You can try to push schwab on this a bit with the $3mil new money in (they'll also give you a bonus for moving the $$$ over). But 2.375% for 30yr fixed on jumbo is pretty decent so not sure if you'll get anything better.
Relationship mortgage discounts for moving a million assets
Re: Relationship mortgage discounts for moving a million assets
Re: Relationship mortgage discounts for moving a million assets
Looking for a new purchase 30 year fixed at lowest rate possible. Purchase price $1.2M, NYC suburb. 20% down.
Anyone have thoughts on who might be best?
And anyone willing to send me their contacts for:
B of A
Wells Fargo
Citi
Chase
Quicken/Scwhab
First Republic
PNC
I also have a decent but not huge amount in savings/brokerage/retirement accounts. Mostly with Vanguard, but one retirement account at Schwab and one at Fidelity. If that affects anything.
Anyone have thoughts on who might be best?
And anyone willing to send me their contacts for:
B of A
Wells Fargo
Citi
Chase
Quicken/Scwhab
First Republic
PNC
I also have a decent but not huge amount in savings/brokerage/retirement accounts. Mostly with Vanguard, but one retirement account at Schwab and one at Fidelity. If that affects anything.
Re: Relationship mortgage discounts for moving a million assets
Cosign to robocop's request for good contacts!
Re: Relationship mortgage discounts for moving a million assets
Was the 30yr 2.375% before or after the $500k discount?antmn wrote: ↑Wed Aug 11, 2021 2:27 pm Data point:
Just locked on refinance of primary home with BofA. Worked with their private bank and had them match a competitor. Got a 0.25% rate discount for bringing $500k in assets over to their no fee brokerage (Merrill Edge). Rates below include the new asset discount
Mortgage Balance: $1.7M
Loan type: 10/1 ARM
Rate: 1.75%
Also had the option of a 30 year fixed at 2.375%. But choosing to go with the ARM.
How does the rates for the 10/1 ARM look? Feels like I can't get this any lower but looking for data points to show me otherwise
Re: Relationship mortgage discounts for moving a million assets
I’m locked with BofA at 2.625 no points or fees before the relationship discount with 55% LTV. Yours sounds like is at 2.75 with 65% LTV. So seems similar? DM me to discuss.
Re: Relationship mortgage discounts for moving a million assets
B of A quoted me jumbo 10/6m interest only ARM at 2.375% with 25% down
Schwab comes in at 2.625% for the same type of loan
Is anyone getting a better rate for an interest onlY 10/6m ARM?
Thx
Schwab comes in at 2.625% for the same type of loan
Is anyone getting a better rate for an interest onlY 10/6m ARM?
Thx
Re: Relationship mortgage discounts for moving a million assets
Yes, primary residence.antmn wrote: ↑Wed Aug 11, 2021 2:22 pmWas this on a primary residence?skibummer wrote: ↑Mon Aug 02, 2021 5:31 pm DP:
I just got 1.99% for a 10 yr fixed for $550K with a 75% LTV cash out refinance with Schwab/Quicken. I was eligible for the 0.5% discount Schwab asset pricing Quicken tier, but this was a better deal than the asset pricing options. Closing costs are covered with Schwab and Quicken credits. No escrow required. Very happy.
Re: Relationship mortgage discounts for moving a million assets
The PAL account at Schwab was an easy online app and took about 3 weeks to set up. I negotiated with Schwab using IBKR margin rates as a competitor and they gave me SOFR+1.25% spread (SOFR is 0.05%, so that is a current APR of 1.3% total) on a LOC of at least $700,000 (with a 70% lend that is a asset balance of $1M). No fees, free wires and the initial withdrawal has to be at least $70,000, but they said you can pull out the $70,000 into your Schwab checking and then transfer back what you don't need. No requirement to keep the initial draw of $70,000 out. Super deal at 1.3% APR. Obviously it is a variable rate, but the best rate I could get for a HELOC was Prime - 0.50% (currently 2.75% APR) from JPM PB and that required $3M+ in the pledge account. The Schwab PAL seems like a much better deal and they were great to work with to set it up.jcricket73 wrote: ↑Wed Aug 11, 2021 6:11 pm Anyone have a good contact for a HELOC? Seems like they're hard to come by these days. I just like having them for liquidity and the pledged asset line feature at Schwab is a PITA to set up (need a separate account, need to take out $70k to start with, etc).
