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Purchase a Home

Take the first step towards your new home.

Equal Housing Lender Home Loans – Provided by Quicken Loans®

Schwab Bank offers clients a premier home lending experience with exclusive rate discounts, as well as award-winning service and a quick process with our home loans provider Quicken Loans.


Save 0.250% on new eligible home loans with Investor Advantage Pricing.1 All Adjustable-Rate Mortgages and the 15-Year Fixed-Rate Jumbo Loan are eligible for Investor Advantage Pricing.


Plus, you may receive a $500 closing cost discount2 on any purchase loan.

Today's featured mortgage rates

The rates shown below do not include Investor Advantage Pricing discounts and are based on a $750,000 loan and 60% LTV.3

5/1 Jumbo ARM

3.45%

4.387% APR

15-year Jumbo Fixed

3.5%

3.551% APR

Rates as of: 8:49 AM EDT  05/24/2019
See All Rates for More Loan Options and Details >

See rates and more loan options >

Whether you're a first-time homebuyer, moving to a larger space, or purchasing a vacation home or investment property, Schwab Bank & Quicken Loans will help you find a home loan tailored to your needs.

Service

For several consecutive years, J.D. Power has ranked Quicken Loans highest in the nation in customer satisfaction for Primary Mortgage Origination and for Mortgage Servicing.4 Throughout the loan process, you'll work side by side with both Schwab Bank and a Quicken Loans team solely dedicated to serving Schwab clients.

Convenience

Closing may take place at your home, your office, or another preferred location, plus you may sign and submit most disclosures and supporting documentation electronically. With electronic documentations, you'll reduce paperwork by signing forms online and from your home, not to mention save time by eliminating the scanning and mailing of forms.

Value

As a Schwab client, you have access to competitive discounted rates for home loans on a variety of loan types, including a 0.250% discount on eligible loans.

Mortgage First Preapproval

With Mortgage First5, offered by Schwab Bank’s home loan provider Quicken Loans, you may become a more competitive buyer with preapproval on your loan. You’ll enjoy the benefits—before you even begin to shop for your new home.

Get Started Online or Call 877-535-4021

Industry Leaders

Experience the benefits of working with Schwab Bank and Quicken Loans, the nation's #1 online mortgage provider.6

“Overwhelmingly pleasant experience working with Schwab Bank and Quicken Loans”
—Chaz 3/2/20177

Why did Schwab Bank team with Quicken Loans? For award-winning service and industry-leading technology.

Watch our video to find out more >

Mortgage Rate Calculator

Begin to plan for your mortgage with the mortgage rate calculator. Based on your specific situation, you will see the rate you may qualify for. Your calculations will be tailored to the goals and data you provide.

Get a customized mortgage rate quote >

Insights

Fixed vs. Adjustable-Rate Mortgages > The Rise of Jumbo Loans > Fixed-Rate Mortgage vs. ARM: How Do They Compare? > Can You Use IRA Assets to Purchase a Retirement Home? Should You? > Homeownership: 4 Things to Know About Renting vs. Buying >

Find a home loan that's right for you.

Fixed-Rate Loan

  • You want a stable monthly payment for the life of the loan.
  • You are uncomfortable with interest rates rising significantly over the next few years.
  • You are purchasing a home you plan to stay in for a long time.

Adjustable-Rate Loan

  • You want to lower your initial monthly payments.
  • You plan to sell or refinance your home within the initial fixed-rate period.
  • You expect your income to increase in the future.
  • You don't anticipate interest rates to increase significantly in the future.

Note: Your interest rate and monthly payments may increase after the initial fixed-rate period ends.

Interest-Only Loan

  • You have plans to sell the property within a short period.
  • If you anticipate the ability to make a large principal reduction within the next few years of the loan, an interest-only loan may be a good option.
  • Interest-only loans8 may be a good fit for your needs if you have irregular income such as investments and commissions, whereas if you have steady income levels your needs may be better satisfied with principal and interest payment loans.
  • After the initial interest-only period, your monthly payments will rise.

How the home loan process works in 5 steps:

1Talk to us about your goals

You'll talk with either your Financial Consultant or a Quicken Loans Home Loan Expert about your home financing needs and your goals. They will answer any mortgage questions you may have.

