Schwab Bank® Mortgage Advantage Program

Access competitive rates with down payments as low as 10% on a 30-year fixed-rate conforming loan.1

Start your loan or call our home loan provider, Rocket Mortgage®, at 877-490-6837 to speak to a Home Loan Expert who will guide you through the process.

Whether you are looking to purchase or refinance, qualified borrowers may be eligible for a competitive rate on a 30-year, fixed-rate loan.

Today's featured rate.

The rate shown is based on a $350,000 loan and 80% loan-to-value.

 

Rate as of: 1:17 PM EDT 05/24/2024

See rate and payment details

What areas are eligible for the program?

The program is available for primary residences financed in the following eligible counties:
 

California: Alameda, Contra Costa, Los Angeles
District of Columbia: Washington, D.C.
Florida: Broward, Miami-Dade
Georgia: Clayton, Cobb, DeKalb, Douglas, Fulton, Gwinnett, Henry, Newton, Rockdale
Illinois: Cook
Indiana: Lake
Maryland: Charles, Montgomery, Prince George's
New Jersey: Essex, Hudson, Passaic, Union
New York: Bronx, Kings, Nassau, New York, Queens, Richmond, Suffolk
Texas: Dallas, Tarrant
Virginia: Arlington County, Fairfax County, Alexandria City, Fairfax City, Falls Church City, Manassas City, Manassas Park City
 

Get started or call Rocket Mortgage at 877-490-6837 to discover if a specific address is eligible.

Everything you'd expect from Schwab Bank—and more.

Service

Throughout the loan process, you'll work side by side with both Schwab Bank and a Rocket Mortgage team solely dedicated to serving Schwab clients.

Convenience

Closing may take place at your home, your office, or another preferred location, and you can sign and submit most disclosures and supporting documents electronically.

With electronic documents, you'll reduce paperwork and save time by eliminating the scanning and mailing of forms.

Value

As a Schwab client, you have access to competitive interest rates for home loans on a variety of loan types.

You may be eligible for Investor Advantage Pricing (IAP) based on your combined assets with Schwab. IAP cannot be combined with this offer and is only available on adjustable rate and jumbo loans.2

Continue your home buying education with insightful articles.

Get answers to common questions.

Schwab Bank Mortgage Advantage Program

Schwab Bank's Mortgage Advantage Program is a mortgage loan product intended to meet the home lending needs of Schwab clients purchasing or refinancing their primary residence in selected areas. Attractive features of this product include:

  • A competitive interest rate on 30-year fixed-rate conforming mortgages
  • Down payments as low as 10% of the purchase price
  • Can be used to purchase or refinance a primary residence in an eligible county

Eligibility for the program is determined by property address. Only primary residences financed within an eligible county qualify for this program. Not all property types will qualify. Eligible counties are subject to change without notice.

The Schwab Bank Mortgage Advantage Program applies only to 30-year fixed-rate conforming mortgage loans for one-to-four family properties. This offer is not valid on Home Equity Lines of Credit, VA loans, or FHA loans.

If you're ready to start the application process or if you have additional questions, request a Rocket Mortgage Home Loan Expert contact you or call at
877-490-6837 (Monday – Friday, 8am – 9pm ET; Saturday, 8am – 8pm ET).

Qualified borrowers purchasing or refinancing owner-occupied residential real estate in these eligible counties:

  • California: Alameda, Contra Costa, Los Angeles
     
  • District of Columbia: Washington, D.C.
     
