Relationship mortgage discounts for moving a million assets

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Topic Author
softwaregeek
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Re: Relationship mortgage discounts for moving a million assets

Post by softwaregeek » Fri Oct 04, 2019 9:26 pm

I was curious about refinance rates from hsbc and called since they weren't listed. Exactly .375 higher than new purchase listed on website. I didn't get into details etc but they seemed to be highly competitive at 3.25 at the 1mm elite level.

huai
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Re: Relationship mortgage discounts for moving a million assets

Post by huai » Fri Oct 04, 2019 9:54 pm

Locked in BofA refi last week down from 4.00% original mortgage to 3.25% after 0.25% relationship bonus (500k move) on a 10/1 Jumbo Arm no closing costs + 6k in lender fee credits (meaning they paid for all transfer taxes, etc) no costs out of pocket at all.

Started by calling about 5 or 6 different banks, lowest rates were at HSBC and 5/3 and then called BOFA to match.

KMB
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Location: Chicago-ish, IL

Re: Relationship mortgage discounts for moving a million assets

Post by KMB » Sat Oct 05, 2019 7:44 pm

Just to add details for comparison sake of a refi we are in the midst of:

30 yr fixed, 1.2 mill loan @ 3.625%, no points, closing costs about $1000 all in. Also relationship discounts of:
$250,000-$499,999 the interest rate is lower by .125%
$500,000-$749,999 the interest rate is lower by .250%
$750,000-$1,000,000 the interest rate is lower by .375%
$1,000,000 or more the interest rate is lower by .500%

This was with Wells Fargo, we locked several days ago.

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grabiner
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Re: Relationship mortgage discounts for moving a million assets

Post by grabiner » Sat Oct 05, 2019 8:04 pm

KMB wrote:
Sat Oct 05, 2019 7:44 pm
Just to add details for comparison sake of a refi we are in the midst of:

30 yr fixed, 1.2 mill loan @ 3.625%, no points, closing costs about $1000 all in. Also relationship discounts of:
$250,000-$499,999 the interest rate is lower by .125%
$500,000-$749,999 the interest rate is lower by .250%
$750,000-$1,000,000 the interest rate is lower by .375%
$1,000,000 or more the interest rate is lower by .500%

This was with Wells Fargo, we locked several days ago.
Since one point usually lowers a 30-year rate by .125%, this is effectively a $12,000 rebate on every $250,000 transferred, a 5% rebate. This large a rebate is certainly worth taking, even if the investment options are slightly inferior (commissions on the ETFs you want to trade).
Wiki David Grabiner

Topic Author
softwaregeek
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Re: Relationship mortgage discounts for moving a million assets

Post by softwaregeek » Tue Oct 08, 2019 1:29 pm

Commissions at wellstrade are about three bucks. Not worth worrying about.

SobeCane
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Re: Relationship mortgage discounts for moving a million assets

Post by SobeCane » Fri Oct 11, 2019 11:20 am

grabiner wrote:
Sat Oct 05, 2019 8:04 pm
KMB wrote:
Sat Oct 05, 2019 7:44 pm
Just to add details for comparison sake of a refi we are in the midst of:

30 yr fixed, 1.2 mill loan @ 3.625%, no points, closing costs about $1000 all in. Also relationship discounts of:
$250,000-$499,999 the interest rate is lower by .125%
$500,000-$749,999 the interest rate is lower by .250%
$750,000-$1,000,000 the interest rate is lower by .375%
$1,000,000 or more the interest rate is lower by .500%

This was with Wells Fargo, we locked several days ago.
Since one point usually lowers a 30-year rate by .125%, this is effectively a $12,000 rebate on every $250,000 transferred, a 5% rebate. This large a rebate is certainly worth taking, even if the investment options are slightly inferior (commissions on the ETFs you want to trade).
What happens if you move the assets out afterwards?

spacecadet610
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Re: Relationship mortgage discounts for moving a million assets

Post by spacecadet610 » Fri Oct 11, 2019 11:37 am

SobeCane wrote:
Fri Oct 11, 2019 11:20 am
grabiner wrote:
Sat Oct 05, 2019 8:04 pm
KMB wrote:
Sat Oct 05, 2019 7:44 pm
Just to add details for comparison sake of a refi we are in the midst of:

