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  • savingshomeimprovementHave you heard the story about the guy who received a package through FedEx from CHASE offering him a mortgage rate reduction from a 5.525 percent to 4.25 percent with no closing fees. Yep, the one that reduced his monthly payments by 25 percent at no extra cost. Well, I have heard those stories too. And believe it or not, they are true. It is called the Chase Mortgage Rate Reduction Program. It is not often you get to share good news in the mortgage refinance industry. So let’s savor it. I know it sounds like betrayal to say a lender, especially a lender with the reputation of CHASE, is actually offering a good deal, but it is the truth. Don’t worry we are not selling ourselves to Corporate America. There is a catch.

    Now here is the catch. You don’t need to be told that Chase is not known for its charitable actions, at least not in the lending and refinance industry. However, Chase has taken a brave step forward in aligning its own interests with those of its clients, BUT (and it is a big but) this is only open for certain borrowers. And this is the key point. You cannot call Chase and ask for a form to join the program. This is an invitation only program. Who gets invited? You will not find a fact sheet on Chase’s website or a pretty flyer at your local Chase branch.

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    Here is how it happens. You get a package FedExed to your home that contains a letter with wording along these lines:

    “It seems like responsible homeowners like you – who always pay their mortgage on time – are the only ones who haven’t received mortgage “relief.” At Chase, we think you deserve relief as much as anyone else, and we believe we can lower your mortgage rate now through the Chase Rate Reduction Program.”

    The couple that received this letter was being offered a 0.75 percent reduction on their mortgage at NO EXTRA COST, simple, no small print. Why? You may ask. Here is where it gets interesting.

    Chase is simply acting in its best interest as a lender. Happily though, the best interest of CHASE, in this case, is directly aligned with that of many responsible financially savvy homeowners.

    The couple that received the email had been aggressively paying of their 15 year mortgage with extra monthly payments on the principle every month; they had good credit and an impeccable credit history. The market is now good for that kind of customer. If you have the right credit history you can now qualify for very low fixed-rate loans. Customers and banks know this. Chase does not want to lose quality customers to another bank. So, they have decided to be proactive and offer their customers a deal they can’t refuse and keep them as customers instead of letting them go.

    Many are calling this program a scam. Why? Would you like to know more about this program? What can you do to joint it? Read on for more information.

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