Re: Relationship mortgage discounts for moving a million assets
[ quote fixed by admin LadyGeek]skibummer wrote: ↑Fri Aug 13, 2021 8:11 pmThe PAL account at Schwab was an easy online app and took about 3 weeks to set up. I negotiated with Schwab using IBKR margin rates as a competitor and they gave me SOFR+1.25% spread (SOFR is 0.05%, so that is a current APR of 1.3% total) on a LOC of at least $700,000 (with a 70% lend that is a asset balance of $1M). No fees, free wires and the initial withdrawal has to be at least $70,000, but they said you can pull out the $70,000 into your Schwab checking and then transfer back what you don't need. No requirement to keep the initial draw of $70,000 out. Super deal at 1.3% APR. Obviously it is a variable rate, but the best rate I could get for a HELOC was Prime - 0.50% (currently 2.75% APR) from JPM PB and that required $3M+ in the pledge account. The Schwab PAL seems like a much better deal and they were great to work with to set it up.jcricket73 wrote: ↑Wed Aug 11, 2021 6:11 pm Anyone have a good contact for a HELOC? Seems like they're hard to come by these days. I just like having them for liquidity and the pledged asset line feature at Schwab is a PITA to set up (need a separate account, need to take out $70k to start with, etc).
They also have an unadvertised transfer bonus of $1200 for $500K, $2000 for $1M, and $2500 for $2M, which you can use to fund the PAL.
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Re: Relationship mortgage discounts for moving a million assets
That’s a great rate.
FWIW, I locked 2.375% fixed 30 asset-based conforming after discounts at Chase for moving $1M in assets and $50k in cash.
I ended up going with 1.875% fixed 15 asset-based at Schwab with no asset move or cash required. Closing costs were about $3000 on both.
Tomorrow never knows.
Re: Relationship mortgage discounts for moving a million assets
I moved assets to chase private client for the relationship discount.
I've already closed on the house. I don't really like the interface and the information from investments doesn't load easily to TurboTax or personal capital. I'd like to consolidate accounts by closing the chase private client brokerage.
Two people from Chase have told me I can do this and it won't effect my mortgage rate which was based on a discount from relationship pricing. Can anyone confirm this?
-paranoid
I've already closed on the house. I don't really like the interface and the information from investments doesn't load easily to TurboTax or personal capital. I'd like to consolidate accounts by closing the chase private client brokerage.
Two people from Chase have told me I can do this and it won't effect my mortgage rate which was based on a discount from relationship pricing. Can anyone confirm this?
-paranoid
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- Joined: Thu Jan 21, 2021 10:48 am
Re: Relationship mortgage discounts for moving a million assets
Hey that's great, I'll look into that. Sadly you have to create a new brokerage account that doesn't have transfer in/out (of Schwab) privileges. Not sure why. Morgan Stanley wasn't like that. Wonder why Schwab is like that.skibummer wrote: ↑Fri Aug 13, 2021 8:11 pmThe PAL account at Schwab was an easy online app and took about 3 weeks to set up. I negotiated with Schwab using IBKR margin rates as a competitor and they gave me SOFR+1.25% spread (SOFR is 0.05%, so that is a current APR of 1.3% total) on a LOC of at least $700,000 (with a 70% lend that is a asset balance of $1M). No fees, free wires and the initial withdrawal has to be at least $70,000, but they said you can pull out the $70,000 into your Schwab checking and then transfer back what you don't need. No requirement to keep the initial draw of $70,000 out. Super deal at 1.3% APR. Obviously it is a variable rate, but the best rate I could get for a HELOC was Prime - 0.50% (currently 2.75% APR) from JPM PB and that required $3M+ in the pledge account. The Schwab PAL seems like a much better deal and they were great to work with to set it up.jcricket73 wrote: ↑Wed Aug 11, 2021 6:11 pm Anyone have a good contact for a HELOC? Seems like they're hard to come by these days. I just like having them for liquidity and the pledged asset line feature at Schwab is a PITA to set up (need a separate account, need to take out $70k to start with, etc).
