Relationship mortgage discounts for moving a million assets
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Re: Relationship mortgage discounts for moving a million assets
I checked Ally but they dont offer Mortgages in Connecticut.. shame
Re: Relationship mortgage discounts for moving a million assets
Did you forget the decimal point? $28125 -> $2812.5sti5brigade wrote: ↑Tue Mar 16, 2021 12:58 pm 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
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Re: Relationship mortgage discounts for moving a million assets
argh yes........... still $2813 is a decent saving a year....
Re: Relationship mortgage discounts for moving a million assets
Just wanted to say hello to the forum. Can't believe it took me 15 years to find this place.
A question about relationship discounts. Do funds need to be held in a single account, or does the bank allow you to aggregate your accounts with them (that is could IRA + Brokergage together equal $1 million, or would it have to be 100% in one account or the other)?
Thank you!
--JimJam
A question about relationship discounts. Do funds need to be held in a single account, or does the bank allow you to aggregate your accounts with them (that is could IRA + Brokergage together equal $1 million, or would it have to be 100% in one account or the other)?
Thank you!
--JimJam
Last edited by jimjam600 on Thu Mar 25, 2021 2:51 pm, edited 1 time in total.
Re: Relationship mortgage discounts for moving a million assets
Thanks for this thread. I’ve been trying hard to get Wells Fargo to match rates before any discount. Did anyone have success on getting Wells to rate match? For example Wells is at 3.375% for a jumbo 30 year. There are multiple banks with a 30 year at 3%. Ideally Wells would match the 3 and then I’d knock it down to 2.5 by moving assets.
If you had success getting Wells to rate match, did it take multiple attempts?
I’ve asked 2 mortgage brokers at Wells. Either both have been trained to not commit or Wells has decided to not offer matching.
If you had success getting Wells to rate match, did it take multiple attempts?
I’ve asked 2 mortgage brokers at Wells. Either both have been trained to not commit or Wells has decided to not offer matching.
Re: Relationship mortgage discounts for moving a million assets
Thank you, thank you !!!! Schwab rates are awesome. Since you posted this, I have locked two mortgages with Schwab/Quicken:stipeman wrote: ↑Thu Mar 11, 2021 4:48 pm 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.
Primary -$1.2mm at 2.25% 7yr ARM or 2% paying 1 point
Investment Property refi cash out - $1.0mm 2.375% 7yr ARM or 2.125% paying 1 point.
I have private banking relationships with Citibank, BAMl, JPM, Wells and HSBC and nobody could touch the Schwab rates.
Re: Relationship mortgage discounts for moving a million assets
I was able to get Chase to rate match WF and then vice versa-this was a few months ago however. We closed with WF approx 1 month ago on 30 yr jumbo. Our rate is 2.375 after the 0.5 discount for moving assets. (I have already moved them back out to Vanguard, etc). This did require forwarding emails and/or Loan Estimates and "proof" of what the other bank was offering.yowzer9 wrote: ↑Sat Mar 27, 2021 1:39 am Thanks for this thread. I’ve been trying hard to get Wells Fargo to match rates before any discount. Did anyone have success on getting Wells to rate match? For example Wells is at 3.375% for a jumbo 30 year. There are multiple banks with a 30 year at 3%. Ideally Wells would match the 3 and then I’d knock it down to 2.5 by moving assets.
If you had success getting Wells to rate match, did it take multiple attempts?
I’ve asked 2 mortgage brokers at Wells. Either both have been trained to not commit or Wells has decided to not offer matching.
Re: Relationship mortgage discounts for moving a million assets
My experience is that it depends-on the bank/lender. I moved combination of cash, IRAs and brokerage account to WF for a recent refi. These included both mine and my wife's accounts (we were both on the mortgage). We have sinced moved it all back out. If I remember correctly, Chase had a a little different structure but I cannot find the specifics in my emails. I believe the tiers at Chase were not as favorable...?jimjam600 wrote: ↑Thu Mar 25, 2021 2:32 pm Just wanted to say hello to the forum. Can't believe it took me 15 years to find this place.
A question about relationship discounts. Do funds need to be held in a single account, or does the bank allow you to aggregate your accounts with them (that is could IRA + Brokergage together equal $1 million, or would it have to be 100% in one account or the other)?
Thank you!
--JimJam
Re: Relationship mortgage discounts for moving a million assets
I will also add that your mortgage contact may need to go up the ladder. I just reviewed some old emails and was reminded that our "Home Mortgage Consultant" at Wells had to get a pricing/rate exception by discussing with his manager and his manager's manager (which took about 1 week) to match Chase's deal.yowzer9 wrote: ↑Sat Mar 27, 2021 1:39 am Thanks for this thread. I’ve been trying hard to get Wells Fargo to match rates before any discount. Did anyone have success on getting Wells to rate match? For example Wells is at 3.375% for a jumbo 30 year. There are multiple banks with a 30 year at 3%. Ideally Wells would match the 3 and then I’d knock it down to 2.5 by moving assets.
If you had success getting Wells to rate match, did it take multiple attempts?
I’ve asked 2 mortgage brokers at Wells. Either both have been trained to not commit or Wells has decided to not offer matching.
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Re: Relationship mortgage discounts for moving a million assets
Incredible. I just called Schwab/Quicken and they just confirmed that I can refi to:grkmec wrote: ↑Sat Mar 27, 2021 6:36 amThank you, thank you !!!! Schwab rates are awesome. Since you posted this, I have locked two mortgages with Schwab/Quicken:stipeman wrote: ↑Thu Mar 11, 2021 4:48 pm 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.
Primary -$1.2mm at 2.25% 7yr ARM or 2% paying 1 point
Investment Property refi cash out - $1.0mm 2.375% 7yr ARM or 2.125% paying 1 point.
I have private banking relationships with Citibank, BAMl, JPM, Wells and HSBC and nobody could touch the Schwab rates.
