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Robinhood Partners with Sage Home Loans to Offer Mortgage Rate Discounts to Gold Members
The popular trading platform Robinhood has teamed up with Sage Home Loans to offer big mortgage rate discounts to its Gold members.While Robinhood hasn’t entered the loan origination game, they are referring members to Sage and the rate discount appears to be sizable.However, membership to Robinhood Gold does cost $5 per month (or $50 per year), so there is a cost.But it comes with a variety of other perks as well, such as 4% APY on uninvested cash. Not too shabby.Let’s take a look at this new mortgage perk to see if it’s worth exploring.Robinhood x Sage Home Loans PartnershipIf you’re already a Robinhood Gold member, or thinking about becoming one, their latest perk includes discounted mortgage rates with a third-party, unaffiliated mortgage lender called Sage Home Loans.So first and foremost, Robinhood isn’t making mortgages all of a sudden. They have simply partnered with a mortgage lender to provide a potential benefit to their customers.And I assume they earn a referral fee of some kind for doing so.What’s interesting though is you might be able to get a better deal with Sage Home Loans if you’re a Robinhood Gold member as opposed to simply contacting them directly.On top of that, they also provide a $500 closing cost credit when you use the company to buy a home or refinance an existing property.Taken together, you could potentially save a good deal of money, assuming the interest rate is also significantly lower than the competition.Sage cites an example of a $550,000 loan amount at 6.25% versus 7% resulting in savings of more than $100,000 over the loan term.Just note that the property cannot be located in New York state, nor can it be a mobile home or manufactured housing.And a minimum FICO score of 580 is required, with loan amounts between $100,000 and $3,000,000 accepted.Get a 0.75% Mortgage Rate Discount with Sage Home LoansThe discounted mortgage rates with Sage Home Loans are apparently a full 0.75% below the average, as provided by Mortgage News Daily.I dug into the fine print to see what the loan assumptions were as well. It’s for a primary residence, single-family detached home, with a loan-to-value ratio (LTV) of 75% and no other agency loan-level pricing adjustments (LLPAs).Basically a vanilla loan scenario for a loan backed by Fannie Mae, Freddie Mac, or the FHA/VA. Nothing too crazy here, though not everyone has 25% down payment.And that could change things if you’re only able to come up with say 5-10% down.However, Sage notes that, “In the event that the APR that Sage is pricing for the Baseline Average Loan Scenario is not 0.75% lower than the National Average Mortgage Rate upon its publishing each market day, a pricing reduction is applied by Sage to ensure the APR is at least 0.75% lower that National Average Mortgage Rate (the “Pricing Reduction”).”The company says all eligible Robinhood Gold subscribers receive the same pricing reduction benefit, even if your individual APR is higher or lower than 0.75% less than the Baseline Average Loan Scenario based on your specific loan scenario.In addition, the loan pricing includes one discount point paid at closing to get the desired rate, which is reasonable (though not everyone wants to pay any points at closing).Their sample rate for today is 5.92% versus the 6.67% daily rate compiled by Mortgage News Daily.That represents a 0.75% discount, as advertised, which is a pretty healthy discount. Just note that MND’s daily rate is a composite rate that is adjusted to account for points.In other words, MND may display a rate of 6.25% with no points while actual lenders might be quoting 6% or lower with points.They also throw out loss leaders that are quoting mortgage rates well below the norm in the marketplace.You Still Need to Shop Around and Compare Outside LendersUltimately, this seems like a pretty sweet deal from Robinhood, especially since the Gold membership is only $5 per month (or even less if paid for annually).And there isn’t an asset minimum to unlock this mortgage perk.However, as I say with all these “deals,” you need to compare what they’re offering to that of other lenders.Sure, Sage might offer a rate 0.75% below MND’s daily rate, but what if another lender offers a rate 1% below MND’s rate?You’ve got to look at the final numbers to see who is actually lowest, not just the “discount” offered.It doesn’t really matter what their discount is if another lender can provide a lower mortgage rate with lower fees.As such, shopping around is imperative, even if you’re a Robinhood Gold member.Those interested in applying must do so via the “Gold hub” on the Robinhood platform to ensure the proper discount and closing cost credit is applied.Also note that this new offer is part of a “rolling release” for Robinhood members, so you may not have access to it yet. Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 19 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on X for hot takes.Latest posts by Colin Robertson (see all)
GOP megabill cutting CFPB funding goes to Trump's desk
