Introduction to home lending programs at Schwab Bank 

Introduction to home lending programs at Schwab Bank 

Schwab Bank offers a variety of lending solutions to help meet the credit needs of your clients. Home lending products, including mortgages and home equity lines of credit (HELOCs), are offered through Rocket Mortgage®, the home loan provider of Schwab Bank.

Key information related to home lending products:

Schwab Bank's home lending program through Rocket Mortgage® offers a variety of mortgages at competitive rates to help you expand your client relationships.

You and your clients receive a personalized experience from Rocket Mortgage® mortgage bankers dedicated to support Schwab Advisor Services™. You can also utilize online tools to easily upload documents and monitor loan progress.

Mortgage products for home purchase and refinancing include the following types of loans:

  • Adjustable rate mortgages—fixed initial rate and monthly payment period which changes over the remainder of the loan term.
  • Fixed rate mortgages—fixed interest rate and fixed principal and interest payment for the life of the loan.
  • Interest only—a type of adjustable-rate mortgage (ARM) with an initial interest only payment period followed by a period with fully amortizing interest and principal payments.1

Interest rates vary depending on the amount and type of loan. The offerings available through the Schwab Bank home lending program provided by Rocket Mortgage® include:

  • Conforming loan amounts up to $726,200 for a single-family unit in most areas.
  • High-balance loan amounts in high-cost areas (determined by the Federal government) up to a maximum of $1,089,300 for single family units.
  • Jumbo loan amounts up to $7,000,000.

For loans greater than $7,000,000, large acreage properties, farms, and mixed-use properties, call your dedicated Schwab Bank Regional Banking Manager at 800-497-7470 for more information.

Home Equity Line of Credits (HELOC)
HELOCs allow your clients to borrow money against the available equity in their home to finance other needs, with their residence serving as collateral for the loan*.

Features of HELOCs include:

  • Interest may be tax-deductible.
  • Interest is only incurred on the amount accessed.
  • Revolving line of credit with multiple advances as needed using Zelle®, Push-to-Debit, ACH, and wires.
  • No annual fee.
  • No minimum balance requirements.

*Home equity lines have a 10‐year draw period followed by a 20‐year repayment period. During the draw period, monthly payments of accrued interest are required. 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: 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. Rates subject to change.

HELOC Fees: The estimated range of fees you may pay is from $0 ‐ $29.00 for every $1,000 of your line amount, 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 home equity line of credit with Rocket Mortgage. 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.

† Consult with a tax advisor on the deductibility of home equity line of credit interest payments for the specific tax situation. Neither Schwab nor Schwab Bank provide tax advice.

For additional information regarding mortgage and HELOC products, refer to the following information:

You or your clients may call the dedicated Schwab Advisor Services line at 800-883-0790 to speak with a Rocket Mortgage® home loans expert. Use this line to provide financial and property information, shop for rates, request additional information, or ask questions.

Once one of your clients has applied for a home lending product and set up their online account on the dedicated Rocket Mortgage® website, they can also access their loan information through Schwab Alliance on the Account Summary page.

Schwab Bank's home lending provider Rocket Mortgage® offers the VAL pre-approval program. VAL offers a competitive selling point where the end-client may be pre-approved for a mortgage loan before they start shopping for a home. A mortgage loan is underwritten upfront with a full credit, income and asset verification before the end-client starts finding a home, which allows shopping with confidence2.

By leveraging Schwab Bank's Investor Advantage Pricing,3 your clients may be eligible to receive an interest rate discount between 0.25% and 1.00% on select home loans (purchase and refinance) based on qualifying assets of $250,000 or greater.

Investor Advantage Pricing mortgage rate discounts from Schwab Bank are based on the value of a client's combined qualifying non-retirement assets at Schwab, Schwab Bank, and/or eligible assets brought over from other financial institutions. 

Review the following Investor Advantage Pricing discounts for select ARMs, Jumbo 15-yr and Jumbo 30-yr fixed loans. Discount for ARMs applies to initial fixed-rate period only:

Qualifying non-retirement Schwab assets Rate discount for purchase and refinance loans
$250,000 – $749,999 0.25%
$750,000 – $4,499,999 0.50%
$4,500,000 – $8,999,999 0.75%
$9,000,000+ 1.00%


HELOCs and select conforming fixed-rate loans, VA and FHA are not eligible.

  • Advisor participation
    • Advisor can research loans on web or over the phone.
  • Personalized service from a dedicated Rocket Mortgage® Mortgage Banker.
  • Once the loan is conditionally approved, a dedicated Client Care Specialist will be assigned.
  • Fast and simple application process.
  • Contact policy
    • No solicitation of advisor clients from Schwab Bank—unlike other banks, Schwab Bank and Rocket Mortgage® will not attempt to cross-sell advisor's client into wealth management services.

Rocket Mortgage® allows advisors, via an executed consent form, to actively participate in the mortgage loan process by providing needed information from the borrower and receiving specific information about the loan (for example: APR, status, next steps, and other information).

  • The consent form improves the client experience by only requiring the consent once at the onset of the application.
  • The consent to participate in the application process is formalized with a signature from the borrower and the advisor.
  • The form also allows the advisor to receive updates after the loan has closed and is being serviced by Rocket Mortgage®.
  • The consent form is good for only the loan in process and is not a blanket consent for future client loans.

Which mortgage loans are eligible with Investor Advantage Pricing?
Discounts are available for select adjustable-rate mortgage (ARM) loan sizes, and select fixed-rate jumbo loans.

What are the qualifying assets for Investor Advantage Pricing discounts?
Qualifying assets are funds held in any Charles Schwab & Co., Inc., or Schwab Bank account, except for all retirement accounts. The account balances are combined, based on the borrowers' Social Security number.