30 yr fixed, 1.2 mill loan @ 3.625%, no points, closing costs about $1000 all in. Also relationship discounts of:
$250,000-$499,999 the interest rate is lower by .125%
$500,000-$749,999 the interest rate is lower by .250%
$750,000-$1,000,000 the interest rate is lower by .375%
$1,000,000 or more the interest rate is lower by .500%

This was with Wells Fargo, we locked several days ago.
Since one point usually lowers a 30-year rate by .125%, this is effectively a $12,000 rebate on every $250,000 transferred, a 5% rebate. This large a rebate is certainly worth taking, even if the investment options are slightly inferior (commissions on the ETFs you want to trade).
What happens if you move the assets out afterwards?
They can't do anything if you move assets out. Your mortgage is locked in.

I did it twice with Bank of America, once for primary mortgage and again for refinance. Moved assets in, then back out.

DEBTINATOR
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Re: Relationship mortgage discounts for moving a million assets

Post by DEBTINATOR » Mon Oct 14, 2019 1:21 pm

spacecadet610 wrote:
Fri Oct 11, 2019 11:37 am
SobeCane wrote:
Fri Oct 11, 2019 11:20 am
grabiner wrote:
Sat Oct 05, 2019 8:04 pm
KMB wrote:
Sat Oct 05, 2019 7:44 pm
Just to add details for comparison sake of a refi we are in the midst of:

30 yr fixed, 1.2 mill loan @ 3.625%, no points, closing costs about $1000 all in. Also relationship discounts of:
$250,000-$499,999 the interest rate is lower by .125%
$500,000-$749,999 the interest rate is lower by .250%
$750,000-$1,000,000 the interest rate is lower by .375%
$1,000,000 or more the interest rate is lower by .500%

This was with Wells Fargo, we locked several days ago.
Since one point usually lowers a 30-year rate by .125%, this is effectively a $12,000 rebate on every $250,000 transferred, a 5% rebate. This large a rebate is certainly worth taking, even if the investment options are slightly inferior (commissions on the ETFs you want to trade).
What happens if you move the assets out afterwards?
They can't do anything if you move assets out. Your mortgage is locked in.

I did it twice with Bank of America, once for primary mortgage and again for refinance. Moved assets in, then back out.
Spacecadet, have you done this recently? That was my understanding as well. The mortgage officer even mentioned this during closing, but a BofA banker recently said there is some type of “waiting period.” I think she was wrong, but want to be careful.

I’m past 90 days for the small transfer bonuses.

Xmemon
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Re: Relationship mortgage discounts for moving a million assets

Post by Xmemon » Thu Oct 24, 2019 7:09 am

softwaregeek wrote:
Thu Jun 20, 2019 1:59 pm


Wells told me an unbelievable thing. They let you use the relationship mortgage balance as a down payment. So of you have a 250 down payment and a 250 IRA, you can get 0.25 off the mortgage.

Not sure I believe either of these without verification, but you should ask.
Did anyone else experience this with WF. They just as well that out would count towards the down payment. But I don’t want them to pull something at the last minute.

Are there other backs which would let you dip from your relationship money to pay the down payment?

Lubricious
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Re: Relationship mortgage discounts for moving a million assets

Post by Lubricious » Thu Oct 31, 2019 7:27 am

Xmemon wrote:
Thu Oct 24, 2019 7:09 am
softwaregeek wrote:
Thu Jun 20, 2019 1:59 pm


Wells told me an unbelievable thing. They let you use the relationship mortgage balance as a down payment. So of you have a 250 down payment and a 250 IRA, you can get 0.25 off the mortgage.

Not sure I believe either of these without verification, but you should ask.
Did anyone else experience this with WF. They just as well that out would count towards the down payment. But I don’t want them to pull something at the last minute.

Are there other backs which would let you dip from your relationship money to pay the down payment?
This worked for us. We closed on a house in 2018 using WF relationship discount. Just moved over $500k into a WF checking account for the rate lock. Then had a cashier’s check from WF for the same amount at closing to cover part of the down. Odd policy, I know. But they assured me it was no problem and it wasn’t.

Good luck!

Xmemon
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Re: Relationship mortgage discounts for moving a million assets

Post by Xmemon » Thu Oct 31, 2019 9:43 am

Lubricious wrote:
Thu Oct 31, 2019 7:27 am
Xmemon wrote:
Thu Oct 24, 2019 7:09 am
softwaregeek wrote:
Thu Jun 20, 2019 1:59 pm


Wells told me an unbelievable thing. They let you use the relationship mortgage balance as a down payment. So of you have a 250 down payment and a 250 IRA, you can get 0.25 off the mortgage.