1.875% 5/1 interest only ARM with $4k closing cost, or
2.0% with zero closing cost
With $1M in assets transferred to Schwab.
Thank you stipeman and grkmec! You just saved me $6k/yr in interest!
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- Joined: Tue Apr 10, 2007 10:10 am
Re: Relationship mortgage discounts for moving a million assets
Do you negotiate these rates before submitting an application or after you're approved? We have an accepted offer but not a signed contract, so can't fully apply and I'm trying to figure out what the correct strategy is to minimize time once the contract is signed.
I've been offered 2.625% by Wells Fargo on a 30 year jumbo for a preapproval, but suspect I can get at least 2.5% from Citi although I haven't spoken with them. I haven't tried First Republic yet either.
I've been offered 2.625% by Wells Fargo on a 30 year jumbo for a preapproval, but suspect I can get at least 2.5% from Citi although I haven't spoken with them. I haven't tried First Republic yet either.
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Re: Relationship mortgage discounts for moving a million assets
Please PM me your Schwab contact, I just cash out refi an investment property last month and did 3.62% and I couldn't find anyone to beat that.grkmec wrote: ↑Sat Mar 27, 2021 6:36 amThank you, thank you !!!! Schwab rates are awesome. Since you posted this, I have locked two mortgages with Schwab/Quicken:stipeman wrote: ↑Thu Mar 11, 2021 4:48 pm 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.
Primary -$1.2mm at 2.25% 7yr ARM or 2% paying 1 point
Investment Property refi cash out - $1.0mm 2.375% 7yr ARM or 2.125% paying 1 point.
I have private banking relationships with Citibank, BAMl, JPM, Wells and HSBC and nobody could touch the Schwab rates.
Re: Relationship mortgage discounts for moving a million assets
PM sent. To get good pricing on an investment property it has to be jumbo, so depending on the zip code, $700k+ loan size. Mine was $742k and I am doing a refi cash out to $1mmElliotAlderson wrote: ↑Tue Mar 30, 2021 10:40 amPlease PM me your Schwab contact, I just cash out refi an investment property last month and did 3.62% and I couldn't find anyone to beat that.grkmec wrote: ↑Sat Mar 27, 2021 6:36 amThank you, thank you !!!! Schwab rates are awesome. Since you posted this, I have locked two mortgages with Schwab/Quicken:stipeman wrote: ↑Thu Mar 11, 2021 4:48 pm 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.
Primary -$1.2mm at 2.25% 7yr ARM or 2% paying 1 point
Investment Property refi cash out - $1.0mm 2.375% 7yr ARM or 2.125% paying 1 point.
I have private banking relationships with Citibank, BAMl, JPM, Wells and HSBC and nobody could touch the Schwab rates.
Re: Relationship mortgage discounts for moving a million assets
Did anyone have an issue getting a relationship discount at Chase when using a competitive offer? My broker is telling me that since he had to go up a few levels to match the competitive offer (up the chain due to the amount it took to match), he said he would get questioned for doing both and a high likelihood that we wouldn't be able to get a mortgage rate discount from the Private Client program.
Seems like it wouldn't hurt to try and let him deal with the questions he gets, but figured I'd hear what other people's experience is. Also, not moving significant amount of money, just the 250k to get the .125 discount. I am not currently a Chase client so the only reason to move funds and sign up for CPC would be for the mortgage discount.
Seems like it wouldn't hurt to try and let him deal with the questions he gets, but figured I'd hear what other people's experience is. Also, not moving significant amount of money, just the 250k to get the .125 discount. I am not currently a Chase client so the only reason to move funds and sign up for CPC would be for the mortgage discount.
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- Joined: Mon Aug 24, 2020 5:44 pm
Re: Relationship mortgage discounts for moving a million assets
Even more incredible - I was able to get BoA to beat Schwab’s offer!Tingting1013 wrote: ↑Sat Mar 27, 2021 1:59 pmIncredible. I just called Schwab/Quicken and they just confirmed that I can refi to:grkmec wrote: ↑Sat Mar 27, 2021 6:36 amThank you, thank you !!!! Schwab rates are awesome. Since you posted this, I have locked two mortgages with Schwab/Quicken:stipeman wrote: ↑Thu Mar 11, 2021 4:48 pm 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.
Primary -$1.2mm at 2.25% 7yr ARM or 2% paying 1 point
Investment Property refi cash out - $1.0mm 2.375% 7yr ARM or 2.125% paying 1 point.
I have private banking relationships with Citibank, BAMl, JPM, Wells and HSBC and nobody could touch the Schwab rates.
1.875% 5/1 interest only ARM with $4k closing cost, or
2.0% with zero closing cost
With $1M in assets transferred to Schwab.
Thank you stipeman and grkmec! You just saved me $6k/yr in interest!
Terms from BoA:
5/6 Interest Only ARM
1.75%!!!!
$4k of closing cost (same as Schwab/Quicken)
Only $500k of investments required!
Re: Relationship mortgage discounts for moving a million assets
I am a member of Chase / JPM private client, and I think their mortgage rates suck. They have a huge spread between refis and purchase rates, and the then the discounts are not that good unless you have $5mm of AUM with them. I found Schwab to be way better. Next best was BAML. Then Wells, but only for longer dated mortgages (10yr ARM and 30yr fixed). Citibank was horrible.nyboogie wrote: ↑Wed Mar 31, 2021 12:58 pm Did anyone have an issue getting a relationship discount at Chase when using a competitive offer? My broker is telling me that since he had to go up a few levels to match the competitive offer (up the chain due to the amount it took to match), he said he would get questioned for doing both and a high likelihood that we wouldn't be able to get a mortgage rate discount from the Private Client program.
