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Message
Chase No Fee Refinancing
Posted on 12/3/20 at 7:44 pm
Posted on 12/3/20 at 7:44 pm
I wanted to get the MB opinion of a refinance offer I received today. I got a UPS Next Day Air letter today from Chase with an offer to refinance at 2.875% with no closings costs or fees. I know many places offer “no cash at closing” deals and lump the fees into the mortgage, but this specifically says Chase will waive all bank fees and pay third party fees like appraisal, attorneys,etc. The rate they are offering is about 1% lower than what we are currently at and if there are truly no closing costs it seems like a no brainer. Has anyone else gotten this offer recently? Is it legit? Do they tack on some other type of fee that isn’t considered a closing fee? It seems too good to be true.
8
Posted on 12/3/20 at 7:52 pm to monteandmakers
Following. My loan is through chase
This post was edited on 12/3/20 at 7:53 pm
Posted on 12/3/20 at 7:53 pm to monteandmakers
I’ve received offers from Chase but not one like that. Is that rate for a 15 year?
Posted on 12/3/20 at 8:15 pm to CajunTiger92
It’s a 30 yr fixed.
Posted on 12/3/20 at 8:20 pm to monteandmakers
Interesting. That's the 30-year rate they have on their website, which requires a point and I assume closing cost.
ETA: Acktually, the rate I'm seeing now for chase 30 year is 2.625, 2.999 APR (requiring a point). That's through there customer service site. So maybe that's how they are getting to the no closing cost, they are charging a slightly higher interest rate over 30 years.
ETA: Acktually, the rate I'm seeing now for chase 30 year is 2.625, 2.999 APR (requiring a point). That's through there customer service site. So maybe that's how they are getting to the no closing cost, they are charging a slightly higher interest rate over 30 years.
This post was edited on 12/3/20 at 8:32 pm
Posted on 12/3/20 at 8:26 pm to monteandmakers
My current mortgage company offered this as well with a 2.625% rate. They also offered 2.5% with standard closing costs. It isn't a gimmick but they do offer you a rate a tick or two higher than if you paid closing costs. Just have to calculate to see what the payback difference is.
ETA: This same company offered it to me a year ago which I took advantage of going from 4.5 to 3.625. Zero fees, nothing roll into the loan, all paid by lender.
ETA: This same company offered it to me a year ago which I took advantage of going from 4.5 to 3.625. Zero fees, nothing roll into the loan, all paid by lender.
This post was edited on 12/3/20 at 8:28 pm
Posted on 12/3/20 at 8:41 pm to TigerTatorTots
Thanks for the intel, do you mind sharing which company offered 2.625%? It seems like a better deal to take the slightly higher rate with no closing costs. If I do the math in my head, that .125% difference would take 10+ years to offset the thousands paid in closings. I’m not sure this our forever home anyway. Thanks again!
Posted on 12/3/20 at 8:45 pm to monteandmakers
Are you currently with chase??
I don’t understand why they would willingly offer to lower your rate with no obvious benefit for them.
I don’t understand why they would willingly offer to lower your rate with no obvious benefit for them.
Posted on 12/3/20 at 8:54 pm to LSUFanHouston
I do my personal banking through Chase but mortgage is currently with Wells Fargo.
Posted on 12/3/20 at 8:55 pm to monteandmakers
quote:
I do my personal banking through Chase but mortgage is currently with Wells Fargo.
That makes more sense, thanks for the reply.
Posted on 12/3/20 at 9:22 pm to monteandmakers
I don't remember what year it was but Chase extended us a similar offer. We had our mortgage with them at the time. I guess they figured we would shop lower interest rates with other companies, so they made us an offer we couldn't refuse.
My husband was working long hours at the time and couldn't get away from work to go to the bank to sign the papers. They sent a notary to our house one evening to handle that.
My husband was working long hours at the time and couldn't get away from work to go to the bank to sign the papers. They sent a notary to our house one evening to handle that.
Posted on 12/3/20 at 9:25 pm to monteandmakers
Freedom Mortgage...but I've been with them for a while so I'm not sure if that is because I am a current customer or not.
Posted on 12/4/20 at 8:36 am to TigerTatorTots
Rates are so low right now - I would recommend getting other rates. You do not have to pull your credit. You can give them an estimate and they can tell you what they can offer
Posted on 12/4/20 at 8:53 am to WeAreBR
What is the estimated value of the house, amount left on mortgage and estimated credit score. I can send you todays rate to compare
Posted on 12/4/20 at 9:39 am to monteandmakers
I got the same offer but for 2.75%. It’s legit no cost. Quick close too. I responded two weeks ago and close next week.
The only disadvantage maybe is the that the offer is not flexible. It duplicates your current mortgage term and you have to extend the duration back to thirty. That means extra interest in the long term, but my payment dropped considerably.
Edit: I actually got two offers. The first had some small closing costs, but I ignored it and they sent me the better offer a couple months later.
If you want it, don’t miss the deadline. They will not extend.
The only disadvantage maybe is the that the offer is not flexible. It duplicates your current mortgage term and you have to extend the duration back to thirty. That means extra interest in the long term, but my payment dropped considerably.
Edit: I actually got two offers. The first had some small closing costs, but I ignored it and they sent me the better offer a couple months later.
If you want it, don’t miss the deadline. They will not extend.
This post was edited on 12/4/20 at 9:47 am
Posted on 12/4/20 at 4:47 pm to WeAreBR
quote:
What is the estimated value of the house, amount left on mortgage and estimated credit score. I can send you todays rate to compare
220k, 155k, 740. Openyoureyes321 @ gmail
Posted on 12/8/20 at 4:49 pm to Open Your Eyes
Update:
The Chase deal was legit, however, we shopped around and locked in a 30yr fixed at 2.75% with a $3400 lender credit. I used the Costco referral program so the origination fee was only $250 and any unused lender credit for closing costs will go towards prepays and escrow balance. Overall it’s a better deal than Chase as we will actually get paid a small amount to refinance to a lower rate.
The Chase deal was legit, however, we shopped around and locked in a 30yr fixed at 2.75% with a $3400 lender credit. I used the Costco referral program so the origination fee was only $250 and any unused lender credit for closing costs will go towards prepays and escrow balance. Overall it’s a better deal than Chase as we will actually get paid a small amount to refinance to a lower rate.
Posted on 12/8/20 at 6:37 pm to monteandmakers
Lender credit? So what where your final cost out of pocket?
Posted on 12/8/20 at 8:31 pm to TigerTatorTots
quote:
Just have to calculate to see what the payback difference is.
Wouldn't it always be better to take no fees and the higher interest then pay the loan early to avoid adding the extra value to the loan and accruing interest on the fee
Posted on 12/8/20 at 8:44 pm to Utah Tiger
Zero, after all of the escrow transfers settle we will actually come out ahead,and end up with a lower rate.
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