Relationship mortgage discounts for moving a million assets

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Bogleleg
Posts: 11
Joined: Wed Nov 25, 2020 4:34 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Bogleleg »

ILC2 wrote: Fri Jan 22, 2021 8:13 pm 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.

You lock at 2.875% and then once your transfer is complete, about 10 days before closing, the rate is adjusted down to 2.5%
ILC2
Posts: 7
Joined: Fri Jan 22, 2021 8:06 pm

Re: Relationship mortgage discounts for moving a million assets

Post by ILC2 »

Thanks for your response.

When I check the website for my loan application status, I'm seeing 2.50 as the rate which is what i expected after the relationship pricing. This is why I am confused. I'm not sure if this is a mistake or if this is already including the relationship pricing now. Could it be an error on their part and I get 2.50 - the .375 after transferring 750k to them in 3 months?
Bogleleg
Posts: 11
Joined: Wed Nov 25, 2020 4:34 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Bogleleg »

ILC2 wrote: Sun Jan 24, 2021 8:40 am Thanks for your response.

When I check the website for my loan application status, I'm seeing 2.50 as the rate which is what i expected after the relationship pricing. This is why I am confused. I'm not sure if this is a mistake or if this is already including the relationship pricing now. Could it be an error on their part and I get 2.50 - the .375 after transferring 750k to them in 3 months?

I highly doubt so, but you might be extremely lucky and if you're, just silently take it.

Also do you mind DM your citi contact? All the citi lenders I spoke to started at 3.5%
Topic Author
softwaregeek
Posts: 951
Joined: Wed May 08, 2019 8:59 pm

Re: Relationship mortgage discounts for moving a million assets

Post by softwaregeek »

Citi is unusual in that they show the discount on the quote. None of the others do this.
sgboggle
Posts: 37
Joined: Sat Jan 21, 2012 5:09 pm

Re: Relationship mortgage discounts for moving a million assets

Post by sgboggle »

softwaregeek wrote: Mon Jan 25, 2021 12:28 pm Citi is unusual in that they show the discount on the quote. None of the others do this.
Does Citi give an official Loan Estimate showing the discount, before you transfer assets into Citi? Or do you mean just an informal quote in email / on the phone?
Topic Author
softwaregeek
Posts: 951
Joined: Wed May 08, 2019 8:59 pm

Re: Relationship mortgage discounts for moving a million assets

Post by softwaregeek »

Gave a quote for post asset move.
TR1001
Posts: 6
Joined: Wed Jun 04, 2014 11:48 pm

Re: Relationship mortgage discounts for moving a million assets

Post by TR1001 »

30 year fixed
Last edited by TR1001 on Mon Feb 01, 2021 11:57 am, edited 1 time in total.
Spencer
Posts: 172
Joined: Wed Mar 19, 2014 10:20 am

Re: Relationship mortgage discounts for moving a million assets

Post by Spencer »

TR1001 wrote: Mon Feb 01, 2021 11:01 am Hi all.

In process of getting a 30 yr fixed jumbo home loan. Best I've found, WF @ 2.375, which includes a 1m relationship discount. Wondering if anyone has found anything better recently?
I'm shopping as well, and Wells seems to be the cheapest.

What are the details on that rate quote? I just got quoted 2.5% for a 30yr fixed, 0 points, w/ $1m relationship discount on a $1m refi from Wells.
TR1001
Posts: 6
Joined: Wed Jun 04, 2014 11:48 pm

Post by TR1001 »

30 Year fixed
Last edited by TR1001 on Mon Feb 01, 2021 11:57 am, edited 1 time in total.
Prdpapa34
Posts: 25
Joined: Sun May 20, 2012 9:32 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Prdpapa34 »

I am also in the market for a jumbo 30 year. Had not yet seen the WF relationship discount - thank you.

I have not had to shop for quite some time. Did not realize PenFed did away with their 5/5 arm. That was a decent product and obviously served well over the past 10 years.

Thank you for any other insights re: best rates on 30 year jumbo. I will also post updates as I get them.
carne_asada
Posts: 212
Joined: Sat Aug 03, 2019 7:38 am

Re: Relationship mortgage discounts for moving a million assets

Post by carne_asada »

Any recommendations for loan officers at citi in the NY/NJ area?
Startled Cat
Posts: 709
Joined: Thu Apr 03, 2008 8:54 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Startled Cat »

What rates are people seeing right now for jumbo refis? I currently have a 2.625% 10/1 ARM with BofA. WF told me the best they can offer after a relationship discount is to match my current rate.

