What are they offering?Savingscaptain wrote: ↑Wed Dec 09, 2020 11:04 amCiti 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.
Relationship mortgage discounts for moving a million assets
- AndyBogleHeads
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- Joined: Mon Aug 03, 2020 11:17 pm
Re: Relationship mortgage discounts for moving a million assets
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- Posts: 116
- Joined: Sun Aug 26, 2012 1:41 pm
Re: Relationship mortgage discounts for moving a million assets
Every time I talk to Citi they tell me there is no way they can match what WF and Chase are offering.Savingscaptain wrote: ↑Wed Dec 09, 2020 11:04 amCiti 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.
Do you have a good Citi loan officer contact?
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- Posts: 115
- Joined: Sun Oct 11, 2020 4:31 am
Re: Relationship mortgage discounts for moving a million assets
Not me, but my new neighbor just refi'd 10/1 for 2.125 with citi.
Purchase is a bit better both after relationship discount. Best way to find an lo is to contact a citi private banker, tell them about your assets, and then ask for a loan officer they know works with hnw folks
Purchase is a bit better both after relationship discount. Best way to find an lo is to contact a citi private banker, tell them about your assets, and then ask for a loan officer they know works with hnw folks
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Re: Relationship mortgage discounts for moving a million assets
Sent you onespacecadet610 wrote: ↑Wed Dec 09, 2020 3:28 pmEvery time I talk to Citi they tell me there is no way they can match what WF and Chase are offering.Savingscaptain wrote: ↑Wed Dec 09, 2020 11:04 amCiti 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.
Do you have a good Citi loan officer contact?
Re: Relationship mortgage discounts for moving a million assets
If you can also forward/DM the citi contact. ThanksSavingscaptain wrote: ↑Thu Dec 10, 2020 12:37 pmSent you onespacecadet610 wrote: ↑Wed Dec 09, 2020 3:28 pmEvery time I talk to Citi they tell me there is no way they can match what WF and Chase are offering.Savingscaptain wrote: ↑Wed Dec 09, 2020 11:04 amCiti 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.
Do you have a good Citi loan officer contact?
Re: Relationship mortgage discounts for moving a million assets
I was just quoted 2.625% refinance for a 30 year fixed refi from Navy Federal in TX. Seems competitive at least with pre-relationship discounts found here.
No relationship required but I do have my current mortgage with them. Might be worth checking out if for nothing else than to have a competitive no relationship LE to shop around.
No relationship required but I do have my current mortgage with them. Might be worth checking out if for nothing else than to have a competitive no relationship LE to shop around.
Re: Relationship mortgage discounts for moving a million assets
Just got off a call with Quicken Loans and they were upbeat to offer 2.75% with 5-6K in closing cost without asking any of my details. This is before Charles Schwab relationship pricing. I don't trust them, since their website offers much much higher rates. Did any of you try with them recently ?
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- Joined: Sun Oct 11, 2020 4:31 am
Re: Relationship mortgage discounts for moving a million assets
Not recently tried a couple years back they were just abysmal through the loan process. Ended up selecting someone else. Things could have changed though. I was all in on schwab at that point so pretty sad they were the mortgage partnersBogleleg wrote: ↑Fri Dec 11, 2020 3:44 pm Just got off a call with Quicken Loans and they were upbeat to offer 2.75% with 5-6K in closing cost without asking any of my details. This is before Charles Schwab relationship pricing. I don't trust them, since their website offers much much higher rates. Did any of you try with them recently ?
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- Joined: Fri Sep 07, 2012 12:18 am
Re: Relationship mortgage discounts for moving a million assets
Would also love a referral. I was quoted 2.825 from BoA w $500k asset move for 1.1M 30yr fixed. I'm at 3.125 now.Savingscaptain wrote: ↑Thu Dec 10, 2020 12:37 pmSent you onespacecadet610 wrote: ↑Wed Dec 09, 2020 3:28 pmEvery time I talk to Citi they tell me there is no way they can match what WF and Chase are offering.Savingscaptain wrote: ↑Wed Dec 09, 2020 11:04 amCiti 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.
Do you have a good Citi loan officer contact?
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- Posts: 115
- Joined: Sun Oct 11, 2020 4:31 am
Re: Relationship mortgage discounts for moving a million assets
Thought I already sent you one a couple months ago?FoolStreet wrote: ↑Sun Dec 13, 2020 12:32 amWould also love a referral. I was quoted 2.825 from BoA w $500k asset move for 1.1M 30yr fixed. I'm at 3.125 now.Savingscaptain wrote: ↑Thu Dec 10, 2020 12:37 pmSent you onespacecadet610 wrote: ↑Wed Dec 09, 2020 3:28 pmEvery time I talk to Citi they tell me there is no way they can match what WF and Chase are offering.Savingscaptain wrote: ↑Wed Dec 09, 2020 11:04 amCiti 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.
Do you have a good Citi loan officer contact?
