Relationship mortgage discounts for moving a million assets

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AndyBogleHeads
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Joined: Mon Aug 03, 2020 11:17 pm

Re: Relationship mortgage discounts for moving a million assets

Post by AndyBogleHeads »

Savingscaptain wrote: Wed Dec 09, 2020 12:04 pm
AndyBogleHeads wrote: Tue Dec 08, 2020 2:09 pm triom6 wrote: ↑Mon Dec 07, 2020 11:22 am
Receive a quote this morning from WF for 1.8m loan, 2.5m property, 72% LTV
Rates are pre-discount. $1m in AUM will get .5% discount
30yr 2.75% w/$1630 WF fees
10/6 2.375 w/$1630 WF fees
7/6 2.125% w/$6130 WF fees (more points?)
5/6 2.25% w/$1630 WF fees
10/6 IO 2.5% w/$3880 WF fees (more points?)
7/6 IO 2.375% w/$1630 WF fees


Hi Triom6 could you send me the contacts of the person as well.
Citi is on a roll, get a quote from them you just need to forward the email from your WF person.
What are they offering?
spacecadet610
Posts: 84
Joined: Sun Aug 26, 2012 1:41 pm

Re: Relationship mortgage discounts for moving a million assets

Post by spacecadet610 »

Savingscaptain wrote: Wed Dec 09, 2020 12:04 pm
AndyBogleHeads wrote: Tue Dec 08, 2020 2:09 pm triom6 wrote: ↑Mon Dec 07, 2020 11:22 am
Receive a quote this morning from WF for 1.8m loan, 2.5m property, 72% LTV
Rates are pre-discount. $1m in AUM will get .5% discount
30yr 2.75% w/$1630 WF fees
10/6 2.375 w/$1630 WF fees
7/6 2.125% w/$6130 WF fees (more points?)
5/6 2.25% w/$1630 WF fees
10/6 IO 2.5% w/$3880 WF fees (more points?)
7/6 IO 2.375% w/$1630 WF fees


Hi Triom6 could you send me the contacts of the person as well.
Citi is on a roll, get a quote from them you just need to forward the email from your WF person.
Every time I talk to Citi they tell me there is no way they can match what WF and Chase are offering.

Do you have a good Citi loan officer contact?
Savingscaptain
Posts: 103
Joined: Sun Oct 11, 2020 4:31 am

Re: Relationship mortgage discounts for moving a million assets

Post by Savingscaptain »

Not me, but my new neighbor just refi'd 10/1 for 2.125 with citi.

Purchase is a bit better both after relationship discount. Best way to find an lo is to contact a citi private banker, tell them about your assets, and then ask for a loan officer they know works with hnw folks
Savingscaptain
Posts: 103
Joined: Sun Oct 11, 2020 4:31 am

Re: Relationship mortgage discounts for moving a million assets

Post by Savingscaptain »

spacecadet610 wrote: Wed Dec 09, 2020 4:28 pm
Savingscaptain wrote: Wed Dec 09, 2020 12:04 pm
AndyBogleHeads wrote: Tue Dec 08, 2020 2:09 pm triom6 wrote: ↑Mon Dec 07, 2020 11:22 am
Receive a quote this morning from WF for 1.8m loan, 2.5m property, 72% LTV
Rates are pre-discount. $1m in AUM will get .5% discount
30yr 2.75% w/$1630 WF fees
10/6 2.375 w/$1630 WF fees
7/6 2.125% w/$6130 WF fees (more points?)
5/6 2.25% w/$1630 WF fees
10/6 IO 2.5% w/$3880 WF fees (more points?)
7/6 IO 2.375% w/$1630 WF fees


Hi Triom6 could you send me the contacts of the person as well.
Citi is on a roll, get a quote from them you just need to forward the email from your WF person.
Every time I talk to Citi they tell me there is no way they can match what WF and Chase are offering.