Re: Relationship mortgage discounts for moving a million assets
Question for you, can a PAL account at Schwab be linked to an IRA Rollover or does it have to be a taxable account?skibummer wrote: ↑Fri Aug 13, 2021 8:14 pm[ quote fixed by admin LadyGeek]skibummer wrote: ↑Fri Aug 13, 2021 8:11 pmThe PAL account at Schwab was an easy online app and took about 3 weeks to set up. I negotiated with Schwab using IBKR margin rates as a competitor and they gave me SOFR+1.25% spread (SOFR is 0.05%, so that is a current APR of 1.3% total) on a LOC of at least $700,000 (with a 70% lend that is a asset balance of $1M). No fees, free wires and the initial withdrawal has to be at least $70,000, but they said you can pull out the $70,000 into your Schwab checking and then transfer back what you don't need. No requirement to keep the initial draw of $70,000 out. Super deal at 1.3% APR. Obviously it is a variable rate, but the best rate I could get for a HELOC was Prime - 0.50% (currently 2.75% APR) from JPM PB and that required $3M+ in the pledge account. The Schwab PAL seems like a much better deal and they were great to work with to set it up.jcricket73 wrote: ↑Wed Aug 11, 2021 6:11 pm Anyone have a good contact for a HELOC? Seems like they're hard to come by these days. I just like having them for liquidity and the pledged asset line feature at Schwab is a PITA to set up (need a separate account, need to take out $70k to start with, etc).
They also have an unadvertised transfer bonus of $1200 for $500K, $2000 for $1M, and $2500 for $2M, which you can use to fund the PAL.
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Re: Relationship mortgage discounts for moving a million assets
That’s what Chase told me as well, after close one can move funds out.Amarecat wrote: ↑Sat Aug 14, 2021 6:32 pm I moved assets to chase private client for the relationship discount.
I've already closed on the house. I don't really like the interface and the information from investments doesn't load easily to TurboTax or personal capital. I'd like to consolidate accounts by closing the chase private client brokerage.
Two people from Chase have told me I can do this and it won't effect my mortgage rate which was based on a discount from relationship pricing. Can anyone confirm this?
-paranoid
Tomorrow never knows.
Re: Relationship mortgage discounts for moving a million assets
PAL collateral account has to be a taxable individual, joint or revocable trust account because it is collateral that they can sell to cover the loan if needed. You can't do that with a retirement account such as a IRA.xerxes101 wrote: ↑Sun Aug 15, 2021 1:12 pmQuestion for you, can a PAL account at Schwab be linked to an IRA Rollover or does it have to be a taxable account?skibummer wrote: ↑Fri Aug 13, 2021 8:14 pm[ quote fixed by admin LadyGeek]skibummer wrote: ↑Fri Aug 13, 2021 8:11 pmThe PAL account at Schwab was an easy online app and took about 3 weeks to set up. I negotiated with Schwab using IBKR margin rates as a competitor and they gave me SOFR+1.25% spread (SOFR is 0.05%, so that is a current APR of 1.3% total) on a LOC of at least $700,000 (with a 70% lend that is a asset balance of $1M). No fees, free wires and the initial withdrawal has to be at least $70,000, but they said you can pull out the $70,000 into your Schwab checking and then transfer back what you don't need. No requirement to keep the initial draw of $70,000 out. Super deal at 1.3% APR. Obviously it is a variable rate, but the best rate I could get for a HELOC was Prime - 0.50% (currently 2.75% APR) from JPM PB and that required $3M+ in the pledge account. The Schwab PAL seems like a much better deal and they were great to work with to set it up.jcricket73 wrote: ↑Wed Aug 11, 2021 6:11 pm Anyone have a good contact for a HELOC? Seems like they're hard to come by these days. I just like having them for liquidity and the pledged asset line feature at Schwab is a PITA to set up (need a separate account, need to take out $70k to start with, etc).
They also have an unadvertised transfer bonus of $1200 for $500K, $2000 for $1M, and $2500 for $2M, which you can use to fund the PAL.
Re: Relationship mortgage discounts for moving a million assets
Who are you all getting in touch with at BoA for the discount for moving assets?
My LO wasn't aware of any discounts like that for moving assets and told me to ask a relationship manager, but she wasn't aware of anything like that either, and just said they can give me $600 for Preferred Rewards, but nothing like a rate reduction in exchange for assets, and just told me to ask my Loan Officer. Does this program have a name or is your LO just making up some deal on the spot?
