Relationship mortgage discounts for moving a million assets

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Savingscaptain
Posts: 42
Joined: Sun Oct 11, 2020 4:31 am

Re: Relationship mortgage discounts for moving a million assets

Post by Savingscaptain »

investorhead wrote: Thu Oct 15, 2020 2:21 pm
Savingscaptain wrote: Thu Oct 15, 2020 11:11 am
investorhead wrote: Thu Oct 15, 2020 10:54 am I'm getting quoted 2.875% 10/1, interest-only, no points/closing costs/other fees/etc at WF w/ $1M assets moved over.
They can do better. I also learned a trick, lock a regular 10/1 (it apparently locks a pricing tier). Apply your relationship discount, then ask for product switchnto 10/1 interest only. You will get a lower rate as your pricing tier will be better.

It's like you go to a car dealership and just walk in to buy a car, vs do your research get your discount certificates, loan approval etc and then just negotiate before ever walking in.
Thanks -- just want to make sure I understand. You're saying I should lock in a regular 10/1, then ask to switch to a 10/1 interest only and that should give me a better rate? I'm already getting the relationship discount, just trying to understand what the trick is....
Ya the LO told me the pricing is like a tier, tier 1, 2 ,3 etc. If you are locked into a tier all product changes happen in that tier. IO loans tend to get a tier lower than regular jumbo. I unfortunately couldn't meet 1M post purchase for IO so not doing it.
Savingscaptain
Posts: 42
Joined: Sun Oct 11, 2020 4:31 am

Re: Relationship mortgage discounts for moving a million assets

Post by Savingscaptain »

fyre4ce wrote: Thu Oct 15, 2020 1:07 pm
Savingscaptain wrote: Thu Oct 15, 2020 10:33 am
fyre4ce wrote: Mon Sep 28, 2020 5:12 pm
Goal33 wrote: Mon Sep 28, 2020 4:55 pm
fyre4ce wrote: Mon Sep 28, 2020 4:53 pm I just locked a 2.375% with 0.5 points on a 30 year fixed with Wells Fargo, on a jumbo loan in California. That includes 0.375% relationship discount for $750k+ in relationship assets. Could have gone another 0.125% lower with another $250k in qualifying assets.
Just curious, how big is your jumbo? if its 800k or so, you might find it more favorable to just get a smaller loan at 765k and get that rate without paying points with one of the lenders noted in the refinance mega thread.
$1.5M :shock:

I'm also getting a rebate from my agent that I need to soak up. I'll probably end up at 2.25% with 1.0 points.

I signed the letter of intent today, but if someone knows of a better deal, it's not too late to unwind this deal.
Did you close yet? If not I would look for another WF loan officer your file will transfer as is. You can get much better rate if you have 800+ credit.
Can you give any evidence to support the "much better deal"? I thought 2.25% with 1 point on a 30 year fixed was screaming. I also can't meet $1M in asset transfers without using a gift, which they do not allow. Was able to do $750k though. PM me please if you know something I don't.
Evidence? No, not without posting my loan letter. What was your pre-relationship rate? If it was higher than 2.75, you are locked in higher. My base 30 year was 2.75 at -.125 points. I am now going through a 10/1 switch (not enough assets for IO). 10/1 should come in at 1.750 with -.375 points when all is said and done as the rates are now lower then when I locked so get slightly more credit.
fyre4ce
Posts: 959
Joined: Sun Aug 06, 2017 11:29 am

Re: Relationship mortgage discounts for moving a million assets

Post by fyre4ce »

Savingscaptain wrote: Thu Oct 15, 2020 10:50 pm
fyre4ce wrote: Thu Oct 15, 2020 1:07 pm
Savingscaptain wrote: Thu Oct 15, 2020 10:33 am
fyre4ce wrote: Mon Sep 28, 2020 5:12 pm
Goal33 wrote: Mon Sep 28, 2020 4:55 pm

Just curious, how big is your jumbo? if its 800k or so, you might find it more favorable to just get a smaller loan at 765k and get that rate without paying points with one of the lenders noted in the refinance mega thread.
$1.5M :shock:

I'm also getting a rebate from my agent that I need to soak up. I'll probably end up at 2.25% with 1.0 points.