Frequently asked mortgage purchase questions.

  • 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
    • Your most recent pay stubs if applicable
    • Previous W2s
    • A copy of a rental lease, if applicable
    • Homeowner's 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 which includes all fees associated with the transaction.

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

  • Yes. With Quicken Loans Mortgage First program, you can apply for a preapproval that allows you to a more competitive buyer before you start shopping for your new home. For more information, please download our Mortgage First FAQs sheet.

Mortgage First by Quicken Loans

  • Mortgage First is a preapproval program that allows you to get preapproved on your home loan before you start shopping for your new home.

  • By providing documentation upfront and getting preapproved, you will have confidence while shopping for your house knowing that you've already been preapproved for financing. Additionally, being preapproved upfront can give you a competitive advantage in the market.

  • Schwab Bank and Quicken Loans will assist you with completing the credit application and you will need to provide your income, asset, and credit documentation for review in order to get preapproved. For further details, please download our Mortgage First FAQs sheet.

Don't see the answer you need?

877-535-4021

Want more info on today's rates?

View today's featured mortgage rates and see which loan types qualify for Investor Advantage Pricing.1

Visit the Rates page to see exclusive discounts >

Interested in refinancing?

Lower your monthly payments, or pay off your loan sooner, by refinancing your mortgage with Schwab Bank and Quicken Loans.

Discover refinancing solutions >

Need a home equity line of credit?

Obtain a competitive-rate home equity line of credit (HELOC)9 with Schwab Bank's home equity lending program, provided by Quicken Loans.

Benefit from your home's equity with a low APR >
Ready to start the mortgage process?
Get Started
Call 877-535-4021

Mon.-Fri., 8 a.m. – 9 p.m. ET;
Sat. 8 a.m. – 4 p.m. ET

In order to participate, you must agree that the lender, Quicken Loans, may share your information with Charles Schwab Bank. Nothing herein is or should be interpreted as an obligation to lend. Loans are subject to credit and collateral approval. Other conditions and restrictions may apply. Hazard insurance may be required.

1. For Schwab Bank Investor Advantage Pricing: Only one discount eligible per loan. Discounts available for all Adjustable-Rate Mortgage (ARM) loan sizes, and selected Jumbo Fixed-Rate loans. Discount for ARMs applies to initial fixed-rate period only with the exception of the 1-month ARM where the discount is applied to the margin. Eligible balance based on Schwab and Schwab Bank combined account balances, including the following retirement account types: Traditional, Roth, Rollover, and Inherited IRAs. Clients that utilize an eligible IRA account balance to qualify for certain discounts may qualify for one special IRA benefits package per loan. This includes: a $200 bonus award into your Schwab IRA account with the largest balance, and an in-depth personal financial plan analysis to include a detailed review of your IRA(s) by a Certified Financial Planner. This information does not constitute and is not intended to be a substitute for specific individualized tax, legal, or investment planning advice.

IRA account balance eligibility and the IRA benefit package are not available for clients of independent investment advisors. Details for the discount program available for these clients can be found by visiting www.schwab.com/advisors.

Eligible balance must be verified 15 days prior to your anticipated closing for an on-time close. If you deposit your eligible assets with less than 15 days remaining before closing, your closing date may be delayed and your eligibility to receive the promotional rate may be affected.

Where specific advice is necessary or appropriate, Schwab Bank recommends consultation with a qualified tax advisor, CPA, financial planner, or investment manager.

2. For the Closing Cost Limited Time Offer: The borrower will receive a $500 promotional closing cost credit on all Jumbo and Conforming Loans. Closing cost credits are limited to one per loan, depending on loan type. The application date must be between March 15, 2019 and September 15, 2019, in order to qualify to receive a closing-cost credit. The application date will be printed on the Loan Estimate. This offer is not valid on Home Equity Lines of Credit. The closing-cost credit will appear on the borrower’s final Closing Disclosure and is non-refundable in cash to the borrower.

3. The rates and APR shown are based on a purchase loan of an owner occupied, single family residence for our best-qualified customers. Your individual rate may vary.