Seems like it wouldn't hurt to try and let him deal with the questions he gets, but figured I'd hear what other people's experience is. Also, not moving significant amount of money, just the 250k to get the .125 discount. I am not currently a Chase client so the only reason to move funds and sign up for CPC would be for the mortgage discount.
Re: Relationship mortgage discounts for moving a million assets
Nice. BAML is very competitive with their IO pricing. Schwab charges too much of a premium.Tingting1013 wrote: ↑Wed Mar 31, 2021 10:39 pmEven more incredible - I was able to get BoA to beat Schwab’s offer!Tingting1013 wrote: ↑Sat Mar 27, 2021 1:59 pmIncredible. I just called Schwab/Quicken and they just confirmed that I can refi to:grkmec wrote: ↑Sat Mar 27, 2021 6:36 amThank you, thank you !!!! Schwab rates are awesome. Since you posted this, I have locked two mortgages with Schwab/Quicken:stipeman wrote: ↑Thu Mar 11, 2021 4:48 pm 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.
Primary -$1.2mm at 2.25% 7yr ARM or 2% paying 1 point
Investment Property refi cash out - $1.0mm 2.375% 7yr ARM or 2.125% paying 1 point.
I have private banking relationships with Citibank, BAMl, JPM, Wells and HSBC and nobody could touch the Schwab rates.
1.875% 5/1 interest only ARM with $4k closing cost, or
2.0% with zero closing cost
With $1M in assets transferred to Schwab.
Thank you stipeman and grkmec! You just saved me $6k/yr in interest!
Terms from BoA:
5/6 Interest Only ARM
1.75%!!!!
$4k of closing cost (same as Schwab/Quicken)
Only $500k of investments required!
One suggestion, and this is coming from someone that has been rolling 5yr IO ARMs for nearly 15 years. I am about to refi into a 7yr. I think fed starts raising in 2023 and keeps going until 2025-2026. So in a 5yr you will be re-setting into a tightening cycle. A couple more years gets you into next easing cycle.
2nd suggestion. Schwab misprices its points. They are generally allowing you to pay 1pt to reduce your interest rate by 0.25% for either 5yr, 7yr or 10yr ARMs. 1 point is worth 20bps for 5yr, 14bps for 7yr and 10bps for 10yr. So they are mispricing the points for 7 and 10.
So I am gonna do 7yr, get 50bps discount for 1mm asset move, then pay 1pt to get another 25bps off. This will give me a 7yr for 2.00%, that is economically a 2.14%
The other consideration for me is that I am already in a 5yr IO with 3.3 years left at 2.0%. Paying closing costs to extend +1.7 years into a 1.875% isnt worth it to me. I would rather do nothing. But by doing to 7yr, I double my duration while only paying +14 bps extra (plus closing costs)
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Re: Relationship mortgage discounts for moving a million assets
Clearly I am a novice compared to you.grkmec wrote: ↑Wed Mar 31, 2021 11:02 pmNice. BAML is very competitive with their IO pricing. Schwab charges too much of a premium.Tingting1013 wrote: ↑Wed Mar 31, 2021 10:39 pmEven more incredible - I was able to get BoA to beat Schwab’s offer!Tingting1013 wrote: ↑Sat Mar 27, 2021 1:59 pmIncredible. I just called Schwab/Quicken and they just confirmed that I can refi to:grkmec wrote: ↑Sat Mar 27, 2021 6:36 amThank you, thank you !!!! Schwab rates are awesome. Since you posted this, I have locked two mortgages with Schwab/Quicken:stipeman wrote: ↑Thu Mar 11, 2021 4:48 pm 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.
Primary -$1.2mm at 2.25% 7yr ARM or 2% paying 1 point
Investment Property refi cash out - $1.0mm 2.375% 7yr ARM or 2.125% paying 1 point.
I have private banking relationships with Citibank, BAMl, JPM, Wells and HSBC and nobody could touch the Schwab rates.
1.875% 5/1 interest only ARM with $4k closing cost, or
2.0% with zero closing cost
With $1M in assets transferred to Schwab.
Thank you stipeman and grkmec! You just saved me $6k/yr in interest!
Terms from BoA:
5/6 Interest Only ARM
1.75%!!!!
$4k of closing cost (same as Schwab/Quicken)
Only $500k of investments required!
One suggestion, and this is coming from someone that has been rolling 5yr IO ARMs for nearly 15 years. I am about to refi into a 7yr. I think fed starts raising in 2023 and keeps going until 2025-2026. So in a 5yr you will be re-setting into a tightening cycle. A couple more years gets you into next easing cycle.
2nd suggestion. Schwab misprices its points. They are generally allowing you to pay 1pt to reduce your interest rate by 0.25% for either 5yr, 7yr or 10yr ARMs. 1 point is worth 20bps for 5yr, 14bps for 7yr and 10bps for 10yr. So they are mispricing the points for 7 and 10.
So I am gonna do 7yr, get 50bps discount for 1mm asset move, then pay 1pt to get another 25bps off. This will give me a 7yr for 2.00%, that is economically a 2.14%
The other consideration for me is that I am already in a 5yr IO with 3.3 years left at 2.0%. Paying closing costs to extend +1.7 years into a 1.875% isnt worth it to me. I would rather do nothing. But by doing to 7yr, I double my duration while only paying +14 bps extra (plus closing costs)
My current IO is 2.5%, one year in out of five. Resetting down to 1.75% for five more years is a-ok with me.
