Latest news with #ChaseHomeLending
Yahoo
18 hours ago
- Business
- Yahoo
Tomorrow is the final day for home buyers to qualify for Chase's ‘mortgage rate sale'
In an unprecedented move to spark business in a difficult housing market, a leading national mortgage lender is offering a limited-time "mortgage rate sale." It ends on Monday. Here are the details. The Chase Home Lending mortgage rate sale Chase Home Lending has discounted its rates on mortgages nationwide with a limited-time mortgage rate sale on purchase applications, available only through Monday, Aug. 18. "The offer provides personalized, lockable interest rate discounts for buyers looking to save on their mortgage and is stackable with other discounts the lender offers," a press notice said. How much is the discount? Erik Schmitt, digital channel executive at Chase, said 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 of interest with a 30-year term on a $350,000 loan — and reduce the payment by more than $55 a month. The rate discount is for the life of the loan on fixed-rate mortgages, Schmitt said. For adjustable-rate mortgages, the discount will apply during the initial fixed-rate period of the loan. There are no additional discount points or fees related to the offer, he added. The program is available on all Chase home purchase mortgages, including FHA loans. The discount can be combined, Schmitt said, with other Chase programs, such as its relationship pricing program and the Chase DreaMaker loan, which has flexible credit requirements. The bank also offers grants of $2,500 to $5,000 to borrowers in certain areas. Credit guidelines and income limits may apply. Read more: Find Chase on our list of the best mortgage lenders this month Up next Up next How to get the Chase mortgage rate discount To get the discount, qualify for a Chase mortgage, and lock in your interest rate before Monday. The Chase "Lock and Shop" program protects you from interest rate increases for 90 days. You also have 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," Schmitt told Yahoo Finance in an email. Lock in your discounted Chase mortgage rate. Tomorrow is the deadline to qualify for the mortgage rate discount To qualify, home buyers must lock in a purchase rate by the end of business Monday, Aug. 18, 2025. The rate discount is not currently available for refinance loans. Minimum credit score, loan-to-value, and property value guidelines 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. Laura Grace Tarpley edited this article.
Yahoo
07-08-2025
- Business
- Yahoo
Chase Home Lending is offering a 'mortgage rate sale' until August 18
To show you just how much the homebuying industry is changing, a leading national mortgage lender is offering a limited-time "mortgage rate sale." We've never heard of such a thing. Here are the details. The Chase Home Lending mortgage rate sale Chase Home Lending is discounting its rates on mortgages nationwide with a limited-time mortgage rate sale on purchase applications, available through Thursday, Aug. 18. "The offer provides personalized, lockable interest rate discounts for buyers looking to save on their mortgage and is stackable with other discounts the lender offers," a press notice said. How much is the discount? Erik Schmitt, digital channel executive at Chase, said the discount can be as much as a quarter point (0.25%) on a conventional loan. For example, an offered rate of 6.5% could be cut to 6.25%. That would save a borrower over $20,600 of interest with a 30-year term on a $350,000 loan — and reduce the payment by more than $55 a month. The program is also available on FHA loans, where the rate discount can be as much as half a point (0.50%). The discount can be combined, Schmitt said, with other Chase programs, such as its relationship pricing program, and the Chase DreaMaker loan, which has flexible credit requirements. The bank also offers grants of $2,500 to $5,000 to borrowers in certain areas. Credit guidelines and income limits may apply. Read more: Find Chase on our list of the best mortgage lenders this month Up Next Up Next How to get the Chase mortgage rate discount To get the discount, qualify for a Chase mortgage and lock in your interest rate. The Chase "Lock and Shop" program protects you from interest rate increases for 90 days. You also have a one-time relock option to get a lower rate if mortgage rates drop during your lock period. Lock in your discounted Chase mortgage rate. The deadline to qualify for the mortgage rate discount To qualify, home buyers must lock in a purchase rate by Aug. 18, 2025. The program is not currently available for refinance loans. Minimum credit score, loan-to-value, and property value guidelines 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. Laura Grace Tarpley edited this article.
