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I have had a mortgage with chase for 10 yrs. Got a big bump in my property taxes which made the monthly nut tougher for my family. Received a Chase Rate reduction program letter via FedEx and am STILL in the process of closing. 77 days. Have been bounced about by at least 4 people handling my loan (I needed a subordination from my bank for our equity line). First guy said no fees, no closing costs because it is not a cash-out only a straight refi.on what you owe. Supposedly going from 5.5% to 3.8%. We processed all our paperwork(and their was tons) within 24 hrs. Feel like I'm getting the complete run around. Called today to tell me we need to come up with $2500 to close and no, they cannot roll it in to the mortgage. WTF. I would say if you are going through Chase, take copious notes, get all the names of every person you speak with and heck, if I could I would have recorded the conversations. It has been a nightmare. Buyer be warned!

DavidScubadiver said:   Umm, $500 a year is $41 dollars a month which is more than most reward checking accounts are paying and with zero hassle and zero requirements, its a pretty big regret for me, especially since I just spent $500 on a mini-trampoline.

Remember it is 1% back, max $500. To get the entire $500, your payment would need to be $50,000/year, or over $4k/month. Also, this does not apply to escrow. So if you P&I is $1k/month, the most you would get from this program is $120/year

DavidScubadiver said:   Just as an FYI, Chase's 1% Cash Back for paying from a Chase Checking account is only available if you already have a checking account open BEFORE the mortgage funds. Sadly, I did not know this, and was advised that I cannot participate in the program. The program's rules are spelled out HERE.

Interesting. Never hear of this rule before.
You should probably try to do this again, especially if you are still within the first 60 days of your closing.
At one point, they were sending this as inserts with monthly paper statements.

I still need to refinance my Chase mortgage. I have tried everything to trigger getting a FedEx letter from them, but it looks like it is not going to happen. Any recommendations on who I should look at? I am almost 14 years into my 30 yr loan. A no closing cost rate reduction would have really been nice.

I just recieved the UPS envelope 2 days ago and called, going from 7.5% to 3.875 good size drop for me, and will only add 3 months more payments because it is for a 20 year loan. I started with 30 and have paid a little over 10 on. He said I will save 47,000 in interest or I can pay it at the same rate I am now and it will be paid off in 11 years!

Your post gives me hope, monkymanirrific! Had you made any type of effort to trigger receiving one of the letters?
Are all these offer letters on properties that have lost value? Do most or all owe more than the property is worth?

Jmanolinsky said:   Your post gives me hope, monkymanirrific! Had you made any type of effort to trigger receiving one of the letters?
Are all these offer letters on properties that have lost value? Do most or all owe more than the property is worth?

Have you logged onto your Chase account, looked to the right at the links for "having trouble paying your mortgage," clicked on that link while logged onto your account, and then clicked on everything that link leads you to, including watching all the videos? If not, do that and report back here.

Got my UPS letter yesterday for a mortgage rate reduction - and another one today for another loan on a different property. I have made all my payments on time for 20 months, but I had late and very late payments and a foreclosure before that. The houses are rental properties and are not upside-down. I am getting an interest reduction of almost 2% on both loans. I ran the numbers, and although I will be paid off later by almost 8 years on one of the loans if I make the scheduled payments, I will save a good amount of money over the life of the loan. With the money I save I am planning to pay extra principal, though, so I should be able to pay the loan off faster than with my old mortgage, and save even more on interest. Sent in my paperwork for both loans already and hope for a fast closing.

Got my UPS letter yesterday for a mortgage rate reduction - and another one today for another loan on a different property. I have made all my payments on time for 20 months, but I had late and very late payments and a foreclosure before that. The houses are rental properties and are not upside-down. I am getting an interest reduction of almost 2% on both loans. I ran the numbers, and although I will be paid off later by almost 8 years on one of the loans if I make the scheduled payments, I will save a good amount of money over the life of the loan. With the money I save I am planning to pay extra principal, though, so I should be able to pay the loan off faster than with my old mortgage, and save even more on interest. Sent in my paperwork for both loans already and hope for a fast closing.

Jmanolinsky said:   Your post gives me hope, monkymanirrific! Had you made any type of effort to trigger receiving one of the letters?
Are all these offer letters on properties that have lost value? Do most or all owe more than the property is worth?