Re: Relationship mortgage discounts for moving a million assets
I was able to get a 2.875% rate on a 30yr fixed with a 2k credit for about $1M loan at 75%LTV towards the middle of last month when rates had gone up. If I move 250k, that could potentially go down to 2.75%. I did have them match a competitive offer so that probably helped the situation.grkmec wrote: ↑Wed Mar 31, 2021 10:46 pmI am a member of Chase / JPM private client, and I think their mortgage rates suck. They have a huge spread between refis and purchase rates, and the then the discounts are not that good unless you have $5mm of AUM with them. I found Schwab to be way better. Next best was BAML. Then Wells, but only for longer dated mortgages (10yr ARM and 30yr fixed). Citibank was horrible.nyboogie wrote: ↑Wed Mar 31, 2021 12:58 pm Did anyone have an issue getting a relationship discount at Chase when using a competitive offer? My broker is telling me that since he had to go up a few levels to match the competitive offer (up the chain due to the amount it took to match), he said he would get questioned for doing both and a high likelihood that we wouldn't be able to get a mortgage rate discount from the Private Client program.
Seems like it wouldn't hurt to try and let him deal with the questions he gets, but figured I'd hear what other people's experience is. Also, not moving significant amount of money, just the 250k to get the .125 discount. I am not currently a Chase client so the only reason to move funds and sign up for CPC would be for the mortgage discount.
I'm just being lazy and would prefer not to move the 250k if it's not going to work so figured I'd ask here before I actually did it.
Re: Relationship mortgage discounts for moving a million assets
I refi'd to a jumbo 7/6 ARM @ 2.125% with no points (~$4K closing costs) with a Chase Private Client a month ago. 2.625% - 0.5% for moving $1M in assets (I asked and there are no further discounts for moving more assets over, unlike Schwab). This was better than what Wells Fargo and Citibank were able to offer at the time.nyboogie wrote: ↑Wed Mar 31, 2021 12:58 pm Did anyone have an issue getting a relationship discount at Chase when using a competitive offer? My broker is telling me that since he had to go up a few levels to match the competitive offer (up the chain due to the amount it took to match), he said he would get questioned for doing both and a high likelihood that we wouldn't be able to get a mortgage rate discount from the Private Client program.
Seems like it wouldn't hurt to try and let him deal with the questions he gets, but figured I'd hear what other people's experience is. Also, not moving significant amount of money, just the 250k to get the .125 discount. I am not currently a Chase client so the only reason to move funds and sign up for CPC would be for the mortgage discount.
Re: Relationship mortgage discounts for moving a million assets
This forum has been so helpful in understanding the different offers out there. I posted a summary end of December, locked in January, and closed a week ago. I ended up with a 30yr fix from WF @ 2.25% (net). Loan: $2.1M. Discount 0.5% for $1M assets. Paid 0.875 point. Location is NYC.
Re: Relationship mortgage discounts for moving a million assets
A bit of a different question:
To hit the $1M mark, I need to transfer all of my accounts out of Vanguard including Roth IRAs and taxable. I saw someone somewhere recommend leaving a small amount of cash behind to maintain online access to Vanguard.
Unfortunately one of my account transfers is stuck because the amount I'm transferring is considered "full" by vanguard, so they want me to submit it as a full transfer rather than a partial transfer.
My question is, has anyone else just done a full transfer and lost their account access? Is there anything in particular I should pull out of there before doing that? I don't love the idea of random cash sitting around forever in vanguard either, but I'm a bit nervous to "pull the trigger" on a full transfer that would close my Vanguard accounts.
To hit the $1M mark, I need to transfer all of my accounts out of Vanguard including Roth IRAs and taxable. I saw someone somewhere recommend leaving a small amount of cash behind to maintain online access to Vanguard.
Unfortunately one of my account transfers is stuck because the amount I'm transferring is considered "full" by vanguard, so they want me to submit it as a full transfer rather than a partial transfer.
My question is, has anyone else just done a full transfer and lost their account access? Is there anything in particular I should pull out of there before doing that? I don't love the idea of random cash sitting around forever in vanguard either, but I'm a bit nervous to "pull the trigger" on a full transfer that would close my Vanguard accounts.
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Re: Relationship mortgage discounts for moving a million assets
The bidding continues...Tingting1013 wrote: ↑Wed Mar 31, 2021 10:39 pmEven more incredible - I was able to get BoA to beat Schwab’s offer!Tingting1013 wrote: ↑Sat Mar 27, 2021 1:59 pmIncredible. I just called Schwab/Quicken and they just confirmed that I can refi to:grkmec wrote: ↑Sat Mar 27, 2021 6:36 amThank you, thank you !!!! Schwab rates are awesome. Since you posted this, I have locked two mortgages with Schwab/Quicken:stipeman wrote: ↑Thu Mar 11, 2021 4:48 pm 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.
Primary -$1.2mm at 2.25% 7yr ARM or 2% paying 1 point
Investment Property refi cash out - $1.0mm 2.375% 7yr ARM or 2.125% paying 1 point.
I have private banking relationships with Citibank, BAMl, JPM, Wells and HSBC and nobody could touch the Schwab rates.
1.875% 5/1 interest only ARM with $4k closing cost, or
2.0% with zero closing cost
With $1M in assets transferred to Schwab.
Thank you stipeman and grkmec! You just saved me $6k/yr in interest!
Terms from BoA:
5/6 Interest Only ARM
1.75%!!!!
$4k of closing cost (same as Schwab/Quicken)
Only $500k of investments required!
Latest offer from Schwab
1.6% and no fees, or
1.5% with $4k fees
Re: Relationship mortgage discounts for moving a million assets
Explain please - did you get Schwab to beat BAML ?? Schwab’s rates have gone up last 3 weeks from what I can seeTingting1013 wrote: ↑Wed Apr 14, 2021 7:46 pmThe bidding continues...Tingting1013 wrote: ↑Wed Mar 31, 2021 10:39 pmEven more incredible - I was able to get BoA to beat Schwab’s offer!Tingting1013 wrote: ↑Sat Mar 27, 2021 1:59 pmIncredible. I just called Schwab/Quicken and they just confirmed that I can refi to:grkmec wrote: ↑Sat Mar 27, 2021 6:36 amThank you, thank you !!!! Schwab rates are awesome. Since you posted this, I have locked two mortgages with Schwab/Quicken:stipeman wrote: ↑Thu Mar 11, 2021 4:48 pm 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.