I signed the letter of intent today, but if someone knows of a better deal, it's not too late to unwind this deal.
Did you close yet? If not I would look for another WF loan officer your file will transfer as is. You can get much better rate if you have 800+ credit.
Can you give any evidence to support the "much better deal"? I thought 2.25% with 1 point on a 30 year fixed was screaming. I also can't meet $1M in asset transfers without using a gift, which they do not allow. Was able to do $750k though. PM me please if you know something I don't.
Evidence? No, not without posting my loan letter. What was your pre-relationship rate? If it was higher than 2.75, you are locked in higher. My base 30 year was 2.75 at -.125 points. I am now going through a 10/1 switch (not enough assets for IO). 10/1 should come in at 1.750 with -.375 points when all is said and done as the rates are now lower then when I locked so get slightly more credit.
Technically I locked at 2.75% at +0.625 points, on Sept 29. I'm told that once the relationship discount is applied, I get 0.375 points off the rate, and the points drops to +0.5. So with the relationship rate I'm at 2.375% at +0.5 points. I want to buy around 1 point (to soak a credit from my agent) and I'm hoping for 2.25% with 1.0 point, but I'm being told that until the assets are actually transferred the rate table won't go that low.

How did you lock at 2.75% with -0.125? Was it with Wells Fargo? Did you match rates with them from another lender?
Savingscaptain
Posts: 42
Joined: Sun Oct 11, 2020 4:31 am

Re: Relationship mortgage discounts for moving a million assets

Post by Savingscaptain »

fyre4ce wrote: Fri Oct 16, 2020 9:11 am
Savingscaptain wrote: Thu Oct 15, 2020 10:50 pm
fyre4ce wrote: Thu Oct 15, 2020 1:07 pm
Savingscaptain wrote: Thu Oct 15, 2020 10:33 am
fyre4ce wrote: Mon Sep 28, 2020 5:12 pm

$1.5M :shock:

I'm also getting a rebate from my agent that I need to soak up. I'll probably end up at 2.25% with 1.0 points.

I signed the letter of intent today, but if someone knows of a better deal, it's not too late to unwind this deal.
Did you close yet? If not I would look for another WF loan officer your file will transfer as is. You can get much better rate if you have 800+ credit.
Can you give any evidence to support the "much better deal"? I thought 2.25% with 1 point on a 30 year fixed was screaming. I also can't meet $1M in asset transfers without using a gift, which they do not allow. Was able to do $750k though. PM me please if you know something I don't.
Evidence? No, not without posting my loan letter. What was your pre-relationship rate? If it was higher than 2.75, you are locked in higher. My base 30 year was 2.75 at -.125 points. I am now going through a 10/1 switch (not enough assets for IO). 10/1 should come in at 1.750 with -.375 points when all is said and done as the rates are now lower then when I locked so get slightly more credit.
Technically I locked at 2.75% at +0.625 points, on Sept 29. I'm told that once the relationship discount is applied, I get 0.375 points off the rate, and the points drops to +0.5. So with the relationship rate I'm at 2.375% at +0.5 points. I want to buy around 1 point (to soak a credit from my agent) and I'm hoping for 2.25% with 1.0 point, but I'm being told that until the assets are actually transferred the rate table won't go that low.

How did you lock at 2.75% with -0.125? Was it with Wells Fargo? Did you match rates with them from another lender?
I found a post on slickdeals. Got a quote from BBVA and they matched it
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 »

Was this for purchase or refi?
Savingscaptain
Posts: 42
Joined: Sun Oct 11, 2020 4:31 am

Re: Relationship mortgage discounts for moving a million assets

Post by Savingscaptain »

softwaregeek wrote: Sat Oct 17, 2020 11:08 pm Was this for purchase or refi?
Purchase. Refi has some solid deals but you need 500k or more
sp226
Posts: 71
Joined: Sat May 16, 2015 8:33 am

Re: Relationship mortgage discounts for moving a million assets

Post by sp226 »

I'm in year 8 of a 15 yr 3% mortgage with about $425K balance.
Looked around but couldn't find any refi that made sense after fees, but that was without relationship discount.
Most of the movable funds are in TD Ameritrade and VG, $3M+.
Any bank that you know where a refi of a mid-term 3% mortgage might make sense?
Savingscaptain
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Re: Relationship mortgage discounts for moving a million assets

Post by Savingscaptain »

sp226 wrote: Sun Oct 18, 2020 4:14 pm I'm in year 8 of a 15 yr 3% mortgage with about $425K balance.
Looked around but couldn't find any refi that made sense after fees, but that was without relationship discount.
Most of the movable funds are in TD Ameritrade and VG, $3M+.
Any bank that you know where a refi of a mid-term 3% mortgage might make sense?
That much assets, morgan stanley or bank of america. 3m+ they will basically give you any rate you want add long as you make your loan amount a jumbo. Take cash out then immediately turn around and pay.
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 »

