[ad_1]
The mortgage space is unique from many other businesses in that the customer isn’t always right.
And special offers are generally very rare. This is mostly because of the complexities involved in closing the home loan.
For example, it’s very easy to find a promo code when booking a hotel or getting a sign-up bonus for opening a credit card.
But when it comes to home loans, you are usually offered nothing more than quick service or a money-back guarantee in case things go wrong and it is entirely their fault.
Price-matching is also notoriously difficult, although Chase has just started this type of deal.
Receive $200 if Chase doesn’t match or do better
In honor of National Homeownership Month, Chase has rolled out some new offers in its home loan department.
This includes homebuyer education resources, a closing guarantee, and, as mentioned, a price-matching pilot program.
The way it works is fairly straightforward – Chase will give home buyers $200 if they can’t match or beat a competing loan offer.
To be eligible, you must complete an initial purchase loan application with Chase by September 30, 2023.
And you must provide an Official Loan Estimate (LE) from another licensed lender that includes the same loan term, purpose, product and loan type.
Assuming Chase can’t match or beat it, they will give you the $200 within 30 days after Chase withdraws the application.
At present, it is only available to customers purchasing property in the states of Arizona and Ohio.
and the following counties in Texas: Austin, Brazoria, Chambers, Fort Bend, Galveston, Harris, Liberty, Montgomery, and Waller.
It’s also only valid for customers who have an active Chase Personal Deposit account opened on or before May 1, 2023.
Your loan landscape should be pretty vanilla, meaning no investment property, 2-4 unit properties, second home, home equity loan or second mortgage.
Chase $5,000 Ultimate Guarantee and Lock & Shop
In addition to the new price match offer, Chase has a closing guarantee that provides $5,000 if they are unable to close the home purchase loan on time.
As always, you need to keep your end of the bargain by getting income/asset documentation and signed disclosures to Chase in a timely manner.
And the contract closing date must be at least 21 calendar days after receipt of a complete home loan application (30+ for FHA/VA) for conventional loans.
Of course, delays caused by third parties or force majeure events will not result in compensation.
It’s one of those things where if you’re using Chase anyway, keep an eye on it because if they don’t close on time you can be compensated.
Additionally, Chase launched a new “Lock and Shop” option that lets you lock in your mortgage rate for 90 days before buying a home.
This way you are assured that your mortgage payment will not increase if mortgage rates unexpectedly increase during your home search.
And there is no upfront fee for this option when using Chase Homebuyer Advantage, which is their conditional approval letter that you can get in advance.
You get 60 days to find a property to buy, and a one-time float down option will be available if mortgage rates improve during that time.
It can also be combined with a closing guarantee.
Chase offering $2,500 and $5,000 grants in select areas nationwide
Finally, you can Search For down payment help and other grants, search through Chase’s Homebuyer Assistance Finder.
Simply enter an address and it will show you matching programs that may be available.
In select areas, the Chase Homebuyer Grant provides $2,500 or $5,000 towards the purchase of a new home.
The company notes that a $5,000 grant is available to eligible home buyers purchasing property in majority-Black and Hispanic neighborhoods across the United States.
According to HMDA data, in 2022 Chase was the fourth largest mortgage lender in the US. He had funded about $ 99 billion in home loans last year.
Only three lenders originated more mortgages, including United Wholesale Mortgage (UWM), Rocket Mortgage and Wells Fargo.
As always, be sure to look at the big picture when comparing mortgage offers. This includes interest rates, lender fees, and the company’s overall qualifications and service.
[ad_2]
Source link
