Relationship mortgage discounts for moving a million assets

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HEDGEFUNDIE
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Re: Relationship mortgage discounts for moving a million assets

Post by HEDGEFUNDIE » Tue Apr 28, 2020 8:15 pm

mrspock wrote:
Tue Apr 28, 2020 7:53 pm
HEDGEFUNDIE wrote:
Tue Apr 28, 2020 5:06 pm
mrspock wrote:
Tue Apr 28, 2020 4:13 pm
Another data point: B of A countered Citi's 2.625% Jumbo 10/1 ARM offer @ 2.5% Jumbo 10/1 ARM, $800k-1M loan w/ $3.5k closing costs, this was last week. Citi and Quicken (Schwab "VIP" services) are seeing if they can match or beat, curious what they come back with.

So far B of A is the winner, though I'm not a huge fan of the closing costs, but do like the lower amount of assets I have to transfer (500k-1M), so hoping this final round of matching gets that wiped away to $0.

Curious how folks were able to wheel and deal it down to 2.25%! That's impressive.
For this kind of thing BoA should be able to offer a large lender credit. My closing costs were only around $900.
Did you just come out and ask if they could do better on the closing costs? Or did a counter offer have this from the start? I don’t have much leverage here, though I suppose asking is free.

My only play here is “commitment”, I could basically say if they drop the closing costs I’ll commit to their offer right there and then — giving them my word. Otherwise they risk losing the deal to another bank if somebody else swoops in with a better offer.
Just tell them they will lose the opportunity if they don’t bring down the fees

Agent007
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Re: Relationship mortgage discounts for moving a million assets

Post by Agent007 » Tue Apr 28, 2020 8:59 pm

HEDGEFUNDIE wrote:
Tue Apr 28, 2020 8:15 pm
mrspock wrote:
Tue Apr 28, 2020 7:53 pm
HEDGEFUNDIE wrote:
Tue Apr 28, 2020 5:06 pm
mrspock wrote:
Tue Apr 28, 2020 4:13 pm
Another data point: B of A countered Citi's 2.625% Jumbo 10/1 ARM offer @ 2.5% Jumbo 10/1 ARM, $800k-1M loan w/ $3.5k closing costs, this was last week. Citi and Quicken (Schwab "VIP" services) are seeing if they can match or beat, curious what they come back with.

So far B of A is the winner, though I'm not a huge fan of the closing costs, but do like the lower amount of assets I have to transfer (500k-1M), so hoping this final round of matching gets that wiped away to $0.

Curious how folks were able to wheel and deal it down to 2.25%! That's impressive.
For this kind of thing BoA should be able to offer a large lender credit. My closing costs were only around $900.
Did you just come out and ask if they could do better on the closing costs? Or did a counter offer have this from the start? I don’t have much leverage here, though I suppose asking is free.

My only play here is “commitment”, I could basically say if they drop the closing costs I’ll commit to their offer right there and then — giving them my word. Otherwise they risk losing the deal to another bank if somebody else swoops in with a better offer.
Just tell them they will lose the opportunity if they don’t bring down the fees
Probably not the most scrupulous thing but the person I was working with at Bank of America said to send them an email saying that Wells Fargo would beat the current offer and that would give my agent leverage to lose the fees. My agent said that they were very sure that WF would do it so I didn’t have to talk with WF before.

sridharrmn
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Re: Relationship mortgage discounts for moving a million assets

Post by sridharrmn » Wed Apr 29, 2020 11:47 pm

Afty wrote:
Mon Apr 27, 2020 12:53 pm
Afty wrote:
Wed Apr 08, 2020 11:27 am
I posted earlier in this thread (or maybe the refinance thread?) that Chase offered a rate reduction to 2.875% on my current 30 year FRM, compared to 2.75% for the 15 year FR refinance (2.5% with $500k asset transfer) from BofA that I currently have in process. I've been negotiating with BofA to lower their rate, but they are having trouble matching. If BofA cannot do better, I will probably cancel the refinance. I'll lose the appraisal fee if I do that.
After several weeks' delay and very poor communication, Bank of America was able to match the Chase offer. With the relationship discount, I'll be at 2.625% for a 30-year refinance with no closing costs!
Would appreciate if you could share the agent you worked with at BofA

ergo
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Re: Relationship mortgage discounts for moving a million assets

Post by ergo » Thu Apr 30, 2020 10:37 pm

This thread has been very helpful to me, so thought I would give back. Chase is offering *very* aggressive relationship discounts far beyond what are listed on the site. I was offered 0.500 off the quoted rate for moving $1M+ in assets. With some haggling and because "they're trying to expand the Private Client customer base in my area" they bumped that up to 0.625 off. WF, Citi, and BoA all told me to take it at that point, they couldn't come close.