Re: Relationship mortgage discounts for moving a million assets
I have been shopping rates and I think PNC has the best offer. If I bring 1m over I can get a .375% discount on the rate. Below are my options. Thoughts? Has anyone found a better option?
Current Loan Scenario
Product- 30 year fixed
Mortgage Balance- $1,250,000
Rate- 3.625%
Loan Scenario #1
Fico- 790
Product- 30 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.75%
Relationship Rate - 2.375%
Points- $0
Loan Scenario #2
Fico- 790
Product- 20 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.625%
Relationship Rate - 2.25%
Points- $0
Loan Scenario #3
Fico- 790
Product- 15 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.375%
Relationship Rate - 2.3%
Points- $0
Current Loan Scenario
Product- 30 year fixed
Mortgage Balance- $1,250,000
Rate- 3.625%
Loan Scenario #1
Fico- 790
Product- 30 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.75%
Relationship Rate - 2.375%
Points- $0
Loan Scenario #2
Fico- 790
Product- 20 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.625%
Relationship Rate - 2.25%
Points- $0
Loan Scenario #3
Fico- 790
Product- 15 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.375%
Relationship Rate - 2.3%
Points- $0
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- Joined: Fri Sep 07, 2012 12:18 am
Re: Relationship mortgage discounts for moving a million assets
Ryan, That sounds like an amazing rate. I'm quoted 2.625 30yr fixed for a loan size comparable with 500k relationship at BoA. May I ask what do you plan to do with the $ you have there? Invest in bogleheaded ETFs? or?Ryan239 wrote: ↑Tue Dec 15, 2020 8:17 pm I have been shopping rates and I think PNC has the best offer. If I bring 1m over I can get a .375% discount on the rate. Below are my options. Thoughts? Has anyone found a better option?
Current Loan Scenario
Product- 30 year fixed
Mortgage Balance- $1,250,000
Rate- 3.625%
Loan Scenario #1
Fico- 790
Product- 30 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.75%
Relationship Rate - 2.375%
Points- $0
Loan Scenario #2
Fico- 790
Product- 20 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.625%
Relationship Rate - 2.25%
Points- $0
Loan Scenario #3
Fico- 790
Product- 15 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.375%
Relationship Rate - 2.3%
Points- $0
Re: Relationship mortgage discounts for moving a million assets
No plans yet. It is sitting in cash.FoolStreet wrote: ↑Tue Dec 15, 2020 8:46 pm
Ryan, That sounds like an amazing rate. I'm quoted 2.625 30yr fixed for a loan size comparable with 500k relationship at BoA. May I ask what do you plan to do with the $ you have there? Invest in bogleheaded ETFs? or?
Re: Relationship mortgage discounts for moving a million assets
These rates sounds great. Could you DM your lender contact?Ryan239 wrote: ↑Tue Dec 15, 2020 8:17 pm I have been shopping rates and I think PNC has the best offer. If I bring 1m over I can get a .375% discount on the rate. Below are my options. Thoughts? Has anyone found a better option?
Current Loan Scenario
Product- 30 year fixed
Mortgage Balance- $1,250,000
Rate- 3.625%
Loan Scenario #1
Fico- 790
Product- 30 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.75%
Relationship Rate - 2.375%
Points- $0
Loan Scenario #2
Fico- 790
Product- 20 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.625%
Relationship Rate - 2.25%
Points- $0
Loan Scenario #3
Fico- 790
Product- 15 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.375%
Relationship Rate - 2.3%
Points- $0
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- Joined: Sun Aug 26, 2012 1:41 pm
Re: Relationship mortgage discounts for moving a million assets
You should jump on that. That's as good as I've heard for a jumbo.
I'm closing this week on a 30 yr fixed jumbo through Chase at 2.375 but with 0.481 points.
You got a better deal.
I'm closing this week on a 30 yr fixed jumbo through Chase at 2.375 but with 0.481 points.
You got a better deal.
Ryan239 wrote: ↑Tue Dec 15, 2020 8:17 pm I have been shopping rates and I think PNC has the best offer. If I bring 1m over I can get a .375% discount on the rate. Below are my options. Thoughts? Has anyone found a better option?
Current Loan Scenario
Product- 30 year fixed
Mortgage Balance- $1,250,000
Rate- 3.625%
Loan Scenario #1
Fico- 790
Product- 30 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.75%
Relationship Rate - 2.375%
Points- $0
Loan Scenario #2
Fico- 790
Product- 20 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.625%
Relationship Rate - 2.25%
Points- $0
Loan Scenario #3
Fico- 790
Product- 15 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.375%
Relationship Rate - 2.3%
Points- $0
Re: Relationship mortgage discounts for moving a million assets
Does rolling the closing cost of a mortgage refinance into the loan a better option than paying it at closing? My understanding is that paying it at closing and not rolling into the loan is better as I get an immediate tax benefit. Can some one clarify this please?
I have the funds to pay if off at closing, but the bank's GFE shows the closing cost as being rolled into the final loan. So I am trying to deciding which would be a better deal.
