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You rarely see the word "sale" used in relation to mortgage rates. A predetermined discount off a home loan rate before you even sit down to complete an application is all but unheard of.
However, Chase Home Loans is doing just that (again). And with the spring home-buying season upon us, the timing couldn't be better.
Chase Home Lending has discounted mortgage rates nationwide with a limited-time mortgage rate sale on purchase and refinance applications, available only from Monday, May 4, through Sunday, May 17.
Chase says the discount can be as much as a quarter-point (0.25%). For example, an offered rate of 6.5% could be cut to 6.25%. That would save a borrower over $20,600 in interest on a $350,000 loan with a 30-year term — and reduce the payment by more than $55 a month.
Mortgage rates are already nearly a half-point lower than one year ago, so any additional rate reduction can increase your homebuying power — or your refinance savings.
The rate discount applies to the life of the loan on fixed-rate mortgages. For adjustable-rate mortgages, the discount will apply during the loan's initial fixed-rate period of the loan.
There are no additional discount points or fees related to the offer.
The program is available on all Chase home purchase mortgages, including FHA loans. You can also combine your rate break with the Chase DreaMaker loan, which has flexible credit requirements.
The discount can be combined with other Chase Bank programs, such as its relationship pricing program, which applies additional rate discounts of up to 1% to bank customers' loans based on new or existing account balances.
The bank also offers down payment and closing costs grants of $2,500 to $5,000 to borrowers in certain areas. Credit guidelines and income limits may apply.
To get the discount, qualify for a Chase mortgage, and lock in your interest rate before Sunday, May 17. Customers can lock in their rate for up to 60 days in select locations, and the Chase "Lock and Shop" program protects you from interest rate increases for 90 days.
You may also choose a one-time relock option to get a lower rate if mortgage rates drop during your lock period.
While customers must meet standard loan qualification criteria, there are no additional requirements to qualify for the promotional rate. Minimum credit score, loan-to-value, and property value guidelines still apply, depending on which home loan program you choose. For example, a conventional loan has a higher credit score requirement than an FHA loan.
The mortgage rate discount may vary by state.
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