ChiKid24
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Re: Relationship mortgage discounts for moving a million assets

Post by ChiKid24 » Thu Apr 30, 2020 11:11 pm

ergo wrote:
Thu Apr 30, 2020 10:37 pm
This thread has been very helpful to me, so thought I would give back. Chase is offering *very* aggressive relationship discounts far beyond what are listed on the site. I was offered 0.500 off the quoted rate for moving $1M+ in assets. With some haggling and because "they're trying to expand the Private Client customer base in my area" they bumped that up to 0.625 off. WF, Citi, and BoA all told me to take it at that point, they couldn't come close.
Thanks for the intel. Where is your area? Also, did you work with a particular banker. Would be interested in connecting if so.

spacecadet610
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Re: Relationship mortgage discounts for moving a million assets

Post by spacecadet610 » Fri May 01, 2020 4:12 am

ergo wrote:
Thu Apr 30, 2020 10:37 pm
This thread has been very helpful to me, so thought I would give back. Chase is offering *very* aggressive relationship discounts far beyond what are listed on the site. I was offered 0.500 off the quoted rate for moving $1M+ in assets. With some haggling and because "they're trying to expand the Private Client customer base in my area" they bumped that up to 0.625 off. WF, Citi, and BoA all told me to take it at that point, they couldn't come close.
What rate were you able to get?

Almond
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Re: Relationship mortgage discounts for moving a million assets

Post by Almond » Fri May 01, 2020 9:16 am

ergo wrote:
Thu Apr 30, 2020 10:37 pm
This thread has been very helpful to me, so thought I would give back. Chase is offering *very* aggressive relationship discounts far beyond what are listed on the site. I was offered 0.500 off the quoted rate for moving $1M+ in assets. With some haggling and because "they're trying to expand the Private Client customer base in my area" they bumped that up to 0.625 off. WF, Citi, and BoA all told me to take it at that point, they couldn't come close.
Can you give more details? Type of mortgage? Quote before discount? Closing costs etc?

TY, I am chatting to chase today so be good to know

ergo
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Re: Relationship mortgage discounts for moving a million assets

Post by ergo » Fri May 01, 2020 7:58 pm

Sorry, yes. To be honest I am afraid to jinx it because we haven't closed yet, but it's a phenomenal deal and seems on track so far.

DC area. Jumbo loan, new home, 30 year fixed at 2.25%. In exchange for having in $1M post-close assets at Chase Private Client.

I think they first quoted 3.25% but immediately came down to 2.875% when I showed a competitor quote. And initially offered a 0.500 discount for moving $1M assets. Already that's a great deal, but I asked for a lender credit to cover closings fees and after talking to the manager said they could move the discount up to 0.625 because they really want more CPC customers in the area.

I honestly would recommend you just call the number on the website and get assigned someone. I do not like my rep. Slow to respond and difficult to work with throughout the process. Didn't seem like they had been in the job long, so I doubt they had access to any discounts not available to anyone else there. Obviously the rate is worth the hassle if it comes together.

Incidentally, I had to rule out BoA because they couldn't close faster than 45 days in a best case. Citi offered 2.75% out of the gate, but wouldn't negotiate at all after that. WF would have done 2.625 after a lot of negotiating.

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softwaregeek
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Re: Relationship mortgage discounts for moving a million assets

Post by softwaregeek » Fri May 01, 2020 10:25 pm

:shock: I thought I was done but I may have to do another refi.

iridum
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Re: Relationship mortgage discounts for moving a million assets

Post by iridum » Sat May 02, 2020 8:33 am

softwaregeek wrote:
Fri May 01, 2020 10:25 pm
:shock: I thought I was done but I may have to do another refi.
i think ergo has a new purchase and not a refinance. 2.25 for 30 is mind blowing for real though. I tried chase for the refinance and they weren’t even able to come close to the 3.125 no points refi. I took it to boa and they matched and gave me .25 discount for moving assets.

Goal33
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Re: Relationship mortgage discounts for moving a million assets

Post by Goal33 » Sat May 02, 2020 9:15 am

ergo wrote:
Fri May 01, 2020 7:58 pm
Sorry, yes. To be honest I am afraid to jinx it because we haven't closed yet, but it's a phenomenal deal and seems on track so far.

DC area. Jumbo loan, new home, 30 year fixed at 2.25%. In exchange for having in $1M post-close assets at Chase Private Client.

I think they first quoted 3.25% but immediately came down to 2.875% when I showed a competitor quote. And initially offered a 0.500 discount for moving $1M assets. Already that's a great deal, but I asked for a lender credit to cover closings fees and after talking to the manager said they could move the discount up to 0.625 because they really want more CPC customers in the area.