My LTV is close to 80%, so that may be a factor.
Count of Notre Dame
Posts: 447
Joined: Fri Oct 11, 2013 1:08 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Count of Notre Dame »

Startled Cat wrote: Sun Feb 07, 2021 11:18 am What rates are people seeing right now for jumbo refis? I currently have a 2.625% 10/1 ARM with BofA. WF told me the best they can offer after a relationship discount is to match my current rate.

My LTV is close to 80%, so that may be a factor.
7/1 2.75% ARM with no relationship discount via First Republic.
bleuspeed
Posts: 14
Joined: Sat Nov 25, 2017 5:33 pm

Re: Relationship mortgage discounts for moving a million assets

Post by bleuspeed »

Last week, WF offered me 2.5% 30 FRM with ~$4K closing costs (no points) on a $1.8M jumbo and ~69% LTV, with $1M assets. CA Bay Area.
Count of Notre Dame
Posts: 447
Joined: Fri Oct 11, 2013 1:08 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Count of Notre Dame »

Just received an updated WF offer for I/O @ 2.875% no relationship discount, $1.6k in fees to WF. They're ok with my 73% LTV, but my other offer with First Republic @ 2.75% would require me paying down the mortgage to 70% LTV (about $60k in cash).
Bogleleg
Posts: 11
Joined: Wed Nov 25, 2020 4:34 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Bogleleg »

Count of Notre Dame wrote: Tue Feb 09, 2021 9:14 pm Just received an updated WF offer for I/O @ 2.875% no relationship discount, $1.6k in fees to WF. They're ok with my 73% LTV, but my other offer with First Republic @ 2.75% would require me paying down the mortgage to 70% LTV (about $60k in cash).

This seems like a very good offer. Is it in the bay ? Do you mind sharing the contact?

Has anyone refinanced with the same bank and gotten rate adjustment offer instead of refi ? Chase sent me a rate adjustment offer after I started the refi process but with the 5K fees, wondering if it is better or worse. My previous refi was 7/8 months ago for 900,000$
sgboggle
Posts: 37
Joined: Sat Jan 21, 2012 5:09 pm

Re: Relationship mortgage discounts for moving a million assets

Post by sgboggle »

Bogleleg wrote: Thu Feb 11, 2021 7:41 pm Has anyone refinanced with the same bank and gotten rate adjustment offer instead of refi ? Chase sent me a rate adjustment offer after I started the refi process but with the 5K fees, wondering if it is better or worse. My previous refi was 7/8 months ago for 900,000$
Chase sent me a rate reduction offer last year. I wasn't talking to anyone at the time about refinancing, they just sent it by themselves. I accepted the offer, and it was very easy; I just signed the form and mailed it. The fee (which was equivalent to 0.5 points) was added to the loan, and the end date of the loan (and other details like the loan number) was kept the same. I wasn't able to negotiate anything, like a relationship discount.

This year I did a refinance with Chase (with a relationship discount for CPC and transferring new money), and had to go through the regular refinance process, with an appraisal (though, it was a drive-by), and title insurance & other fees, uploading a bunch of bank statements, etc. and a notary came over for me to sign a bunch of documents. It took 81 days (and the new lender being the same as the old lender didn't seem to give much benefit).

So, the rate reduction offer is much easier, but you can compare the rates & costs to see which way saves more money.
abracadabra11
Posts: 408
Joined: Sat May 01, 2010 2:09 pm

Re: Relationship mortgage discounts for moving a million assets

Post by abracadabra11 »

Has anyone been offered a relationship mortgage discount on a VA loan?

I'm able to avoid the VA funding fee, so based on the published rates I'm seeing today, the VA loan seems to be a better option by almost 0.5%. But I don't know if lenders are offering relationship discounts on those loans.
Count of Notre Dame
Posts: 447
Joined: Fri Oct 11, 2013 1:08 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Count of Notre Dame »

Bogleleg wrote: Thu Feb 11, 2021 7:41 pm
Count of Notre Dame wrote: Tue Feb 09, 2021 9:14 pm Just received an updated WF offer for I/O @ 2.875% no relationship discount, $1.6k in fees to WF. They're ok with my 73% LTV, but my other offer with First Republic @ 2.75% would require me paying down the mortgage to 70% LTV (about $60k in cash).