For non-jumbo try Schwab bank with asset transfer. They are one of the few to do relationship loans on conforming. You can do whatever is cheapest since you are paying it down so fast. A 7/1 Arm would be perfect.
Topic Author
softwaregeek
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Re: Relationship mortgage discounts for moving a million assets

Post by softwaregeek »

Savingscaptain wrote: Mon Oct 19, 2020 10:22 am
sp226 wrote: Sun Oct 18, 2020 4:14 pm I'm in year 8 of a 15 yr 3% mortgage with about $425K balance.
Looked around but couldn't find any refi that made sense after fees, but that was without relationship discount.
Most of the movable funds are in TD Ameritrade and VG, $3M+.
Any bank that you know where a refi of a mid-term 3% mortgage might make sense?
That much assets, morgan stanley or bank of america. 3m+ they will basically give you any rate you want add long as you make your loan amount a jumbo. Take cash out then immediately turn around and pay.
No, that would be a cash out and would be at a higher rate.
Gum12345
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Joined: Tue Oct 20, 2020 11:34 am

Re: Relationship mortgage discounts for moving a million assets

Post by Gum12345 »

Savingcaptain,

Where did you get this rate if you don't mind sharing? I just got 1.875% and no point on jumbo 10/1 I/o purchase but with moving $2m over. If I read your rate correctly, you are getting paid 37.5bps and get 1.75?!

10/1 should come in at 1.750 with -.375 points when all is said and done as the rates are now lower then when I locked so get slightly more credit.
Savingscaptain
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Re: Relationship mortgage discounts for moving a million assets

Post by Savingscaptain »

Gum12345 wrote: Tue Oct 20, 2020 11:37 am Savingcaptain,

Where did you get this rate if you don't mind sharing? I just got 1.875% and no point on jumbo 10/1 I/o purchase but with moving $2m over. If I read your rate correctly, you are getting paid 37.5bps and get 1.75?!

10/1 should come in at 1.750 with -.375 points when all is said and done as the rates are now lower then when I locked so get slightly more credit.
I got it at Wells Fargo with 1m asset pre-purchase moved over. Initial rate was with $1500 lender fee which got waived and rates went lower so they charged a 1/8th point fee and gave credit for the rest (standard process apparently). Ended up with the final credit set. Pre relationship, do you have a competing quote? Try bbva
Gum12345
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Joined: Tue Oct 20, 2020 11:34 am

Re: Relationship mortgage discounts for moving a million assets

Post by Gum12345 »

Savingscaptain wrote: Tue Oct 20, 2020 2:08 pm
Gum12345 wrote: Tue Oct 20, 2020 11:37 am Savingcaptain,

Where did you get this rate if you don't mind sharing? I just got 1.875% and no point on jumbo 10/1 I/o purchase but with moving $2m over. If I read your rate correctly, you are getting paid 37.5bps and get 1.75?!

10/1 should come in at 1.750 with -.375 points when all is said and done as the rates are now lower then when I locked so get slightly more credit.
I got it at Wells Fargo with 1m asset pre-purchase moved over. Initial rate was with $1500 lender fee which got waived and rates went lower so they charged a 1/8th point fee and gave credit for the rest (standard process apparently). Ended up with the final credit set. Pre relationship, do you have a competing quote? Try bbva
Where are you based? Can you share LO contact?
pduan87
Posts: 35
Joined: Sat Mar 31, 2007 10:51 pm

Re: Relationship mortgage discounts for moving a million assets

Post by pduan87 »

Wanted to share a data point.

Went with WF, $1.4M loan, 80% LTV, 30 year fixed, 3% (pre-relationship), with 0.625% credit, no points. Previously, the best rate they could get was 0.375% credit, but I matched with BBVA which got the additional 0.25% credit.

Our mortgage agent has been amazing, super responsive and on top of things. PM for her contact info.
fyre4ce
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Joined: Sun Aug 06, 2017 11:29 am

Re: Relationship mortgage discounts for moving a million assets

Post by fyre4ce »

In escrow with WF, I reached out to BBVA to see if they would give me a good base rate I could use to leverage, but their rates were not good: 3.5% with 0.125 credit, or 3.25% with 0.875 points. Still tracking to a rate around 2.25% at 1 point, but hasn't been finalized until assets are moved.
Savingscaptain
Posts: 42
Joined: Sun Oct 11, 2020 4:31 am

Re: Relationship mortgage discounts for moving a million assets

Post by Savingscaptain »

LFKB wrote: Mon Sep 28, 2020 5:27 pm When I Refi’d with BofA I got 0.5% off for moving over $1M the first time, then 0.25% off my second refi for adding another $500k (which was the max amount / discount). They also gave me a total of about $7k in cash incentives for moving the assets over, so long as I left them there for 9 months.