I honestly would recommend you just call the number on the website and get assigned someone. I do not like my rep. Slow to respond and difficult to work with throughout the process. Didn't seem like they had been in the job long, so I doubt they had access to any discounts not available to anyone else there. Obviously the rate is worth the hassle if it comes together.

Incidentally, I had to rule out BoA because they couldn't close faster than 45 days in a best case. Citi offered 2.75% out of the gate, but wouldn't negotiate at all after that. WF would have done 2.625 after a lot of negotiating.
Chase probably won’t do much better than 45 days too. Just keep in mind escrows are long right now.
A man with one watch always knows what time it is; a man with two watches is never sure.

mervinj7
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Re: Relationship mortgage discounts for moving a million assets

Post by mervinj7 » Sat May 02, 2020 9:30 am

ergo wrote:
Fri May 01, 2020 7:58 pm

Incidentally, I had to rule out BoA because they couldn't close faster than 45 days in a best case. Citi offered 2.75% out of the gate, but wouldn't negotiate at all after that. WF would have done 2.625 after a lot of negotiating.
Any reason why you need to close in 45 days? BofA have a lock for 90 days initially but closed within 55 days for us. There extra time have flexibility for the appraisal and notary to be scheduled.

ergo
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Re: Relationship mortgage discounts for moving a million assets

Post by ergo » Sat May 02, 2020 9:44 am

mervinj7 wrote:
Sat May 02, 2020 9:30 am
ergo wrote:
Fri May 01, 2020 7:58 pm

Incidentally, I had to rule out BoA because they couldn't close faster than 45 days in a best case. Citi offered 2.75% out of the gate, but wouldn't negotiate at all after that. WF would have done 2.625 after a lot of negotiating.
Any reason why you need to close in 45 days? BofA have a lock for 90 days initially but closed within 55 days for us. There extra time have flexibility for the appraisal and notary to be scheduled.
Seller really wanted to be out by a certain date and I'm anxious to move myself. We're on track to close within 30. Got a bit lucky that the appraisal company moved very quickly. BoA wouldn't have been able to match Chase's rate anyway.

mervinj7
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Re: Relationship mortgage discounts for moving a million assets

Post by mervinj7 » Sat May 02, 2020 10:08 am

ergo wrote:
Sat May 02, 2020 9:44 am
mervinj7 wrote:
Sat May 02, 2020 9:30 am
ergo wrote:
Fri May 01, 2020 7:58 pm

Incidentally, I had to rule out BoA because they couldn't close faster than 45 days in a best case. Citi offered 2.75% out of the gate, but wouldn't negotiate at all after that. WF would have done 2.625 after a lot of negotiating.
Any reason why you need to close in 45 days? BofA have a lock for 90 days initially but closed within 55 days for us. There extra time have flexibility for the appraisal and notary to be scheduled.
Seller really wanted to be out by a certain date and I'm anxious to move myself. We're on track to close within 30. Got a bit lucky that the appraisal company moved very quickly. BoA wouldn't have been able to match Chase's rate anyway.
My bad. Didn't realize it was for a new purchase! Discussion has been dominated by refinances these days. 😁

halfthor
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Re: Relationship mortgage discounts for moving a million assets

Post by halfthor » Sat May 02, 2020 3:34 pm

This thread has been a really great read.

Does anyone have any thoughts on how to boost our numbers a bit?

We're in contract on a house for 1.5M, planning to get a 30y fixed from WF at 3.25%. They've told us about the .125% / 250k relationship discount that is seemingly standard. We are very close to having 750k that we're planning to move over. We had it earlier in the week, but market fluctuations have us ~10k under the wire right now.

More market fluctuation in the opposite direction could easily put us back above the line by the time our funds finish transferring over from Schwab, but in case they don't I've been thinking about ways to get that extra little bit.

Of course, any funds are going to have to be documented so borrowing is out. I've been thinking about withdrawing some money from my Roth IRA. I'm reluctant to give up the tax benefits, but that extra .125% is pretty tempting.

snorLAX
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Re: Relationship mortgage discounts for moving a million assets

Post by snorLAX » Sat May 02, 2020 6:10 pm

I was looking into refinancing as well and Chase offered me 0.625% off for moving $1M of assets. I didn't have any competing offers at the time and their initial offer was 2.875% (with the rate reduction already included) for a 30 year fixed 650k loan.
Last edited by snorLAX on Sun May 03, 2020 1:20 pm, edited 1 time in total.

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

Post by softwaregeek » Sat May 02, 2020 7:40 pm

halfthor wrote:
Sat May 02, 2020 3:34 pm
This thread has been a really great read.