This seems like a very good offer. Is it in the bay ? Do you mind sharing the contact?

Has anyone refinanced with the same bank and gotten rate adjustment offer instead of refi ? Chase sent me a rate adjustment offer after I started the refi process but with the 5K fees, wondering if it is better or worse. My previous refi was 7/8 months ago for 900,000$
Contact sent your way.

Would it be foolish to to pay the appraisal fee just to see if I can get to 70% LTV without having to pay down some of the mortgage. The market is really hot right now in my neighborhood and I think the home could appraise above what Redfin is telling me.
Freeadvice
Posts: 261
Joined: Wed Nov 27, 2019 12:42 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Freeadvice »

Has anyone refinanced a NYC co-op? I’m paying 3.5% on a Chase conforming loan 60%ltv and they’re telling me the best they can do is offer the following:
30 yr @2.875% with $12,000 in closing costs(2.64% points)
30 yr 4.375% with no points. So basically RAISING my rate. I may sell in a couple of years so I don’t want to pay points. How do you go about getting a “rate adjustment” that some of you have been offered? I asked but they claim it’s only if you’re rate is really high. I just moved more money into my account but my “private client” relationship seems useless.
dellfanboy
Posts: 73
Joined: Wed Sep 11, 2013 11:38 am

Re: Relationship mortgage discounts for moving a million assets

Post by dellfanboy »

bleuspeed wrote: Mon Feb 08, 2021 11:12 pm Last week, WF offered me 2.5% 30 FRM with ~$4K closing costs (no points) on a $1.8M jumbo and ~69% LTV, with $1M assets. CA Bay Area.
The website rate is 2.75% for jumbos. I thought the relationship discount was .5%?
mazda
Posts: 1
Joined: Tue Feb 16, 2021 12:47 pm

Re: Relationship mortgage discounts for moving a million assets

Post by mazda »

HEDGEFUNDIE wrote: Wed May 08, 2019 9:51 pm First Republic needs to be on your list. I just refinanced with them at 2.65%.

Yes they use Pershing, but Pershing actually has some positives. For example you get access to DFA funds, no advisory fee required.
Hi HEDGEFUNDIE, can you please send me your First Republic rep's contact information too?
mervinj7
Posts: 2496
Joined: Thu Mar 27, 2014 3:10 pm

Re: Relationship mortgage discounts for moving a million assets

Post by mervinj7 »

mazda wrote: Tue Feb 16, 2021 12:53 pm Hi HEDGEFUNDIE, can you please send me your First Republic rep's contact information too?
As far as we know, HEDGEFUNDIE is no longer part of this forum.
bleuspeed
Posts: 14
Joined: Sat Nov 25, 2017 5:33 pm

Re: Relationship mortgage discounts for moving a million assets

Post by bleuspeed »

dellfanboy wrote: Mon Feb 15, 2021 11:33 am
bleuspeed wrote: Mon Feb 08, 2021 11:12 pm Last week, WF offered me 2.5% 30 FRM with ~$4K closing costs (no points) on a $1.8M jumbo and ~69% LTV, with $1M assets. CA Bay Area.
The website rate is 2.75% for jumbos. I thought the relationship discount was .5%?
Is that 2.75 rate you saw for 30-fixed or for ARM? I see that for the 7/6 ARM, but 3.125% for the FRM as of right now.
dellfanboy
Posts: 73
Joined: Wed Sep 11, 2013 11:38 am

Re: Relationship mortgage discounts for moving a million assets

Post by dellfanboy »

It jumped. It's currently at 3% checking right now. I'm assuming with the .5% relationship discount that would drop to 2.5%. Correct?
Count of Notre Dame
Posts: 447
Joined: Fri Oct 11, 2013 1:08 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Count of Notre Dame »

mazda wrote: Tue Feb 16, 2021 12:53 pm
HEDGEFUNDIE wrote: Wed May 08, 2019 9:51 pm First Republic needs to be on your list. I just refinanced with them at 2.65%.