Interest Rates, APRs, and Monthly Payment calculations are based on the following loan amounts and Loan-to-Value (LTV):
Conforming: $250,000, 60% LTV
Jumbo: $750,000, 60% LTV
Rates may be higher or lower for different loan amounts, loan products, property type, credit score, occupancy, Loan-to-Value, and loan purposes.

4. Quicken Loans received the highest score in the J.D. Power 2010–2018 (tied in 2017) Primary Mortgage Origination and the 2014–2018 Primary Mortgage Servicer Studies of customers' satisfaction with their mortgage sales experience and mortgage servicer company, respectively. Visit JDPower.com/Awards.

5. For Mortgage First: The Quicken Loans Mortgage First documentation that was reviewed in evaluating your loan application is valid for 90 days from the date of receipt. It may be necessary to update such documentation during the loan process and this approval is subject to the results of such updates. This approval shall be void if, in the opinion of Quicken Loans, Inc., there is or has been a material change in your financial situation, employment status, credit status, property, or any other information reviewed by us in connection with the mortgage loan application, including but not limited to an increase in the qualifying monthly payment. This approval is subject to lender approval of the property. A satisfactory title report and an appraisal supporting the minimum loan to value ratio for the type of mortgage product selected will be required.

6. Quicken Loans is the #1 online lender based on the ranking of Quicken Loans in comparison to online residential mortgage lenders included in the Inside Mortgage Finance "Top 50 Mortgage Lenders" report from Q2 2017.

7. This testimonial excerpt is illustrative in nature and may not be representative of the experiences of clients or services. It does not indicate future performance. The individual submitting this testimonial was not paid nor rewarded in any way.

8. Interest-only mortgages have an initial interest-only payment period followed by a fully amortizing payment period. After the interest-only period ends, your monthly payments will increase because you will be paying both principal and interest. Interest-only mortgages include additional risks you should consider. For more information about these risks, please contact a home loan specialist.

9. Home equity lines have a 10-year draw period followed by a 20-year repayment period. During the draw period, you will be required to make monthly payments of accrued interest. Payments will increase if rates increase. At the end of the draw period, your required monthly payments will increase because you will be paying both principal and interest. You may not use this home equity line as a bridge loan, for commercial purposes, to invest in securities, or to repay a margin loan.

HELOC Terms: As of the annual percentage rate (APR) for a primary residence HELOC opened simultaneously with your first mortgage loan – also known as piggyback loan - is . Rates vary for second homes, vacation homes, or HELOCs opened as standalone accounts. The APR on your home equity line of credit is variable based upon the Wall Street Journal Prime Rate plus a margin. The maximum APR that can apply is 18% or the maximum amount permitted by state law, whichever is less. The minimum credit line amount is $50,000 or the minimum amount permitted by state law, whichever is less. The maximum credit line is $1,000,000. Additional terms and conditions apply.

HELOC Fees: The estimated fees you may pay on the amount drawn from your line ranges from $0 - $29 for every $1,000, and will vary based on the location of the property. The amounts provided are estimates and are not a substitute for initial disclosures of closing costs that you will receive once you apply for a loan with Quicken Loans. Proof of proper and adequate insurance may be required prior to closing. You are responsible for paying any state, county, or local taxes imposed on a home mortgage transaction.

Charles Schwab Bank and Charles Schwab & Co., Inc. are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation. Investment products offered by Charles Schwab & Co., Inc. (member SIPC) are not insured by the FDIC, are not deposits or obligations of Charles Schwab Bank, and are subject to investment risk, including the possible loss of principal invested. Charles Schwab & Co., Inc. does not solicit, offer, endorse, negotiate or originate any mortgage loan products and is neither a licensed mortgage broker nor a licensed mortgage lender. Home lending is offered and provided by Quicken Loans, Inc., Equal Housing Lender. NMLS# 3030. Quicken Loans Inc., is not affiliated with The Charles Schwab Corporation, Charles Schwab & Co., Inc. or Charles Schwab Bank. Deposit and other lending products are offered by Charles Schwab Bank, Member FDIC and Equal Housing Lender.