Thanks!
I have the funds to pay if off at closing, but the bank's GFE shows the closing cost as being rolled into the final loan. So I am trying to deciding which would be a better deal.
Thanks!
Re: Relationship mortgage discounts for moving a million assets
The better deal is to get enough lender credits to offset most of the costs. Unless you are talking about prepaids like property tax and insurance. For those I just pay up front.worthit wrote: ↑Thu Dec 17, 2020 9:19 am Does rolling the closing cost of a mortgage refinance into the loan a better option than paying it at closing? My understanding is that paying it at closing and not rolling into the loan is better as I get an immediate tax benefit. Can some one clarify this please?
I have the funds to pay if off at closing, but the bank's GFE shows the closing cost as being rolled into the final loan. So I am trying to deciding which would be a better deal.
Thanks!
Re: Relationship mortgage discounts for moving a million assets
Thanks, mervinj7.
No this is A+B+C (origination charges, points, appraisal and title).
So trying to see if there is any benefit either way.
No this is A+B+C (origination charges, points, appraisal and title).
So trying to see if there is any benefit either way.
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Re: Relationship mortgage discounts for moving a million assets
whether you roll the closing costs into the mortgage loan does not get an immediate tax benefit.worthit wrote: ↑Thu Dec 17, 2020 9:19 am Does rolling the closing cost of a mortgage refinance into the loan a better option than paying it at closing? My understanding is that paying it at closing and not rolling into the loan is better as I get an immediate tax benefit. Can some one clarify this please?
I have the funds to pay if off at closing, but the bank's GFE shows the closing cost as being rolled into the final loan. So I am trying to deciding which would be a better deal.
Thanks!
the higher loan amount would mean you pay slightly more taxes which means you have more to deduct if you choose to itemize and your deductions exceed the standard deduction.
ask yourself whether you'd take a loan of the closing cost amount for the mortgage term and rate.
For me at at my loan rate of 30r 2.375%, it is essentially free money so i chose to roll as much closing costs as possible into the loan. I even rolled the prepaids into the loan amount.
Re: Relationship mortgage discounts for moving a million assets
spacecadet610 wrote: ↑Thu Dec 17, 2020 10:17 amwhether you roll the closing costs into the mortgage loan does not get an immediate tax benefit.worthit wrote: ↑Thu Dec 17, 2020 9:19 am Does rolling the closing cost of a mortgage refinance into the loan a better option than paying it at closing? My understanding is that paying it at closing and not rolling into the loan is better as I get an immediate tax benefit. Can some one clarify this please?
I have the funds to pay if off at closing, but the bank's GFE shows the closing cost as being rolled into the final loan. So I am trying to deciding which would be a better deal.
Thanks!
the higher loan amount would mean you pay slightly more taxes which means you have more to deduct if you choose to itemize and your deductions exceed the standard deduction.
ask yourself whether you'd take a loan of the closing cost amount for the mortgage term and rate.
For me at at my loan rate of 30r 2.375%, it is essentially free money so i chose to roll as much closing costs as possible into the loan. I even rolled the prepaids into the loan amount.
Thanks, spacecadet610. Makses sense.
Re: Relationship mortgage discounts for moving a million assets
Have been following the forum and this specific thread for quite a few months now. Wanted to contribute as well with my latest re-finance update.
My situation:
- Value: $2.8M
- Mortgage: $2.1M
- 30-year fix
- Credit: 780
- Bring over $1M in assets
- Refinance
Quote from Wells Fargo (post discount)
• 30yr-fix: 2.625% / 2600 lender closings credit / re-cast option / 120 day rate lock
• 20yr-fix: 2.500% / 2600 lender closing credit / re-cast option / 120 day rate lock
• 15yr-fix: 2.375% / 2600 lender closing credit / re-cast option / 120 day rate lock
Quote from PNC (post discount)
• 30yr-fix: 2.50%
• 15yr-fix: 2.25%
I reached out to PNC based on the post above. I am coming in slightly higher than the 2.375%. The main issue I have is that this requires a wealth management relationship (which charges 1.3% I believe). With WF that's not a requirements.
Look forward to any advice or update from others on the forum!
Thanks!
My situation:
- Value: $2.8M
- Mortgage: $2.1M
- 30-year fix
- Credit: 780
- Bring over $1M in assets
- Refinance
Quote from Wells Fargo (post discount)
• 30yr-fix: 2.625% / 2600 lender closings credit / re-cast option / 120 day rate lock
• 20yr-fix: 2.500% / 2600 lender closing credit / re-cast option / 120 day rate lock
• 15yr-fix: 2.375% / 2600 lender closing credit / re-cast option / 120 day rate lock
Quote from PNC (post discount)
• 30yr-fix: 2.50%
• 15yr-fix: 2.25%
I reached out to PNC based on the post above. I am coming in slightly higher than the 2.375%. The main issue I have is that this requires a wealth management relationship (which charges 1.3% I believe). With WF that's not a requirements.