Primary -$1.2mm at 2.25% 7yr ARM or 2% paying 1 point
Investment Property refi cash out - $1.0mm 2.375% 7yr ARM or 2.125% paying 1 point.
I have private banking relationships with Citibank, BAMl, JPM, Wells and HSBC and nobody could touch the Schwab rates.
1.875% 5/1 interest only ARM with $4k closing cost, or
2.0% with zero closing cost
With $1M in assets transferred to Schwab.
Thank you stipeman and grkmec! You just saved me $6k/yr in interest!
Terms from BoA:
5/6 Interest Only ARM
1.75%!!!!
$4k of closing cost (same as Schwab/Quicken)
Only $500k of investments required!
Latest offer from Schwab
1.6% and no fees, or
1.5% with $4k fees
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- Joined: Mon Aug 24, 2020 5:44 pm
Re: Relationship mortgage discounts for moving a million assets
Yes rates have gone up but I started the process a few weeks ago so all the back and forth has been anchored around the rates back then.grkmec wrote: ↑Wed Apr 14, 2021 11:53 pmExplain please - did you get Schwab to beat BAML ?? Schwab’s rates have gone up last 3 weeks from what I can seeTingting1013 wrote: ↑Wed Apr 14, 2021 7:46 pmThe bidding continues...Tingting1013 wrote: ↑Wed Mar 31, 2021 10:39 pmEven more incredible - I was able to get BoA to beat Schwab’s offer!Tingting1013 wrote: ↑Sat Mar 27, 2021 1:59 pmIncredible. I just called Schwab/Quicken and they just confirmed that I can refi to:grkmec wrote: ↑Sat Mar 27, 2021 6:36 am
Thank you, thank you !!!! Schwab rates are awesome. Since you posted this, I have locked two mortgages with Schwab/Quicken:
Primary -$1.2mm at 2.25% 7yr ARM or 2% paying 1 point
Investment Property refi cash out - $1.0mm 2.375% 7yr ARM or 2.125% paying 1 point.
I have private banking relationships with Citibank, BAMl, JPM, Wells and HSBC and nobody could touch the Schwab rates.
1.875% 5/1 interest only ARM with $4k closing cost, or
2.0% with zero closing cost
With $1M in assets transferred to Schwab.
Thank you stipeman and grkmec! You just saved me $6k/yr in interest!
Terms from BoA:
5/6 Interest Only ARM
1.75%!!!!
$4k of closing cost (same as Schwab/Quicken)
Only $500k of investments required!
Latest offer from Schwab
1.6% and no fees, or
1.5% with $4k fees
Schwab appears to be the winner here, BoA’s last offer was 1.625% with $2k closing costs.
Re: Relationship mortgage discounts for moving a million assets
Excellent thread! Does anyone know if BOA will let you combine relationship discounts with a Mortgage 100 program, i.e their 0% down loans?
Just exploring at this point.
Just exploring at this point.
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Re: Relationship mortgage discounts for moving a million assets
In case this helps anyone, I just closed with Wells Fargo.
Loan amount: 1.96M
30 years fixed, 2.5%, after $1M relationship discount. Norcal.
Loan amount: 1.96M
30 years fixed, 2.5%, after $1M relationship discount. Norcal.
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Re: Relationship mortgage discounts for moving a million assets
Could you please DM me the WF contact that gave you this rate in norcal. Was this primary home and what was the LTV?
Re: Relationship mortgage discounts for moving a million assets
Also interested in contact information for the WF agent. I am close to closing on my 2.5% 10/6 arm from Union bank. Would much rather grab a 30-year fixed.wildcat123 wrote: ↑Wed Apr 21, 2021 4:59 pm In case this helps anyone, I just closed with Wells Fargo.
Loan amount: 1.96M
30 years fixed, 2.5%, after $1M relationship discount. Norcal.
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Re: Relationship mortgage discounts for moving a million assets
Sent you both DMs.
Re: Relationship mortgage discounts for moving a million assets
I closed a few weeks back with WF on a purchase. Loan amount: 1.8M, 70% LTV
30 years fixed, 2.375% with a credit of .125 points, after $1M relationship discount. Socal.
WF tips:
- A Wells Fargo username helps with the loan documents so do the next step even if you are only considering
- Open your WellsTrade accounts yourself via their website (https://www.wellsfargo.com/investing/we ... rage/open/).
- If you can electronically sign for your WellsTrade account, great, it'll be set up quick.
- Instead, if they mail you package to sign and send back, call them (1-800-872-3377) and they can direct you to print out the sheet and you can fax/scan it back to them.
- Only AFTER they have processed your signature card are you able to initiate the funds transfer. You can do this on the WellsTrade site
- The ACATS transfer itself happens fairly quickly
- BUT the WellsTrades site won't show assets properly for a few more days
- WF Lending and WellsTrade don't talk to each other efficiently so it will take a while for WF Lending to verify you have assets in WellsTrade
- Keep statements, screenshots from your prior broker so you can supply those
- WF underwriting is a major PITA. I'm not sure I would go through it again on a purchase (if things need to close on time). For a refi, I would be more likely.
30 years fixed, 2.375% with a credit of .125 points, after $1M relationship discount. Socal.
WF tips:
- A Wells Fargo username helps with the loan documents so do the next step even if you are only considering
- Open your WellsTrade accounts yourself via their website (https://www.wellsfargo.com/investing/we ... rage/open/).
- If you can electronically sign for your WellsTrade account, great, it'll be set up quick.
- Instead, if they mail you package to sign and send back, call them (1-800-872-3377) and they can direct you to print out the sheet and you can fax/scan it back to them.