Not sure I believe either of these without verification, but you should ask.
Did anyone else experience this with WF. They just told me as well that out would count towards the down payment. But I don’t want them to pull something at the last minute.

Are there other banks which would let you dip from your relationship money to pay the down payment?
This worked for us. We closed on a house in 2018 using WF relationship discount. Just moved over $500k into a WF checking account for the rate lock. Then had a cashier’s check from WF for the same amount at closing to cover part of the down. Odd policy, I know. But they assured me it was no problem and it wasn’t.

Good luck!
Great, Thanks! I'm in the middle of the process now!

Catherinehoo
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Re: Relationship mortgage discounts for moving a million assets

Post by Catherinehoo » Fri Nov 01, 2019 12:29 pm

Hi, This topic is very interesting.

Wells Fargo has a relationship with my employer and offers a .50 basis point discount on all posted rates. Thus, I don't have to transfer any money to get the lower rate, which is great.

I'm deciding between a 10/1 ARM at 2.5% and a 30-year fixed at 3.00%. It's a good problem to have, but I keep going back and forth. I would have the means to pay off the mortgage after 10 years if rates were to spike. It will be my first home, so statistically, I'm more likely to move sooner rather than later, but the future is always hard to predict.

desi_kalle
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Re: Relationship mortgage discounts for moving a million assets

Post by desi_kalle » Sun Dec 01, 2019 12:09 am

Catherinehoo wrote:
Fri Nov 01, 2019 12:29 pm
Wells Fargo has a relationship with my employer and offers a .50 basis point discount on all posted rates. Thus, I don't have to transfer any money to get the lower rate, which is great.
Is the benefit really .50 basis point discount on the actual mortgage rate? That's an incredible benefit.. My employer has a mortgage benefit as well, but it's a .25 basis point credit toward closing costs.

desi_kalle
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Re: Relationship mortgage discounts for moving a million assets

Post by desi_kalle » Sun Dec 01, 2019 12:59 am

For those in CA, Owning.com offers super competitive fixed rates without any asset transfers (<60% LTV required). Current rates are 3.5% for 30 yr and 2.875% for 15 yr. Both have no closing costs (yes, true no CC). The optimal strategy is to use this rate and get big banks to match and then get a lower rate by moving assets over.

quizzer25
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Re: Relationship mortgage discounts for moving a million assets

Post by quizzer25 » Sun Dec 01, 2019 3:13 am

desi_kalle wrote:
Sun Dec 01, 2019 12:59 am
For those in CA, Owning.com offers super competitive fixed rates without any asset transfers (<60% LTV required). Current rates are 3.5% for 30 yr and 2.875% for 15 yr. Both have no closing costs (yes, true no CC). The optimal strategy is to use this rate and get big banks to match and then get a lower rate by moving assets over.
I'm in CA and looking at refinancing to 15 years mortgage. Did you get any banks to beat Owning's 2.875%?

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unclescrooge
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Re: Relationship mortgage discounts for moving a million assets

Post by unclescrooge » Sun Dec 01, 2019 8:03 am

desi_kalle wrote:
Sun Dec 01, 2019 12:59 am
For those in CA, Owning.com offers super competitive fixed rates without any asset transfers (<60% LTV required). Current rates are 3.5% for 30 yr and 2.875% for 15 yr. Both have no closing costs (yes, true no CC). The optimal strategy is to use this rate and get big banks to match and then get a lower rate by moving assets over.
Do they offer ARMs?