Look forward to any advice or update from others on the forum!
Thanks!
Last edited by MrW on Fri Dec 18, 2020 10:23 am, edited 1 time in total.
Re: Relationship mortgage discounts for moving a million assets
Just to update our refi process, in case it helps anyone:
In the midst of refi with Wells Fargo
$1.17 million loan at 60% LTV
Credit scores 818
30 year fixed
Locked at 3.0% awhile ago, repriced several days ago to 2.875% (lender credit covered the “fee” to do this)
Moving $1 mil assets so will be at 2.375%
Not zero but low closing costs, no points.
In the midst of refi with Wells Fargo
$1.17 million loan at 60% LTV
Credit scores 818
30 year fixed
Locked at 3.0% awhile ago, repriced several days ago to 2.875% (lender credit covered the “fee” to do this)
Moving $1 mil assets so will be at 2.375%
Not zero but low closing costs, no points.
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- Joined: Sun Aug 26, 2012 1:41 pm
Re: Relationship mortgage discounts for moving a million assets
That's pretty good.RBON190 wrote: ↑Sat Dec 19, 2020 11:21 am Just to update our refi process, in case it helps anyone:
In the midst of refi with Wells Fargo
$1.17 million loan at 60% LTV
Credit scores 818
30 year fixed
Locked at 3.0% awhile ago, repriced several days ago to 2.875% (lender credit covered the “fee” to do this)
Moving $1 mil assets so will be at 2.375%
Not zero but low closing costs, no points.
I just signed this thursday through Chase for 2.375% rate with 0.481 points ($7156). 30 yr fixed, jumbo.
I guess i could have waited to lower my closing costs. I have until Monday to cancel using right of recission but seems like too much of a hassle to go through the whole process again.
I'll probably just keep it.
Re: Relationship mortgage discounts for moving a million assets
spacecadet610, assuming this is after moving $1MM?spacecadet610 wrote: ↑Sat Dec 19, 2020 12:14 pmThat's pretty good.RBON190 wrote: ↑Sat Dec 19, 2020 11:21 am Just to update our refi process, in case it helps anyone:
In the midst of refi with Wells Fargo
$1.17 million loan at 60% LTV
Credit scores 818
30 year fixed
Locked at 3.0% awhile ago, repriced several days ago to 2.875% (lender credit covered the “fee” to do this)
Moving $1 mil assets so will be at 2.375%
Not zero but low closing costs, no points.
I just signed this thursday through Chase for 2.375% rate with 0.481 points ($7156). 30 yr fixed, jumbo.
I guess i could have waited to lower my closing costs. I have until Monday to cancel using right of recission but seems like too much of a hassle to go through the whole process again.
I'll probably just keep it.
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- Posts: 116
- Joined: Sun Aug 26, 2012 1:41 pm
Re: Relationship mortgage discounts for moving a million assets
Correct, after moving over $1 mm assets.worthit wrote: ↑Sat Dec 19, 2020 6:29 pmspacecadet610, assuming this is after moving $1MM?spacecadet610 wrote: ↑Sat Dec 19, 2020 12:14 pmThat's pretty good.RBON190 wrote: ↑Sat Dec 19, 2020 11:21 am Just to update our refi process, in case it helps anyone:
In the midst of refi with Wells Fargo
$1.17 million loan at 60% LTV
Credit scores 818
30 year fixed
Locked at 3.0% awhile ago, repriced several days ago to 2.875% (lender credit covered the “fee” to do this)
Moving $1 mil assets so will be at 2.375%
Not zero but low closing costs, no points.
I just signed this thursday through Chase for 2.375% rate with 0.481 points ($7156). 30 yr fixed, jumbo.
I guess i could have waited to lower my closing costs. I have until Monday to cancel using right of recission but seems like too much of a hassle to go through the whole process again.
I'll probably just keep it.
Re: Relationship mortgage discounts for moving a million assets
Thanks, spacecadet610.spacecadet610 wrote: ↑Sat Dec 19, 2020 9:02 pmCorrect, after moving over $1 mm assets.worthit wrote: ↑Sat Dec 19, 2020 6:29 pmspacecadet610, assuming this is after moving $1MM?spacecadet610 wrote: ↑Sat Dec 19, 2020 12:14 pmThat's pretty good.RBON190 wrote: ↑Sat Dec 19, 2020 11:21 am Just to update our refi process, in case it helps anyone:
In the midst of refi with Wells Fargo
$1.17 million loan at 60% LTV
Credit scores 818
30 year fixed
Locked at 3.0% awhile ago, repriced several days ago to 2.875% (lender credit covered the “fee” to do this)
Moving $1 mil assets so will be at 2.375%
Not zero but low closing costs, no points.
I just signed this thursday through Chase for 2.375% rate with 0.481 points ($7156). 30 yr fixed, jumbo.
I guess i could have waited to lower my closing costs. I have until Monday to cancel using right of recission but seems like too much of a hassle to go through the whole process again.