Does anyone have any thoughts on how to boost our numbers a bit?

We're in contract on a house for 1.5M, planning to get a 30y fixed from WF at 3.25%. They've told us about the .125% / 250k relationship discount that is seemingly standard. We are very close to having 750k that we're planning to move over. We had it earlier in the week, but market fluctuations have us ~10k under the wire right now.

More market fluctuation in the opposite direction could easily put us back above the line by the time our funds finish transferring over from Schwab, but in case they don't I've been thinking about ways to get that extra little bit.

Of course, any funds are going to have to be documented so borrowing is out. I've been thinking about withdrawing some money from my Roth IRA. I'm reluctant to give up the tax benefits, but that extra .125% is pretty tempting.
Will they accept a Roth IRA account? BofA did, for a mortgage with an account transfer.

haha
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Re: Relationship mortgage discounts for moving a million assets

Post by haha » Sat May 02, 2020 9:11 pm

ergo wrote:
Fri May 01, 2020 7:58 pm
Sorry, yes. To be honest I am afraid to jinx it because we haven't closed yet, but it's a phenomenal deal and seems on track so far.

DC area. Jumbo loan, new home, 30 year fixed at 2.25%. In exchange for having in $1M post-close assets at Chase Private Client.

I think they first quoted 3.25% but immediately came down to 2.875% when I showed a competitor quote. And initially offered a 0.500 discount for moving $1M assets. Already that's a great deal, but I asked for a lender credit to cover closings fees and after talking to the manager said they could move the discount up to 0.625 because they really want more CPC customers in the area.

I honestly would recommend you just call the number on the website and get assigned someone. I do not like my rep. Slow to respond and difficult to work with throughout the process. Didn't seem like they had been in the job long, so I doubt they had access to any discounts not available to anyone else there. Obviously the rate is worth the hassle if it comes together.

Incidentally, I had to rule out BoA because they couldn't close faster than 45 days in a best case. Citi offered 2.75% out of the gate, but wouldn't negotiate at all after that. WF would have done 2.625 after a lot of negotiating.
Do you talk with chase private client or talk with some chase mortgage specialist? Thanks. It seems this rate is local ? Actually hope to get your loan agent contact ? :sharebeer

halfthor
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Re: Relationship mortgage discounts for moving a million assets

Post by halfthor » Sun May 03, 2020 1:51 pm

softwaregeek wrote:
Sat May 02, 2020 7:40 pm
Will they accept a Roth IRA account? BofA did, for a mortgage with an account transfer.
Good question. I'll ask on Monday. I had just assumed the wouldn't since they said they wouldn't count 401k funds. Worth a shot though.

Edit: Good call, apparently it counts!

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mrspock
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Re: Relationship mortgage discounts for moving a million assets

Post by mrspock » Wed May 06, 2020 7:31 pm

Update from me: Schwab/Quicken came in with a dark horse offer to keep my assets at Schwab. They beat CITI, B of A on closing costs and matched the 10/1 ARM @ 2.5% with 0 points (<$1M Jumbo mortgage) and I don't have to move a dime of assets to get it. So don't count Quicken out of the mix if you are a Schwab customer and want to keep assets with them, they are capable of competitive rates if you talk to Quicken's "VIP Team", they then talk to Schwab and get approval from them (not sure how this works, maybe Schwab kicks in money somehow?).

The trick here might be to talk to the "VIP Team" people vs. whatever random Quicken people you get via the Schwab website. Originally I got a non-VIP person, and then some VIP Team fellow phoned me out of the blue a day later, so not exactly sure how you get one, other than maybe just ask?

For the record, I also tried negotiating the closing costs with B of A and they wouldn't bite (they were happy with their $200-300 edge over the nearest other offer), which kind of bit them in the end. I was pretty clear to them that it would probably come down to closing costs in picking who I'd go with, so lower closing costs + moving 0 assets won out hands down.

Pro Tip: Do remember to request the "reissue" rate for the (lender) title insurance! It's 40-60% lower, you'll just need to call your old title insurance company (refinance) or ask for a copy of the policy from the seller (new purchase). Based on my research, you can then give this copy to *any* title insurance company to qualify for the discount (not just the company who originally issued it).
Last edited by mrspock on Thu May 07, 2020 9:53 pm, edited 1 time in total.

iridum
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Re: Relationship mortgage discounts for moving a million assets

Post by iridum » Thu May 07, 2020 9:03 pm

mrspock wrote:
Wed May 06, 2020 7:31 pm

Pro Tip: Do remember to request the "reissue" rate for your title insurance! It's 40-60% lower, you'll just need to call your old title insurance company (refinance) or ask for a copy of the policy from the seller (new purchase). Based on my research, you can then give this copy to *any* title insurance company to qualify for the discount (not just the company who originally issued it).
you mean the lender title insurance policy? The refinance should not have to buy a title insurance for owner again.