Do you have a good Citi loan officer contact?
Sent you one
Bogleleg
Posts: 8
Joined: Wed Nov 25, 2020 5:34 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Bogleleg »

triom6 wrote: Tue Dec 08, 2020 1:53 pm
dozibear wrote: Tue Dec 08, 2020 12:50 pm triom6, could you please send me the contact at WF as well? thanks!
PM Sent, please keep us posted.

Same, could you DM me as well. Looking for in CA
Bogleleg
Posts: 8
Joined: Wed Nov 25, 2020 5:34 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Bogleleg »

Savingscaptain wrote: Thu Dec 10, 2020 1:37 pm
spacecadet610 wrote: Wed Dec 09, 2020 4:28 pm
Savingscaptain wrote: Wed Dec 09, 2020 12:04 pm
AndyBogleHeads wrote: Tue Dec 08, 2020 2:09 pm triom6 wrote: ↑Mon Dec 07, 2020 11:22 am
Receive a quote this morning from WF for 1.8m loan, 2.5m property, 72% LTV
Rates are pre-discount. $1m in AUM will get .5% discount
30yr 2.75% w/$1630 WF fees
10/6 2.375 w/$1630 WF fees
7/6 2.125% w/$6130 WF fees (more points?)
5/6 2.25% w/$1630 WF fees
10/6 IO 2.5% w/$3880 WF fees (more points?)
7/6 IO 2.375% w/$1630 WF fees


Hi Triom6 could you send me the contacts of the person as well.
Citi is on a roll, get a quote from them you just need to forward the email from your WF person.
Every time I talk to Citi they tell me there is no way they can match what WF and Chase are offering.

Do you have a good Citi loan officer contact?
Sent you one
If you can also forward/DM the citi contact. Thanks
Chiron
Posts: 20
Joined: Tue Jun 04, 2013 4:20 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Chiron »

I was just quoted 2.625% refinance for a 30 year fixed refi from Navy Federal in TX. Seems competitive at least with pre-relationship discounts found here.

No relationship required but I do have my current mortgage with them. Might be worth checking out if for nothing else than to have a competitive no relationship LE to shop around.
Bogleleg
Posts: 8
Joined: Wed Nov 25, 2020 5:34 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Bogleleg »

Just got off a call with Quicken Loans and they were upbeat to offer 2.75% with 5-6K in closing cost without asking any of my details. This is before Charles Schwab relationship pricing. I don't trust them, since their website offers much much higher rates. Did any of you try with them recently ?
Savingscaptain
Posts: 103
Joined: Sun Oct 11, 2020 4:31 am

Re: Relationship mortgage discounts for moving a million assets

Post by Savingscaptain »

Bogleleg wrote: Fri Dec 11, 2020 4:44 pm Just got off a call with Quicken Loans and they were upbeat to offer 2.75% with 5-6K in closing cost without asking any of my details. This is before Charles Schwab relationship pricing. I don't trust them, since their website offers much much higher rates. Did any of you try with them recently ?
Not recently tried a couple years back they were just abysmal through the loan process. Ended up selecting someone else. Things could have changed though. I was all in on schwab at that point so pretty sad they were the mortgage partners
FoolStreet
Posts: 1111
Joined: Fri Sep 07, 2012 12:18 am

Re: Relationship mortgage discounts for moving a million assets

Post by FoolStreet »

Savingscaptain wrote: Thu Dec 10, 2020 1:37 pm
spacecadet610 wrote: Wed Dec 09, 2020 4:28 pm
Savingscaptain wrote: Wed Dec 09, 2020 12:04 pm
AndyBogleHeads wrote: Tue Dec 08, 2020 2:09 pm triom6 wrote: ↑Mon Dec 07, 2020 11:22 am
Receive a quote this morning from WF for 1.8m loan, 2.5m property, 72% LTV
Rates are pre-discount. $1m in AUM will get .5% discount
30yr 2.75% w/$1630 WF fees
10/6 2.375 w/$1630 WF fees
7/6 2.125% w/$6130 WF fees (more points?)
5/6 2.25% w/$1630 WF fees
10/6 IO 2.5% w/$3880 WF fees (more points?)
7/6 IO 2.375% w/$1630 WF fees


Hi Triom6 could you send me the contacts of the person as well.
Citi is on a roll, get a quote from them you just need to forward the email from your WF person.
Every time I talk to Citi they tell me there is no way they can match what WF and Chase are offering.