My LO wasn't aware of any discounts like that for moving assets and told me to ask a relationship manager, but she wasn't aware of anything like that either, and just said they can give me $600 for Preferred Rewards, but nothing like a rate reduction in exchange for assets, and just told me to ask my Loan Officer. Does this program have a name or is your LO just making up some deal on the spot?
Re: Relationship mortgage discounts for moving a million assets
2% prior to the discount for moving assets looks spectacular to me. Was that with 0 points? I've locked 2.25% for a 10/1 ARM with zero points from a credit union. I'm rate shopping furiously today but have yet to find anything even close at this point. Would you mind sharing which competitor got down to 2% which allowed BofA to match?antmn wrote: ↑Wed Aug 11, 2021 2:27 pm Data point:
Just locked on refinance of primary home with BofA. Worked with their private bank and had them match a competitor. Got a 0.25% rate discount for bringing $500k in assets over to their no fee brokerage (Merrill Edge). Rates below include the new asset discount
Mortgage Balance: $1.7M
Loan type: 10/1 ARM
Rate: 1.75%
Also had the option of a 30 year fixed at 2.375%. But choosing to go with the ARM.
How does the rates for the 10/1 ARM look? Feels like I can't get this any lower but looking for data points to show me otherwise
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Re: Relationship mortgage discounts for moving a million assets
The LO is the right person - they should know about it. This document references the program: https://mlaem.fs.ml.com/content/dam/ML/ ... a-f-hr.pdf (footnote 6)karwosts wrote: ↑Tue Aug 17, 2021 11:47 am Who are you all getting in touch with at BoA for the discount for moving assets?
My LO wasn't aware of any discounts like that for moving assets and told me to ask a relationship manager, but she wasn't aware of anything like that either, and just said they can give me $600 for Preferred Rewards, but nothing like a rate reduction in exchange for assets, and just told me to ask my Loan Officer. Does this program have a name or is your LO just making up some deal on the spot?
Re: Relationship mortgage discounts for moving a million assets
Thanks
Did you actually move the funds out?
Did you actually move the funds out?
Average Investor wrote: ↑Sun Aug 15, 2021 1:14 pmThat’s what Chase told me as well, after close one can move funds out.Amarecat wrote: ↑Sat Aug 14, 2021 6:32 pm I moved assets to chase private client for the relationship discount.
I've already closed on the house. I don't really like the interface and the information from investments doesn't load easily to TurboTax or personal capital. I'd like to consolidate accounts by closing the chase private client brokerage.
Two people from Chase have told me I can do this and it won't effect my mortgage rate which was based on a discount from relationship pricing. Can anyone confirm this?
-paranoid
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- Posts: 377
- Joined: Fri Jul 13, 2012 11:27 am
Re: Relationship mortgage discounts for moving a million assets
Ended up doing the refi with Rocket instead as no asset move was required and rates were similar. Closing next week!Amarecat wrote: ↑Fri Aug 20, 2021 1:45 am Thanks
Did you actually move the funds out?
Average Investor wrote: ↑Sun Aug 15, 2021 1:14 pmThat’s what Chase told me as well, after close one can move funds out.Amarecat wrote: ↑Sat Aug 14, 2021 6:32 pm I moved assets to chase private client for the relationship discount.
I've already closed on the house. I don't really like the interface and the information from investments doesn't load easily to TurboTax or personal capital. I'd like to consolidate accounts by closing the chase private client brokerage.
Two people from Chase have told me I can do this and it won't effect my mortgage rate which was based on a discount from relationship pricing. Can anyone confirm this?
-paranoid
Tomorrow never knows.
Re: Relationship mortgage discounts for moving a million assets
Unfortunately, I find B of A LOs to be uninformed and also very busy...I resort to do-it-yourself digging and research.karwosts wrote: ↑Tue Aug 17, 2021 11:47 am Who are you all getting in touch with at BoA for the discount for moving assets?
My LO wasn't aware of any discounts like that for moving assets and told me to ask a relationship manager, but she wasn't aware of anything like that either, and just said they can give me $600 for Preferred Rewards, but nothing like a rate reduction in exchange for assets, and just told me to ask my Loan Officer. Does this program have a name or is your LO just making up some deal on the spot?
This is based on my latest understanding:
There is currently a rate reduction deal for moving in *new* assets to Merrill Edge:
250K - <500K ---->0.125% rate red.
500K and above ---->0.25% rate red.