CBS News
12-02-2025
- Business
- CBS News
Does an ARM loan make sense this February? Here's what experts say
Today's homebuyers face a tough market. Mortgage rates hover between 6% and 7% currently, while home prices stay stubbornly high. This combination has pushed homeownership out of reach for many Americans, forcing them to look beyond conventional mortgage loan financing. The Federal Reserve could implement more rate cuts this year, but most experts don't expect relief in the near term. So if you're buying a home soon, you should consider all your mortgage options now. While many choose 30-year fixed-rate conventional loans, adjustable-rate mortgages (ARMs) could be a smart alternative. But is an ARM loan the right choice this month? We asked lending professionals to weigh in on this — and more importantly, who should consider them. Compare your top mortgage loan options online now. Does an ARM loan make sense this February? Here's what experts say "ARM loans can make great sense at this time," says Dean Rathbun, executive vice president of United American Mortgage Corporation. They offer a secure fixed rate for three, five, seven or 10 years, which can be appealing if you don't plan to keep the loan long-term. But your financial goals and timeline will determine whether an ARM is right for you. Below, we'll look at specific scenarios where an ARM loan might or might not work. When an ARM loan makes sense this month "Typically, ARMs make the most sense for those who don't plan on living in the home forever," explains Maxwell Koziol, national purchase director at Chase Home Lending. An ARM loan could make sense this month if you fit the following criteria: You plan to move soon: Koziol points out that you can benefit from the lower introductory rate an ARM loan offers and sell before the rate adjusts. For example, ARMs often work well for professionals who expect to relocate for work within a few years. You expect interest rates to drop:"Many expect rates to decline in the coming years," notes Debbie Calixto, sales manager at loanDepot. "If that happens, an ARM could become even more beneficial, as your interest rate and monthly payments may decrease when the adjustment period begins." You anticipate income growth: The lower initial payments can help you buy now, while your rising income will help you handle payment adjustments later. You're comfortable with refinancing: Even if rates don't drop as expected, "refinancing could be an option to secure a lower payment" if needed, Calixto says. Calixto shared a recent success story of a client who chose an interest-only ARM loan to make homeownership possible. While her budget was tight, she knew her income would increase significantly within 12 months. After reviewing various rate adjustment scenarios, she felt comfortable handling the payments even in a worst-case situation. For this client, the benefits outweighed the risks. Find out how affordable the right mortgage loan could be today. When an ARM loan may not be the best choice "If you prefer more certainty in your planning, a fixed-rate mortgage is likely better," advises Calixto. Here are situations where an ARM loan might not be your best choice: You plan to stay in the home long-term: If you're tied to your location for work or family, you may not have the option to move before the rate adjusts if payments become too high. You have a fixed income: If your salary is expected to remain consistent or you're nearing retirement, you might struggle to handle payment increases if rates rise substantially. Current ARM rates aren't much lower: If ARM loan rates are close to fixed-rate mortgages, you're taking on additional risk without meaningful savings. Factors to consider before getting an ARM loan Mortgage veterans say to weigh the following factors before committing to an ARM loan: Index and margin rates: Rathbun explains that banks now use the SOFR (Secured Overnight Financing Rate) index to determine adjustable rates. A lower margin means lower payments once the loan becomes adjustable. Future payment scenarios: "Requesting a loan estimate from your lender could give you a better understanding of what your payments could look like over the life of the loan," says Koziol. Income stability: Your income pattern matters. Commission-based earnings versus steady salary increases can affect whether an ARM loan makes sense. Refinancing potential: Consider your future ability to refinance if necessary, based on factors such as your credit score and income growth. The bottom line An ARM loan could help you achieve homeownership sooner and even save on monthly payments — but only if it aligns with your long-term plans. While the lower initial rate may be tempting, you must be confident about handling potential payment changes later. Your next steps should include comparing ARM and fixed-rate options from several lenders. Request detailed loan estimates that show different rate adjustment scenarios, and carefully review your budget and future income expectations. The ideal mortgage choice will support your homeownership goals without straining your finances.