Do you have a good Citi loan officer contact?
Sent you one
Would also love a referral. I was quoted 2.825 from BoA w $500k asset move for 1.1M 30yr fixed. I'm at 3.125 now.
Savingscaptain
Posts: 103
Joined: Sun Oct 11, 2020 4:31 am

Re: Relationship mortgage discounts for moving a million assets

Post by Savingscaptain »

FoolStreet wrote: Sun Dec 13, 2020 1:32 am
Savingscaptain wrote: Thu Dec 10, 2020 1:37 pm
spacecadet610 wrote: Wed Dec 09, 2020 4:28 pm
Savingscaptain wrote: Wed Dec 09, 2020 12:04 pm
AndyBogleHeads wrote: Tue Dec 08, 2020 2:09 pm triom6 wrote: ↑Mon Dec 07, 2020 11:22 am
Receive a quote this morning from WF for 1.8m loan, 2.5m property, 72% LTV
Rates are pre-discount. $1m in AUM will get .5% discount
30yr 2.75% w/$1630 WF fees
10/6 2.375 w/$1630 WF fees
7/6 2.125% w/$6130 WF fees (more points?)
5/6 2.25% w/$1630 WF fees
10/6 IO 2.5% w/$3880 WF fees (more points?)
7/6 IO 2.375% w/$1630 WF fees


Hi Triom6 could you send me the contacts of the person as well.
Citi is on a roll, get a quote from them you just need to forward the email from your WF person.
Every time I talk to Citi they tell me there is no way they can match what WF and Chase are offering.

Do you have a good Citi loan officer contact?
Sent you one
Would also love a referral. I was quoted 2.825 from BoA w $500k asset move for 1.1M 30yr fixed. I'm at 3.125 now.
Thought I already sent you one a couple months ago?
Ryan239
Posts: 3
Joined: Sun Dec 13, 2020 10:00 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Ryan239 »

I have been shopping rates and I think PNC has the best offer. If I bring 1m over I can get a .375% discount on the rate. Below are my options. Thoughts? Has anyone found a better option?

Current Loan Scenario
Product- 30 year fixed
Mortgage Balance- $1,250,000
Rate- 3.625%

Loan Scenario #1
Fico- 790
Product- 30 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.75%
Relationship Rate - 2.375%
Points- $0

Loan Scenario #2
Fico- 790
Product- 20 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.625%
Relationship Rate - 2.25%
Points- $0

Loan Scenario #3
Fico- 790
Product- 15 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.375%
Relationship Rate - 2.3%
Points- $0
FoolStreet
Posts: 1111
Joined: Fri Sep 07, 2012 12:18 am

Re: Relationship mortgage discounts for moving a million assets

Post by FoolStreet »

Ryan239 wrote: Tue Dec 15, 2020 9:17 pm I have been shopping rates and I think PNC has the best offer. If I bring 1m over I can get a .375% discount on the rate. Below are my options. Thoughts? Has anyone found a better option?

Current Loan Scenario
Product- 30 year fixed
Mortgage Balance- $1,250,000
Rate- 3.625%

Loan Scenario #1
Fico- 790
Product- 30 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.75%
Relationship Rate - 2.375%
Points- $0

Loan Scenario #2
Fico- 790
Product- 20 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.625%
Relationship Rate - 2.25%
Points- $0

Loan Scenario #3
Fico- 790
Product- 15 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.375%
Relationship Rate - 2.3%
Points- $0
Ryan, That sounds like an amazing rate. I'm quoted 2.625 30yr fixed for a loan size comparable with 500k relationship at BoA. May I ask what do you plan to do with the $ you have there? Invest in bogleheaded ETFs? or?
Ryan239
Posts: 3
Joined: Sun Dec 13, 2020 10:00 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Ryan239 »