I am not aware of other tiers
Re: Relationship mortgage discounts for moving a million assets
Can you please DM the loan officer's contact at BoFA? The ones I called are quoting 2.75% no fees/points before relationship discount which is 1/8th higher. I am new to the forum and would appreciate contacts at other banks too. I am looking to do a Jumbo refi of my primary home in Californiaantmn wrote: ↑Wed Aug 11, 2021 2:27 pm Data point:
Just locked on refinance of primary home with BofA. Worked with their private bank and had them match a competitor. Got a 0.25% rate discount for bringing $500k in assets over to their no fee brokerage (Merrill Edge). Rates below include the new asset discount
Mortgage Balance: $1.7M
Loan type: 10/1 ARM
Rate: 1.75%
Also had the option of a 30 year fixed at 2.375%. But choosing to go with the ARM.
How does the rates for the 10/1 ARM look? Feels like I can't get this any lower but looking for data points to show me otherwise
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Re: Relationship mortgage discounts for moving a million assets
I got the relationship mortgage discount through Chase and moved out all of my assets from Chase right after I got the mortgage.
Once the mortgage is secured, no one cares and no one checks whether the assets stay there.
Once the mortgage is secured, no one cares and no one checks whether the assets stay there.
Amarecat wrote: ↑Fri Aug 20, 2021 1:45 am Thanks
Did you actually move the funds out?
Average Investor wrote: ↑Sun Aug 15, 2021 1:14 pmThat’s what Chase told me as well, after close one can move funds out.Amarecat wrote: ↑Sat Aug 14, 2021 6:32 pm I moved assets to chase private client for the relationship discount.
I've already closed on the house. I don't really like the interface and the information from investments doesn't load easily to TurboTax or personal capital. I'd like to consolidate accounts by closing the chase private client brokerage.
Two people from Chase have told me I can do this and it won't effect my mortgage rate which was based on a discount from relationship pricing. Can anyone confirm this?
-paranoid
Re: Relationship mortgage discounts for moving a million assets
Also, are there any promotions for signing up for Meryl lynch / BofA or WellsTrade /WF trading platform?
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Re: Relationship mortgage discounts for moving a million assets
What LTV?newtofire wrote: ↑Mon Aug 23, 2021 7:27 pmCan you please DM the loan officer's contact at BoFA? The ones I called are quoting 2.75% no fees/points before relationship discount which is 1/8th higher. I am new to the forum and would appreciate contacts at other banks too. I am looking to do a Jumbo refi of my primary home in Californiaantmn wrote: ↑Wed Aug 11, 2021 2:27 pm Data point:
Just locked on refinance of primary home with BofA. Worked with their private bank and had them match a competitor. Got a 0.25% rate discount for bringing $500k in assets over to their no fee brokerage (Merrill Edge). Rates below include the new asset discount
Mortgage Balance: $1.7M
Loan type: 10/1 ARM
Rate: 1.75%
Also had the option of a 30 year fixed at 2.375%. But choosing to go with the ARM.
How does the rates for the 10/1 ARM look? Feels like I can't get this any lower but looking for data points to show me otherwise
Re: Relationship mortgage discounts for moving a million assets
I learned in my recent experience with BofA that LTV (eg 60% vs 70%) and exact credit score (e.g. 760 vs 800) does make a slight difference. At least for jumbo ARM. When loan size is large, I guess even a 0.25% lender credit on a million $ loan comes to $2500 in credits. If I had planned better, I probably could have gotten my credit score up to 800 and gotten a bit more lender credit, and prepared the house more for the appraisal. We are going to pay down like $10k in order to bring LTV to 60 and get ~$1400 additional lender credit, so pretty good return on that $10k.
I went with BofA 7 yr ARM, 2%, with an additional 0.25% rate discount for moving $500k.
I was unable to get similar rates for 15 yr fixed.
I went with BofA 7 yr ARM, 2%, with an additional 0.25% rate discount for moving $500k.
I was unable to get similar rates for 15 yr fixed.
Re: Relationship mortgage discounts for moving a million assets
Are you suggesting that there's a formula for lender credits based on credit score and loan amount?dyangu wrote: ↑Wed Aug 25, 2021 3:15 pm I learned in my recent experience with BofA that LTV (eg 60% vs 70%) and exact credit score (e.g. 760 vs 800) does make a slight difference. At least for jumbo ARM. When loan size is large, I guess even a 0.25% lender credit on a million $ loan comes to $2500 in credits. If I had planned better, I probably could have gotten my credit score up to 800 and gotten a bit more lender credit, and prepared the house more for the appraisal. We are going to pay down like $10k in order to bring LTV to 60 and get ~$1400 additional lender credit, so pretty good return on that $10k.