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mrspock
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Re: Relationship mortgage discounts for moving a million assets

Post by mrspock » Thu May 07, 2020 9:53 pm

iridum wrote:
Thu May 07, 2020 9:03 pm
mrspock wrote:
Wed May 06, 2020 7:31 pm

Pro Tip: Do remember to request the "reissue" rate for your title insurance! It's 40-60% lower, you'll just need to call your old title insurance company (refinance) or ask for a copy of the policy from the seller (new purchase). Based on my research, you can then give this copy to *any* title insurance company to qualify for the discount (not just the company who originally issued it).
you mean the lender title insurance policy? The refinance should not have to buy a title insurance for owner again.
Correct lender title insurance.

PCH
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Re: Relationship mortgage discounts for moving a million assets

Post by PCH » Sat May 09, 2020 8:41 pm

mrspock wrote:
Wed May 06, 2020 7:31 pm
Update from me: Schwab/Quicken came in with a dark horse offer to keep my assets at Schwab. They beat CITI, B of A on closing costs and matched the 10/1 ARM @ 2.5% with 0 points (<$1M Jumbo mortgage) and I don't have to move a dime of assets to get it. So don't count Quicken out of the mix if you are a Schwab customer and want to keep assets with them, they are capable of competitive rates if you talk to Quicken's "VIP Team", they then talk to Schwab and get approval from them (not sure how this works, maybe Schwab kicks in money somehow?).

The trick here might be to talk to the "VIP Team" people vs. whatever random Quicken people you get via the Schwab website. Originally I got a non-VIP person, and then some VIP Team fellow phoned me out of the blue a day later, so not exactly sure how you get one, other than maybe just ask?

For the record, I also tried negotiating the closing costs with B of A and they wouldn't bite (they were happy with their $200-300 edge over the nearest other offer), which kind of bit them in the end. I was pretty clear to them that it would probably come down to closing costs in picking who I'd go with, so lower closing costs + moving 0 assets won out hands down.

Pro Tip: Do remember to request the "reissue" rate for the (lender) title insurance! It's 40-60% lower, you'll just need to call your old title insurance company (refinance) or ask for a copy of the policy from the seller (new purchase). Based on my research, you can then give this copy to *any* title insurance company to qualify for the discount (not just the company who originally issued it).
Thank all the people for sharing the information and tips.
It has been very useful for me when talking to the lenders.
I also want to contribute a data point.

I also worked with Quicken Loan. I just got quotes from several other big banks.
Chase's rate quote was very close also.
All the other banks in my area like BoA, Citi, WG, PNG aren't doing refi or aren't even close.

This is that Refi rate I got on May 8th: 2.875% 7/1 ARM non-Jumbo 0 point
I will move over 1M and get the 0.5% discount to make it 2.375%.

dkoffer
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Re: Relationship mortgage discounts for moving a million assets

Post by dkoffer » Mon May 11, 2020 11:06 am

ergo wrote:
Fri May 01, 2020 7:58 pm
Sorry, yes. To be honest I am afraid to jinx it because we haven't closed yet, but it's a phenomenal deal and seems on track so far.

DC area. Jumbo loan, new home, 30 year fixed at 2.25%. In exchange for having in $1M post-close assets at Chase Private Client.

I think they first quoted 3.25% but immediately came down to 2.875% when I showed a competitor quote. And initially offered a 0.500 discount for moving $1M assets. Already that's a great deal, but I asked for a lender credit to cover closings fees and after talking to the manager said they could move the discount up to 0.625 because they really want more CPC customers in the area.

I honestly would recommend you just call the number on the website and get assigned someone. I do not like my rep. Slow to respond and difficult to work with throughout the process. Didn't seem like they had been in the job long, so I doubt they had access to any discounts not available to anyone else there. Obviously the rate is worth the hassle if it comes together.

Incidentally, I had to rule out BoA because they couldn't close faster than 45 days in a best case. Citi offered 2.75% out of the gate, but wouldn't negotiate at all after that. WF would have done 2.625 after a lot of negotiating.
Ergo, would love to get the contact info of the chase folks!

