https://www.chase.com/
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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They sensed that I will be closing the loan and called me with the offer I described in my post.
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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.
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.
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.
Then how chase is better ?
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 😉
No points. I actually got $2700 in credits too for 2.625
Not sure what is non-refi adjustment