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Unsolicited rate reduction offer

shintoooo

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My current mortgage is with chase and I’m going through a refi right now. My current rate is 4% and the new rate I’m getting is 3.375% which is pretty good.

Well over the weekend I got this email from chase offering to reduce my rate with no refinance.

Adjustments.jpg



I was skeptic but today I clicked on it and lo and behold it’s legit. The new rate is 3.107% with no fees. My payment goes down about $323 and I don't have to start a new 30 year loan. I read all the fine prints and there’s no funny business. Here’s the offer below. Anyone else get this?

IMG_8041.png



I emailed my loan guy about this and I’m giving him a chance to see if he can beat this offer before I accept it. I imagine loan guys are not going to be happy with this if every bank starts doing this.
 

sirbob

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I just went to my Chase account and logged in - I click on messages and low and behold...!!!!

First one is an offer to lower my rate. I haven't opened it yet but this is a gift from heaven, if its legit without a bunch of BS, I'm all over it. Thx for heads up!

Screen Shot 2020-05-05 at 9.19.12 AM.png
 
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LuauLounge

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Back in the 90's WF did the same thing. I think it's the beginning of the dawn for deals like this. Why send a paying client down the road when all you have to do is lower a rate that isn't costing you anything?
 

shintoooo

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I just went to my Chase account and logged in - I click on messages and low and behold...!!!!

First one is an offer to lower my rate. I haven't opened it yet but this is a gift from heaven, if its legit without a bunch of BS, I'm all over it. Thx for heads up!

View attachment 873745
That first offer is a refinance offer and you have to go through the whole process. Mine is a rate reduction offer. It's different. You might want to call them and ask them if you qualify.
 

LargeOrangeFont

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I do have Chase, I will check my inbox.. No word of that when I log in though. Just an ad to refi.

I am like 9 years in and have 3.5% currently.
 

EmpirE231

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Interesting......

I bet they know rates will stay so low for the next 10 years, and they are losing a lot of their loans due to people refinancing into lower rates. It kinda is a no brainer.....

I wonder if Mr. Cooper will be doing the same........
 

WhatExit?

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We first talked to our mortgage holder at the time, Wells Fargo, and their only offer was typical bank BS - high costs, too much time to close ("get in line for your refi") and the rate wasn't good. We went with our broker who looked for the best rate and he closed us in 2 weeks - record speed.

It's good to see banks being close to competitive with the smaller guys
 

Riverfamlee

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My offer is 10% back for any service at Midas! woo hoo! best day ever 😂
 

Fastdadtsmith

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Could this be a bank seeing a mass exit of pissed off customers not being SBA financed in time and trying to save that customer? Seems like a win-win.
 

RiverDave

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My current mortgage is with chase and I’m going through a refi right now. My current rate is 4% and the new rate I’m getting is 3.375% which is pretty good.

Well over the weekend I got this email from chase offering to reduce my rate with no refinance.

View attachment 873731


I was skeptic but today I clicked on it and lo and behold it’s legit. The new rate is 3.107% with no fees. My payment goes down about $323 and I don't have to start a new 30 year loan. I read all the fine prints and there’s no funny business. Here’s the offer below. Anyone else get this?

View attachment 873732


I emailed my loan guy about this and I’m giving him a chance to see if he can beat this offer before I accept it. I imagine loan guys are not going to be happy with this if every bank starts doing this.
That is awesome!
 

brianwhiteboy

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My current mortgage is with chase and I’m going through a refi right now. My current rate is 4% and the new rate I’m getting is 3.375% which is pretty good.

Well over the weekend I got this email from chase offering to reduce my rate with no refinance.

View attachment 873731


I was skeptic but today I clicked on it and lo and behold it’s legit. The new rate is 3.107% with no fees. My payment goes down about $323 and I don't have to start a new 30 year loan. I read all the fine prints and there’s no funny business. Here’s the offer below. Anyone else get this?

