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I heard that First Republic bank is offering 2.55% for 30-year-fixed to googlers, with the condition that you save 15% of loan amount to their checking account. Has anyone at Google taken advantage of this offer? Wonder if it's even real. Will call to confirm tomorrow, but looking for first hand experience here #google #mortgage #housing
https://www.firstrepublic.com/google a Google search confirmed this to be real! Would love to hear experience about mortgage application with them!
Is that actually a good deal? It's like putting an extra 15% down but it doesn't count against principle.
^^^this. And allows the bank to make interest off your money just sitting there Seems like a bad deal
Yea, I'm trying to do the math to determine. In the bay area, 15% of a jumbo loan could easily be 300k. Putting it all in checking doesn't sound that exciting...
Can confirm this. But last time I heard 2.55 is 1mo ago. Tbh if I were first republicans, would not offer this rate to Facebook. Particularly because of you ever dropping stock. Don’t take me wrong. It is a math problem.
🤑
I think so. Apple stock is overvalued imho
What about Google ? Don’t forget you make 90% of your profit by just selling crappy ads.
You just need the 15% in their account till the loan closes. Once your loan is funded you can move that out and invest or do whatever you want
This is for all tech folks with solid credit profiles. I got the same offer if I put 200k in my checking account with them .
looks like down payment requirement is 20% or more ....property needs to be located closer to one of their branches ...15% of price needs to be deposited to a bank account ...
The only problem is the depositing cash in a bank account, can it be stocks in a brokerage account, or literally cash just being wasted there?
I talked to an agent at First Republic today. 2.55% rate does still exist for googlers. The condition is 15% of loan amount deposit in their checking account for two years. Has to be cash. No brokerage account. She said the 15% is a "gentlemen's agreement", but also said of course you can access it if there is a need for emergency. I think this is a grey area they are willing to turn a blind eye on, but of course there's the risk that bank takes away the discount. FYI in case it's useful for anyone.
I was offered 2.8%, I don’t think it’s worth the extra 0.25% to park 15% for 2 years as cash
Once the loan is funded there’s no changing the rate…
Thanks op for sharing back.
They have a special rate for Googlers that maintain 15% of loan amount in a checking account?