What if there is an issue with a loan?
Call Schwab Bank's Mortgage Concierge at 800-838-6573 for guidance on any problems with your client's mortgage or HELOC.

The following are available to assist you:

Introduction to Schwab Alliance
Introduction to Schwab Bank Investor CheckingTM accounts
Introduction to the Pledged Asset Line® (Demand)

Visit the Schwab Bank website to view daily mortgage interest rates from Rocket Mortgage® and access additional information on Schwab Bank's Investor Advantage Pricing.

Learn more about the products offered by Schwab Bank.

For more information about home lending products, call a Rocket Mortgage® home loans expert at 800-883-0790.

Zelle® and the Zelle®-related marks are wholly owned by Early Warning Services, LLC and are used herein under license. The Charles Schwab Corporation is not affiliated with Zelle®.

U.S. checking or savings account required to use Zelle®. Transactions between enrolled users typically occur in minutes.

Payment requests to persons not already enrolled with Zelle® must be sent to an email address.

To participate, the borrower must agree that the lender, Rocket Mortgage, may share their information with Charles Schwab Bank, and Charles Schwab Bank will share their information with the lender Rocket Mortgage. 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. This offer is subject to change or withdraw at any time and without notice. Interest rate discounts cannot be combined with any other offers or rate discounts. Hazard insurance may be required.

1. Interest-only adjustable-rate mortgage (ARMs) have an initial interest-only payment period followed by a fully amortizing payment period. After the interest-only period ends, the monthly payments will increase, because your client will be paying both principal and interest.

2. For Verified Approval Letter (VAL): VAL is a service available from Rocket Mortgage. Rocket Mortgage verifies the home buyer's income, reviews credit, and underwrites the proposed loan without an identified property. Not all properties are eligible. Once a property has been identified and approved, Rocket Mortgage may issue final loan approval. The interest rate does not lock until a contract is entered, so rates may change without notice. Other conditions must be met for final approval and other restrictions may apply. No loan will issue without buyer's provision of insurance, an adequate appraisal, and clear title. This advertisement is not an offer to lend and does not empower you to accept any loan agreement. VAL terms and conditions may change without notice.

3. For Schwab Bank Investor Advantage Pricing (IAP): Loans are eligible for only one Investor Advantage Pricing discount per loan. Select mortgage loans are eligible for an interest rate discount of 0.250% - 1.000% based on qualifying assets of $250,000 or greater. Discount applies to ARMs, Jumbo 15-yr and Jumbo 30-yr fixed (excludes HELOCs, VA loans, and FHA loans). Discount for ARMs applies to initial fixed-rate period only.

Qualifying assets are based on non-retirement Schwab brokerage and Schwab Bank combined account balances, including:  

  1. Brokerage accounts in which the borrower(s) is an owner, trustee or custodian;
  2. Bank accounts in which the borrower(s) is an owner or trustee: checking & savings;
  3. Business Corporation, LLC, Partnership and Sole Proprietorship accounts may be eligible depending on the borrower’s ownership and role.

Retirement accounts, including all IRAs, are excluded from this offer. Schwab Bank makes its best effort to identify all qualifying assets based on your Social Security Number. If you have questions regarding your specific assets or account eligibility, please call your Schwab Bank representative for assistance.

Clients must notify Schwab and Rocket Mortgage of any new assets brought to firm during processing. Qualifying new assets should be deposited and verified 15 days prior to the anticipated closing date to avoid closing delays. If the qualifying assets are deposited with less than 15 days remaining before closing, the closing date may be delayed, and eligibility to receive the interest rate discount may be affected.

Charles Schwab Bank, SSB, and Charles Schwab & Co., Inc., are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation. Brokerage products offered by Charles Schwab & Co., Inc. (member SIPC) are not insured by the FDIC, are not deposits or obligations of Charles Schwab Bank, SSB, 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 Rocket Mortgage, LLC. Rocket Mortgage, LLC, is not affiliated with The Charles Schwab Corporation, Charles Schwab & Co., Inc. or Charles Schwab Bank, SSB. Deposit and other lending products are offered by Charles Schwab Bank, SSB, Member FDIC and Equal Housing Lender.

Equal Housing Lender
Rocket Mortgage,, LLC; NMLS #3030; Equal Housing Lender. Licensed in 50 states. AL License No. MC 20979, Control No. 100152352. AR, TX: 1050 Woodward Ave., Detroit, MI 48226-1906, (888) 474-0404; AZ: 1 N. Central Ave., Ste. 2000, Phoenix, AZ 85004, Mortgage Banker License #BK-0902939; CA: Licensed by Dept. of Business Oversight, under the CA Residential Mortgage Lending Act and Finance Lenders Law; CO: Regulated by the Division of Real Estate; GA: Residential Mortgage Licensee #11704; IL: Residential Mortgage Licensee #4127 – Dept. of Financial and Professional Regulation; KS: Licensed Mortgage Company MC.0025309; MA: Mortgage Lender License #ML 3030; ME: Supervised Lender License; MN: Not an offer for a rate lock agreement; MS: Licensed by the MS Dept. of Banking and Consumer Finance; NH: Licensed by the NH Banking Dept., #6743MB; NV: License #626; NJ: New Jersey – Rocket Mortgage, LLC, 1050 Woodward Ave., Detroit, MI 48226, (888) 474-0404, Licensed by the N.J. Department of Banking and Insurance.; NY: Licensed Mortgage Banker – NYS Banking Dept.; OH: MB 850076; OR: License #ML-1387; PA: Licensed by the Dept. of Banking – License #21430; RI: Licensed Lender; WA: Consumer Loan Company License CL-3030. Conditions may apply.

©2023 Charles Schwab Bank, SSB. All rights Reserved. Member FDIC. Equal Housing Lender.