We are excited to announce a partnership with Bank of America Private Bank that provides Geometric’s clients with discounted mortgage rates and flexibility in loan structure.

Geometric’s client base is a uniquely-successful group of high-earning professionals.  Individually, each would be a desirable customer for just about any lender.  Pooled together, they are even more so.  We have sought ways to leverage the collective buying power of our clients to unlock preferential services and rates.  Our new partnership with Bank of America Private Bank does exactly that.

Bank of America Private Bank provides private banking and lending services to high net worth clients.  The bank recognizes that Geometric’s clients are dependable borrowers and is therefore willing to make a significant commitment in the form of discounted rates, flexible terms, white glove service, and a streamlined application process.

While every client situation will be different, our experience thus far suggests that this partnership will be powerful.  The first handful of our clients have received discounts of between 0.125% and 0.50% off market rates, even for those who solicited multiple competitive bids.  Those discounts will make an enormous difference over time.

This partnership does not require our clients to transition any other services to Bank of America, though existing BofA account-holders will receive a free upgrade to Bank of America Private Bank, which comes with better service, ATM reimbursements, and a handful of other minor perks (without having to change account numbers).  Bank of America Private Bank will not “upsell” any additional services – this is a straightforward partnership focused entirely on mortgage lending.

(We hope it goes without saying, but Geometric receives no financial compensation from this partnership.  As fee-only advisors, we are compensated only by our clients, and that will never change.)

Over the coming weeks, we will analyze all of our clients’ existing mortgages for refinance opportunities.  For any new loans going forward, we plan to leverage this partnership to its fullest extent.