desi_kalle
Posts: 26
Joined: Thu Mar 24, 2016 11:41 pm

Re: Relationship mortgage discounts for moving a million assets

Post by desi_kalle » Wed Dec 04, 2019 12:18 am

quizzer25 wrote:
Sun Dec 01, 2019 3:13 am
desi_kalle wrote:
Sun Dec 01, 2019 12:59 am
For those in CA, Owning.com offers super competitive fixed rates without any asset transfers (<60% LTV required). Current rates are 3.5% for 30 yr and 2.875% for 15 yr. Both have no closing costs (yes, true no CC). The optimal strategy is to use this rate and get big banks to match and then get a lower rate by moving assets over.
I'm in CA and looking at refinancing to 15 years mortgage. Did you get any banks to beat Owning's 2.875%?
All the big banks I spoke to won't beat the offer. Only match it and then I can bring assets over to bring the rate down .125% per 250k.
unclescrooge wrote:
Sun Dec 01, 2019 8:03 am
desi_kalle wrote:
Sun Dec 01, 2019 12:59 am
For those in CA, Owning.com offers super competitive fixed rates without any asset transfers (<60% LTV required). Current rates are 3.5% for 30 yr and 2.875% for 15 yr. Both have no closing costs (yes, true no CC). The optimal strategy is to use this rate and get big banks to match and then get a lower rate by moving assets over.
Do they offer ARMs?
I only see fixed rates on their website. They keep things simple to keep their rates rock bottom.

Topic Author
softwaregeek
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Re: Relationship mortgage discounts for moving a million assets

Post by softwaregeek » Tue Dec 10, 2019 11:38 pm

Does that mean matching it down to 3.0 on a 30 year fixed?

HonestAbe
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Re: Relationship mortgage discounts for moving a million assets

Post by HonestAbe » Fri Jan 10, 2020 10:07 am

Posting to see if anyone has updated rates for relationship-based mortgages. Below are rates I received from JPMorgan earlier this week:

Image

They allow 15% down payments without PMI. They also don't require points or any other fees other than those "to cover third-party costs incurred on a client’s behalf, such as appraisals."

How do these rates and other features of the offering compare to what others here are seeing?

Chiron
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Re: Relationship mortgage discounts for moving a million assets

Post by Chiron » Fri Jan 10, 2020 11:00 am

RJ is still at 2.625% for 5/1 with no relationship with $1100 origination.

If you are eligible, Navy Federal has excellent 3/1 rates and competitive 5/1 or 5/5 rates with no relationship. I just closed a 3/1 jumbo with no points/origination at 2.375 and they have gone down since then. I was eligible through a grandparent.

https://www.navyfederal.org/assets/rates/view-all.php

sc9182
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Re: Relationship mortgage discounts for moving a million assets

Post by sc9182 » Tue Jan 14, 2020 1:58 pm

Chiron wrote:
Fri Jan 10, 2020 11:00 am
RJ is still at 2.625% for 5/1 with no relationship with $1100 origination.

If you are eligible, Navy Federal has excellent 3/1 rates and competitive 5/1 or 5/5 rates with no relationship. I just closed a 3/1 jumbo with no points/origination at 2.375 and they have gone down since then. I was eligible through a grandparent.

https://www.navyfederal.org/assets/rates/view-all.php
Good rates if you can get waiver on 1% origination fee !

How did you get around Navy Federal 1% origination fee !? Bumped rate up by 0.25% ?

sc9182
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Re: Relationship mortgage discounts for moving a million assets

Post by sc9182 » Tue Jan 14, 2020 2:07 pm

HonestAbe wrote:
Fri Jan 10, 2020 10:07 am
Posting to see if anyone has updated rates for relationship-based mortgages. Below are rates I received from JPMorgan earlier this week:

They allow 15% down payments without PMI. They also don't require points or any other fees other than those "to cover third-party costs incurred on a client’s behalf, such as appraisals."

How do these rates and other features of the offering compare to what others here are seeing?
I think you can model their current rates:

https://apply.chase.com/mortgage/CRQ/Cu ... Quote.aspx

The magic is work with relationship banker to get their lowest possible rate (usually with about 2% points charged) then bargain to waive those pesky points - and/or cross shop with BoA relationship team to beat their competitors rate (with zero points of course). Then layer with your relationship discount by bringing net new moneys.

Recently a bud got 2.875% rate on 10/1, which he took to WF, to have match rate plus points waived, then got extra 0.5% rate reduction upon bringing lots of new moneys to WF. Final rate of 2.375 on 10/1 for this hassle! Better yet this was for Interest Only rate ! ‘‘twas one heck of a deal!

Chiron
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Re: Relationship mortgage discounts for moving a million assets

Post by Chiron » Thu Jan 16, 2020 6:57 pm

sc9182 wrote:
Tue Jan 14, 2020 1:58 pm
Chiron wrote:
Fri Jan 10, 2020 11:00 am
RJ is still at 2.625% for 5/1 with no relationship with $1100 origination.

