Hi, I’m planning on getting pre-approved for a mortgage and First republic bank has quoted lucrative interest rates of 3.5%, haven’t completed the pre approval application yet , so I know that number doesn’t mean anything until the underwriting is done. Also the property I am interested in comes under their eagle program. I read that first bank republic deals gets really sketchy once underwriting is done. Like the closing costs are higher or the interest rates are very sketchy. Anyone had any experience with them?? Thanks. #mortgage #housing #firstrepublicbank
What is eagle program??
Last they offered me was 5.5% in December. Eagle program is nothing but a dedicated service nothing different from what you get from WF or BOA premier membership
false the relationship requirements are waaay less
haven’t worked with first republic, but the lower interest rate and higher closing costs is probably them including points in their quote
nop
How can they offer a 3.5% rate in Jan 2023???
5m relationship discount, short term arm, or a joke.
because the OP is probably meeting their sky high "money down" requirements. I think it's at least 40%.
its totally legit if your house falls under the special program
The 3.5% rate is real as part of their eagle community loan program. This program covers some closing costs as well. It’s a killer deal and it’s all legit Just know that not all properties qualify. You need to ask about each property to see if it qualifies or not
3.5 30 yrs?
Once you sign, you will know true colors. Constant delays + a lot of hidden costs during closing + sudden changes in interest rates 48 hours before closing since the lock was intentionally expired. Or charge 0.5% points to go back. They will find issues in RSUs, take petty issues, etc etc Be wary Go with big name lenders
Yep, not a no-name. Not just as big as JPMC, WF, BoA, etc
If their rate seems too good to be true, it probably is.
Bought a house via Eagle program last month, had no issues. Had to put 20% down and open a bank account with them. Was a very smooth process and we closed 5 days earlier with 4k credit towards closing costs.
3.75 30 year fixed
Do only certain zip codes qualify for it?
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Heard mostly good things and am planning to go with them soon but what is the "eagle program"?