David

E90Tony
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Re: Relationship mortgage discounts for moving a million assets

Post by E90Tony » Mon May 11, 2020 3:33 pm

Any of these discounted rates from banks give you a restriction? E.g., post close, you can't move assets out for n days.

howardde
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Re: Relationship mortgage discounts for moving a million assets

Post by howardde » Tue May 12, 2020 1:26 am

Econberkeley wrote:
Mon Mar 02, 2020 11:31 am
I received 2.75% 30 year refinance rate from Citi. Loan is for $500k. I need to keep $1 million with Citi until 15 days after the close date in order to get that rate. Otherwise, it is 3.25%.
This is the exact rate that I'm locked with at Wells Fargo (closing in a week): 2.75%, 30 year refinance for a JUMBO mortgage (no points and 1/8 point contributed towards closing). I had to move $1 million to Wells to get the rate. I'm not sure that I can do better than this for a 30 year JUMBO refi (I looked around).

ergo
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Re: Relationship mortgage discounts for moving a million assets

Post by ergo » Tue May 12, 2020 11:20 pm

ergo wrote:
Fri May 01, 2020 7:58 pm
Sorry, yes. To be honest I am afraid to jinx it because we haven't closed yet, but it's a phenomenal deal and seems on track so far.

DC area. Jumbo loan, new home, 30 year fixed at 2.25%. In exchange for having in $1M post-close assets at Chase Private Client.
Just a funny update to this: turns out the genius Chase rep I was working with wasn't actually authorized to go below 2.50%. I think he misunderstood how the relationship discount was supposed to work. Chase, to their credit, eventually did honor the 2.25% I was promised but we missed the original closing date while they sorted it out.

2.50% is still a great rate and I would probably work with Chase again.... just not with this guy.

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mrspock
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Re: Relationship mortgage discounts for moving a million assets

Post by mrspock » Wed May 13, 2020 12:31 am

Friendly heads up to those following this thread: Schwab is now offering a conforming 7/1 ARM for 2.375% w/ $1M+ in assets, this is pretty rock bottom. No negotiation required, just call and ask as it's advertised on their mortgage rates page (https://www.schwab.com/public/schwab/ba ... gage_rates). In CA conforming mortgages go from ~$560-765k depending on your county.

Gadget
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Re: Relationship mortgage discounts for moving a million assets

Post by Gadget » Wed May 13, 2020 8:01 am

Is $1 million a magic number in a refinance process with a relationship discount? Will they accept $200k? $500k? Does it all depend on the size of the mortgage, or is $1million usually a magic number that they start giving you a discount?

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softwaregeek
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Re: Relationship mortgage discounts for moving a million assets

Post by softwaregeek » Wed May 13, 2020 10:09 am

E90Tony wrote:
Mon May 11, 2020 3:33 pm
Any of these discounted rates from banks give you a restriction? E.g., post close, you can't move assets out for n days.
This ones been answered a couple of times in the thread already

snorLAX
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Re: Relationship mortgage discounts for moving a million assets

Post by snorLAX » Wed May 13, 2020 11:58 am

Gadget wrote:
Wed May 13, 2020 8:01 am
Is $1 million a magic number in a refinance process with a relationship discount? Will they accept $200k? $500k? Does it all depend on the size of the mortgage, or is $1million usually a magic number that they start giving you a discount?
From my experience, the relationship rate discount varies bank to bank but usually the discounts are bracketed at 250k+, 500k+, 1m+. 250k+ typically gets you 0.25% off and 1m+ typically gets you 0.5% off. The next discount bracket is usually significantly higher 2-5M+ for 0.75% off.

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softwaregeek
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Re: Relationship mortgage discounts for moving a million assets

Post by softwaregeek » Thu May 14, 2020 3:03 am

someone posted a list of the tiers by major banks a few pages back.

Applesa
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Re: Relationship mortgage discounts for moving a million assets

Post by Applesa » Thu May 14, 2020 5:54 pm

mrspock wrote:
Wed May 13, 2020 12:31 am
Friendly heads up to those following this thread: Schwab is now offering a conforming 7/1 ARM for 2.375% w/ $1M+ in assets, this is pretty rock bottom. No negotiation required, just call and ask as it's advertised on their mortgage rates page (https://www.schwab.com/public/schwab/ba ... gage_rates). In CA conforming mortgages go from ~$560-765k depending on your county.
Pretty sure HSBC would be less for similar ARM

boglurker
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Re: Relationship mortgage discounts for moving a million assets

Post by boglurker » Fri May 15, 2020 7:51 pm

thanks for starting this thread softwaregeek, super informative! any chance you could PM the BofA contact? TI!

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mrspock
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Re: Relationship mortgage discounts for moving a million assets

Post by mrspock » Fri May 15, 2020 8:50 pm

Applesa wrote:
Thu May 14, 2020 5:54 pm
mrspock wrote:
Wed May 13, 2020 12:31 am
Friendly heads up to those following this thread: Schwab is now offering a conforming 7/1 ARM for 2.375% w/ $1M+ in assets, this is pretty rock bottom. No negotiation required, just call and ask as it's advertised on their mortgage rates page (https://www.schwab.com/public/schwab/ba ... gage_rates). In CA conforming mortgages go from ~$560-765k depending on your county.
Pretty sure HSBC would be less for similar ARM
Talked to them today... their rates were a joke. Even the “elite” $1M+ relationship rates.