If you are eligible, Navy Federal has excellent 3/1 rates and competitive 5/1 or 5/5 rates with no relationship. I just closed a 3/1 jumbo with no points/origination at 2.375 and they have gone down since then. I was eligible through a grandparent.

https://www.navyfederal.org/assets/rates/view-all.php
Good rates if you can get waiver on 1% origination fee !

How did you get around Navy Federal 1% origination fee !? Bumped rate up by 0.25% ?
Yes, bumped the rate and they were still lower than most.

Topic Author
softwaregeek
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Re: Relationship mortgage discounts for moving a million assets

Post by softwaregeek » Thu Jan 16, 2020 10:40 pm

Catherinehoo wrote:
Fri Nov 01, 2019 12:29 pm
Hi, This topic is very interesting.

Wells Fargo has a relationship with my employer and offers a .50 basis point discount on all posted rates. Thus, I don't have to transfer any money to get the lower rate, which is great.

I'm deciding between a 10/1 ARM at 2.5% and a 30-year fixed at 3.00%. It's a good problem to have, but I keep going back and forth. I would have the means to pay off the mortgage after 10 years if rates were to spike. It will be my first home, so statistically, I'm more likely to move sooner rather than later, but the future is always hard to predict.
This is new purchase, correct? Refi rates are usually 1/4 to 3/8 higher for some reason.

HEDGEFUNDIE
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Re: Relationship mortgage discounts for moving a million assets

Post by HEDGEFUNDIE » Thu Feb 20, 2020 6:20 pm

Just got off the phone with BoA. Refi rates:

5/1 ARM: 2.625%
-with $500k moved over: 2.375%

5/1 ARM Interest Only: 2.75%
-with $500k moved over: 2.5%

No closing costs.

I’m strongly considering refi’ing my $1.2M note with them now.

MoneyMarathon
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Re: Relationship mortgage discounts for moving a million assets

Post by MoneyMarathon » Thu Feb 20, 2020 6:53 pm

HEDGEFUNDIE wrote:
Thu Feb 20, 2020 6:20 pm
-with $500k moved over:
Can this be in Merrill Edge? Did it have to be new money?

mervinj7
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Re: Relationship mortgage discounts for moving a million assets

Post by mervinj7 » Thu Feb 20, 2020 7:08 pm

HEDGEFUNDIE wrote:
Thu Feb 20, 2020 6:20 pm
Just got off the phone with BoA. Refi rates:

5/1 ARM: 2.625%
-with $500k moved over: 2.375%

5/1 ARM Interest Only: 2.75%
-with $500k moved over: 2.5%

No closing costs.

I’m strongly considering refi’ing my $1.2M note with them now.
Did you happen to also get costs for 30 year fixed? Though I understand you are only interested in 7/1 and 5/1 ARMs, I was curious to see what the spread is.

HEDGEFUNDIE
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Re: Relationship mortgage discounts for moving a million assets

Post by HEDGEFUNDIE » Thu Feb 20, 2020 7:47 pm

MoneyMarathon wrote:
Thu Feb 20, 2020 6:53 pm
HEDGEFUNDIE wrote:
Thu Feb 20, 2020 6:20 pm
-with $500k moved over:
Can this be in Merrill Edge? Did it have to be new money?
Yes and yes

HEDGEFUNDIE
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Re: Relationship mortgage discounts for moving a million assets

Post by HEDGEFUNDIE » Thu Feb 20, 2020 7:47 pm

mervinj7 wrote:
Thu Feb 20, 2020 7:08 pm
HEDGEFUNDIE wrote:
Thu Feb 20, 2020 6:20 pm
Just got off the phone with BoA. Refi rates:

5/1 ARM: 2.625%
-with $500k moved over: 2.375%

5/1 ARM Interest Only: 2.75%
-with $500k moved over: 2.5%

No closing costs.

I’m strongly considering refi’ing my $1.2M note with them now.
Did you happen to also get costs for 30 year fixed? Though I understand you are only interested in 7/1 and 5/1 ARMs, I was curious to see what the spread is.
Did not ask sorry.

Startled Cat
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Re: Relationship mortgage discounts for moving a million assets

Post by Startled Cat » Thu Feb 20, 2020 11:56 pm

HEDGEFUNDIE wrote:
Thu Feb 20, 2020 6:20 pm
I’m strongly considering refi’ing my $1.2M note with them now.
Seems worth checking if other banks can match or beat the rates.

