New Wells Fargo Mortgage Discounts Are Here!

Exciting news from Wells Fargo! They’ve updated their policy on mortgage rate discounts for customers who deposit assets with the bank. Typically, opening an account and depositing a certain amount qualifies you for a tiered discount on mortgage rates. For instance, depositing $1 million can get you a 0.5% rate discount.

Now, under the new policy, buyers can use their down payment to qualify for these tiered discounts. Just move your down payment and any additional assets over, and you’re set! The best part? The funds deposited for these discounts can also be used directly as your down payment, rather than needing to stay in the account.

And it doesn’t stop there—Wells Fargo offers up to 9 discount levels, with a maximum rate reduction of 1.25%. Of course, I’m not sure those with $50 million in assets are concerned about loan interest rates… [😂😂😂]

Wells Fargo ran a similar program back in 2020, and I helped many clients secure these discounts back then, achieving rates as low as 1.75-1.875%. Now that the program is back, it’s a great time for anyone planning to buy a home to explore these options. Feel free to reach out for more info!