No, I did nothing. But to be honest I did recieve one of the a couple years ago and ignored it because I just thought it was a refinance offer and my debt to income ratio was/is high so I figured I would never be accepted anyway. Then when I learned what it actualy was I called and told them I was late calling, but could I still qualify? He said no, it's time sensative, but did check to see if I qualified for any other offers. I didn't and he saif IF I ever recieve another package to act quickly. It might have been a blessing in disguise though, because the rate that was offered at the time was something like 5.5%, This offer is for 3.875. I recieved another express package yesturday with the Good Faith Estimate and it was off from the figures that I spoke to chase about. I called and they told me to ignore it, it didn't apply to me, wait for the processer to call.

Getting that FedEx/UPS letter from Chase would be about the best Christmas present I could hope for right now! My current 30 year loan is at 6.875% with an APR of 7.5%. I've poked all around their website, entered all my refinance data right up until the last step, watched all the videos and even called them. No Love yet.

I didn't realize this thread was so old when I first clicked on it -- I guess that's why I was so surprised to see so many people excited about this guy's 4.xx% 15-year fixed mortgage. Ah, how times have changed.

I got another letter in the mail the other day from Chase. It was a regular envelope, no FedEx or UPS. I just refied earlier this year with them too. Went from a 6.25% 30yr (had 18 yrs left) rate to a 4.0% 15yr. Now they are offering a 3.143% rate with 1 point which says is usually 1% of loan amount. Nothing listed for length though. My loan is only $65k right now so not sure what to do.

Chase isn't giving away anything for free guys. They are crooks. I'm many cases they have loans floating out there that are "no recourse" loans due to the means by which they were originated. When you "modify" the terms of the original loan, you are now making them recourse loans and they have an ability to come after you now to collect on them.

For example
Original Loan
1,000,000 at 6% but is a no recourse (bank can't come after you for much if you default).

Then you modify the original terms per Chase's "goodwill".

New Loan
1,000,000 at 4% but is now a recourse loan since it is a new agreement drawn up AFTER the original purchase date.


Yes you are paying less money but in the event of a catastrophe or inability to pay (job loss, health, etc) Chase can now come after you for the FULL amount you owe. Garnish your wages, seize assets, etc.

Why do you think Chase is GIVING people these "deals" with little to no effort on the part of the homeowner? Because they will make more money by doing it. Where does the lost monthly revenue come from? garnishment of wages in the event of defaults.

Chase are a bunch of crooks. They were making money hand over fist and this is just a way to reduce the amount of unsecured loans out there.

billmoomey How can I tell if a loan is no recourse? I guess you're saying this kind of thing isn't on a simple HUD statement.

I did this program, now wishing I didn't because they "forgot" to pay my hazard homeowners insurance that was due in June and waited until I signed the new loan on June 29 and then paid the insurance late out of the new escrow that wasn't calculated for two payments and now I'm over 2500 short in the new escrow. The loan amount was not the 2900 (old escrow amount) less then what they stated so where did my 2900 escow go toward the fees they stated they were paying? There was no way I could see that is was happening so if you are going to do this loan be sure it's right AFTER any taxes or insuance payments are cleared. I will be moving all my banking from chase after this!

carrii, I just want to mention that about 6 months after refinancing, I received a small check from Chase (maybe $100) due to an accounting error. It seems like the people who audit the refinance might not be the same people who sell it to you.

Had my closing last Friday, 1-4-13, went pretty quick, around 30 minutes. The lady that came over our house to do the closing called the night before and said all we needed was our photo ID's and a witness. We didn't know that we needed a witness, but luckily our daughter came over and did that for us. She informed us we had 3 business days if we were to change our minds, or want a lawyer to look at the paperwork before it gets sent in for process. So glad it's done now. So from my first phone call after recieving the package to closing was around 30 days. I had 20 years left on the original loan and got a 20 year loan for the new mortgage. Everything worked out well.

Monkey man did you receive the Fed x. Letter for your rate reduction or did you just give them a call? And what phone number did you call? Thanks.

I recieved the FedEx Letter on Dec 3rd I believe. I only had 5 days to call and accept. I don't have the number at hand, i'm at work, but I did recieve this offer once before and wasn't sure what it was, so I called late and they wouldn't do anything for me. They said it was time sensitive and IF I ever recieved another one to call right away.

I've been getting these letters like every 3-4 weeks for a year. Been driving me crazy so I called up and asked them if I accepted would they stop mailing them to me. I just "signed up" a couple days ago. We'll see how it goes. Only have $59K left to refinance but I (we=wife and I) have applied for and received about 20 credit cards in the last years and canceled most of them. CS in high 700's. Should be interesting.