I'm curious for recent data points on 10/1 or 7/1 ARMs. Wells Fargo shows a 2.625% 7/1 jumbo purchase rate on their web site, without any relationship discount. But for refinances the equivalent rate is advertised at 3.125%, which seems like a much bigger spread than I'd expect.

we1
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Re: Relationship mortgage discounts for moving a million assets

Post by we1 » Sat Feb 22, 2020 7:42 pm

I got 2.625% on a 10/1 arm last summer with enough credit back to cover all closing costs/fees. Anyone seeing better than that? I also heard BoA and other banks have changed their policy on discounts for assets. Anyone checked in with the banks recently? I'm considering 7/1, 5/1, 10/1 or interest-only.

labguy
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Re: Relationship mortgage discounts for moving a million assets

Post by labguy » Sun Feb 23, 2020 7:55 am

This is a lot of messing around, simplicity/peace of mind alone would have me paying cash vs a mortgage. Seems you have the cash to just buy the house. Different strokes for different folks however.

Topic Author
softwaregeek
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Re: Relationship mortgage discounts for moving a million assets

Post by softwaregeek » Sun Feb 23, 2020 1:27 pm

Looks like the best I can get on a refi 30-yr fixed is 3.25 with asset move. Anyone getting better than this?

bleuspeed
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Re: Relationship mortgage discounts for moving a million assets

Post by bleuspeed » Sun Feb 23, 2020 2:43 pm

Refinancing here.

I was offered 2.625% / 2.50% with 1M+ / 2M+ assets at Citi for a 10/1 ARM, as of 2/20, with all closing costs covered.

WF quoted me 2.625% with 1M and ~4.5k closing costs credit or 2.5% without any cost credit, both with 1M+ assets, for a 7/1 ARM.

Interest only options are available for 0.125% higher. Assets can be transferred in kind and held in fee-free brokerage account and can be moved out shortly after closing.

Anyone get anything better than this lately?

getjiggy
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Re: Relationship mortgage discounts for moving a million assets

Post by getjiggy » Sun Feb 23, 2020 6:07 pm

bleuspeed wrote:
Sun Feb 23, 2020 2:43 pm
Refinancing here.

I was offered 2.625% / 2.50% with 1M+ / 2M+ assets at Citi for a 10/1 ARM, as of 2/20, with all closing costs covered.

WF quoted me 2.625% with 1M and ~4.5k closing costs credit or 2.5% without any cost credit, both with 1M+ assets, for a 7/1 ARM.

Interest only options are available for 0.125% higher. Assets can be transferred in kind and held in fee-free brokerage account and can be moved out shortly after closing.

Anyone get anything better than this lately?
Does the $1M asset include your mortgage $?

Topic Author
softwaregeek
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Re: Relationship mortgage discounts for moving a million assets

Post by softwaregeek » Mon Feb 24, 2020 2:45 am

Does not include mortgage. Straight asset move. Although for purposes of account balance WF does use 10% of mortgage balance so ask about that, I don’t know,

2.5 on a 10/1 is pretty tasty.

rjman36
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Re: Relationship mortgage discounts for moving a million assets

Post by rjman36 » Tue Feb 25, 2020 10:55 am

bleuspeed wrote:
Sun Feb 23, 2020 2:43 pm
Refinancing here.

I was offered 2.625% / 2.50% with 1M+ / 2M+ assets at Citi for a 10/1 ARM, as of 2/20, with all closing costs covered.

WF quoted me 2.625% with 1M and ~4.5k closing costs credit or 2.5% without any cost credit, both with 1M+ assets, for a 7/1 ARM.

Interest only options are available for 0.125% higher. Assets can be transferred in kind and held in fee-free brokerage account and can be moved out shortly after closing.

Anyone get anything better than this lately?
Are you able to PM me your Citi guy? My best is 2.79% 0 points 10/1 interest only with 100k cash out. 500k new assets (no retirement) HSBC

bleuspeed
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Joined: Sat Nov 25, 2017 6:33 pm

Re: Relationship mortgage discounts for moving a million assets

Post by bleuspeed » Wed Feb 26, 2020 1:47 am

rjman36 wrote:
Tue Feb 25, 2020 10:55 am
bleuspeed wrote:
Sun Feb 23, 2020 2:43 pm
Refinancing here.