I'll probably just keep it.
-
- Posts: 115
- Joined: Sun Oct 11, 2020 4:31 am
Re: Relationship mortgage discounts for moving a million assets
Wells fargo seems to have crazy low rates today at 25% down. Or 75% or less Ltv for refi
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- Posts: 116
- Joined: Sun Aug 26, 2012 1:41 pm
Re: Relationship mortgage discounts for moving a million assets
What rates are you seeing?Savingscaptain wrote: ↑Mon Dec 21, 2020 10:57 am Wells fargo seems to have crazy low rates today at 25% down. Or 75% or less Ltv for refi
The website says I can get 3.125% on my 30 yr jumbo refinance
Re: Relationship mortgage discounts for moving a million assets
I see a 3% for LTV < 65%
spacecadet610 wrote: ↑Mon Dec 21, 2020 11:12 amWhat rates are you seeing?Savingscaptain wrote: ↑Mon Dec 21, 2020 10:57 am Wells fargo seems to have crazy low rates today at 25% down. Or 75% or less Ltv for refi
The website says I can get 3.125% on my 30 yr jumbo refinance
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- Joined: Sun Oct 11, 2020 4:31 am
Re: Relationship mortgage discounts for moving a million assets
Oh never go by rate sheet. Just ask a LO. They had 2.125 again for 10/6mo which is annoying and buy down was only .375 pts to 2.00.Bogleleg wrote: ↑Mon Dec 21, 2020 11:55 am I see a 3% for LTV < 65%
spacecadet610 wrote: ↑Mon Dec 21, 2020 11:12 amWhat rates are you seeing?Savingscaptain wrote: ↑Mon Dec 21, 2020 10:57 am Wells fargo seems to have crazy low rates today at 25% down. Or 75% or less Ltv for refi
The website says I can get 3.125% on my 30 yr jumbo refinance
Re: Relationship mortgage discounts for moving a million assets
For purchase or refi. My refi quote for 10/6 was 2.65% including the 1 million relationship from WF.Savingscaptain wrote: ↑Wed Dec 23, 2020 2:05 am Oh never go by rate sheet. Just ask a LO. They had 2.125 again for 10/6mo which is annoying and buy down was only .375 pts to 2.00.
Re: Relationship mortgage discounts for moving a million assets
same question...is this for refi or purchase at Wells?
Re: Relationship mortgage discounts for moving a million assets
We just refinanced. Got several quotes in the 2.5-2.75% range for a 30 year fixed with no points and nominal closing costs. Doubt I'll ever see rates this low again. The small local mortgage brokers have always beaten the big banks on rates for me. We ended up going with a 2.75% rate with a large lender credit against pre-paids because we weren't sure we'd stick around long enough for the lower rate to really pay off.
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- Joined: Sun Oct 11, 2020 4:31 am
Re: Relationship mortgage discounts for moving a million assets
The last time that happened, I just got it an email from the new lender with reduced rate or fees and forwarded that to Chase while we were one week before closing and they were able to adjust it to match the better rate. Always worth trying.spacecadet610 wrote: ↑Sat Dec 19, 2020 12:14 pmThat's pretty good.RBON190 wrote: ↑Sat Dec 19, 2020 11:21 am Just to update our refi process, in case it helps anyone:
In the midst of refi with Wells Fargo
$1.17 million loan at 60% LTV
Credit scores 818
30 year fixed
Locked at 3.0% awhile ago, repriced several days ago to 2.875% (lender credit covered the “fee” to do this)
Moving $1 mil assets so will be at 2.375%
Not zero but low closing costs, no points.
I just signed this thursday through Chase for 2.375% rate with 0.481 points ($7156). 30 yr fixed, jumbo.
I guess i could have waited to lower my closing costs. I have until Monday to cancel using right of recission but seems like too much of a hassle to go through the whole process again.
I'll probably just keep it.
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Re: Relationship mortgage discounts for moving a million assets
Here's what I'm seeing for my refinance inquiry (CA jumbo loan, 60% LTV, excellent credit scores, 30yr fixed):
Chase: 2.875% with some lender credit resulting in $1300 out of pocket costs, moving $1M assets will drop to 2.375% (Chase Private Client rate discount is 0.25% according to Chase's website, but the mortgage officer says there's an additional 0.25% off if the funds are non-retirement)
Wells Fargo: I started a refinance application with the intent of seeing if they would match Chase. They just offered me a loan amendment option for 2.5%, no fees. I currently have a 2.875% with them from a relationship refinance from ~6 months ago (it was zero cost to me). Same rate and term as the original mortgage, just a lowered interest rate.
I'm leaning towards doing the no-hassle loan amendment to 2.5% for now and then watching jumbo rates in the coming months to see if something drops to 2.25% or lower no cost somewhere.