My mom recently (feb 2013) got form letter "preapproved" refi via Fed X and is all hot and bothered to proceed... your story sounds like what I am worried will happen. Did you ever get your refi and did you have to come up with unexpected $$ to close? If you don't mind saying... how much and for what were the costs? I personally don't trust banks that send out offers that appear to be nothing but roses for the borrower; I've worked for banks and know they don't do something for nothing -- ever!!

rockseekers said:   My mom recently (feb 2013) got form letter "preapproved" refi via Fed X and is all hot and bothered to proceed... your story sounds like what I am worried will happen. Did you ever get your refi and did you have to come up with unexpected $$ to close? If you don't mind saying... how much and for what were the costs? I personally don't trust banks that send out offers that appear to be nothing but roses for the borrower; I've worked for banks and know they don't do something for nothing -- ever!! Free - Zip - Nada. Good deal. Not finished yet but zero cost for sure.

Has anyone accepted this deal, refinanced with them, then they offered it a second time?

I have recieved the offer for higher rates, say 4% and 4-1/2% in the past 18 monthes or so. I recieved the fed-ex pack which claimed a rate of 3%
I called and locked in the rate, Friday a notary is coming by the house to sign papers. A 3% loan for 15 years, I really wanted 10 year but with a simple interest loan,pay off early, no penalty. I had a 9 year old loan with only 80,000 left on loan. I don't know why they are doing this but I like it.

I have recieved the offer for higher rates, say 4% and 4-1/2% in the past 18 monthes or so. I recieved the fed-ex pack which claimed a rate of 3%
I called and locked in the rate, Friday a notary is coming by the house to sign papers. A 3% loan for 15 years, I really wanted 10 year but with a simple interest loan,pay off early, no penalty. I had a 9 year old loan with only 80,000 left on loan. I don't know why they are doing this but I like it.

What part of the US are you in?

25 miles west of New Orleans,LA.

fordsutherlin said:   I have recieved the offer for higher rates, say 4% and 4-1/2% in the past 18 monthes or so. I recieved the fed-ex pack which claimed a rate of 3%
I called and locked in the rate, Friday a notary is coming by the house to sign papers. A 3% loan for 15 years, I really wanted 10 year but with a simple interest loan,pay off early, no penalty. I had a 9 year old loan with only 80,000 left on loan. I don't know why they are doing this but I like it.


I guess I jumped the gun, I was at 5.50, they offered me 5.00, then a few months later 4.50, then i took it. I guess I should have waited. It would be nice if they would repeat the offer at 3%, lol.

Churchland said:   fordsutherlin said:   I have recieved the offer for higher rates, say 4% and 4-1/2% in the past 18 monthes or so. I recieved the fed-ex pack which claimed a rate of 3%
I called and locked in the rate, Friday a notary is coming by the house to sign papers. A 3% loan for 15 years, I really wanted 10 year but with a simple interest loan,pay off early, no penalty. I had a 9 year old loan with only 80,000 left on loan. I don't know why they are doing this but I like it.


I guess I jumped the gun, I was at 5.50, they offered me 5.00, then a few months later 4.50, then i took it. I guess I should have waited. It would be nice if they would repeat the offer at 3%, lol.



4.50 is good. Who knows if you had waited it might have gone up and you'd be screwed. I got in at 4% last year. A few months ago they offered 3.6 I think it was but I didn't bother. If it goes to 3% or below I'll do it again.

FirNaTine said:   Churchland said:   fordsutherlin said:   I have recieved the offer for higher rates, say 4% and 4-1/2% in the past 18 monthes or so. I recieved the fed-ex pack which claimed a rate of 3%
I called and locked in the rate, Friday a notary is coming by the house to sign papers. A 3% loan for 15 years, I really wanted 10 year but with a simple interest loan,pay off early, no penalty. I had a 9 year old loan with only 80,000 left on loan. I don't know why they are doing this but I like it.


I guess I jumped the gun, I was at 5.50, they offered me 5.00, then a few months later 4.50, then i took it. I guess I should have waited. It would be nice if they would repeat the offer at 3%, lol.



4.50 is good. Who knows if you had waited it might have gone up and you'd be screwed. I got in at 4% last year. A few months ago they offered 3.6 I think it was but I didn't bother. If it goes to 3% or below I'll do it again.


So you got an offer to go a second round? I would love to get an offer at 3.6%.. I think rates will start going up again soon I'm afraid.

Churchland said:   FirNaTine said:   Churchland said:   fordsutherlin said:   I have recieved the offer for higher rates, say 4% and 4-1/2% in the past 18 monthes or so. I recieved the fed-ex pack which claimed a rate of 3%
I called and locked in the rate, Friday a notary is coming by the house to sign papers. A 3% loan for 15 years, I really wanted 10 year but with a simple interest loan,pay off early, no penalty. I had a 9 year old loan with only 80,000 left on loan. I don't know why they are doing this but I like it.


