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Lending Solutions from Schwab Bank

Member for

1 year 5 months
Submitted by Brian.Lavelle on Thu, 11/09/2017 - 14:23

Support holistic financial management strategies with complementary lending solutions offered through Schwab Bank and Quicken Loans®, the home lending provider of Schwab Bank. Available lending solutions include a variety of mortgage products, including mortgages, home equity lines of credit, and Mortgage First, a customized pre-approval program, all provided by Quicken Loans. Schwab Bank also offers pledged asset lending to help tap into the value of an investment portfolio.

Find and secure the right mortgage

Schwab Bank offers access to a variety of competitively priced mortgage products through a home lending program provided by Quicken Loans—the nation's largest online mortgage lender1, with over 31 years of experience. Borrowers can select from a range of mortgage options, including:

  • Adjustable-rate mortgages (ARMs).
  • Fixed-rate mortgages.
  • Interest-only ARMs.2
  • Conforming and jumbo mortgages.

Schwab Bank's home lending program from Quicken Loans provides:

  • A simple and fast mortgage origination and closing process.
  • A dedicated team at Quicken Loans and Schwab Bank.
  • Convenient online tools to sign and upload documents and track loan progress.

Obtain mortgage rate discounts with Schwab Bank’s Investor Advantage Pricing

Schwab Bank's Investor Advantage Pricing now offers enhanced mortgage rate discounts. Clients are eligible to receive a 0.250% interest rate discount on a new-purchase loan and may be eligible for rate discounts when refinancing a loan. Interest rate discounts on new mortgages (purchase and refinance) are based on the value of combined qualifying non-retirement balances at Schwab and Schwab Bank, and/or assets brought over from other financial institutions.

Qualifying loans for Investor Advantage Pricing are all ARMs, as well as selected Jumbo Fixed-Rate Loans.

Investor Advantage Pricing Options for all Adjustable-Rate Mortgages and Selected Fixed-Rate Jumbo Loans

Qualifying Non-Retirement Schwab Account Balance Rate Discount for Purchase Loans Rate Discount for Refinance Loans
$0 - $249,999  0.250%  N/A
$250,000 - $749,999 0.125% 
$750,000+  0.250% 

Borrowers are eligible for the rate discount if the qualified balances are in a Schwab or Schwab Bank account at least 15 days prior to the loan closing. Qualifying balances are determined at the individual level for all borrowers listed on the application and exclude retirement accounts. Please note that HELOCs and select non-agency conforming loans are not eligible. Clients are only eligible for one discount per loan3. View Additional Rate and Payment Information.

Get a competitive edge when buying a home with Quicken Loans Mortgage First

Offer your clients an edge when buying a home in a competitive market. Schwab Bank's home lending provider, Quicken Loans, offers Mortgage First4―a program where clients can be preapproved for a mortgage loan before starting their search. The loan is entirely underwritten upfront with full credit, income and asset verification, ensuring an expedited process.

For a limited time your clients can save with up to $750 in closing costs discounts on eligible home loans through Mortgage First.

Schwab Bank will be offering a limited time closing cost credit of either $500 on conforming loans or $750 on jumbo loans when clients apply for a mortgage using the Mortgage First preapproval process.

The Mortgage Closing Cost Discount offer will be available through the end of 2018. The discount offer is available through participation in the Mortgage First preapproval process which is intended to give clients a competitive advantage over cash buyers.

A home equity line of credit can help your clients tap into the value of their home.

Your clients can tap into the equity in their home to finance home improvement projects, consolidate debt, pay for educational expenses, or finance a major purchase. Quicken Loans, the home loan provider of Schwab Bank, offers a home equity line of credit (HELOC) with a competitive rate. The HELOC offers:

  • A revolving line of credit with multiple advances. Two types of accounts are available: Standalone HELOCs applied for and opened independently of any other mortgages on the home OR Piggyback HELOCs which are applied for and opened simultaneously with the first mortgage at the time of purchase or refinance.
  • Low, competitive variable rates based on Wall Street Journal Prime Rate: 5.25% as of 12/20/2018. Piggyback HELOC rate: 5.25% (Prime rate – 0.25%). Standalone HELOC rate: 5.99% (Prime rate + 0.74%). Visit for up to date pricing.5
  • Interest-only payments during the draw period of the first 10 years.
  • Interest incurred only on the amount advanced.
  • Flexibility to use the line again once it is paid down until the payback period is entered.
  • Easy account access using HELOC checks.

Access the value of your portfolio with Schwab Bank Pledged Asset Line

To help investors tap into the value of their investments and access cash for personal or business needs generally without having to sell securities, Schwab Bank offers the Pledged Asset Line6. This securities-based, non-purpose, revolving line of credit can:

  • Help clients avoid potential tax consequences caused by the sale of assets.7
  • Separate investment borrowing from non-purpose borrowing.
  • Help simplify performance and tax reporting.

A Pledged Asset Line enables clients to borrow against their assets while staying invested. Advisors can continue to manage client assets to help meet their investment goals and retain the ability to buy, sell, and trade within the Pledged Asset Account.

This flexible line of credit offers:

  • Line amounts from $100,000 up to $20 million and above.
  • Competitive variable rates, based on LIBOR (London Interbank Offered Rate).
  • No fees to set up or maintain account (brokerage fees and commissions apply).
  • Interest charges only on the portion of the line used.
  • Line access via checks or wire transfers.
  • No prepayment penalty.

Pledged asset lending involves a high degree of risk. If the value of the pledged collateral declines, your client may need to deposit more cash or securities to avoid a default. In addition, pledged securities could be sold without your client’s consent, which could result in tax consequences. Proceeds must be used for a lawful purpose and may not be used to purchase securities or to pay down margin loans; proceeds may not be deposited into a Schwab brokerage account.

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