I was offered 2.625% / 2.50% with 1M+ / 2M+ assets at Citi for a 10/1 ARM, as of 2/20, with all closing costs covered.

WF quoted me 2.625% with 1M and ~4.5k closing costs credit or 2.5% without any cost credit, both with 1M+ assets, for a 7/1 ARM.

Interest only options are available for 0.125% higher. Assets can be transferred in kind and held in fee-free brokerage account and can be moved out shortly after closing.

Anyone get anything better than this lately?
Are you able to PM me your Citi guy? My best is 2.79% 0 points 10/1 interest only with 100k cash out. 500k new assets (no retirement) HSBC
Will PM you. But it sounds to me like it will be a similar offer from Citi with 500k assets at 2.75%. Any relationship holding requirements or charges from HSBC?

Topic Author
softwaregeek
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Re: Relationship mortgage discounts for moving a million assets

Post by softwaregeek » Wed Feb 26, 2020 1:55 am

From what I understand, 3.0 *may* be doable on a 30 year fixed for the favored customers at certain of the large banks. This is post-COVID Crash.

Afty
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Joined: Sun Sep 07, 2014 5:31 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Afty » Wed Feb 26, 2020 8:28 pm

I got a refinance quote from Bank of America: 15 year fixed rate at 2.5% with $500k asset transfer and $2k closing costs. The loan officer says there is no requirement to keep the assets at BofA, they just need to be there when they confirm the rate. This seems too good to be true. Are there any pitfalls I should be aware of?

gusan
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Joined: Thu Dec 14, 2017 12:23 am

Re: Relationship mortgage discounts for moving a million assets

Post by gusan » Wed Feb 26, 2020 11:26 pm

Just locked a 10/1 ARM with a cash out refi at 2.5% after moving $500K over - first time taking out an ARM, so nervous.

Topic Author
softwaregeek
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Joined: Wed May 08, 2019 8:59 pm

Re: Relationship mortgage discounts for moving a million assets

Post by softwaregeek » Thu Feb 27, 2020 12:14 am

Afty wrote:
Wed Feb 26, 2020 8:28 pm
I got a refinance quote from Bank of America: 15 year fixed rate at 2.5% with $500k asset transfer and $2k closing costs. The loan officer says there is no requirement to keep the assets at BofA, they just need to be there when they confirm the rate. This seems too good to be true. Are there any pitfalls I should be aware of?
You need a checking account, this is in the fine print. Make sure you get a bonus for opening it. Wish I knew that. Had to open one same day with my debit card.

You can also get a bonus for moving assets. There are coupon codes all around. Just google it,

postal007
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Joined: Thu Feb 27, 2020 2:29 am

Re: Relationship mortgage discounts for moving a million assets

Post by postal007 » Thu Feb 27, 2020 2:41 am

I got a 3.125% rate at Chase with $250k deposit requirement (Chase Private Client) on a 30-year fixed, high-conforming. Used CashCall quote to match, and pitted them back and forth to get Chase down. Only a slight credit, but closing costs are ~$2k (removing prepaids).

Afty
Posts: 1301
Joined: Sun Sep 07, 2014 5:31 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Afty » Thu Feb 27, 2020 12:25 pm

softwaregeek wrote:
Thu Feb 27, 2020 12:14 am
Afty wrote:
Wed Feb 26, 2020 8:28 pm
I got a refinance quote from Bank of America: 15 year fixed rate at 2.5% with $500k asset transfer and $2k closing costs. The loan officer says there is no requirement to keep the assets at BofA, they just need to be there when they confirm the rate. This seems too good to be true. Are there any pitfalls I should be aware of?
You need a checking account, this is in the fine print. Make sure you get a bonus for opening it. Wish I knew that. Had to open one same day with my debit card.

You can also get a bonus for moving assets. There are coupon codes all around. Just google it,
Thanks! I didn't know about either of those things.

rjman36
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Joined: Fri Jan 31, 2020 11:04 am

Re: Relationship mortgage discounts for moving a million assets

Post by rjman36 » Thu Feb 27, 2020 12:31 pm

gusan wrote:
Wed Feb 26, 2020 11:26 pm
Just locked a 10/1 ARM with a cash out refi at 2.5% after moving $500K over - first time taking out an ARM, so nervous.
That's great! Where?

modernist
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Joined: Fri Feb 28, 2020 2:10 am

Re: Relationship mortgage discounts for moving a million assets

Post by modernist » Fri Feb 28, 2020 2:13 am

I've gotten extremely aggressive pricing from Citi.