I guess I jumped the gun, I was at 5.50, they offered me 5.00, then a few months later 4.50, then i took it. I guess I should have waited. It would be nice if they would repeat the offer at 3%, lol.



4.50 is good. Who knows if you had waited it might have gone up and you'd be screwed. I got in at 4% last year. A few months ago they offered 3.6 I think it was but I didn't bother. If it goes to 3% or below I'll do it again.


So you got an offer to go a second round? I would love to get an offer at 3.6%.. I think rates will start going up again soon I'm afraid.


Yeah I was surprised I got another one. I think it was around November or December but I didn't pursue it because it wasn't much different from what I have. I closed on my original one earlier in 2012. Went from a 30 yr at 6.25% (but had 18 years left on it)to a 15 yr at 4.0%. Shaved off 3 years of payments for pretty much nothing. Chase immediately sold it to Fannie Mae but Chase still services the loan. If I get another one this year for 3% or lower I'll jump on it again.

I have been so sick of getting these UPS Next Day Air letters - about every 3 weeks for the past 2 years, that I finally Googled about it and found this site. My latest offer is for 3.25% APR on my $56K balance, which I have 12 years left to pay. I still think it's some type of scam/maybe not a scam, but it's benefiting Chase Bank in some way. They aren't just doing it out of the goodness of their hearts.

What I'm wondering is this: In 2007 they finally dropped my PMI. Since values have now tanked, my $56K balance is probably what my condo is valued at. Now if I decide to refinance, that PMI will be tacked on again?

I was in a worse situation and they did not add PMI despite the valuation.

ok4ablonde said:   I have been so sick of getting these UPS Next Day Air letters - about every 3 weeks for the past 2 years, that I finally Googled about it and found this site. My latest offer is for 3.25% APR on my $56K balance, which I have 12 years left to pay. I still think it's some type of scam/maybe not a scam, but it's benefiting Chase Bank in some way. They aren't just doing it out of the goodness of their hearts.

What I'm wondering is this: In 2007 they finally dropped my PMI. Since values have now tanked, my $56K balance is probably what my condo is valued at. Now if I decide to refinance, that PMI will be tacked on again?
I can assure you it's not a scam. It's Chase bank and the people I am working with are wonderful. There is a holdup w/my refi but it's not their fault it's due to the fact I have a lien on my home from an interest free loan from our town which I don't have to repay until I sell the home. That has to be resolved through our city council which only meets once a month and we were a day too late for last month. Zero fees. Nothing. I may have to lay out some escrow but will get it back via a refund from my existing escrow account. Jump on it if you can.

Are all these offers only on homes that have lost value? It sickens me that some are getting multiple offers and I haven't gotten the first one. My home's value has not fallen below its original value. Maybe this is why I haven't received offer letter yet.

ok4ablonde said:   I have been so sick of getting these UPS Next Day Air letters - about every 3 weeks for the past 2 years, that I finally Googled about it and found this site. My latest offer is for 3.25% APR on my $56K balance, which I have 12 years left to pay. I still think it's some type of scam/maybe not a scam, but it's benefiting Chase Bank in some way. They aren't just doing it out of the goodness of their hearts.

What I'm wondering is this: In 2007 they finally dropped my PMI. Since values have now tanked, my $56K balance is probably what my condo is valued at. Now if I decide to refinance, that PMI will be tacked on again?


Dont be sick, be thankful. It's no scam, and how does Chase benefit? By keeping you from forcloseing or going to another lender for refinance. Just take it and don't look a gift horse in the mouth, mine is saving me over 40,000 in interest. No money on my part, no PMI, plus I recieved a couple Checks In The Mail when it was complete. Clark Howard talked about this program on his show, it's legit.

Jmanolinsky said:   Are all these offers only on homes that have lost value? It sickens me that some are getting multiple offers and I haven't gotten the first one. My home's value has not fallen below its original value. Maybe this is why I haven't received offer letter yet. No. My mortgage balance is only ~$50K on a ~$400K home so they have nothing to gain as far as covering a possible default and my P&I AND Taxes are around $1200/mo so there is no possibility of a loss even if I stopped paying now and walked away. Value may have dropped a few points over the last few years and now is heading back up.

I'm looking for the same thing. Was told PMI on my loan disqualified me.

I got two offers both on homes with 20% equity. I did not get an offer on the home with PMI however. Both offers were for rental properties.



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