Currently at 2.375% on a 10 year jumbo interest only
Can you provide details of the 7k imcentive? I might move money there now that the loan is closed to get some incentives.
Savingscaptain
Posts: 42
Joined: Sun Oct 11, 2020 4:31 am

Re: Relationship mortgage discounts for moving a million assets

Post by Savingscaptain »

fyre4ce wrote: Wed Oct 21, 2020 10:27 am In escrow with WF, I reached out to BBVA to see if they would give me a good base rate I could use to leverage, but their rates were not good: 3.5% with 0.125 credit, or 3.25% with 0.875 points. Still tracking to a rate around 2.25% at 1 point, but hasn't been finalized until assets are moved.
Bbva has terrible advertised rates. You have to find a loan officer willing to submit your quote to pricing team to beat.
LFKB
Posts: 728
Joined: Mon Dec 24, 2012 7:06 pm

Re: Relationship mortgage discounts for moving a million assets

Post by LFKB »

Savingscaptain wrote: Wed Oct 21, 2020 2:05 pm
LFKB wrote: Mon Sep 28, 2020 5:27 pm When I Refi’d with BofA I got 0.5% off for moving over $1M the first time, then 0.25% off my second refi for adding another $500k (which was the max amount / discount). They also gave me a total of about $7k in cash incentives for moving the assets over, so long as I left them there for 9 months.

Currently at 2.375% on a 10 year jumbo interest only
Can you provide details of the 7k imcentive? I might move money there now that the loan is closed to get some incentives.
I don't recall all the particulars but it was something like this

Move $2M over (my account) - $4k
Move $400k over (Wife's account) - $900
Move multiple IRAs over - $500
Mover over $700k (this was later) - $1k
sp226
Posts: 71
Joined: Sat May 16, 2015 8:33 am

Re: Relationship mortgage discounts for moving a million assets

Post by sp226 »

LFKB wrote: Thu Oct 22, 2020 11:53 am
Savingscaptain wrote: Wed Oct 21, 2020 2:05 pm
LFKB wrote: Mon Sep 28, 2020 5:27 pm When I Refi’d with BofA I got 0.5% off for moving over $1M the first time, then 0.25% off my second refi for adding another $500k (which was the max amount / discount). They also gave me a total of about $7k in cash incentives for moving the assets over, so long as I left them there for 9 months.

Currently at 2.375% on a 10 year jumbo interest only
Can you provide details of the 7k imcentive? I might move money there now that the loan is closed to get some incentives.
I don't recall all the particulars but it was something like this

Move $2M over (my account) - $4k
Move $400k over (Wife's account) - $900
Move multiple IRAs over - $500
Mover over $700k (this was later) - $1k
Unrelated but looking to move assets to a brokerage in response to promo.
Etrade is $2500 for $1M. If you talk to a new account rep, they may offer to stack the offers (ie $5000 for $2M, etc)
oracle101
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Re: Relationship mortgage discounts for moving a million assets

Post by oracle101 »

Does anyone have suggestions for jumbo loan lenders that are NOT wells fargo. I used them last time and want to avoid banking with them because they are horrible

Will First Republic meet Wells Fargo rate with $1M relationship discount?
Savingscaptain
Posts: 42
Joined: Sun Oct 11, 2020 4:31 am

Re: Relationship mortgage discounts for moving a million assets

Post by Savingscaptain »

oracle101 wrote: Sat Oct 24, 2020 3:58 pm Does anyone have suggestions for jumbo loan lenders that are NOT wells fargo. I used them last time and want to avoid banking with them because they are horrible

Will First Republic meet Wells Fargo rate with $1M relationship discount?
I was in the same boat as you, and hoping chase or another lender could beat, for a new purchase, no one can come close.
Bobby206
Posts: 480
Joined: Fri Oct 05, 2018 4:01 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Bobby206 »

oracle101 wrote: Sat Oct 24, 2020 3:58 pm Does anyone have suggestions for jumbo loan lenders that are NOT wells fargo. I used them last time and want to avoid banking with them because they are horrible

Will First Republic meet Wells Fargo rate with $1M relationship discount?
I recently worked with Zions who has subsidiaries in different states. .5% off for moving $750k over to brokerage account. No need to have actively managed account or any of that garbage. Just $35 a year fee but it's not a discount brokerage so best for money you don't plan to change investment allocation on. They have 7 and 10 year Arms. Rate was 3.125% (before discount) for jumbo when I used them a couple months ago.
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