With mortgage rates getting closer to 6%, Chase Home Lending gives you an even bigger advantage when refinancing your mortgage with a limited-time mortgage rate discount.
Chase Home Lending is offering discounted refinance rates for two weeks, from December 1st to December 14th. If you lock in a rate during a promotion, you’ll receive a rate reduction, which varies by loan product and location.
Chase confirmed to Yahoo Finance that customers can lock in rate discounts on Dec. 13 and 14, even though it’s a weekend.
“In a high-rate environment, even modest rate cuts can result in meaningful savings for homeowners,” Bhavesh Patel, head of consumer channels at Chase Home Lending, told Yahoo Finance in an email. “For example, over the past few months we have seen customers with interest rates of 6.5-7% who could benefit from a 50% interest rate. [basis point] Reduced when refinancing. “
If you combine the discount with other Chase offers, such as relationship pricing, you could get as much as 1% off.
Rate sales are available for rate and term refinances as well as cash-out refinances.
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Rate and term refinance allows you to replace an old loan with a loan with a new interest rate or term length.
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A cash-out refinance allows you to take some equity out of your home at once. The money you take out of your home’s value will be added back into the new loan.
“If your current loan has a higher interest rate or you need extra cash, you may want to consider refinancing. You may also consider refinancing if you want to lower your monthly payments or reduce the total amount you pay for your home,” notes Patel.
Homeowners can use the Chase Home Value Estimator to calculate their home equity and how much they may qualify to borrow. This tool allows you to enter your home address and instantly see the estimated value, as well as recent comparable sales nearby.
Interested homeowners can apply and lock in a mortgage rate at a Chase branch by phone, online or through the Chase MyHome app.
“Due to price fluctuations, locking in discounted prices at select locations for up to 60 days provides a price guarantee for customers in volatile markets,” added Patel.
Closing costs could range from 2% to 6%, Patel said. Chase offers a refinance closing cost calculator to help you estimate fees and related fees. Applicants will need to submit salary verification documents, such as W-2 or 1099 forms, as well as tax returns and bank and investment account statements.
He also reminds homeowners that they don’t have to refinance with the same lender that originated their mortgage, and you don’t have to be an existing Chase customer to qualify for the rate discount. “Compare lenders can alert you to promotions they may have running, or help you find a lender that offers a lower interest rate or charges lower fees,” he says.
Laura Grace Tarpley Edited this article.