2.375% on a 10/1 with $1M in assets, no closing credits. Mortgage balance approx $1.5M.

They're also offering a 30-year fixed, where the first ten years interest-only for 3.25%. That's a product I didn't even know existed. It's the upside of an interest-only loan with pretty significant long-term rate protection.

Startled Cat
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Joined: Thu Apr 03, 2008 8:54 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Startled Cat » Fri Feb 28, 2020 10:17 pm

modernist wrote:
Fri Feb 28, 2020 2:13 am
I've gotten extremely aggressive pricing from Citi.

2.375% on a 10/1 with $1M in assets, no closing credits. Mortgage balance approx $1.5M.

They're also offering a 30-year fixed, where the first ten years interest-only for 3.25%. That's a product I didn't even know existed. It's the upside of an interest-only loan with pretty significant long-term rate protection.
Thanks for this data point. This just meets my threshold for being interesting (currently have a 2.625% 10/1 ARM, and not sure a 1/8% drop is worth the refi hassle). I'll reach out to Citi, and probably check with WF as well.

remomnyc
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Re: Relationship mortgage discounts for moving a million assets

Post by remomnyc » Sat Feb 29, 2020 12:13 am

I'm an existing Merrill Edge/BoA customer. BoA 10/1 ARM, 2.25% with 0.961% upfront. 25-bp reduction to 2.0% for moving $500k. $900 bonus if +$200k in IRA funds. $600 closing credit.

Count of Notre Dame
Posts: 193
Joined: Fri Oct 11, 2013 1:08 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Count of Notre Dame » Sat Feb 29, 2020 10:43 am

HEDGEFUNDIE wrote:
Wed May 08, 2019 11:54 pm
dellfanboy wrote:
Wed May 08, 2019 11:51 pm
HEDGEFUNDIE wrote:
Wed May 08, 2019 11:47 pm
FoolStreet wrote:
Wed May 08, 2019 11:35 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 no-commission access to DFA funds.
Wow! Jumbo? What term? How much did you need in their account? I’m at 3.5% for a jumbo 1.xM loan, 30 yr fixed.
$1.24M loan, 5/1 ARM. Moved over half a buck.

I’m saving $10k/yr in interest over the 30 year fixed. In five years rates would have to jump to 5-6% and stay there for a bunch of years for my decision to be a bad one.
Are you located in CA? This is an amazing deal. You move over $500k and they gave you a 2.65% 5/1 ARM on 1.24M loan? How much did you put down? Am I reading that right? That's a smoking deal!
That’s what I’m saying. First Republic for the win.
I have a 7/1 ARM with First Republic for 3%. Trying to renegotiate that down however. Did you move assets over with them? I don't have any assets with them besides my bank account, but they know I am high income.

HEDGEFUNDIE
Posts: 4801
Joined: Sun Oct 22, 2017 2:06 pm

Re: Relationship mortgage discounts for moving a million assets

Post by HEDGEFUNDIE » Sat Feb 29, 2020 11:52 am

Count of Notre Dame wrote:
Sat Feb 29, 2020 10:43 am
HEDGEFUNDIE wrote:
Wed May 08, 2019 11:54 pm
dellfanboy wrote:
Wed May 08, 2019 11:51 pm
HEDGEFUNDIE wrote:
Wed May 08, 2019 11:47 pm
FoolStreet wrote:
Wed May 08, 2019 11:35 pm


Wow! Jumbo? What term? How much did you need in their account? I’m at 3.5% for a jumbo 1.xM loan, 30 yr fixed.
$1.24M loan, 5/1 ARM. Moved over half a buck.

I’m saving $10k/yr in interest over the 30 year fixed. In five years rates would have to jump to 5-6% and stay there for a bunch of years for my decision to be a bad one.
Are you located in CA? This is an amazing deal. You move over $500k and they gave you a 2.65% 5/1 ARM on 1.24M loan? How much did you put down? Am I reading that right? That's a smoking deal!
That’s what I’m saying. First Republic for the win.
I have a 7/1 ARM with First Republic for 3%. Trying to renegotiate that down however. Did you move assets over with them? I don't have any assets with them besides my bank account, but they know I am high income.
Yes $500k should shave at least .25% off that rate.

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