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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. feesā¦ (~$500)
Created 07-15-2021
at 05:10 PM
by funkaboo
in
Finance
(3)
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It depends on your lender in terms of what they'll require, IF they even do it.
But yes, if they do, generally all that changes is the rateā¦the other general terms of the loan don't adjust most of the time.
These will be very YMMV depending on your lender and your circumstances! But it doesn't hurt to ask.
Such an unwarranted reply. Banks do this to keep the loan locked in so you don't refi elsewhere...
...except you can do the same thing after a refi.
What I will mention is my refi was FROM Wells Fargo to a new lender and WF was a huge PITA the entire time my loan was there. (I didn't start it with WF, it was bought by WF.)
For whatever reason online access and servicing of my loan never worked (some internal issue in their system that never got resolved), I constantly got letters from them asking me to show proof of insurance on my home even though the carrier sent it (in addition to me sending it every time they asked), and any time you call customer service expect to talk to someone that is barely one level above useless.
And since online never worked properly, I took payments into the local branch every month which itself is not a big deal. But about half the time they'd hound me and give the hard press about opening more accounts there. It just got annoying after a while.
This is just one experience ... I do hope yours is better.
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I also have excellent credit and the current mortgage is below 50% LTV.
Unheard of? last year VA refi rates (as one example) bottomed at 1.75 (no pts) on 30yr jumbo for well qualified. Low 2s for many months if not year. Unfortunately my note hadn't seasoned on that dip yet so still at 2.25 but ready for that 10Y to drop below 1 again...
DP: Homepoint, last two refi, one of few that doesn't require tax/ins escrow. They didn't offer either rate, good broker did. No funding fee, no PMI, no appraisal for DAV.
I am going with first home purchase and want to know how to proceed with mortgage (like which bank/institution), who has better offers and how to reduce closing costs and what are typical dos & donts.
Thanks in advance.
I am going with first home purchase and want to know how to proceed with mortgage (like which bank/institution), who has better offers and how to reduce closing costs and what are typical dos & donts.
Thanks in advance.
This is a good thread to read up on.
https://slickdeals.net/f/14173061-07-26-2021-best-mortgage-rates-from-big-reputable-lenders-and-sd-reviews-30year-2-75-15year-2-25-etc?v=1
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