Chase Home Lending announced a limited-time interest rate discount for homeowners looking to refinance their mortgages. The offer applies to both rate-and-term and cash-out loans.
The discounted rates are available starting Monday, Dec. 1, through Sunday, Dec. 14. Eligible customers nationwide must lock in their rates during this period to take advantage of the savings, which vary by mortgage product and location, according to the company.
The rate promotion can be combined with other Chase Home Lending offers, including relationship pricing, which may provide eligible customers up to 1% off their rate based on new or existing balances.
“Affordability continues to be top-of-mind for not only homebuyers, but homeowners,” said Bhavesh Patel, consumer sales executive at Chase Home Lending. Even modest rate reductions can offer meaningful savings for homeowners in a high-rate environment like we have experienced. For example, over the past few months, we’re seeing customers sitting at a 6.5-7% interest rate that could benefit from a 50bps reduction when refinancing.”
Homeowners can apply for a refinance in person at a branch, over the phone, online or via the Chase MyHome app. In select locations, borrowers can lock in a discounted rate for up to 60 days, providing additional price assurance.
With recent declines in mortgage rates, Chase said the timing could allow customers to maximize the potential savings.
“Beyond improving a loan rate and term, a cash-out refinance can also help homeowners take advantage of the equity they’ve built,” Patel added.
The company’s latest offering adds to others this year. In August, Chase Home Lending rolled out a temporary, nationwide mortgage rate sale for homebuyers that offered discounts on purchase applications.
In February, Chase launched a limited-time refinance rate discount that applied to customers wanting to refinance into a lower interest rate or reduce their monthly payment, as well as those looking to tap into their home equity through a cash-out refinance.