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I got two offers from Chase. One for for my home and one for a rental. Both have second mortgages. I have a third rental with Chase with no offer, but was told the PMI may have disqualified me. PMI drops with the May payment and I hope I get the letter. Due to close on the rental within 3 weeks of first calling in to inquire. Very fast process. I'm hoping I get the third offer. Hate to start a HARP and have to pay closing.

If you were charged closing costs, that is not the super streamline. That offer has NO closing costs at all.

Do you have PMI on your loan?

Just closed on my loan and it's a standard mortgage with no recourse. Dropped my rate 2 points. Chase wants to keep good customers who have paid on time over a long history. This builds the quality of their portfolio. Otherwise lots of good customers could go to other banks and Chase loses out.

Recently jumped at an offer for 15 year at 2.825%. My current is a 30-year at 6.0% with 19.5 years remaining.
Had been receiving offers via UPS over the past year starting at ~4.5%, and the number seemed to drop every month - if I even opened the package that is.
I happened to read an older article that stated banks receive more HARP2 money if closed before April 30, 2013 - although that might be outdated info.
However, given that info and seeing rate this low w/ no closing costs made me jump because I might not see it that low again.
This is saving me $180+/mo, so if I keep payments the same I will have it paid off at +/- 10 year mark.
Doing the same payment also cuts interest by about 1/3.
My closing date is ~April 26....

I finally received an offer yesterday. It was for 3.75% APR on my 6.875% APR loan. I couldn't find the length of the loan in the offer, but I my current loan is a 30 year fixed with 16 years left. As happy as I am to finally receive an offer letter, after reading snooches post above, it makes me wonder if I should now wait for another offer at a lower rate. I saw an offer on TV the other night for a 10 year loan at 2.5% with no closing cost, but I didn't get the lender info. Any others get multiple offers from Chase with the rate getting lower with each one? What about the TV offer? Has anyone seen the same commercial and have the info? I'll have to make up my mind fast as this Chase offer ends this Friday the 19th.

I say Jump on it, you might not get another offer at this rate. It was a year between my Fed-ex offers. Mine didnt have a "amount of years" offer either, but I had 20 years left and seeing as I believe the rate stayed the same, I kept the new loan at 20. This way I can either pay it off quicker or if I fall on hard times, keep the payments lower. I don't know anything about a TV offer, but a lot of low interest mortgage loans may require points to be paid to get that rate. BTW, I closed in December 2012 and my interst rate was 3.875, so your offer is lower than mine.

Well, they fooled me. I was looking to refinance as rates had dropped further and the broker claims that my "no reset" refinance 2 years ago actually did reset me back to 30 years.

Finally closed yesterday. Not Chase's fault but due to having a lien on the property from an "interest free / no payment till home is sold" loan from my town which the town had to approve resubordination at a city council meeting which took 2 months.

I give Chase an A+. Not a cent OOP. Didn't save a hellava lot (~$80/mo less) because my remaining mortgage was only ~58K and it went from 18yrs remaining on a 30 to a new 20 but still paying less interest (5.8->3.65)in the end. I've ignored their FedEx letters for almost 2 years till I called because the letter said there could not be a 2nd mortgage or lien and since my lien was interest & payment free I didn't want to pay it off.

I just closed on one of the Chase Rate Reduction offers Friday. In my case, it was super fast (I called on 4/11, and just did closing this friday, 5/3!).

History:
  • Loan of just under $100k @ 6.125%, originated with a local bank 3/2008 for first home purchase. Not a lot of documentation needed back then (I don't remember them asking me to release my taxes, for example, or for bank statements, or for a statement from my employer!)


  • Loan was immediately sold to Chase after 1st payment.


  • On-time payments each month, and paying extra towards principal.


  • House is a townhouse with condo ownership, Freddie Mac. Should have been eligible for HARP, but when I talked to mortgage brokers, they couldn't/wouldn't do it due to it being a condo (with HOA). Something about requiring the HOA to change the insurance policy, I think(?), which would not happen.


  • House was pretty much underwater (I think similar units have been selling for about $50k - ouch - although prices seem to be slowly rising.) Chase ended up estimating it at about $77k. I owed just under $70k, so per Chase, I was just barely above water.


Offer/Timeline/Process:
  • Received overnight UPS on Friday 4/5. Had to respond by Thursday, 4/11. Offer was to drop from 6.125% to 4.125%. (Originally a 30 year loan. Have been paying for 5 years, but paying extra, so I was on track to pay it off early. New loan was offered for 20 years, and I was told that I could not change the term. If I wanted a different loan term, I'd have to go through the regular application process and pay the fees myself. No PMI, no escrow, no pre-payment penalty - which all match my original loan.)


  • Did research online, called on 4/11.


  • Had to answer a bunch of questions on the phone and verify identity. I did not want to give my full SSN on the phone to verify, so they allowed me to use my current loan number (off my statement) instead. The rep was very patient with me through this, and while waiting for me to look up the number.