FoolStreet wrote: Tue Dec 15, 2020 9:46 pm
Ryan, That sounds like an amazing rate. I'm quoted 2.625 30yr fixed for a loan size comparable with 500k relationship at BoA. May I ask what do you plan to do with the $ you have there? Invest in bogleheaded ETFs? or?
No plans yet. It is sitting in cash.
Bogleleg
Posts: 8
Joined: Wed Nov 25, 2020 5:34 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Bogleleg »

Ryan239 wrote: Tue Dec 15, 2020 9:17 pm I have been shopping rates and I think PNC has the best offer. If I bring 1m over I can get a .375% discount on the rate. Below are my options. Thoughts? Has anyone found a better option?

Current Loan Scenario
Product- 30 year fixed
Mortgage Balance- $1,250,000
Rate- 3.625%

Loan Scenario #1
Fico- 790
Product- 30 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.75%
Relationship Rate - 2.375%
Points- $0

Loan Scenario #2
Fico- 790
Product- 20 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.625%
Relationship Rate - 2.25%
Points- $0

Loan Scenario #3
Fico- 790
Product- 15 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.375%
Relationship Rate - 2.3%
Points- $0
These rates sounds great. Could you DM your lender contact?
spacecadet610
Posts: 84
Joined: Sun Aug 26, 2012 1:41 pm

Re: Relationship mortgage discounts for moving a million assets

Post by spacecadet610 »

You should jump on that. That's as good as I've heard for a jumbo.

I'm closing this week on a 30 yr fixed jumbo through Chase at 2.375 but with 0.481 points.

You got a better deal.
Ryan239 wrote: Tue Dec 15, 2020 9:17 pm I have been shopping rates and I think PNC has the best offer. If I bring 1m over I can get a .375% discount on the rate. Below are my options. Thoughts? Has anyone found a better option?

Current Loan Scenario
Product- 30 year fixed
Mortgage Balance- $1,250,000
Rate- 3.625%

Loan Scenario #1
Fico- 790
Product- 30 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.75%
Relationship Rate - 2.375%
Points- $0

Loan Scenario #2
Fico- 790
Product- 20 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.625%
Relationship Rate - 2.25%
Points- $0

Loan Scenario #3
Fico- 790
Product- 15 year fixed
Value- $2,500,000
Loan Amount- $1,250,000
Rate- 2.375%
Relationship Rate - 2.3%
Points- $0
worthit
Posts: 295
Joined: Tue Jun 19, 2018 2:10 pm

Re: Relationship mortgage discounts for moving a million assets

Post by worthit »

Does rolling the closing cost of a mortgage refinance into the loan a better option than paying it at closing? My understanding is that paying it at closing and not rolling into the loan is better as I get an immediate tax benefit. Can some one clarify this please?

I have the funds to pay if off at closing, but the bank's GFE shows the closing cost as being rolled into the final loan. So I am trying to deciding which would be a better deal.

Thanks!
mervinj7
Posts: 1603
Joined: Thu Mar 27, 2014 3:10 pm

Re: Relationship mortgage discounts for moving a million assets

Post by mervinj7 »

worthit wrote: Thu Dec 17, 2020 10:19 am Does rolling the closing cost of a mortgage refinance into the loan a better option than paying it at closing? My understanding is that paying it at closing and not rolling into the loan is better as I get an immediate tax benefit. Can some one clarify this please?

I have the funds to pay if off at closing, but the bank's GFE shows the closing cost as being rolled into the final loan. So I am trying to deciding which would be a better deal.

Thanks!
The better deal is to get enough lender credits to offset most of the costs. Unless you are talking about prepaids like property tax and insurance. For those I just pay up front.
worthit
Posts: 295
Joined: Tue Jun 19, 2018 2:10 pm

Re: Relationship mortgage discounts for moving a million assets

Post by worthit »

Thanks, mervinj7.

