Don’t think down payment counts. It sounds like cash that goes into a checking, savings or investment account. Did you check any Credit Unions for mortgage rates too? Sometimes their rates are slightly better than the big banks.
Yes, all the rates are pretty similar actually.
Honestly, use Better.com. Of course I’m biased. But big banks aren’t touching our rates with a 10 foot pole. We also beat competitors as long as you provide a valid Loan Estimate. Big banks are a rip off on mortgages and move incredibly slow.
I had a generally bad experience with you guys. I refinanced one house and it took for ever to close (I wasn't in a hurry, so it didn't matter much). For my second house (new mortgage), I was told that you don't do jumbo loans.
I’m so sorry about your previous experience. If you’d like to DM me, I’d like to look into your situation and try to make it right. We absolutely originate jumbo loans.
OP- where is boa’s rate at? Jumbo 30 yr fixed? And what’s their relationship discount look like compared to WF?
Both offered the same rate 2.875%. For every 250K worth of assets (cash/stocks) you move to their account, you will get 0.125% discount.
Thanks! They don’t consider 401k or IRA? WF does count that thou
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Downpayment cash qualify for Wells Fargo
I heard that they changed this policy recently. I got my mortgage in Feb and was told that it will change soon.
Yup, unfortunately they don’t consider down payment cash.