I went with BofA 7 yr ARM, 2%, with an additional 0.25% rate discount for moving $500k.
I was unable to get similar rates for 15 yr fixed.
There are the haves, have-nots, and have-yachts.
Re: Relationship mortgage discounts for moving a million assets
Just did a $0 cost re-fi for a HCOL area "conforming" loan ($800k). 50% LTV.
30-y fixed 2.25% after transferring some assets.
30-y fixed 2.25% after transferring some assets.
Re: Relationship mortgage discounts for moving a million assets
I’m in the Bay Area and got offered 2.375% from Citi on a 30yr fixed, 20% down on $2.4m property, with bringing $500k to Citi. I don’t have the cash for $500k to remain at Citi post close, so am exploring other options.
I’m curious about how you are finding the right person at BofA or Wells to get this information. I’m new to the forum and so would appreciate any DMs with guidance.
And do you know if you can use any of the funds brought to Wells or BofA for down payment, or are they looking only at funds that remain after down payment?
Thanks!
I’m curious about how you are finding the right person at BofA or Wells to get this information. I’m new to the forum and so would appreciate any DMs with guidance.
And do you know if you can use any of the funds brought to Wells or BofA for down payment, or are they looking only at funds that remain after down payment?
Thanks!
Re: Relationship mortgage discounts for moving a million assets
For citi, do they permit you to count Roth IRAs or IRAs (if you have any)? That could help meet the asset minimum for you.jkr3 wrote: ↑Thu Aug 26, 2021 1:49 am I’m in the Bay Area and got offered 2.375% from Citi on a 30yr fixed, 20% down on $2.4m property, with bringing $500k to Citi. I don’t have the cash for $500k to remain at Citi post close, so am exploring other options.
I’m curious about how you are finding the right person at BofA or Wells to get this information. I’m new to the forum and so would appreciate any DMs with guidance.
And do you know if you can use any of the funds brought to Wells or BofA for down payment, or are they looking only at funds that remain after down payment?
Thanks!
Re: Relationship mortgage discounts for moving a million assets
They do. I have a 401(k) (won’t move) and traditional brokerage accounts at E*TRADE and vanguard; I would move some of those if possible, but also need assets in the brokerage to borrow against for the down payment (until I move and sell).mervinj7 wrote: ↑Thu Aug 26, 2021 12:29 pmFor citi, do they permit you to count Roth IRAs or IRAs (if you have any)? That could help meet the asset minimum for you.jkr3 wrote: ↑Thu Aug 26, 2021 1:49 am I’m in the Bay Area and got offered 2.375% from Citi on a 30yr fixed, 20% down on $2.4m property, with bringing $500k to Citi. I don’t have the cash for $500k to remain at Citi post close, so am exploring other options.
I’m curious about how you are finding the right person at BofA or Wells to get this information. I’m new to the forum and so would appreciate any DMs with guidance.
And do you know if you can use any of the funds brought to Wells or BofA for down payment, or are they looking only at funds that remain after down payment?
Thanks!
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Re: Relationship mortgage discounts for moving a million assets
Could either of you DM that BofA loan officer's contact? Thanks.newtofire wrote: ↑Mon Aug 23, 2021 7:27 pmCan you please DM the loan officer's contact at BoFA? The ones I called are quoting 2.75% no fees/points before relationship discount which is 1/8th higher. I am new to the forum and would appreciate contacts at other banks too. I am looking to do a Jumbo refi of my primary home in Californiaantmn wrote: ↑Wed Aug 11, 2021 2:27 pm Data point:
Just locked on refinance of primary home with BofA. Worked with their private bank and had them match a competitor. Got a 0.25% rate discount for bringing $500k in assets over to their no fee brokerage (Merrill Edge). Rates below include the new asset discount
Mortgage Balance: $1.7M
Loan type: 10/1 ARM
Rate: 1.75%
Also had the option of a 30 year fixed at 2.375%. But choosing to go with the ARM.
