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YMMV - Chase mortgage interest reduction without refi (Jumbo ~2.875% 30yr fixed) $995

$995.00
+20 Deal Score
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Thought I'd give the community a heads up, while going through a refi through Chase (also my current lender), I was offered a separate program to adjust my interest rate without the need to go through underwriting. I am currently at Jumbo Loan 30 year 3.5%, and they offered me 2.875% with a single payment of $995 origination fee. Change will be reflected by Aug.

2.875% is the same quote that I received from Chase to go through a refi (unless you are a Chase Private Client, you may be eligible for additional 1/8 - 1/2 point reduction by bringing in new money).

The benefit of this program is that it eliminate the need for
  • Appraisal (~$600 in NorCal)
  • Credit check ($25)
  • Title Insurance ($900)
  • Closing fee ($450)
  • Fee fees aka misc. fees… (~$500)
But the biggest benefit is that you do not need to restart your 30 year fixed loan all over again. Kind of a no brainer, but they did say this is a targeted program. I'd recommend reaching out to your current Chase Mortgage Advisor to see if you also qualify! Good luck!
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Created 07-15-2021 at 05:10 PM by funkaboo
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Joined May 2008
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#2
That's a fascinating offer. Wish my lender would do that!
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#3
I have a Chase loan and just started a Chase refi about a week back. I just got the appraisal.... would be nice if we skipped the whole underwriting process....
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#4
I had a similar offer from my current lender offering a lower interest rate when I requested a pay off quote. They said all I have to do is sign a document that they will overnight and from the next month my rate will go down without going through the refinance process. I read the fine print and it mentioned that it may affect my credit so called them out on that and of course declined it and proceeded with my refi. Just sharing my experience. Please read the fine print with these offers.
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#5
Quote from zakster :
I had a similar offer from my current lender offering a lower interest rate when I requested a pay off quote. They said all I have to do is sign a document that they will overnight and from the next month my rate will go down without going through the refinance process. I read the fine print and it mentioned that it may affect my credit so called them out on that and of course declined it and proceeded with my refi. Just sharing my experience. Please read the fine print with these offers.
How do you request this change of interest rate without refinance rewriting ?
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#6
Anyone seen this with BoA?
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#7
Quote from slicklorey :
How do you request this change of interest rate without refinance rewriting ?
I didn't request anything from my current lender other than the pay off quote during the refi that was going through with better. com.

They sensed that I will be closing the loan and called me with the offer I described in my post.
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#8
I had a similar experience with Chase many years ago on an equity line of credit. I had opened the line a few years before and the spread to prime had probably gone down for most banks. Chase sent me a letter (unsolicited) and offered to reduce the rate on the loan. Just sign the letter accepting the offer and send it back. There was no fee for the change. I think it was a targeted offer and they thought I might close the line because the rate was too high. Offering a lower rate may be part of their standard procedure for targeted accounts.
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#9
Quote from zakster :
I had a similar offer from my current lender offering a lower interest rate when I requested a pay off quote. They said all I have to do is sign a document that they will overnight and from the next month my rate will go down without going through the refinance process. I read the fine print and it mentioned that it may affect my credit so called them out on that and of course declined it and proceeded with my refi. Just sharing my experience. Please read the fine print with these offers.
It was probably just due to pulling a credit report, same w/ the standard refi.

Also regarding the not wanting to start over your 30 year loan - if you had 20 yrs left on your current mortgage and refi, just calculate what the 20 year payment would be using the total new balance and interest rate, and make that payment. Or you could just continue making the same payment you were before, in which case you'd pay off a little sooner than 20 yrs due to the lower rate. You aren't "forced" to carry it the whole 30 years.
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#10
Quote from all_me :
It was probably just due to pulling a credit report, same w/ the standard refi.

Also regarding the not wanting to start over your 30 year loan - if you had 20 yrs left on your current mortgage and refi, just calculate what the 20 year payment would be using the total new balance and interest rate, and make that payment. Or you could just continue making the same payment you were before, in which case you'd pay off a little sooner than 20 yrs due to the lower rate. You aren't "forced" to carry it the whole 30 years.
No, what they were doing was a loan modification that was hidden in the fine print. Loan modification will adversely impact credit.
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#11
Watch the fine print, no one gives away money, especially banks. You will all get screwed in the end!!!
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#12
Quote from corpusguy :
Watch the fine print, no one gives away money, especially banks. You will all get screwed in the end!!!
I agree, shocked to see this from a bank.

My credit union did give me a similar offer about 8 years ago (completely unsolicited) which I took advantage of. My reasoning for that was that they had probably taken in too many returns and were seeking a way to return value to the shareholders (which in the case of a credit union are its customers).

Not sure why a bank would do it though. Maybe if they thought the customer was going to refi and leave anyways...maybe.
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Joined Jan 2016
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#13
Quicken loans giving 2.625% on new mortgage and 2.375 for refinance without any points

Then how chase is better ?
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#14
Quote from mishra.rajul :
Quicken loans giving 2.625% on new mortgage and 2.375 for refinance without any points

Then how chase is better ?
Read the fine print, it costs a point for that rate. Also, the deal is for a non-refi rate adjustment 😉
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#15
Quote from funkaboo :
Read the fine print, it costs a point for that rate. Also, the deal is for a non-refi rate adjustment 😉
No points. I actually got $2700 in credits too for 2.625
Not sure what is non-refi adjustment
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