NEW YORK–Credit unions have even more competition in the mortgage market as Chase Home Lending is offering limited-time rate discounts to eligible home buyers and homeowners through March 8. The offer is available for new purchases and refinances. There are no additional discount points or fees related to the offer, according to the lender.
“During the rate sale, buyers and homeowners can access personalized interest rate discounts to help lower monthly payments,” the company said in a statement.
“Discounted rates can meaningfully lower a first-time or an experienced buyer’s monthly payment, improve overall affordability, and, in many cases, help buyers increase their purchasing power,” added Bhavesh Patel, consumer channel executive at Chase Home Lending, in a statement.
Example Cited
As an example, Patel said that for every quarter-point reduction in rates, a buyer could afford a home about 2.5% higher in value, with the monthly payment remaining the same.
Chase also offers grants of $2,500 to $5,000 to eligible borrowers in certain areas. Credit guidelines and income limits may apply.
While mortgage rates have dropped to their lowest level since September 2022, according to Freddie Mac, Patel warned about borrowers trying to time the market.
‘Stacked’ Incentives
Chase Home Lending said the rate sale discounts can be combined with other incentives, and that personalized discounts can be “stacked” with other bank benefits, such as “relationship pricing.” That’s where additional rate discounts of up to 1% are applied to bank customers’ loans, based on new or existing account balances, the bank said.
Customers may also lock in their mortgage rate for up to 60 days at select Chase Home Loan locations.