- Only AFTER they have processed your signature card are you able to initiate the funds transfer. You can do this on the WellsTrade site
- The ACATS transfer itself happens fairly quickly
- BUT the WellsTrades site won't show assets properly for a few more days
- WF Lending and WellsTrade don't talk to each other efficiently so it will take a while for WF Lending to verify you have assets in WellsTrade
- Keep statements, screenshots from your prior broker so you can supply those
- WF underwriting is a major PITA. I'm not sure I would go through it again on a purchase (if things need to close on time). For a refi, I would be more likely.
Re: Relationship mortgage discounts for moving a million assets
I recently got quoted 2.625% for 30-year fixed from Citi for moving over $2M in assets for a $3.5M loan, with 25% down payment.
Wells is offering 2.375% but they require 35% down payment.
Schwab seems to be non-competitive, as their advertised rate is 3.5%, and even .5% off is only 3%.
Any suggestions on where I can get better rates for 25 or less % down?
Should I just be shopping these rates between banks?
Would I get any better rates from a place like Morgan Stanley?
Wells is offering 2.375% but they require 35% down payment.
Schwab seems to be non-competitive, as their advertised rate is 3.5%, and even .5% off is only 3%.
Any suggestions on where I can get better rates for 25 or less % down?
Should I just be shopping these rates between banks?
Would I get any better rates from a place like Morgan Stanley?
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Re: Relationship mortgage discounts for moving a million assets
I'm new to the forum so I can't DM you to send you the contact.ElliotAlderson wrote: ↑Sun Apr 25, 2021 5:09 pm
I’m putting down 35% who did you talk to at WF? I haven’t had luck with someone I contacted previously. Citi gave me the same rate with 500K assets.
What rates were you able to get at WF and Citi and other banks? Can you break down the assets you had to move?
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Re: Relationship mortgage discounts for moving a million assets
Other places to try: HSBC Elite (which does post rates online) First Republic, Chase private client. Also in select geographies, ICBC USA aka Industrial and Commercial Bank of China, is very competitive if you don’t mind borrowing from the Chinese government.
Re: Relationship mortgage discounts for moving a million assets
Is this a refi or purchase? I think you can try HSBC (their premier once upon a time was competitive but I didn't see it being on par with other shops this go around), Chase private or BofA.congage37 wrote: ↑Sun Apr 25, 2021 4:18 pm I recently got quoted 2.625% for 30-year fixed from Citi for moving over $2M in assets for a $3.5M loan, with 25% down payment.
Wells is offering 2.375% but they require 35% down payment.
Schwab seems to be non-competitive, as their advertised rate is 3.5%, and even .5% off is only 3%.
Any suggestions on where I can get better rates for 25 or less % down?
Should I just be shopping these rates between banks?
Would I get any better rates from a place like Morgan Stanley?
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- Joined: Mon Aug 24, 2020 5:44 pm
Re: Relationship mortgage discounts for moving a million assets
What are the rates you have seen from ICBC?softwaregeek wrote: ↑Mon Apr 26, 2021 9:09 pm Other places to try: HSBC Elite (which does post rates online) First Republic, Chase private client. Also in select geographies, ICBC USA aka Industrial and Commercial Bank of China, is very competitive if you don’t mind borrowing from the Chinese government.
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Re: Relationship mortgage discounts for moving a million assets
ICBC was Better than off the street rates from WF and BofA but not as good as the best private relationship rates from those banks. But I didn’t get in as deep with ICBC as with others so there are probably rate tiers I don’t know about.Tingting1013 wrote: ↑Mon Apr 26, 2021 9:29 pmWhat are the rates you have seen from ICBC?softwaregeek wrote: ↑Mon Apr 26, 2021 9:09 pm Other places to try: HSBC Elite (which does post rates online) First Republic, Chase private client. Also in select geographies, ICBC USA aka Industrial and Commercial Bank of China, is very competitive if you don’t mind borrowing from the Chinese government.
Re: Relationship mortgage discounts for moving a million assets
This is a purchase. It looks like HSBC 30-year rate is not that competitive, at 2.942%. Are there additional discounts on top of this?jarjarM wrote: ↑Mon Apr 26, 2021 9:18 pmIs this a refi or purchase? I think you can try HSBC (their premier once upon a time was competitive but I didn't see it being on par with other shops this go around), Chase private or BofA.congage37 wrote: ↑Sun Apr 25, 2021 4:18 pm I recently got quoted 2.625% for 30-year fixed from Citi for moving over $2M in assets for a $3.5M loan, with 25% down payment.
Wells is offering 2.375% but they require 35% down payment.
Schwab seems to be non-competitive, as their advertised rate is 3.5%, and even .5% off is only 3%.
Any suggestions on where I can get better rates for 25 or less % down?
Should I just be shopping these rates between banks?
Would I get any better rates from a place like Morgan Stanley?
BofA quoted 40% down payment for loan of > $3M, which is too much.
Is Chase private going to give different rates than Chase? When I talked to Chase, they also asked for a high down payment.
Re: Relationship mortgage discounts for moving a million assets
When you say "private relationship rates" do you just mean the discounts of 0.25%, 0.375%, 0.5%, etc. for moving over assets to the bank? Or is there some special department that has special discounts on TOP of that?softwaregeek wrote: ↑Mon Apr 26, 2021 9:41 pmICBC was Better than off the street rates from WF and BofA but not as good as the best private relationship rates from those banks. But I didn’t get in as deep with ICBC as with others so there are probably rate tiers I don’t know about.Tingting1013 wrote: ↑Mon Apr 26, 2021 9:29 pmWhat are the rates you have seen from ICBC?softwaregeek wrote: ↑Mon Apr 26, 2021 9:09 pm Other places to try: HSBC Elite (which does post rates online) First Republic, Chase private client. Also in select geographies, ICBC USA aka Industrial and Commercial Bank of China, is very competitive if you don’t mind borrowing from the Chinese government.
