Hi Triom6 could you send me the contacts of the person as well.
Receive a quote this morning from WF for 1.8m loan, 2.5m property, 72% LTV
Rates are pre-discount. $1m in AUM will get .5% discount
30yr 2.75% w/$1630 WF fees
10/6 2.375 w/$1630 WF fees
7/6 2.125% w/$6130 WF fees (more points?)
5/6 2.25% w/$1630 WF fees
10/6 IO 2.5% w/$3880 WF fees (more points?)
7/6 IO 2.375% w/$1630 WF fees
Hi Triom6 could you send me the contacts of the person as well.
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- Posts: 115
- Joined: Sun Oct 11, 2020 4:31 am
Re: Relationship mortgage discounts for moving a million assets
Citi is on a roll, get a quote from them you just need to forward the email from your WF person.AndyBogleHeads wrote: ↑Tue Dec 08, 2020 1:09 pm triom6 wrote: ↑Mon Dec 07, 2020 11:22 am
Receive a quote this morning from WF for 1.8m loan, 2.5m property, 72% LTV
Rates are pre-discount. $1m in AUM will get .5% discount
30yr 2.75% w/$1630 WF fees
10/6 2.375 w/$1630 WF fees
7/6 2.125% w/$6130 WF fees (more points?)
5/6 2.25% w/$1630 WF fees
10/6 IO 2.5% w/$3880 WF fees (more points?)
7/6 IO 2.375% w/$1630 WF fees
Hi Triom6 could you send me the contacts of the person as well.