How does the rates for the 10/1 ARM look? Feels like I can't get this any lower but looking for data points to show me otherwise
Re: Relationship mortgage discounts for moving a million assets
Hi Folks,
One follow-up question: how long does the money typically need to stay in the account to qualify? I assume you cannot have $0 on Day 0, $1,000,000 on Day 2, and $0 on day 3. Is the timing three months? Six months?
(Thinking of Wells and Citi specifically if that helps)
Thank you!
One follow-up question: how long does the money typically need to stay in the account to qualify? I assume you cannot have $0 on Day 0, $1,000,000 on Day 2, and $0 on day 3. Is the timing three months? Six months?
(Thinking of Wells and Citi specifically if that helps)
Thank you!
Last edited by aegywn on Thu Sep 16, 2021 12:52 pm, edited 1 time in total.
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Re: Relationship mortgage discounts for moving a million assets
Usually about a week before to the day after signing, so less than two weeks, but most try to earn a bonus too, so stay longer.aegywn wrote: ↑Sun Aug 29, 2021 3:39 pm Hi Folks,
One follow-up question: how long does the money typically need to stay in the account to qualify? I assume you cannot have $0 on Day 0, $1,000,000 on Day 2, and $0 on day 3. Is the timing three months? Six months?
(Thinking of Wells and Citi specifically if that helps)
Thank you!
Ya'ir
Re: Relationship mortgage discounts for moving a million assets
As softwaregeek mentioned, usually a few week is sufficient but if you want bonus then it maybe 3-6 months depending on bonus condition.
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Re: Relationship mortgage discounts for moving a million assets
Anyone pooling family money or borrowing to do this? I suppose I could take out a HELOC, invest it in a brokerage, then refinance my primary and HELOC (under 80% LTV still) to get a lower rate?
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Re: Relationship mortgage discounts for moving a million assets
Do you know what the I/O rates were for a higher LTV (~80)?dyangu wrote: ↑Wed Aug 25, 2021 3:15 pm I learned in my recent experience with BofA that LTV (eg 60% vs 70%) and exact credit score (e.g. 760 vs 800) does make a slight difference. At least for jumbo ARM. When loan size is large, I guess even a 0.25% lender credit on a million $ loan comes to $2500 in credits. If I had planned better, I probably could have gotten my credit score up to 800 and gotten a bit more lender credit, and prepared the house more for the appraisal. We are going to pay down like $10k in order to bring LTV to 60 and get ~$1400 additional lender credit, so pretty good return on that $10k.
I went with BofA 7 yr ARM, 2%, with an additional 0.25% rate discount for moving $500k.
I was unable to get similar rates for 15 yr fixed.
Re: Relationship mortgage discounts for moving a million assets
spacecadet610 wrote: ↑Mon Aug 23, 2021 8:21 pm I got the relationship mortgage discount through Chase and moved out all of my assets from Chase right after I got the mortgage.
Once the mortgage is secured, no one cares and no one checks whether the assets stay there.
Amarecat wrote: ↑Fri Aug 20, 2021 1:45 am Thanks
Did you actually move the funds out?
Average Investor wrote: ↑Sun Aug 15, 2021 1:14 pmThat’s what Chase told me as well, after close one can move funds out.Amarecat wrote: ↑Sat Aug 14, 2021 6:32 pm I moved assets to chase private client for the relationship discount.
I've already closed on the house. I don't really like the interface and the information from investments doesn't load easily to TurboTax or personal capital. I'd like to consolidate accounts by closing the chase private client brokerage.
Two people from Chase have told me I can do this and it won't effect my mortgage rate which was based on a discount from relationship pricing. Can anyone confirm this?
-paranoid
Thanks!
Re: Relationship mortgage discounts for moving a million assets
Guess you may be able to borrow from family to cross over some of the thresholds towards Relationship discounts. But, you may be better off following - Refinance Mega Thread — the rates are great as it is ..Count of Notre Dame wrote: ↑Mon Aug 30, 2021 10:13 am Anyone pooling family money or borrowing to do this? I suppose I could take out a HELOC, invest it in a brokerage, then refinance my primary and HELOC (under 80% LTV still) to get a lower rate?