No this is A+B+C (origination charges, points, appraisal and title).

So trying to see if there is any benefit either way.
spacecadet610
Posts: 84
Joined: Sun Aug 26, 2012 1:41 pm

Re: Relationship mortgage discounts for moving a million assets

Post by spacecadet610 »

worthit wrote: Thu Dec 17, 2020 10:19 am Does rolling the closing cost of a mortgage refinance into the loan a better option than paying it at closing? My understanding is that paying it at closing and not rolling into the loan is better as I get an immediate tax benefit. Can some one clarify this please?

I have the funds to pay if off at closing, but the bank's GFE shows the closing cost as being rolled into the final loan. So I am trying to deciding which would be a better deal.

Thanks!
whether you roll the closing costs into the mortgage loan does not get an immediate tax benefit.

the higher loan amount would mean you pay slightly more taxes which means you have more to deduct if you choose to itemize and your deductions exceed the standard deduction.

ask yourself whether you'd take a loan of the closing cost amount for the mortgage term and rate.

For me at at my loan rate of 30r 2.375%, it is essentially free money so i chose to roll as much closing costs as possible into the loan. I even rolled the prepaids into the loan amount.
worthit
Posts: 295
Joined: Tue Jun 19, 2018 2:10 pm

Re: Relationship mortgage discounts for moving a million assets

Post by worthit »

spacecadet610 wrote: Thu Dec 17, 2020 11:17 am
worthit wrote: Thu Dec 17, 2020 10:19 am Does rolling the closing cost of a mortgage refinance into the loan a better option than paying it at closing? My understanding is that paying it at closing and not rolling into the loan is better as I get an immediate tax benefit. Can some one clarify this please?

I have the funds to pay if off at closing, but the bank's GFE shows the closing cost as being rolled into the final loan. So I am trying to deciding which would be a better deal.

Thanks!
whether you roll the closing costs into the mortgage loan does not get an immediate tax benefit.

the higher loan amount would mean you pay slightly more taxes which means you have more to deduct if you choose to itemize and your deductions exceed the standard deduction.

ask yourself whether you'd take a loan of the closing cost amount for the mortgage term and rate.

For me at at my loan rate of 30r 2.375%, it is essentially free money so i chose to roll as much closing costs as possible into the loan. I even rolled the prepaids into the loan amount.

Thanks, spacecadet610. Makses sense.
MrW
Posts: 1
Joined: Fri Dec 18, 2020 11:13 am

Re: Relationship mortgage discounts for moving a million assets

Post by MrW »

Have been following the forum and this specific thread for quite a few months now. Wanted to contribute as well with my latest re-finance update.

My situation:
- Value: $2.8M
- Mortgage: $2.1M
- 30-year fix
- Credit: 780
- Bring over $1M in assets
- Refinance

Quote from Wells Fargo (post discount)
• 30yr-fix: 2.625% / 2600 lender closings credit / re-cast option / 120 day rate lock
• 20yr-fix: 2.500% / 2600 lender closing credit / re-cast option / 120 day rate lock
• 15yr-fix: 2.375% / 2600 lender closing credit / re-cast option / 120 day rate lock

Quote from PNC (post discount)
• 30yr-fix: 2.50%
• 15yr-fix: 2.25%

I reached out to PNC based on the post above. I am coming in slightly higher than the 2.375%. The main issue I have is that this requires a wealth management relationship (which charges 1.3% I believe). With WF that's not a requirements.

Look forward to any advice or update from others on the forum!

