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BBVA New and Refi mortgage discounts

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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 (negative 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 500-25k 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 covering any Bank fees.
10/1 ARM 2.875%

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%.

Thanks IowaHawks4Life "

"BBVA only offers branches in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas." Loans also offered in Washington, Oregon, New York, Pennsylvania, Colorado, Florida, Georgia, Ohio, Nevada, Virginia, Tennessee, Kansas, Idaho, New Mexico
https://www.bbvausa.com/mortgage.html
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Created 09-06-2019 at 12:55 AM by Phaenon
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Last Edited by Phaenon September 9, 2019 at 08:41 AM
Please post your rates here:


NOTE: IF YOU JUST COLD CALL YOU WILL GET STANDARD RATES, YOU MUST CALL AFTER PUTTING IN A FULL APPLICATION AND HAVING A COMPETING OFFER

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#3
If anyone has representative rates with all these discounts for a fixed 15 year, please post. They seem to be high to begin with, at 3.378 on the site (and with points at that), but I'm wondering what it can come down to with OP's method.
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#4
Quote from Phaenon
:
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

I assume you locked this on Tuesday. Now we are prob 0.2-0.3% higher now.
What was your lender fees after all this? the quotes online shows 1.1k+. How easy was it to ask them to match brokers and other sites?
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#5
What are the fees for refinancing?
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#6
I was quoted 3.25 with no points the other day without the need for hoola hoops.
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#7
These rates are good for nationwide, but check your local credit union.

I am in Wisconsin, Educators Credit Union is 3.375 on a 30 with no hoops, 3.125 on a 20 year, 2.875 on a 15 year....


***EDIT***

Those asking about refinance costs, at Educators Credit union fees are $1111. Landmark Credit Union is $1000 flat (I just refianced with landmark, and they waived my appraisal fee of $375 and gave my house an extra 15k value from original mortgage, so it was only $625 total fees)

Again, these are local to SE Wisconsin Rates.
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Last edited by Golfer2004nh September 6, 2019 at 07:17 AM. Reason: Update closing costs
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#8
Hmm. this is something i may be looking into ~ currently 8 years /30 in on a current mortgage at 4.125

Looking at possibly refinaning at the 15 year rate.
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#9
What is the fee for refinance
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#10
Quote from Golfer2004nh
:
These rates are good for nationwide, but check your local credit union.

I am in Wisconsin, Educators Credit Union is 3.375 on a 30 with no hoops, 3.125 on a 20 year, 2.875 on a 15 year....
PenFed has the following for 15 years:

RATES POINTS APR
3.125% 0.000 3.178%*
3.000% 0.375 3.106%
2.875% 0.875 3.053%

Good or bad. Not sure about lender fees.
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#11
I'm in IL and can get a refinance to a 30 year for 3.45 with $1,600 in fees with Liberty Bank and Savings. No points, no bs.https://www.libertybank.com/
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#12
So your final rate was 3.125%? Did you put 25.5k into a CD to get the 0.75 point reduction? What is your out of pocket? (Fees, etc). Thanks, this could be a super slick deal.
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#13
Quote from davpan123
:
I'm in IL and can get a refinance to a 30 year for 3.45 with $1,600 in fees with Liberty Bank and Savings. No points, no bs.https://www.libertybank.com/
That's a pretty solid deal, I would save roughly $400 a month with a refi down to 3.5
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#14
Quote from nikedunks
:
So your final rate was 3.125%? Did you put 25.5k into a CD to get the 0.75 point reduction? What is your out of pocket? (Fees, etc). Thanks, this could be a super slick deal.
No out of pocket fees, the lender credit covered it all
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#15
Quote from r3a1ist
:
I was quoted 3.25 with no points the other day without the need for hoola hoops.
Yes but the point is you can get it lower
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