Chase: 2.875% with some lender credit resulting in $1300 out of pocket costs, moving $1M assets will drop to 2.375% (Chase Private Client rate discount is 0.25% according to Chase's website, but the mortgage officer says there's an additional 0.25% off if the funds are non-retirement)
Wells Fargo: I started a refinance application with the intent of seeing if they would match Chase. They just offered me a loan amendment option for 2.5%, no fees. I currently have a 2.875% with them from a relationship refinance from ~6 months ago (it was zero cost to me). Same rate and term as the original mortgage, just a lowered interest rate.
I'm leaning towards doing the no-hassle loan amendment to 2.5% for now and then watching jumbo rates in the coming months to see if something drops to 2.25% or lower no cost somewhere.
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- Joined: Wed May 08, 2019 8:59 pm
Re: Relationship mortgage discounts for moving a million assets
On 30 yr refi, Chase isn't giving me anywhere near these numbers but it's been a few weeks and my connection is on vacation.
FWIW, BofA not competitive with that either. Didn't quote but told me they couldn't beat the 2.75 I have now.
WF giving 2.625 no cost with $1M.
My private client lady is on leave from Chase, and they don't have a replacement. Chase's whole CPC program is less than mediocre in my opinion.
FWIW, BofA not competitive with that either. Didn't quote but told me they couldn't beat the 2.75 I have now.
WF giving 2.625 no cost with $1M.
My private client lady is on leave from Chase, and they don't have a replacement. Chase's whole CPC program is less than mediocre in my opinion.
Re: Relationship mortgage discounts for moving a million assets
Same, was ghosted by my current CPC lender. But found a different lender who was willing to price match. But I wish they did loan amendment for bringing in new money, than a full refi.softwaregeek wrote: ↑Thu Dec 31, 2020 8:31 pm On 30 yr refi, Chase isn't giving me anywhere near these numbers but it's been a few weeks and my connection is on vacation.
FWIW, BofA not competitive with that either. Didn't quote but told me they couldn't beat the 2.75 I have now.
WF giving 2.625 no cost with $1M.
My private client lady is on leave from Chase, and they don't have a replacement. Chase's whole CPC program is less than mediocre in my opinion.
Re: Relationship mortgage discounts for moving a million assets
How far out are people seeing standard rate locks?
I'm about 100 days out from closing on new construction, and am gauging when to re-starting the mortgage shopping process (got 2 hard inquiry hits during the initial pre-qual for verifications that my builder required).
I'm about 100 days out from closing on new construction, and am gauging when to re-starting the mortgage shopping process (got 2 hard inquiry hits during the initial pre-qual for verifications that my builder required).
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Re: Relationship mortgage discounts for moving a million assets
Go WF or citi with a new purchase.Phonyfone wrote: ↑Wed Jan 13, 2021 9:52 am How far out are people seeing standard rate locks?
I'm about 100 days out from closing on new construction, and am gauging when to re-starting the mortgage shopping process (got 2 hard inquiry hits during the initial pre-qual for verifications that my builder required).
Re: Relationship mortgage discounts for moving a million assets
Thanks to this thread, I reached out to WF:
- jumbo refi, 30Y fixed; credits to cover all closing costs
- 3.0% - 0.5% discount (for bringing $1MM) = 2.5%
They originally offered 2.625%, but with a bit of discussion they could do 2.5% with manager's approval
- jumbo refi, 30Y fixed; credits to cover all closing costs
- 3.0% - 0.5% discount (for bringing $1MM) = 2.5%
They originally offered 2.625%, but with a bit of discussion they could do 2.5% with manager's approval
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Re: Relationship mortgage discounts for moving a million assets
What discussion got them to cover all closing costs and reduce to 2.5?
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- Joined: Wed Jan 20, 2021 3:53 pm
Re: Relationship mortgage discounts for moving a million assets
For those of you who went with Chase CPC and moved investments:
1. I have a portfolio making very few trades each year (mostly buy and hold, trading by myself). But would still appreciate an easy-to-understand platform. How is their platform? How are the fees?
2. Is transferring the porttfolio a smooth experience or a big headache? I mostly hold ETFs, nothing complicated, but it still makes me anxious.
3. Is there anything I should be worried about in the process? (refinancing, Jumbo). Are they considered very slow, or are there any tricks I should worry about?
It is my first refinance, terms are good, but I'm still a bit worried.
1. I have a portfolio making very few trades each year (mostly buy and hold, trading by myself). But would still appreciate an easy-to-understand platform. How is their platform? How are the fees?
2. Is transferring the porttfolio a smooth experience or a big headache? I mostly hold ETFs, nothing complicated, but it still makes me anxious.
3. Is there anything I should be worried about in the process? (refinancing, Jumbo). Are they considered very slow, or are there any tricks I should worry about?
It is my first refinance, terms are good, but I'm still a bit worried.
