BBVA compass is currently offering some crazy deals on mortgage. They actually have 2 promos that are stacking together.
Sample Jumbo mortgage : 30 yr fixed 3.250 with -.375 points
Sample confirming mortgage: 30y fixed 3.375 with -.125 points.
Obviously YMMV depending on your credit (760+ only).
How to obtain:
1. Get a low quote from places like loandepot or a mortgage broker.
2. Contact BBVA mortgage team and ask them to match your offer
3. Open a checking account (any tier) and agree to pay mortgage from that account and get 0.25points off your mortgage.
4. Put 0-25k in a CD for 12mo at 2.00APY and get another 0.5point discount. OR put $25,500 and get 0.75point discount
5. Ask your loan officer to "step down" your interest rate to use up the lender credit.
6. Get a 3.125% loan on jumbo or 3.250% on conforming loan at 0 points plus some lender credit left over for other fees.
Notes:
Only works in states where BBVA lends.
Mortgage rates change daily so YMMV until you lock in your rate.
Online CD and checking opening required
Credit check required
Excellent credit score required
Online mortgage application required
CD under 25k is 1% penalty for early withdrawal over 25k is 3%.
https://www.bbvausa.com/mortgage.html
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