Thanks!
Last edited by MrW on Fri Dec 18, 2020 11:23 am, edited 1 time in total.
RBON190
Posts: 5
Joined: Sun Sep 06, 2020 8:58 pm

Re: Relationship mortgage discounts for moving a million assets

Post by RBON190 »

Just to update our refi process, in case it helps anyone:

In the midst of refi with Wells Fargo
$1.17 million loan at 60% LTV
Credit scores 818
30 year fixed
Locked at 3.0% awhile ago, repriced several days ago to 2.875% (lender credit covered the “fee” to do this)
Moving $1 mil assets so will be at 2.375%
Not zero but low closing costs, no points.
spacecadet610
Posts: 84
Joined: Sun Aug 26, 2012 1:41 pm

Re: Relationship mortgage discounts for moving a million assets

Post by spacecadet610 »

RBON190 wrote: Sat Dec 19, 2020 12:21 pm Just to update our refi process, in case it helps anyone:

In the midst of refi with Wells Fargo
$1.17 million loan at 60% LTV
Credit scores 818
30 year fixed
Locked at 3.0% awhile ago, repriced several days ago to 2.875% (lender credit covered the “fee” to do this)
Moving $1 mil assets so will be at 2.375%
Not zero but low closing costs, no points.
That's pretty good.

I just signed this thursday through Chase for 2.375% rate with 0.481 points ($7156). 30 yr fixed, jumbo.

I guess i could have waited to lower my closing costs. I have until Monday to cancel using right of recission but seems like too much of a hassle to go through the whole process again.

I'll probably just keep it.
worthit
Posts: 295
Joined: Tue Jun 19, 2018 2:10 pm

Re: Relationship mortgage discounts for moving a million assets

Post by worthit »

spacecadet610 wrote: Sat Dec 19, 2020 1:14 pm
RBON190 wrote: Sat Dec 19, 2020 12:21 pm Just to update our refi process, in case it helps anyone:

In the midst of refi with Wells Fargo
$1.17 million loan at 60% LTV
Credit scores 818
30 year fixed
Locked at 3.0% awhile ago, repriced several days ago to 2.875% (lender credit covered the “fee” to do this)
Moving $1 mil assets so will be at 2.375%
Not zero but low closing costs, no points.
That's pretty good.

I just signed this thursday through Chase for 2.375% rate with 0.481 points ($7156). 30 yr fixed, jumbo.

I guess i could have waited to lower my closing costs. I have until Monday to cancel using right of recission but seems like too much of a hassle to go through the whole process again.

I'll probably just keep it.
spacecadet610, assuming this is after moving $1MM?
spacecadet610
Posts: 84
Joined: Sun Aug 26, 2012 1:41 pm

Re: Relationship mortgage discounts for moving a million assets

Post by spacecadet610 »

worthit wrote: Sat Dec 19, 2020 7:29 pm
spacecadet610 wrote: Sat Dec 19, 2020 1:14 pm
RBON190 wrote: Sat Dec 19, 2020 12:21 pm Just to update our refi process, in case it helps anyone:

In the midst of refi with Wells Fargo
$1.17 million loan at 60% LTV
Credit scores 818
30 year fixed
Locked at 3.0% awhile ago, repriced several days ago to 2.875% (lender credit covered the “fee” to do this)
Moving $1 mil assets so will be at 2.375%
Not zero but low closing costs, no points.
That's pretty good.

I just signed this thursday through Chase for 2.375% rate with 0.481 points ($7156). 30 yr fixed, jumbo.

I guess i could have waited to lower my closing costs. I have until Monday to cancel using right of recission but seems like too much of a hassle to go through the whole process again.

I'll probably just keep it.
spacecadet610, assuming this is after moving $1MM?
Correct, after moving over $1 mm assets.
worthit
Posts: 295
Joined: Tue Jun 19, 2018 2:10 pm

Re: Relationship mortgage discounts for moving a million assets

Post by worthit »

spacecadet610 wrote: Sat Dec 19, 2020 10:02 pm
worthit wrote: Sat Dec 19, 2020 7:29 pm
spacecadet610 wrote: Sat Dec 19, 2020 1:14 pm
RBON190 wrote: Sat Dec 19, 2020 12:21 pm Just to update our refi process, in case it helps anyone:

In the midst of refi with Wells Fargo
$1.17 million loan at 60% LTV
Credit scores 818
30 year fixed
Locked at 3.0% awhile ago, repriced several days ago to 2.875% (lender credit covered the “fee” to do this)
Moving $1 mil assets so will be at 2.375%
Not zero but low closing costs, no points.
That's pretty good.

