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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)
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79 Comments
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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?)
I'd find one of their mortgage folks as opposed to regular customer service. I'd just let them know you are considering refinancing with another lender but wanted to ask if they have the ability to adjust your loan with them to save the hassle of a full refi. I might even show them this thread if they happen to say they don't know what you're talking about.
It may depend on your state, circumstances, and Chase's current programs.
There are also different options that make refis easier based on the type of loan you have no matter who the "lender" is. For instance there's a FHA "streamline" or other programs for loans that are owned by Fannie Mae…it's pretty situational.
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ARM's can be dangerous. Should the housing market take a dump, which historically is highly likely, you could easily be upside down when due and no place to go while saving very little on interest.
Me, I would rather have a locked in 30 year mortgage at close to the same rate, that like government, I am paying with cheaper dollars in the future with the option of paying on principal early. Get an amortization schedule and view monthly principal and interest.... many could have wiped months or more of payments off with their so called stimulus checks in the early part of a 30 year mortgage.
I just look at 3% or less as cheap money even on a refinance with same mortgage holder to pull equity if you have some other avenue of putting it to use to beat the ongoing debasement of currency.... like maybe more real estate.
So what if it dings your credit? If you pay your bills on time, your credit score will go right back up in a few months. I don't know why people freak out over their score dropping 5-10 points. Unless they don't pay on time.
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And what do you say? Do you say I am refinancing with another bank but want to know if you can adjust my current interest rate without refinancing?