I called WF private mortgage today and it didn't seem like they had anything different from the normal Wells person I called.
Re: Relationship mortgage discounts for moving a million assets
I have seen downpayment requirements changed over the course of covid period. For my county, until mid-march with WF >2M needed 25% down, >2.5M needed 30% and >3M needed 35 or 40% (forgot). In late march/april was told the county risk profile has changed opening up possibility of getting 3M loan with 20% down. The rate decreased by ~0.125% for addition 5% down. So its very possible that the downpayment requirements are different based on regional current risk profile.congage37 wrote: ↑Mon Apr 26, 2021 11:17 pmThis is a purchase. It looks like HSBC 30-year rate is not that competitive, at 2.942%. Are there additional discounts on top of this?jarjarM wrote: ↑Mon Apr 26, 2021 9:18 pmIs this a refi or purchase? I think you can try HSBC (their premier once upon a time was competitive but I didn't see it being on par with other shops this go around), Chase private or BofA.congage37 wrote: ↑Sun Apr 25, 2021 4:18 pm I recently got quoted 2.625% for 30-year fixed from Citi for moving over $2M in assets for a $3.5M loan, with 25% down payment.
Wells is offering 2.375% but they require 35% down payment.
Schwab seems to be non-competitive, as their advertised rate is 3.5%, and even .5% off is only 3%.
Any suggestions on where I can get better rates for 25 or less % down?
Should I just be shopping these rates between banks?
Would I get any better rates from a place like Morgan Stanley?
BofA quoted 40% down payment for loan of > $3M, which is too much.
Is Chase private going to give different rates than Chase? When I talked to Chase, they also asked for a high down payment.
Re: Relationship mortgage discounts for moving a million assets
I know that if you have a relationship manager in HSBC, you can negotiate down from that rate but will require some private wealth management which I think it's a RIPOFF. As for Chase private, you can get better rate if you have private client manager that can help you, again may need some money to be manage by them. For your case, I think 7/1 or 10/1 ARM maybe more worthwhile and refi later or look into doing something like this:congage37 wrote: ↑Mon Apr 26, 2021 11:17 pm
This is a purchase. It looks like HSBC 30-year rate is not that competitive, at 2.942%. Are there additional discounts on top of this?
BofA quoted 40% down payment for loan of > $3M, which is too much.
Is Chase private going to give different rates than Chase? When I talked to Chase, they also asked for a high down payment.
https://www.svb.com/blogs/mary-toomey/m ... st-expense
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Re: Relationship mortgage discounts for moving a million assets
HSBC does have better rates but for private bank customers but I don’t play there. Their ARM is very good.congage37 wrote: ↑Mon Apr 26, 2021 11:17 pmThis is a purchase. It looks like HSBC 30-year rate is not that competitive, at 2.942%. Are there additional discounts on top of this?jarjarM wrote: ↑Mon Apr 26, 2021 9:18 pmIs this a refi or purchase? I think you can try HSBC (their premier once upon a time was competitive but I didn't see it being on par with other shops this go around), Chase private or BofA.congage37 wrote: ↑Sun Apr 25, 2021 4:18 pm I recently got quoted 2.625% for 30-year fixed from Citi for moving over $2M in assets for a $3.5M loan, with 25% down payment.
Wells is offering 2.375% but they require 35% down payment.
Schwab seems to be non-competitive, as their advertised rate is 3.5%, and even .5% off is only 3%.
Any suggestions on where I can get better rates for 25 or less % down?
Should I just be shopping these rates between banks?
Would I get any better rates from a place like Morgan Stanley?
BofA quoted 40% down payment for loan of > $3M, which is too much.
Is Chase private going to give different rates than Chase? When I talked to Chase, they also asked for a high down payment.
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- Joined: Thu Jan 21, 2021 10:48 am
Re: Relationship mortgage discounts for moving a million assets
Anyone have a good contact at Schwab on this? They advertise rates, but they don't respond to inquires. Wells has decent rates, but I've had issues closing with them before (complex income scenario).
Re: Relationship mortgage discounts for moving a million assets
Quick question on the relationship discount. Chase posts something on their website about which types of account qualify for the discount. I cannot find anything on the Wells Fargo website detailing the same.
Second question relates to timing. My mortgage guy told me it is better to move the assets over well in advance so that there are no hiccups. However, we have not yet found a house. Can anyone validate the timing of account movement factor?
For supporting details... $1MM in cash/brokerage today, $575k in IRA's that we can move. Everything else is tied up in current employer retirement ($350k), 529's ($185k), and roughly $250k in net equity from our current home. We were contemplating a purchase at around $1.8MM with $360k down, and assuming $50k in closing costs. I am taking the 1mm cash and brokerage, plus 575 in IRA's and then subtracting the 410 for purchase. My mtg broker says that qualifies for the $1MM discount, but I know that would not count at JPM as an example. Does anyone have experience with this, specifically at Wells?
...side question, I see that some refinanced without closing costs based on relationship discounts. My limited understanding of Refi was that closing costs created a 3 year breakeven point. Is the suggestion that I can get a relationship discount, refi now, and get a better rate while we search for our new home?
Second question relates to timing. My mortgage guy told me it is better to move the assets over well in advance so that there are no hiccups. However, we have not yet found a house. Can anyone validate the timing of account movement factor?
For supporting details... $1MM in cash/brokerage today, $575k in IRA's that we can move. Everything else is tied up in current employer retirement ($350k), 529's ($185k), and roughly $250k in net equity from our current home. We were contemplating a purchase at around $1.8MM with $360k down, and assuming $50k in closing costs. I am taking the 1mm cash and brokerage, plus 575 in IRA's and then subtracting the 410 for purchase. My mtg broker says that qualifies for the $1MM discount, but I know that would not count at JPM as an example. Does anyone have experience with this, specifically at Wells?