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Re: Relationship mortgage discounts for moving a million assets
The YouInvest product is not up to Schwab or Merrill Edge standards. It has some rough edges about things like dividend reinvestment.(At least as of 18 months ago.) Service is inferior compared to the gold standard (Schwab) or even the bronze standard (Merrill Edge ). That being said, for a relatively static portfolio of ETF's it's workable. Portfolio transfer was smooth. Fees are identical to competitors pretty much. The nicety of their platform is that you have the integrated banking, similar to every other bank/broker.nickbirren wrote: ↑Wed Jan 20, 2021 4:59 pm For those of you who went with Chase CPC and moved investments:
1. I have a portfolio making very few trades each year (mostly buy and hold, trading by myself). But would still appreciate an easy-to-understand platform. How is their platform? How are the fees?
2. Is transferring the porttfolio a smooth experience or a big headache? I mostly hold ETFs, nothing complicated, but it still makes me anxious.
3. Is there anything I should be worried about in the process? (refinancing, Jumbo). Are they considered very slow, or are there any tricks I should worry about?
It is my first refinance, terms are good, but I'm still a bit worried.
With CPC you do get a free musuem card which I made good use of at two or three museums and probably saved $150 bucks. I am told the service was better with CPC but I didn't really see it, so for me the benefit was the museum card and mortgage rates. Plus an account move bonus.
I didn't do the mortgage with them so I won't comment.
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Re: Relationship mortgage discounts for moving a million assets
I consider you invest to be far superior to vanguard for me. I don't do dividend reinvestment.softwaregeek wrote: ↑Thu Jan 21, 2021 11:45 amThe YouInvest product is not up to Schwab or Merrill Edge standards. It has some rough edges about things like dividend reinvestment.(At least as of 18 months ago.) Service is inferior compared to the gold standard (Schwab) or even the bronze standard (Merrill Edge ). That being said, for a relatively static portfolio of ETF's it's workable. Portfolio transfer was smooth. Fees are identical to competitors pretty much. The nicety of their platform is that you have the integrated banking, similar to every other bank/broker.nickbirren wrote: ↑Wed Jan 20, 2021 4:59 pm For those of you who went with Chase CPC and moved investments:
1. I have a portfolio making very few trades each year (mostly buy and hold, trading by myself). But would still appreciate an easy-to-understand platform. How is their platform? How are the fees?
2. Is transferring the porttfolio a smooth experience or a big headache? I mostly hold ETFs, nothing complicated, but it still makes me anxious.
3. Is there anything I should be worried about in the process? (refinancing, Jumbo). Are they considered very slow, or are there any tricks I should worry about?
It is my first refinance, terms are good, but I'm still a bit worried.
With CPC you do get a free musuem card which I made good use of at two or three museums and probably saved $150 bucks. I am told the service was better with CPC but I didn't really see it, so for me the benefit was the museum card and mortgage rates. Plus an account move bonus.
I didn't do the mortgage with them so I won't comment.
You do have to be careful and make sure that your account is spec ID, and they will show separate tax lots even if it isn't which can trick you at first.
Re: Relationship mortgage discounts for moving a million assets
What is the meaning of this? Can you please elaborate?texasfight wrote: ↑Thu Jan 21, 2021 11:50 amI consider you invest to be far superior to vanguard for me. I don't do dividend reinvestment.softwaregeek wrote: ↑Thu Jan 21, 2021 11:45 amThe YouInvest product is not up to Schwab or Merrill Edge standards. It has some rough edges about things like dividend reinvestment.(At least as of 18 months ago.) Service is inferior compared to the gold standard (Schwab) or even the bronze standard (Merrill Edge ). That being said, for a relatively static portfolio of ETF's it's workable. Portfolio transfer was smooth. Fees are identical to competitors pretty much. The nicety of their platform is that you have the integrated banking, similar to every other bank/broker.nickbirren wrote: ↑Wed Jan 20, 2021 4:59 pm For those of you who went with Chase CPC and moved investments:
1. I have a portfolio making very few trades each year (mostly buy and hold, trading by myself). But would still appreciate an easy-to-understand platform. How is their platform? How are the fees?
2. Is transferring the porttfolio a smooth experience or a big headache? I mostly hold ETFs, nothing complicated, but it still makes me anxious.
3. Is there anything I should be worried about in the process? (refinancing, Jumbo). Are they considered very slow, or are there any tricks I should worry about?
It is my first refinance, terms are good, but I'm still a bit worried.
With CPC you do get a free musuem card which I made good use of at two or three museums and probably saved $150 bucks. I am told the service was better with CPC but I didn't really see it, so for me the benefit was the museum card and mortgage rates. Plus an account move bonus.
I didn't do the mortgage with them so I won't comment.
You do have to be careful and make sure that your account is spec ID, and they will show separate tax lots even if it isn't which can trick you at first.
Thanks!