Yes they use Pershing, but Pershing actually has some positives. For example you get access to DFA funds, no advisory fee required.
Hi HEDGEFUNDIE, can you please send me your First Republic rep's contact information too?
I can send you my personal banker info if you want to PM me.
WindyCity
Posts: 1
Joined: Tue Feb 23, 2021 1:05 pm

Re: Relationship mortgage discounts for moving a million assets

Post by WindyCity »

PNC has been very competitive with Jumbos. I recently refinanced my primary residence to a 30 year fixed Jumbo at 2.75% with no points. 70% LTV and excellent credit. It took 45 days to complete with a 90 day rate lock.I don't bank with PNC nor do I have any deposits there. I decided not to use the relationship pricing but it was an option. Current rates: https://www.pnc.com/en/personal-banking ... gages.html

Relationship rate discount:
$500K+  0.25
$1M+ 0.375
$2M+ 0.50

However, they charge 1-2% AUM fee which was a deal breaker for me.
2sls
Posts: 209
Joined: Wed Sep 15, 2010 12:13 am

Re: Relationship mortgage discounts for moving a million assets

Post by 2sls »

Does anyone know what are the terms of Chase's relationship pricing? Do you need to keep the funds with them for the duration of the loan or can you move it out after some time?
Phonyfone
Posts: 2
Joined: Wed Jan 13, 2021 9:49 am

Re: Relationship mortgage discounts for moving a million assets

Post by Phonyfone »

Anyone have a good mortgage contact for Chase? East Coast, if geography matters.
worthit
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Re: Relationship mortgage discounts for moving a million assets

Post by worthit »

2sls wrote: Tue Feb 23, 2021 2:06 pm Does anyone know what are the terms of Chase's relationship pricing? Do you need to keep the funds with them for the duration of the loan or can you move it out after some time?
.125% per $250K if I am not mistaken and maximum of $1MM. No restrictions.
2sls
Posts: 209
Joined: Wed Sep 15, 2010 12:13 am

Re: Relationship mortgage discounts for moving a million assets

Post by 2sls »

I know the promotional discounts but can you just transfer the funds out of Chase after closing? I couldn't find this info anywhere
worthit
Posts: 1012
Joined: Tue Jun 19, 2018 2:10 pm

Re: Relationship mortgage discounts for moving a million assets

Post by worthit »

2sls wrote: Tue Feb 23, 2021 4:52 pm I know the promotional discounts but can you just transfer the funds out of Chase after closing? I couldn't find this info anywhere
Yes.
mattcoug
Posts: 4
Joined: Fri Feb 26, 2021 1:37 am

Re: Relationship mortgage discounts for moving a million assets

Post by mattcoug »

I am late to the refinancing game and missed the best rates but how does this deal with Union Bank look? I haven’t seen any discussion of this bank.

1 million new money for relationship discount of .75%

2.35m loan on property valued at 3m
80%ltv
10/1 arm
2.5% ( 3.25-.75)
dkoffer
Posts: 36
Joined: Mon Mar 26, 2018 8:41 pm

Re: Relationship mortgage discounts for moving a million assets

Post by dkoffer »

mattcoug wrote: Fri Feb 26, 2021 1:47 am I am late to the refinancing game and missed the best rates but how does this deal with Union Bank look? I haven’t seen any discussion of this bank.

1 million new money for relationship discount of .75%

2.35m loan on property valued at 3m
80%ltv
10/1 arm
2.5% ( 3.25-.75)
What geography? That sounds pretty good.
honey_hedger
Posts: 31
Joined: Wed Apr 29, 2020 4:06 pm

Re: Relationship mortgage discounts for moving a million assets

Post by honey_hedger »

Just received an offer from WF for 2.5% with $1M deposit (3.0% minus 0.5% relationship deduction). Deposit can be removed post close. Unlike a year ago, the down payment for the house cannot be included in the $1M transferred to WF. Credit score of 780 required.

Anyone come across a better offering?
carne_asada
Posts: 212
Joined: Sat Aug 03, 2019 7:38 am

Re: Relationship mortgage discounts for moving a million assets

Post by carne_asada »

honey_hedger wrote: Wed Mar 03, 2021 4:24 pm Just received an offer from WF for 2.5% with $1M deposit (3.0% minus 0.5% relationship deduction). Deposit can be removed post close. Unlike a year ago, the down payment for the house cannot be included in the $1M transferred to WF. Credit score of 780 required.