...side question, I see that some refinanced without closing costs based on relationship discounts. My limited understanding of Refi was that closing costs created a 3 year breakeven point. Is the suggestion that I can get a relationship discount, refi now, and get a better rate while we search for our new home?
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Re: Relationship mortgage discounts for moving a million assets
I transferred old 401k accounts to IRA accounts at wells fargo and that counts for the relationship discount. The down payment doesn't count towards the $1M requirement.Neil289 wrote: ↑Fri Apr 30, 2021 5:54 am Quick question on the relationship discount. Chase posts something on their website about which types of account qualify for the discount. I cannot find anything on the Wells Fargo website detailing the same.
Second question relates to timing. My mortgage guy told me it is better to move the assets over well in advance so that there are no hiccups. However, we have not yet found a house. Can anyone validate the timing of account movement factor?
For supporting details... $1MM in cash/brokerage today, $575k in IRA's that we can move. Everything else is tied up in current employer retirement ($350k), 529's ($185k), and roughly $250k in net equity from our current home. We were contemplating a purchase at around $1.8MM with $360k down, and assuming $50k in closing costs. I am taking the 1mm cash and brokerage, plus 575 in IRA's and then subtracting the 410 for purchase. My mtg broker says that qualifies for the $1MM discount, but I know that would not count at JPM as an example. Does anyone have experience with this, specifically at Wells?
...side question, I see that some refinanced without closing costs based on relationship discounts. My limited understanding of Refi was that closing costs created a 3 year breakeven point. Is the suggestion that I can get a relationship discount, refi now, and get a better rate while we search for our new home?
I moved the funds after we closed on the house and was told to have the funds in the account about 10 days before closing. They do take a little while to validate and approve, but the 10 day thing was enough for all that.
Re: Relationship mortgage discounts for moving a million assets
Can you please PM me your contacts at Schwab and BoA? I just signed a contract on a house this evening and these rates are much better than Chase and Amegy have offered me to date. Thanks!Tingting1013 wrote: ↑Wed Apr 14, 2021 7:46 pmThe bidding continues...Tingting1013 wrote: ↑Wed Mar 31, 2021 10:39 pmEven more incredible - I was able to get BoA to beat Schwab’s offer!Tingting1013 wrote: ↑Sat Mar 27, 2021 1:59 pmIncredible. I just called Schwab/Quicken and they just confirmed that I can refi to:grkmec wrote: ↑Sat Mar 27, 2021 6:36 amThank you, thank you !!!! Schwab rates are awesome. Since you posted this, I have locked two mortgages with Schwab/Quicken:stipeman wrote: ↑Thu Mar 11, 2021 4:48 pm 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.
Primary -$1.2mm at 2.25% 7yr ARM or 2% paying 1 point
Investment Property refi cash out - $1.0mm 2.375% 7yr ARM or 2.125% paying 1 point.
I have private banking relationships with Citibank, BAMl, JPM, Wells and HSBC and nobody could touch the Schwab rates.
1.875% 5/1 interest only ARM with $4k closing cost, or
2.0% with zero closing cost
With $1M in assets transferred to Schwab.
Thank you stipeman and grkmec! You just saved me $6k/yr in interest!
Terms from BoA:
5/6 Interest Only ARM
1.75%!!!!
$4k of closing cost (same as Schwab/Quicken)
Only $500k of investments required!
Latest offer from Schwab
1.6% and no fees, or
1.5% with $4k fees
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Re: Relationship mortgage discounts for moving a million assets
Correct at all banks except WF. WF allows you to use the down payment funds towards the relationship discount.wildcat123 wrote: ↑Fri Apr 30, 2021 4:51 pmI transferred old 401k accounts to IRA accounts at wells fargo and that counts for the relationship discount. The down payment doesn't count towards the $1M requirement.Neil289 wrote: ↑Fri Apr 30, 2021 5:54 am Quick question on the relationship discount. Chase posts something on their website about which types of account qualify for the discount. I cannot find anything on the Wells Fargo website detailing the same.
Second question relates to timing. My mortgage guy told me it is better to move the assets over well in advance so that there are no hiccups. However, we have not yet found a house. Can anyone validate the timing of account movement factor?
For supporting details... $1MM in cash/brokerage today, $575k in IRA's that we can move. Everything else is tied up in current employer retirement ($350k), 529's ($185k), and roughly $250k in net equity from our current home. We were contemplating a purchase at around $1.8MM with $360k down, and assuming $50k in closing costs. I am taking the 1mm cash and brokerage, plus 575 in IRA's and then subtracting the 410 for purchase. My mtg broker says that qualifies for the $1MM discount, but I know that would not count at JPM as an example. Does anyone have experience with this, specifically at Wells?
...side question, I see that some refinanced without closing costs based on relationship discounts. My limited understanding of Refi was that closing costs created a 3 year breakeven point. Is the suggestion that I can get a relationship discount, refi now, and get a better rate while we search for our new home?
I moved the funds after we closed on the house and was told to have the funds in the account about 10 days before closing. They do take a little while to validate and approve, but the 10 day thing was enough for all that.
Re: Relationship mortgage discounts for moving a million assets
This is no longer the case. WF stopped allowing this ~end of Feb this year.softwaregeek wrote: ↑Mon May 10, 2021 9:08 am Correct at all banks except WF. WF allows you to use the down payment funds towards the relationship discount.
Re: Relationship mortgage discounts for moving a million assets
Is BofA getting aggressive? My BofA rep came from out of the blue with a quote for a 2% coupon / 2.4% APR 7y ARM IO refi. Moving $500k in new assets to BAML reduces it another 25 bps for 1.75%/2.15% APR all in. That seems pretty wild for an IO. The quote actually had no penalty for choosing an IO versus an amortizing mortgage. I am not even sure it is worth looking anywhere else? I can move pretty substantial assets. This is in the SF Bay Area.