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Re: Relationship mortgage discounts for moving a million assets
Thank you for the reply! My mortgage is a jumbo one so most those rates in that thread won't apply to me however.sc9182 wrote: ↑Tue Aug 31, 2021 9:27 pmGuess you may be able to borrow from family to cross over some of the thresholds towards Relationship discounts. But, you may be better off following - Refinance Mega Thread — the rates are great as it is ..Count of Notre Dame wrote: ↑Mon Aug 30, 2021 10:13 am Anyone pooling family money or borrowing to do this? I suppose I could take out a HELOC, invest it in a brokerage, then refinance my primary and HELOC (under 80% LTV still) to get a lower rate?
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Re: Relationship mortgage discounts for moving a million assets
I suppose none of these brokers are allowing cash out refinancing at these great rates? Is there a way around this? Let's say my LTV leaves enough room to take out a HELOC. If I borrow from the HELOC to increase my LTV, then when I refinance my primary mortgage they require that my HELOC is paid off (I know because I just refinanced a few months ago and they required me to close my HELOC) then that would effectively be a cash out refinance indirectly?
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Re: Relationship mortgage discounts for moving a million assets
For anyone interested in cash out refinances, Central Bank offered me a 7 year ARM at 2.625% no points, $2k lender credit. No interest only option available.
Re: Relationship mortgage discounts for moving a million assets
I had my Wells banker run the numbers last week on a ~50% LTV mortgage for a currently unencumbered property, just out of curiosity. He was able to do a 7yr IO ARM at 2.00% with $1 million of new money (so 2.50% without the relationship discount).
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Re: Relationship mortgage discounts for moving a million assets
Just got a quote from Bank of America, no AUM discounts included -
2.25% 7-yr I/O with $4,275 cost
2.375% 7-yr I/O with $2,800 credit
2.375% 10-yr I/O no credit
Cash out refinance with $500k net of reserves and I/O option with enough net post closing liquidity.
2.25% 7-yr I/O with $4,275 cost
2.375% 7-yr I/O with $2,800 credit
2.375% 10-yr I/O no credit
Cash out refinance with $500k net of reserves and I/O option with enough net post closing liquidity.
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Re: Relationship mortgage discounts for moving a million assets
Was this BofA private bank or regular retail? Do you mind messaging me the contact info for your mortgage banker?Count of Notre Dame wrote: ↑Wed Sep 01, 2021 4:05 pm Just got a quote from Bank of America, no AUM discounts included -
2.25% 7-yr I/O with $4,275 cost
2.375% 7-yr I/O with $2,800 credit
2.375% 10-yr I/O no credit
Cash out refinance with $500k net of reserves and I/O option with enough net post closing liquidity.
Re: Relationship mortgage discounts for moving a million assets
Maybe a dumb question, but can't you do a regular refinance after a cash-out for lower rates? You could do no-cost on both and still be lower rate than a single cash out where you pay the fees.Count of Notre Dame wrote: ↑Wed Sep 01, 2021 12:47 pm For anyone interested in cash out refinances, Central Bank offered me a 7 year ARM at 2.625% no points, $2k lender credit. No interest only option available.
Re: Relationship mortgage discounts for moving a million ass
Could you message me contact info for your BoA loan officer? This is a good deal given that it’s before discounts!Count of Notre Dame wrote: ↑Wed Sep 01, 2021 4:05 pm Just got a quote from Bank of America, no AUM discounts included -
2.25% 7-yr I/O with $4,275 cost
2.375% 7-yr I/O with $2,800 credit
2.375% 10-yr I/O no credit
Cash out refinance with $500k net of reserves and I/O option with enough net post closing liquidity.
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- Joined: Fri Oct 11, 2013 1:08 pm
Re: Relationship mortgage discounts for moving a million assets
You are right! I suppose refinancing is quick and fairly painless.drekin wrote: ↑Wed Sep 01, 2021 4:43 pmMaybe a dumb question, but can't you do a regular refinance after a cash-out for lower rates? You could do no-cost on both and still be lower rate than a single cash out where you pay the fees.Count of Notre Dame wrote: ↑Wed Sep 01, 2021 12:47 pm For anyone interested in cash out refinances, Central Bank offered me a 7 year ARM at 2.625% no points, $2k lender credit. No interest only option available.
Re: Relationship mortgage discounts for moving a million assets
Closed with WF recently on a purchase at 2.125% after 0.5% discount and 20% down in SoCal. Was nervous because I’ve heard some not so great things about WF, but the process was pretty smooth and my loan officer was awesome. I did get fully underwritten before our offer was accepted, so that helped.