Did this coupon
work for you?
work for you?
Forum Thread
Advertiser Disclosure
YMMV - Chase mortgage interest reduction without refi (Jumbo ~2.875% 30yr fixed) $995
$995.00
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
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)
Created 07-15-2021
at 05:10 PM
by funkaboo
in
Finance
(3)
See More Chase Offers
If you purchase something through a post on our site, Slickdeals may get a small share of the sale.
Recommended Deal Alerts For You
What are Deal Alerts?
Want more deals like this?
Create a deal alert for Finance.
Add Deal Alert for Finance
These responses are not provided or commissioned by the bank advertiser.
Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser.
It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
79 Comments
Your comment cannot be blank.
Sign up for a Slickdeals account to remove this ad.
Not sure what is non-refi adjustment
For a jumbo loan? Literally just spoke with them last Friday… I know rate dropped but not that significant.
Non refi adjustment just means changing your interest rate without refinance your whole loan. If you've already paid 2 years of your existing loan, you can keep going with the remaining 28 with a lower interest rate, as compared to a traditional refi, you have to start your 30 years again since this is a new loan.
I need to take a look into this. I have chase 15yr 3.25% loan
Our community has rated this post as helpful. If you agree, why not thank rking0122
When you refi a mortgage to another lender, your current lender loses your monthly interest payment. Your lender wants to keep you, especially when you've owned your home for some time and/or it has appreciated in value...you are more likely to have equity in the home. More equity for you--much less risk of a default, but even if you did default, it is a loss that is protected by collateral. This is why a bank would do this. Same reason as a credit union or any other lender.
Most of the costs of a new mortgage loan or refi are commissions to the people processing the loan or refi. The cost to a bank to do a mod is much much less.
And...right now banks are paying very little (in many cases zero or almost zero) to access the capital they use to fund these loans. That results in lower rates. They can get their money cheaper than they used to be able to--so on balance yes, they will sometimes reduce your rate like this. If you are considering a re-fi, it always is worth the time to ask your lender if they'll consider a mod instead.
Sign up for a Slickdeals account to remove this ad.
Not sure what is non-refi adjustment
Which lender?
When you refi a mortgage to another lender, your current lender loses your monthly interest payment. Your lender wants to keep you, especially when you've owned your home for some time and/or it has appreciated in value...you are more likely to have equity in the home. More equity for you--much less risk of a default, but even if you did default, it is a loss that is protected by collateral. This is why a bank would do this. Same reason as a credit union or any other lender.
Most of the costs of a new mortgage loan or refi are commissions to the people processing the loan or refi. The cost to a bank to do a mod is much much less.
And...right now banks are paying very little (in many cases zero or almost zero) to access the capital they use to fund these loans. That results in lower rates. They can get their money cheaper than they used to be able to--so on balance yes, they will sometimes reduce your rate like this. If you are considering a re-fi, it always is worth the time to ask your lender if they'll consider a mod instead.
So I have chase, can you recommend me what I should ask when I call the customer service? Should I say i am requesting 'pay-out' amount so they get the signal or be straight up and ask for home loan modification (is that the right term to use?)
Sign up for a Slickdeals account to remove this ad.