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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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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?
A mortgage recast or loan recast is when a borrower pays a large sum toward their mortgage's principal, resulting in the lender recalculating the loan based on the new balance. Your lender will create a new amortization schedule when your loan is recalculated.
https://www.thetruthabo
I have excellent credit, all mortgage payments made on time, and LTV is below 50%. I'm curious what kind of eligibility criteria they have fir this program.
If it's a major lender, they're not going to give up their customer if they know they can keep them because it's not their money they're lending you. Unless it's a very high dollar properly, it's funded by FNMA, FHLMC, or GNMA. If your mortgage bank lets you go to someone else, then all they're doing is giving up the interest. That is unless you're high risk and don't pay your bills on time. Smaller lending companies may also sell your account so they can turn quick $ and apply their resources to new mortgages.
A mortgage recast or loan recast is when a borrower pays a large sum toward their mortgage's principal, resulting in the lender recalculating the loan based on the new balance. Your lender will create a new amortization schedule when your loan is recalculated.
Example: I'm 3 years into my 30 year mortgage, but I only have 17 years left currently. If I recast, I'm back to 27 years. While this scenario is just lowering the interest without extending your payment schedule.
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As an example, I have a 30 year jumbo in California that we're in the process of refinancing with Wells Fargo, who offered 2.375% @ 0 points with a new banking relationship.
As an example, I have a 30 year jumbo in California that we're in the process of refinancing with Wells Fargo, who offered 2.375% @ 0 points with a new banking relationship.
wow great deal!!!
how much total out of pocket for closing costs?
how much total out of pocket for closing costs?
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.
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Yea, my 30 year mortgage restarted, but I was only 5 years in and just used the principal balance owed as my refi amount. Easy to work with and notary came to our building to get signatures when we closed.
Seems Chase had different programs for different customers.
(I have Sapphire Checking, but am not a private client)