I just signed this thursday through Chase for 2.375% rate with 0.481 points ($7156). 30 yr fixed, jumbo.

I guess i could have waited to lower my closing costs. I have until Monday to cancel using right of recission but seems like too much of a hassle to go through the whole process again.

I'll probably just keep it.
spacecadet610, assuming this is after moving $1MM?
Correct, after moving over $1 mm assets.
Thanks, spacecadet610.
Savingscaptain
Posts: 103
Joined: Sun Oct 11, 2020 4:31 am

Re: Relationship mortgage discounts for moving a million assets

Post by Savingscaptain »

Wells fargo seems to have crazy low rates today at 25% down. Or 75% or less Ltv for refi
spacecadet610
Posts: 84
Joined: Sun Aug 26, 2012 1:41 pm

Re: Relationship mortgage discounts for moving a million assets

Post by spacecadet610 »

Savingscaptain wrote: Mon Dec 21, 2020 11:57 am Wells fargo seems to have crazy low rates today at 25% down. Or 75% or less Ltv for refi
What rates are you seeing?

The website says I can get 3.125% on my 30 yr jumbo refinance
Bogleleg
Posts: 8
Joined: Wed Nov 25, 2020 5:34 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Bogleleg »

I see a 3% for LTV < 65%
spacecadet610 wrote: Mon Dec 21, 2020 12:12 pm
Savingscaptain wrote: Mon Dec 21, 2020 11:57 am Wells fargo seems to have crazy low rates today at 25% down. Or 75% or less Ltv for refi
What rates are you seeing?

The website says I can get 3.125% on my 30 yr jumbo refinance
Savingscaptain
Posts: 103
Joined: Sun Oct 11, 2020 4:31 am

Re: Relationship mortgage discounts for moving a million assets

Post by Savingscaptain »

Bogleleg wrote: Mon Dec 21, 2020 12:55 pm I see a 3% for LTV < 65%
spacecadet610 wrote: Mon Dec 21, 2020 12:12 pm
Savingscaptain wrote: Mon Dec 21, 2020 11:57 am Wells fargo seems to have crazy low rates today at 25% down. Or 75% or less Ltv for refi
What rates are you seeing?

The website says I can get 3.125% on my 30 yr jumbo refinance
Oh never go by rate sheet. Just ask a LO. They had 2.125 again for 10/6mo which is annoying and buy down was only .375 pts to 2.00.
grp2c
Posts: 137
Joined: Sat Mar 08, 2014 5:51 pm

Re: Relationship mortgage discounts for moving a million assets

Post by grp2c »

Savingscaptain wrote: Wed Dec 23, 2020 3:05 am Oh never go by rate sheet. Just ask a LO. They had 2.125 again for 10/6mo which is annoying and buy down was only .375 pts to 2.00.
For purchase or refi. My refi quote for 10/6 was 2.65% including the 1 million relationship from WF.
smby
Posts: 44
Joined: Wed May 30, 2018 12:14 pm

Re: Relationship mortgage discounts for moving a million assets

Post by smby »

same question...is this for refi or purchase at Wells?
KyleAAA
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Joined: Wed Jul 01, 2009 5:35 pm
Contact:

Re: Relationship mortgage discounts for moving a million assets

Post by KyleAAA »

We just refinanced. Got several quotes in the 2.5-2.75% range for a 30 year fixed with no points and nominal closing costs. Doubt I'll ever see rates this low again. The small local mortgage brokers have always beaten the big banks on rates for me. We ended up going with a 2.75% rate with a large lender credit against pre-paids because we weren't sure we'd stick around long enough for the lower rate to really pay off.
Savingscaptain
Posts: 103
Joined: Sun Oct 11, 2020 4:31 am