  • I had to send in: declarations from my current condo insurance, declarations from the HOA master policy insurance, a note from my insurance company showing that I had Chase listed as the first mortgagee, a letter from my employer (with my length of employment, no salary info required), and signed forms that Chase emailed me through a secure email system (including tax release forms). They asked me to try to get everything returned to them within ~48 hours (I think I had everything back in ~24 hours).


  • The rep had told me that it could take anywhere from a couple weeks to longer for them to review my info and do the title search.


  • I got an email and phone call on Friday 4/26 (just 2 weeks after I called!) from another rep who wanted to schedule my signing! I called back on Monday, 4/29. She had wanted to schedule it for Monday, 5/6 - but since my mom was going to be here over the weekend (to sign as a witness), we moved it up to Friday, 5/3.


  • Whether you need a witness is apparently state-dependent. In Georgia, you DO. The Chase rep didn't know this offhand, but she did look it up and confirm with her supervisor, to make sure we had the right info. The notary actually called me a few days before as well to make sure that I was aware of this.


Both Chase representatives were good to work with, very patient and willing to answer any questions. I was a little concerned that at times they didn't seem to fully understand some of my questions. For example, I asked the 2nd representative (who gave me her MLS #) - about owners title insurance. This is my first home, and I purchased owners title insurance when I bought the house. I was confused about whether I needed to repurchase this, or even had an option to re-purchase it. She basically said that I didn't need to purchase anything, because it wasn't on her list (and if it was required, it would be on the list!)... and she had no idea what owner's title insurance is. She wondered if I meant PMI (nope!).

I understand that this was probably not an appropriate question for her (she doesn't know anything about the title insurance I have through another company, and Chase wasn't even involved in the purchase) - but I would have thought she'd at least know what owners title insurance is... she sounded like she'd literally never heard of it.

The only other weird thing was that the couldn't/wouldn't send me a copy of the paperwork beforehand (to read before signing). They DID email me a copy of the settlement statement to read a few days in advance, and some of the papers were dupliates of things that I had signed previously for them. It was just odd that they couldn't send me everything in advance to review (by email) so that I could better prepare for closing.

But, even with that, the process itself very smooth. The notary they sent over ROCKED - SO much better than the guy that handled my purchase. He was very knowledgeable and articulate, and happy to explain anything I had questions about in the paperwork. If I ever have a choice in a future purchase, I'd love to use this guy again.

So, overall it was a great experience. No costs to me, everything moved very quickly, the first representative called me after about a week to let me know what was going on and check in with me, and it's all done now. Because I made my 5/1 payment before I scheduled the closing, I don't get to skip a month (next payment is due 6/1). They did give me a coupon in the package of papers to send in, and said I should be getting something in the mail with more info.

Final thought - I know there are lower rates out there. In my case, I was unable to do a HARP loan because of the Freddie Mac requirements for condos, and didn't have enough equity to qualify for a non-HARP refinance. So, being able to lower my rate 2% with no costs to me seemed like a great deal. I plan to keep making the same payments, and should have it paid off in about 5 years (saving about $5k from this refi, if my math is right). If something happens (job loss), my minimum payments have gone down about $170/month, making it easier to stretch my emergency savings. So, all in all, I'm happy!

Thanks to everyone who shared their experience previously, and hope this helps anyone else looking for more info!

brainpain - Glad it worked out for you!
But 4/5 to 5/3 is slow by Chase rate reduction standards
In my case, the whole process from receiving the FedEx to closing took two weeks.

LOL Thanks Eurekaa. The first week was my fault, I didn't call until 4/11 ! I guess that still was a bit slower, but it felt fast to me. (My first refi - so the paperwork was a bit overwhelming, maybe that's what made it feel faster?!)

Anyway, glad it's done! Once less thing to worry about!

My refi is scheduled to close on June 12th. My rate is dropping almost 3 percent! I'm glad I held out for this offer. I was almost ready to give up and go with a conventional refinance.

Jman

Went through the Chase Super Streamline Program and completed within a month. A neighbor of mine actually received the FedEx mailer and I called in asking if I had a reservation number and I did. There is a credit check but no income verification and the only liability listed is the property to be refinanced, which had to be the primary and owner occupied. You do need to provided the home insurance declaration and bank statements for two consecutive months.

After signing and returning the paperwork I had a loan officer contact me within two weeks. They do conduct a few checks with the underwriter as far as cross-checking your bank statement address and asking if you recognize any other names or aliases. But this is VERY streamlined compared to any other refi, which would normally require full doc, W2s, income verification, pay stubs, etc.

After about two days after the initial contact from the loan officer I was approved and scheduled to sign a week later. The entire process took about a month and the new loan should be active within three weeks. Was able to lock in at 3.875% for 30-year fixed.



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