Anyone come across a better offering?
Use the PNC rate (which is the best I've found) to price match against one of the banks who has a relationship discount.
mattcoug
Posts: 4
Joined: Fri Feb 26, 2021 1:37 am

Re: Relationship mortgage discounts for moving a million assets

Post by mattcoug »

dkoffer wrote: Mon Mar 01, 2021 11:20 am
mattcoug wrote: Fri Feb 26, 2021 1:47 am I am late to the refinancing game and missed the best rates but how does this deal with Union Bank look? I haven’t seen any discussion of this bank.

1 million new money for relationship discount of .75%

2.35m loan on property valued at 3m
80%ltv
10/1 arm
2.5% ( 3.25-.75)
What geography? That sounds pretty good.
NorCal - Bay area
mattcoug
Posts: 4
Joined: Fri Feb 26, 2021 1:37 am

Re: Relationship mortgage discounts for moving a million assets

Post by mattcoug »

honey_hedger wrote: Wed Mar 03, 2021 4:24 pm Just received an offer from WF for 2.5% with $1M deposit (3.0% minus 0.5% relationship deduction). Deposit can be removed post close. Unlike a year ago, the down payment for the house cannot be included in the $1M transferred to WF. Credit score of 780 required.

Anyone come across a better offering?
Is this a 30 year fixed, super jumbo loan?
sharx
Posts: 56
Joined: Fri May 17, 2013 4:35 pm

Re: Relationship mortgage discounts for moving a million assets

Post by sharx »

I just got offered 3.125% (2.625 with $1M assets) for a 30 year fixed jumbo loan, 45% LTV from WF. They told me on the phone that rates have ticked up a bit recently, is that others' experience as well? Is there room for me to negotiate it?
carne_asada
Posts: 212
Joined: Sat Aug 03, 2019 7:38 am

Re: Relationship mortgage discounts for moving a million assets

Post by carne_asada »

sharx wrote: Thu Mar 04, 2021 8:01 pm I just got offered 3.125% (2.625 with $1M assets) for a 30 year fixed jumbo loan, 45% LTV from WF. They told me on the phone that rates have ticked up a bit recently, is that others' experience as well? Is there room for me to negotiate it?
Rates have ticked up in the last week. Most of the large banks will price match for you. Find the lowest rate you can and take it to Wells to match and also get the 1M discount. If you really want to search deep for loans - find your states list of all banks licensed in your state and email everyone you can for rates - you might find some gems in there that you can take to WF to match. PNC was the best that I found but I also didn't check every single bank in my state because who has time for that :D .
sharx
Posts: 56
Joined: Fri May 17, 2013 4:35 pm

Re: Relationship mortgage discounts for moving a million assets

Post by sharx »

carne_asada wrote: Thu Mar 04, 2021 8:06 pm
sharx wrote: Thu Mar 04, 2021 8:01 pm I just got offered 3.125% (2.625 with $1M assets) for a 30 year fixed jumbo loan, 45% LTV from WF. They told me on the phone that rates have ticked up a bit recently, is that others' experience as well? Is there room for me to negotiate it?
Rates have ticked up in the last week. Most of the large banks will price match for you. Find the lowest rate you can and take it to Wells to match and also get the 1M discount. If you really want to search deep for loans - find your states list of all banks licensed in your state and email everyone you can for rates - you might find some gems in there that you can take to WF to match. PNC was the best that I found but I also didn't check every single bank in my state because who has time for that :D .
Thanks for the tips! PNC offered 3.0%, that's with .45 points vs 0 for Wells Fargo. Breaks even at 68 months, so I'll probably just take WF.

Also, strangely Citi offered 4.0% which seems crazy! Has anyone had that happen before? Maybe they had a typo entering numbers into the computer...
CaptainCrunch
Posts: 4
Joined: Sun Mar 07, 2021 10:38 pm

Re: Relationship mortgage discounts for moving a million assets

Post by CaptainCrunch »

Count of Notre Dame wrote: Tue Feb 09, 2021 9:14 pm Just received an updated WF offer for I/O @ 2.875% no relationship discount, $1.6k in fees to WF. They're ok with my 73% LTV, but my other offer with First Republic @ 2.75% would require me paying down the mortgage to 70% LTV (about $60k in cash).