  • Florida: Broward, Miami-Dade
     
  • Georgia: Clayton, Cobb, DeKalb, Douglas, Fulton, Gwinnett, Henry, Newton, Rockdale
     
  • Illinois: Cook
     
  • Indiana: Lake
     
  • Maryland: Charles, Montgomery, Prince George's
     
  • New Jersey: Essex, Hudson, Passaic, Union
     
  • New York: Bronx, Kings, Nassau, New York, Queens, Richmond, Suffolk
     
  • Texas: Dallas, Tarrant
     
  • Virginia: Arlington County, Fairfax County, Alexandria City, Fairfax City, Falls Church City, Manassas City, Manassas Park City

Please note: Eligibility is determined by the county of the property being financed. Eligible counties are subject to change without notice. To determine whether your home purchase or refinance is eligible for the program, a Rocket Mortgage Home Loan specialist can best assist you.

With lower down payments, the Schwab Bank Mortgage Advantage Program makes homeownership more accessible with affordable upfront costs. Down payments as low as 10% are available on purchase and rate-and-term refinance transactions only. If you provide less than 20% down, you will need to purchase private mortgage insurance (PMI).

Private Mortgage Insurance is for conventional loans and covers the lender if you stop paying your mortgage and default on your loan. The yearly cost of PMI ranges and may be approximately 1% of your outstanding loan balance. This amount is added to your monthly mortgage payment. You can request to have PMI eliminated once your outstanding balance reaches 80% of the original value of the loan.

Mortgage rates are always changing; you can view our current rates here.

Mortgage Purchase

Rocket Mortgage is the home loan provider for Schwab Bank. We work with Rocket Mortgage to offer mortgage products for our clients. Rocket Mortgage is an industry leader in client service and technology. Rocket Mortgage has a dedicated team of experts specifically serving Schwab clients to ensure an outstanding level of service.

Yes, as long as you meet the criteria for the new loan amount or new program you've selected.

Following are some of the more commonly requested documents. This list is not all-inclusive.

  • When applicable, a fully executed agreement of sale for the property being purchased
     
  • Financial statements for bank and brokerage accounts
     
  • Closing disclosures on the property you're selling, if applicable
     
  • Your most recent paystubs, if applicable
     
  • Previous W2s
     
  • A copy of a rental lease, if applicable
     
  • Homeowners insurance policy declarations page
     
  • Flood insurance policy, if applicable

Typically, the borrower pays for closing costs such as appraisal, inspection, and title company fees. Once the application is submitted, the borrower receives a loan estimate that includes all fees associated with the transaction.

Yes. You can apply for preapproval and obtain a Verified Approval Letter (VAL)3 from Rocket Mortgage, which allows you to become a more competitive buyer before you start shopping for your new home.

Mortgage Refinancing

Rocket Mortgage is the home loan provider for Schwab Bank. We work with Rocket Mortgage to offer mortgage products for our clients. Rocket Mortgage is an industry leader in client service and technology. Rocket Mortgage has a dedicated team of experts specifically serving Schwab clients to ensure an outstanding level of service.

It depends on your situation, including your current interest rate and how long you intend to stay in your house. Based upon proprietary studies at Schwab Center for Financial Research, refinancing may make sense if you can lower your interest rate by at least half a percent. Reducing your rate in this fashion could increase your monthly cash flow, as you may pay less in interest. If your goal is to shorten the length of your mortgage, your monthly payments could increase. However, you could generally save a considerable amount of interest over the life of the loan.

Yes. Many people borrow against the equity in their home. This could be a way to increase your cash reserves. However, we strongly recommend that you consult first with your financial planner, accountant, or other financial professional before you decide to move forward with this option.

Just like when you got your original loan to purchase the home, you'll have closing costs associated with refinancing, such as origination or appraisal, processing, and title company fees. You may have the option of rolling these costs into the loan amount to reduce the amount you pay out of pocket.

If you qualify, this program allows you to use up to 90% of the appraised value of your home if you refinance your rate and term. For cash-out refinances you can generally use up to 75% of the appraised value of your home. Equity is based on the current value of your home and how much you currently owe on your home.  The amount of equity you can use may be subject to applicable state laws.

Ready to start your loan?

Apply online or call Rocket Mortgage at 877-490-6837 to speak with a Home Loan Expert.