bradwieser Cornell Fan Member since May 2008 8139 posts
Chase Mortgage Rate Reduction Program - received via fedex overnight delivery (Posted on 6/15/11 at 9:29 am)
So i received a packet from chase to participate in their Mortgage Rate Reduction Program. They sent it overnight fedex and say i have to respond within the next few days to get my locked in lower rate (4.8%).
Apparently they pay all the closing costs and any other costs/fees.
I called and it sounds legit but seems a little to good to be true.
Anyone have any experience with this? Anything i need to be concerned about?
ProudLSUMom LSU Fan Baton Rouge Member since Sep 2007 2287 posts
re: Chase Mortgage Rate Reduction Program - received via fedex overnight delivery (Posted on 6/15/11 at 12:14 pm to bradwieser)
Like you, we thought it was too good to be true, but it isn't a scam.
It was painless and there were no closing costs. They even had a notary come to our house to do the closing at a time convenient for us.
We also opened a checking account with them and have the mortgage payment drafted from there each month. We will get a 1 percent rebate (based on the mortgage payment) back at the end of each year.
David Wooderson LSU Fan in make believe Member since May 2009 239 posts
re: Chase Mortgage Rate Reduction Program - received via fedex overnight delivery (Posted on 6/15/11 at 10:35 pm to tirebiter)
Banks offer this from time to time for good paying customers with higher rates. This keeps the customers with them and keeps them from refinancing with someone else. Closing cost ain't shite compared to what the bank makes in interest over the life of the loan. A friend of mine did it with Wells and it was 100% legit. Sign it and send it back and i think it is done Good luck