Re: Relationship mortgage discounts for moving a million assets

Post by Savingscaptain »

smby wrote: Wed Dec 23, 2020 4:51 pm same question...is this for refi or purchase at Wells?
Refi some family members locked in WA with WF. They had enough assets that WF is allowing IO. But lower LTV which has a different rate sheet
Bogleleg
Posts: 8
Joined: Wed Nov 25, 2020 5:34 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Bogleleg »

spacecadet610 wrote: Sat Dec 19, 2020 1:14 pm
RBON190 wrote: Sat Dec 19, 2020 12:21 pm Just to update our refi process, in case it helps anyone:

In the midst of refi with Wells Fargo
$1.17 million loan at 60% LTV
Credit scores 818
30 year fixed
Locked at 3.0% awhile ago, repriced several days ago to 2.875% (lender credit covered the “fee” to do this)
Moving $1 mil assets so will be at 2.375%
Not zero but low closing costs, no points.
That's pretty good.

I just signed this thursday through Chase for 2.375% rate with 0.481 points ($7156). 30 yr fixed, jumbo.

I guess i could have waited to lower my closing costs. I have until Monday to cancel using right of recission but seems like too much of a hassle to go through the whole process again.

I'll probably just keep it.
The last time that happened, I just got it an email from the new lender with reduced rate or fees and forwarded that to Chase while we were one week before closing and they were able to adjust it to match the better rate. Always worth trying.
youvebeenboggled
Posts: 2
Joined: Sun Nov 08, 2020 3:02 am

Re: Relationship mortgage discounts for moving a million assets

Post by youvebeenboggled »

Here's what I'm seeing for my refinance inquiry (CA jumbo loan, 60% LTV, excellent credit scores, 30yr fixed):

Chase: 2.875% with some lender credit resulting in $1300 out of pocket costs, moving $1M assets will drop to 2.375% (Chase Private Client rate discount is 0.25% according to Chase's website, but the mortgage officer says there's an additional 0.25% off if the funds are non-retirement)

Wells Fargo: I started a refinance application with the intent of seeing if they would match Chase. They just offered me a loan amendment option for 2.5%, no fees. I currently have a 2.875% with them from a relationship refinance from ~6 months ago (it was zero cost to me). Same rate and term as the original mortgage, just a lowered interest rate.

I'm leaning towards doing the no-hassle loan amendment to 2.5% for now and then watching jumbo rates in the coming months to see if something drops to 2.25% or lower no cost somewhere.
Topic Author
softwaregeek
Posts: 597
Joined: Wed May 08, 2019 8:59 pm

Re: Relationship mortgage discounts for moving a million assets

Post by softwaregeek »

On 30 yr refi, Chase isn't giving me anywhere near these numbers but it's been a few weeks and my connection is on vacation.

FWIW, BofA not competitive with that either. Didn't quote but told me they couldn't beat the 2.75 I have now.

WF giving 2.625 no cost with $1M.

My private client lady is on leave from Chase, and they don't have a replacement. Chase's whole CPC program is less than mediocre in my opinion.
Bogleleg
Posts: 8
Joined: Wed Nov 25, 2020 5:34 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Bogleleg »

softwaregeek wrote: Thu Dec 31, 2020 9:31 pm On 30 yr refi, Chase isn't giving me anywhere near these numbers but it's been a few weeks and my connection is on vacation.

FWIW, BofA not competitive with that either. Didn't quote but told me they couldn't beat the 2.75 I have now.

WF giving 2.625 no cost with $1M.

My private client lady is on leave from Chase, and they don't have a replacement. Chase's whole CPC program is less than mediocre in my opinion.
Same, was ghosted by my current CPC lender. But found a different lender who was willing to price match. But I wish they did loan amendment for bringing in new money, than a full refi.
Phonyfone
Posts: 1
Joined: Wed Jan 13, 2021 10:49 am

Re: Relationship mortgage discounts for moving a million assets

Post by Phonyfone »

How far out are people seeing standard rate locks?

I'm about 100 days out from closing on new construction, and am gauging when to re-starting the mortgage shopping process (got 2 hard inquiry hits during the initial pre-qual for verifications that my builder required).
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