Would you mind sending me your contact via DM? Starting a new jumbo application
Count of Notre Dame
Posts: 447
Joined: Fri Oct 11, 2013 1:08 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Count of Notre Dame »

CaptainCrunch wrote: Sun Mar 07, 2021 10:44 pm
Count of Notre Dame wrote: Tue Feb 09, 2021 9:14 pm Just received an updated WF offer for I/O @ 2.875% no relationship discount, $1.6k in fees to WF. They're ok with my 73% LTV, but my other offer with First Republic @ 2.75% would require me paying down the mortgage to 70% LTV (about $60k in cash).

Would you mind sending me your contact via DM? Starting a new jumbo application
Sent! Also as a status update the luxury real estate market valuations are bonkers and my home appraised to meet the 70 LTV requirement without having to put more cash down. Now I'm thinking about adding a $200k First Federal HELOC @ 2.2% after my refinance closes.
mervinj7
Posts: 2496
Joined: Thu Mar 27, 2014 3:10 pm

Re: Relationship mortgage discounts for moving a million assets

Post by mervinj7 »

Count of Notre Dame wrote: Mon Mar 08, 2021 9:49 am
CaptainCrunch wrote: Sun Mar 07, 2021 10:44 pm
Count of Notre Dame wrote: Tue Feb 09, 2021 9:14 pm Just received an updated WF offer for I/O @ 2.875% no relationship discount, $1.6k in fees to WF. They're ok with my 73% LTV, but my other offer with First Republic @ 2.75% would require me paying down the mortgage to 70% LTV (about $60k in cash).

Would you mind sending me your contact via DM? Starting a new jumbo application
Sent! Also as a status update the luxury real estate market valuations are bonkers and my home appraised to meet the 70 LTV requirement without having to put more cash down. Now I'm thinking about adding a $200k First Federal HELOC @ 2.2% after my refinance closes.
Nice! Can you DM me the contact as well?
ElliotAlderson
Posts: 10
Joined: Tue Mar 09, 2021 12:21 pm

Re: Relationship mortgage discounts for moving a million assets

Post by ElliotAlderson »

sharx wrote: Fri Mar 05, 2021 7:26 pm
carne_asada wrote: Thu Mar 04, 2021 8:06 pm
sharx wrote: Thu Mar 04, 2021 8:01 pm I just got offered 3.125% (2.625 with $1M assets) for a 30 year fixed jumbo loan, 45% LTV from WF. They told me on the phone that rates have ticked up a bit recently, is that others' experience as well? Is there room for me to negotiate it?
Rates have ticked up in the last week. Most of the large banks will price match for you. Find the lowest rate you can and take it to Wells to match and also get the 1M discount. If you really want to search deep for loans - find your states list of all banks licensed in your state and email everyone you can for rates - you might find some gems in there that you can take to WF to match. PNC was the best that I found but I also didn't check every single bank in my state because who has time for that :D .
Thanks for the tips! PNC offered 3.0%, that's with .45 points vs 0 for Wells Fargo. Breaks even at 68 months, so I'll probably just take WF.

Also, strangely Citi offered 4.0% which seems crazy! Has anyone had that happen before? Maybe they had a typo entering numbers into the computer...
Do you have a contact at WF you could pass along?
Last edited by ElliotAlderson on Tue Mar 09, 2021 12:49 pm, edited 1 time in total.
stipeman
Posts: 86
Joined: Tue Sep 18, 2007 5:26 pm

Re: Relationship mortgage discounts for moving a million assets

Post by stipeman »

Looks like with $1M at Schwab you can still get 1.625% on 5/1 Jumbo with 0 pts.

https://www.schwab.com/public/schwab/ba ... gage_rates

Seems almost too good to be true given the move in rates recently.
sharx
Posts: 56
Joined: Fri May 17, 2013 4:35 pm

Re: Relationship mortgage discounts for moving a million assets

Post by sharx »

ElliotAlderson wrote: Tue Mar 09, 2021 12:23 pm
sharx wrote: Fri Mar 05, 2021 7:26 pm
carne_asada wrote: Thu Mar 04, 2021 8:06 pm
sharx wrote: Thu Mar 04, 2021 8:01 pm I just got offered 3.125% (2.625 with $1M assets) for a 30 year fixed jumbo loan, 45% LTV from WF. They told me on the phone that rates have ticked up a bit recently, is that others' experience as well? Is there room for me to negotiate it?
Rates have ticked up in the last week. Most of the large banks will price match for you. Find the lowest rate you can and take it to Wells to match and also get the 1M discount. If you really want to search deep for loans - find your states list of all banks licensed in your state and email everyone you can for rates - you might find some gems in there that you can take to WF to match. PNC was the best that I found but I also didn't check every single bank in my state because who has time for that :D .
Thanks for the tips! PNC offered 3.0%, that's with .45 points vs 0 for Wells Fargo. Breaks even at 68 months, so I'll probably just take WF.

