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On our previous blog we discussed the basic idea behind Chase’s new Rate Reduction Program. Many websites, financial advisors and bloggers have claimed the whole program is a scam, designed to lure unsuspecting borrowers into a financial bear-trap. Of course, you can’t be too careful when you get too-good-to-be-true offers in the mail and you must always check that the sender really is who he claims to be. But if you are sure you really got an offer from CHASE to join their Rate Reduction Program, then you owe yourself to consider it.
As we mentioned last week you cannot fill in a form and apply for this program. But that doesn’t mean you can’t phone CHASE and ask about the program. Some customers have reported getting juicy offers to reduce their mortgage rates after calling.
But, we are getting ahead of ourselves; let’s describe what the Rate Reduction Program does first.
Chase’s Rate Reduction Program offers homeowners with an excellent credit history, equity and a flawless payment history a reduction of their mortgage rate for no extra cost, no points, no filing fee, no recording fee, no house survey, nothing. All costs are covered by Chase; what is more, Chase will even throw in a 1 percent cash back for customers who put their mortgage on a direct debit autopay to their account.
As we hinted in the first section of this article, Chase is not doing this out of the goodness of their hearts. They are doing it because it makes good sense for a lender to keep their best customers happy and not lose them to another bank that is willing to offer a lower rate mortgage refinance.
Unfortunately this is not big news for the over 7 million homeowners at risk of losing their house to foreclosure. The rate reduction program is focused on people who are always on time with their payments and have enough equity to qualify for a refinance mortgage with another bank. If that describes you, and you have a mortgage with CHASE, call today and ask about their Rate Reduction Program.
To qualify for the rate reduction program you must use the house as your main residence, have an immaculate payment record, a high credit score, positive equity on your home and no other liens on your home, such as a secondary mortgage or line of credit.
If you meet those requirements, visit Chase’s website or call 866-818-7033
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