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- Joined: Mon Jul 27, 2020 3:12 pm
Re: Relationship mortgage discounts for moving a million assets
read this page of the threadworthit wrote: ↑Thu Jan 21, 2021 1:22 pmWhat is the meaning of this? Can you please elaborate?texasfight wrote: ↑Thu Jan 21, 2021 11:50 amI consider you invest to be far superior to vanguard for me. I don't do dividend reinvestment.softwaregeek wrote: ↑Thu Jan 21, 2021 11:45 amThe YouInvest product is not up to Schwab or Merrill Edge standards. It has some rough edges about things like dividend reinvestment.(At least as of 18 months ago.) Service is inferior compared to the gold standard (Schwab) or even the bronze standard (Merrill Edge ). That being said, for a relatively static portfolio of ETF's it's workable. Portfolio transfer was smooth. Fees are identical to competitors pretty much. The nicety of their platform is that you have the integrated banking, similar to every other bank/broker.nickbirren wrote: ↑Wed Jan 20, 2021 4:59 pm For those of you who went with Chase CPC and moved investments:
1. I have a portfolio making very few trades each year (mostly buy and hold, trading by myself). But would still appreciate an easy-to-understand platform. How is their platform? How are the fees?
2. Is transferring the porttfolio a smooth experience or a big headache? I mostly hold ETFs, nothing complicated, but it still makes me anxious.
3. Is there anything I should be worried about in the process? (refinancing, Jumbo). Are they considered very slow, or are there any tricks I should worry about?
It is my first refinance, terms are good, but I'm still a bit worried.
With CPC you do get a free musuem card which I made good use of at two or three museums and probably saved $150 bucks. I am told the service was better with CPC but I didn't really see it, so for me the benefit was the museum card and mortgage rates. Plus an account move bonus.
I didn't do the mortgage with them so I won't comment.
You do have to be careful and make sure that your account is spec ID, and they will show separate tax lots even if it isn't which can trick you at first.
Thanks!
viewtopic.php?f=1&t=263558&start=50#top
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- Joined: Wed Jan 20, 2021 3:53 pm
Re: Relationship mortgage discounts for moving a million assets
Trying to understand this as well after reading that thread - does it mean that the default accounting method of YouInvest is to average past purchases for reporting gains / losses when I sell assets? And I need to ask them to change that?texasfight wrote: ↑Thu Jan 21, 2021 3:31 pmread this page of the threadworthit wrote: ↑Thu Jan 21, 2021 1:22 pmWhat is the meaning of this? Can you please elaborate?texasfight wrote: ↑Thu Jan 21, 2021 11:50 amI consider you invest to be far superior to vanguard for me. I don't do dividend reinvestment.softwaregeek wrote: ↑Thu Jan 21, 2021 11:45 amThe YouInvest product is not up to Schwab or Merrill Edge standards. It has some rough edges about things like dividend reinvestment.(At least as of 18 months ago.) Service is inferior compared to the gold standard (Schwab) or even the bronze standard (Merrill Edge ). That being said, for a relatively static portfolio of ETF's it's workable. Portfolio transfer was smooth. Fees are identical to competitors pretty much. The nicety of their platform is that you have the integrated banking, similar to every other bank/broker.nickbirren wrote: ↑Wed Jan 20, 2021 4:59 pm For those of you who went with Chase CPC and moved investments:
1. I have a portfolio making very few trades each year (mostly buy and hold, trading by myself). But would still appreciate an easy-to-understand platform. How is their platform? How are the fees?
2. Is transferring the porttfolio a smooth experience or a big headache? I mostly hold ETFs, nothing complicated, but it still makes me anxious.
3. Is there anything I should be worried about in the process? (refinancing, Jumbo). Are they considered very slow, or are there any tricks I should worry about?
It is my first refinance, terms are good, but I'm still a bit worried.
With CPC you do get a free musuem card which I made good use of at two or three museums and probably saved $150 bucks. I am told the service was better with CPC but I didn't really see it, so for me the benefit was the museum card and mortgage rates. Plus an account move bonus.
I didn't do the mortgage with them so I won't comment.
You do have to be careful and make sure that your account is spec ID, and they will show separate tax lots even if it isn't which can trick you at first.
Thanks!
viewtopic.php?f=1&t=263558&start=50#top
Also - would the history of my purchases be preserved when my portfolio is transferred to YouInvest?
Re: Relationship mortgage discounts for moving a million assets
At what point is the relationship pricing adjustment made?
I got a quote for 2.875 from Citi before relationship pricing. I told them I will deposit 750k for the .375 discount to bring it to 2.50.
When filling out the mortgage application, will my application say 2.875 until the end when they check my Citi balance and adjust for the .375 bringing it to 2.50? Or will my loan application show 2.50 from the beginning and then they adjust upwards if I don't bring over the 750k?
Thanks and this is such a useful forum. I can't believe I just discovered it after using sites like slick deals for like two decades.
I got a quote for 2.875 from Citi before relationship pricing. I told them I will deposit 750k for the .375 discount to bring it to 2.50.
When filling out the mortgage application, will my application say 2.875 until the end when they check my Citi balance and adjust for the .375 bringing it to 2.50? Or will my loan application show 2.50 from the beginning and then they adjust upwards if I don't bring over the 750k?
Thanks and this is such a useful forum. I can't believe I just discovered it after using sites like slick deals for like two decades.