Bloomberg News WASHINGTON — The House narrowly passed a massive tax and spending bill, capping months of deliberations and sending President Trump's signature legislative priorities to his desk, where he is expected to swiftly sign it, symbolically, on July 4. The bill passed in a 218-214 vote, mostly along party lines. Reps. Thomas Massie of Kentucky, a fiscal hawk, and Brian Fitzpatrick of Pennsylvania, a vulnerable GOP lawmaker in the midterms, were the only Republican holdouts who voted nay. Republicans voted on the bill after all-night deliberations aimed at placating both the party's fiscal hawks — who complain that the bill will add trillions to the budget in the next decade — and vulnerable Republicans who fear that the bill's deep cuts to Medicaid will embolden Democratic challengers in midterm elections next year. But Republican leadership worked overnight to iron out those differences Wednesday evening and into Thursday morning. House lawmakers voted 219-213 to allow the bill to come up for debate early Thursday morning. Before the measure could proceed for a full vote on the House floor, House Minority Leader Hakeem Jeffries, D-N.Y., spoke about the megabill for over eight-and-a-half hours, breaking the previous record for longest floor speech set by former House Speaker Kevin McCarthy, R-Calif., in 2021. The megabill, unusually, touches on a number of financial policy issues. Typically financial regulators, since they are almost uniformly funded outside of the traditional congressional appropriations process, are immune from the kind of political jockeying that comes during must-pass measures like the reconciliation bill. But this spending bill introduces a new method of controlling the funding of the Consumer Financial Protection Bureau. The megabill caps the amount of funding that the CFPB can receive from the Federal Reserve's operating budget at 6.5% — down from 12% previously — representing a 46% reduction in the bureau's maximum funding level.That reduction is still less severe than either the Senate Banking Committee's initial version of the bill, which zeroed out that source of funding for the bureau, or the House Financial Services Committee's version, which limited the bureau's draw to 5%. The Senate parliamentarian ruled out eliminating the Fed funding source entirely, but allowed the more modest 46% cut. This is a new way for lawmakers to exert control over the bureau, and can likely be used by either party in the future. Future Democratic-controlled Congresses could raise that limit above 12%, and it's possible that Republican-controlled Congresses could lower that limit further, so long as the agency has the budget to fulfill its statutorily required duties. The bill also offers bankers some big wins on the tax front. The bill extends the temporary Section 199(a) provisions established in the 2017 tax law, which allows owners of pass-through entities to deduct up to 20% of their taxable income from those entities. Many community banks are so-called subchapter S banks, which have fewer than 75 shareholders. Bank groups have argued that the provision helps keep community bank taxes in line with the corporate tax rate. It also incorporates the ACRE Act, which will give a 20% tax break for lending in rural areas secured by farm land or farm real estate. Bankers have argued that ACRE would help them compete with the Farm Credit System, a government-sponsored enterprise that can access capital markets at a much lower cost.
NAHB's top economist weighs tariffs, immigration, economics
Economic uncertainty and tariff negotiations have left home builders that lenders increasingly partner with feeling blue. Builder confidence in June sank to a low akin to the onset of the coronavirus pandemic, according to the sector's latest monthly index. The homebuilding industry is dealing with the high mortgage rates suppressing stronger housing demand, and unique challenges in labor shortages and trade negotiations heating up costs. Robert Dietz, senior vice president and chief economist at the National Association of Home Builders. Herman Farrer/Herman Farrer Photography The nation's housing market is still short around 1.5 million homes, an ultimate tailwind for home builders, said Robert Dietz, the National Association of Home Builders' senior vice president and chief economist. Anticipated short-term interest rate cuts from the Federal Reserve that could have an influence on long-term mortgage borrowing costs, and tariff certainty may stabilize homebuilder economics, while certain aspects of President Trump's Big Beautiful Bill could offer greater economic momentum. The expansion of a low-income housing credit and extension of the lower tax rates in the bill may benefit homeowners in addition to builders and remodelers that are small businesses, according to Dietz."There's just a lot to cheer for that will help the housing market," Dietz said of the bill. That statement comes with a caveat, however, as the bill which had yet to pass at the time of Dietz's interview does do things like eliminate some tax credits for green construction. National Mortgage News spoke with Dietz about the homebuilder outlook on tariffs, the immigration enforcement impact on labor, and construction industry economics at large.This interview has been edited for length and clarity.
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