Also, strangely Citi offered 4.0% which seems crazy! Has anyone had that happen before? Maybe they had a typo entering numbers into the computer...
Do you have a contact at WF you could pass along?
I've actually had a terrible experience with my contact, they ignored my emails and calls for a whole week! You're probably better off on your own.

Finally today I got through and went through the "official" application process. Now the rate seems to be 3.25%, I'll try to get him to match what he told me previously.

EDIT: I'm also dreading the process of moving my assets from Ally (savings) and Vanguard (brokerage/ roth IRAs). The website experience for opening new accounts seems terrible, I'll actually have to go to a WF branch. And the savings interest rate difference between Ally and Vanguard makes the discount between 500k and 1M a wash for me. I figure I'll go through with it and lock in the rate and then go less cash heavy though.

I'm also dreading switching from vanguard mutual funds to ETFs for the transfer, even though I've never used auto cash out or auto contributions.
ElliotAlderson
Posts: 10
Joined: Tue Mar 09, 2021 12:21 pm

Re: Relationship mortgage discounts for moving a million assets

Post by ElliotAlderson »

sharx wrote: Mon Mar 15, 2021 8:32 pmI've actually had a terrible experience with my contact
Citi quoted me 3.125 (jumbo) minus .375% for over 500K. I'd probably rather go WF, but haven't contacted them yet.
sti5brigade
Posts: 3
Joined: Tue Mar 16, 2021 12:41 pm

Re: Relationship mortgage discounts for moving a million assets

Post by sti5brigade »

I'm about 2 weeks into the process to take out a 7/1 Arm with Chase
$2.25m Loan, 25% down
Rate is 2.625% with 0.125% relationship Points (Assets over $0.25m)
And locked until end May when I get the House
No Points

(I'm kicking myself that rates have gone up lately - If I could have closed on the house sooner the 7/1 rate would have been less than 2.5%). BTW these rates are still high versus Europe. I paid 1.5% on a Mortgage in the UK 15 year ago.. and the rates arent much different now.., but I get the opportunity cost on the return thats why I'm taking out a mortgage. I am amazed at the amount of questions on 'assets' even though I could pay for the house in Cash.. its like I must be very low risk yet the amount of documentation required is mind boggling...

I was told that if I increased my assets to $1m that the rate would reduce to 2.5% with a 0.25% relationship discount. I've asked at what point I need to have the $1m in the account. At first was told, just prior to closing and I asked again and was told that I need $1m+ up 'through the closing'...
They wont give me a straight answer then on if I need to move the money now as part of the Loan Application 'Approval' which will be about 60 days prior to taking the Loan, or closer to the close - does anyone know what 'up through Closing means'... Its bizarre that I dont get a clear answer despite asking a few times

0.125% on $2.25m is a saving of $28125 a year so not to be sniffed at...

I was reading on the earlier threads folks talking about tax savings on the interest but with the PA at $24800 now (Filing jointly) I dont see how this is at all relevant unless you have deductions over that PA, and $750k of loan interest doesnt come close... thats why I also chose not to take the rate much lower and pay a fortune in points...

Thanks in advance
longdrives
Posts: 9
Joined: Sat Mar 06, 2021 11:13 am

Re: Relationship mortgage discounts for moving a million assets

Post by longdrives »

I am about to close with Ally on a 30 year jumbo @ 857,000 with 76,000 cash out @ 2.375 with .7 points. They matched Figure.com rate that I had initially received@2.625 0 points, I love Ally. I bought it down with 7k (.7 points) The figure.com rate was only locked for 30 days and I was a little skeptical about them as they seem to be very new. Ally's lock was for 75 days. It's been 30 days today from start and I am scheduled to sign on Friday. They gave me about 16k in credits on the match from where they started. No relationship discount required.
Last edited by longdrives on Tue Mar 16, 2021 3:31 pm, edited 1 time in total.
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