HEDGEFUNDIE
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Re: Relationship mortgage discounts for moving a million assets

Post by HEDGEFUNDIE » Fri May 15, 2020 9:03 pm

mrspock wrote:
Fri May 15, 2020 8:50 pm
Applesa wrote:
Thu May 14, 2020 5:54 pm
mrspock wrote:
Wed May 13, 2020 12:31 am
Friendly heads up to those following this thread: Schwab is now offering a conforming 7/1 ARM for 2.375% w/ $1M+ in assets, this is pretty rock bottom. No negotiation required, just call and ask as it's advertised on their mortgage rates page (https://www.schwab.com/public/schwab/ba ... gage_rates). In CA conforming mortgages go from ~$560-765k depending on your county.
Pretty sure HSBC would be less for similar ARM
Talked to them today... their rates were a joke. Even the “elite” $1M+ relationship rates.
I think I have found a new hobby - relationship mortgage rate hunting...

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mrspock
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Location: Vulcan

Re: Relationship mortgage discounts for moving a million assets

Post by mrspock » Fri May 15, 2020 9:22 pm

HEDGEFUNDIE wrote:
Fri May 15, 2020 9:03 pm
mrspock wrote:
Fri May 15, 2020 8:50 pm
Applesa wrote:
Thu May 14, 2020 5:54 pm
mrspock wrote:
Wed May 13, 2020 12:31 am
Friendly heads up to those following this thread: Schwab is now offering a conforming 7/1 ARM for 2.375% w/ $1M+ in assets, this is pretty rock bottom. No negotiation required, just call and ask as it's advertised on their mortgage rates page (https://www.schwab.com/public/schwab/ba ... gage_rates). In CA conforming mortgages go from ~$560-765k depending on your county.
Pretty sure HSBC would be less for similar ARM
Talked to them today... their rates were a joke. Even the “elite” $1M+ relationship rates.
I think I have found a new hobby - relationship mortgage rate hunting...
It's pretty much been my hobby for the last 5 weeks. Another useful tidbit which might save folks some time: The TCJA of 2018 changed the way "cash out refi" is handled -- the interest is only deductible if it's used for renos. Meaning you can take an existing 500k mortgage, refi it to 750k (perhaps to invest or consolidate another mortgage) and then deduct it all, that no longer works. You can only deduct up to the amount of the original mortgage e.g. 500k in this example. So keep this in mind if you are doing cash out.

vladd
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Re: Relationship mortgage discounts for moving a million assets

Post by vladd » Sat May 16, 2020 7:52 am

mrspock wrote:
Wed May 13, 2020 12:31 am
Friendly heads up to those following this thread: Schwab is now offering a conforming 7/1 ARM for 2.375% w/ $1M+ in assets, this is pretty rock bottom. No negotiation required, just call and ask as it's advertised on their mortgage rates page (https://www.schwab.com/public/schwab/ba ... gage_rates). In CA conforming mortgages go from ~$560-765k depending on your county.
I recently refinanced with Schwab/Quicken after seeing that link with rates and discounts. Very smooth and no-nonsense

They offered:
- 0.1% increase in rate for them to cover all closing costs (I did this)
- their default offer to me was 0.125% higher than what was on the website. When I asked why, they said the lower rate was backed by (iirc) Fannie Mae and required more documentation than the higher rate one. I asked for the lower rate and they obliged. I didn't have any documentation problems, actually it was easier than what wells asked of me earlier

At that time I got 2.475% for a 10/1, that was 3.125% as advertised on that link, minus .75% for $5m in assets I transferred over, plus .1% to be nocost. This was a jumbo loan

rkcs
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Re: Relationship mortgage discounts for moving a million assets

Post by rkcs » Sun May 17, 2020 7:58 am

Did anyone do this recently with BofA and Chase? The person I was working with in BofA says they no longer match competition and at Chase, they either match or give relationship discount but not both. Thanks.

Applesa
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Re: Relationship mortgage discounts for moving a million assets

Post by Applesa » Tue May 19, 2020 11:04 am

mrspock wrote:
Fri May 15, 2020 8:50 pm
Applesa wrote:
Thu May 14, 2020 5:54 pm
mrspock wrote:
Wed May 13, 2020 12:31 am
Friendly heads up to those following this thread: Schwab is now offering a conforming 7/1 ARM for 2.375% w/ $1M+ in assets, this is pretty rock bottom. No negotiation required, just call and ask as it's advertised on their mortgage rates page (https://www.schwab.com/public/schwab/ba ... gage_rates). In CA conforming mortgages go from ~$560-765k depending on your county.
Pretty sure HSBC would be less for similar ARM
Talked to them today... their rates were a joke. Even the “elite” $1M+ relationship rates.
2.475 was quoted today with no asset movement though it was a jumbo loan 5/1 and 7/1 were similar (with Asset move think it is around .25 off). The rates have barely moved since I posted; I missed you wanted conforming. Rate is for purchase.
Last edited by Applesa on Tue May 19, 2020 11:38 am, edited 1 time in total.

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

Post by softwaregeek » Tue May 19, 2020 11:26 am

rkcs wrote:
Sun May 17, 2020 7:58 am
Did anyone do this recently with BofA and Chase? The person I was working with in BofA says they no longer match competition and at Chase, they either match or give relationship discount but not both. Thanks.
Probably this thread ;)

rkcs
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Re: Relationship mortgage discounts for moving a million assets

Post by rkcs » Tue May 19, 2020 1:32 pm

:D Good one. Meant last few days...

SVT
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Re: Relationship mortgage discounts for moving a million assets

Post by SVT » Tue May 19, 2020 3:29 pm

rkcs wrote:
Tue May 19, 2020 1:32 pm
:D Good one. Meant last few days...
I took his comment to mean that Chase and BofA are probably doing that now because of so many people asking for matches on top of relationship discounts because of this thread.

desi_kalle
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Re: Relationship mortgage discounts for moving a million assets

Post by desi_kalle » Wed May 20, 2020 12:19 am

rkcs wrote:
Sun May 17, 2020 7:58 am
Did anyone do this recently with BofA and Chase? The person I was working with in BofA says they no longer match competition and at Chase, they either match or give relationship discount but not both. Thanks.
Confirmed with BofA. They stopped matching competitor rates in the last week or so. They don't want to get stuck matching new lower rates from the UWM Conquest loan program.

rkcs
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Re: Relationship mortgage discounts for moving a million assets

Post by rkcs » Fri May 22, 2020 8:21 am

Thanks

irrad
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Re: Relationship mortgage discounts for moving a million assets

Post by irrad » Wed May 27, 2020 4:36 pm

modernist wrote:
Mon Apr 20, 2020 12:53 pm
For a datapoint, I closed last week on a 10/1 ARM at 2.25% with BofA.

Loan ~ $1.6M
Property ~ $2.3M

Originally, Citi offered me 2.375% for moving $1M in assets. BofA offered to match without moving new assets (I had roughly $650K with them). BofA then sent a mailer offering .125% for moving 250K (the same letter shown earlier in this thread).
That's a great rate! Would you mind sending a PM with a contact? I spent 20 minutes waiting on hold. Thanks!

irrad
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Re: Relationship mortgage discounts for moving a million assets

Post by irrad » Wed May 27, 2020 4:43 pm

Here are a few data points. I just started my search today.

US Bank
30 year 3.375%
10/1: 2.75%
7/1: 2.625%

First Republic:
30 year: 2.95%
10/1 int only: 2.85%
7/1 int only: 2.75%

Requires 250k relationship, held in checking acct x 12 months

Citi: not competitive at all even as Citigold! Told me to just go with First Republic!
30 year: 4%
10/1: 3.75%

Chase: said to send offer sheet to match

Wells: said to send offer sheet to match

BofA: could not get through to anyone over the phone

Bay Area, just under $2M, LTV>60%

First Republic is looking pretty good so far!

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

Post by softwaregeek » Wed May 27, 2020 7:55 pm

First republic checking requirement is a drag but if you have a bond allocation might be worthwhile. It’s not like you are getting 5 percent on fixed income nowadays.

You might try to negotiate a CD instead, at least you would earn a little interest.

But better to go with a rate match, put in your assets in whatever you want and try to work the relationship from there.

E90Tony
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Re: Relationship mortgage discounts for moving a million assets

Post by E90Tony » Thu May 28, 2020 12:33 pm

BoA 2.5% 30 year fixed Southern California. Requires 1m assets moved, but looks like no restrictions on having to keep assets in.

fixer
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Re: Relationship mortgage discounts for moving a million assets

Post by fixer » Sat May 30, 2020 10:27 am

E90Tony wrote:
Thu May 28, 2020 12:33 pm
BoA 2.5% 30 year fixed Southern California. Requires 1m assets moved, but looks like no restrictions on having to keep assets in.
This is great - what is the loan amount and can you share more details? I have a 3.375% offer from Chase on a jumbo loan and I'm currently trying to get BofA's offer (willing to move $1M).

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