View attachment 873732


I emailed my loan guy about this and I’m giving him a chance to see if he can beat this offer before I accept it. I imagine loan guys are not going to be happy with this if every bank starts doing this.
I have a Chase mortgage too and I didn’t see that nor a refinance offer 😕
 

shintoooo

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I sent the offer to my broker currently working on my refinance and he's talking to management to see if they can match or beat it. See what happens.
 

LargeOrangeFont

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I sent the offer to my broker currently working on my refinance and he's talking to management to see if they can match or beat it. See what happens.

You aren’t that far into your mortgage if I recall?

For me, being close to 1/3 done even a refi with a much lower rate the payment stays basically the same or is more unless I start the 30 year term over. So something like this is really appealing.
 

RIVERDAZE

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I got the same thing from Chase, it gets triggered when they pull the first payoff amount when generating documents. Chase was only going to reduce it from 3.875 to 3.625 so we continued with the refi at 3.375.
 

Mcob25rg

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I'm with Chase - didn't get this offer - yes, i'm already pissed. Called Chase Private Client broker that has all my stuff - he didn't know anything about it, said he'd get back to me. I'm at 4.65% with 9 years to go - i'm going shopping if they don't adjust it without the whole refi deal. If i gotta do that, i can go anywhere
 

jesco

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With Chase also and deal wasn't there... sent a message requesting refi options
 

EmpirE231

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I got the same thing from Chase, it gets triggered when they pull the first payoff amount when generating documents. Chase was only going to reduce it from 3.875 to 3.625 so we continued with the refi at 3.375.
interesting.... so they see you are attempting to refi, and hit you with a sweeter rate.
 

Tamalewagon

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As a "mortgage guy" for the past 24 years working in banks and wholesale, I've seen offers like this a lot. If the offer is for a streamline process and they actually follow through, it's a good deal. Big banks cherry pick clients who typically have money deposited in their institution (with exceptions of course) to do this and not all will receive this offer. The banks offset their losses on these rates by the money clients have deposited with them. If you have to go through their refinance process, you will get their higher big bank rates 95% of the time. Just be cautious and do your homework on these.
 

WhatExit?

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You aren’t that far into your mortgage if I recall?

For me, being close to 1/3 done even a refi with a much lower rate the payment stays basically the same or is more unless I start the 30 year term over. So something like this is really appealing.
I'm sure you realize you can get a lower rate with a 20 or 15-year mortgage. Or you can go with a 30-year to get a lower payment for your financial safety/flexibility and pre-pay it to be equal to a 20 or 15 year mortgage.
 

Activated

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We contacted our lender directly (not Chase) inquiring about our options. We went from 3.375 on a VA loan to 2.75 and took 6 1/2 years off of our mortgage length. Our payment went up but not higher than the extra principal I was sending every month any way..

They ran our credit but never asked for anything else, not even pay stubs. We close tomorrow morning. I think we will save between 100k and 110k in interest.
 

pronstar

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We kept getting the runaround.
Our loan is owned by Fannie.

First it was “90 day forbearance, must makeup missed payments at the end of 90 days. We will report this to credit bureaus”.
Obviously I’m not interested in this.

Then “ok you don’t need to pay it back at the end of 90. We’ll just add payments to the end of the forbearance. We won’t report this to credit bureaus”.
Ok I’m interested, so I read the CARES act, 90 days isn’t even mentioned.
Only 180 days.
So i fire-off a WTF email because it’s not possible to get anyone on the phone.

Now I got another one today.
“We’ve reviewed your file and you’re now eligible for a 180 day forbearance. We will add payments to the back end. There’s no negative credit reporting.”
I’m in



Sent from my iPhone using Tapatalk Pro
 

J DUNN

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I have a mortgage with Chase and a few months ago the same thing happened. Mine is a 15 year, which equals cash poor:p. They sent a letter with a form I had to sign and a return fedex envelope. I sent it in and sure enough the next week my loan went to 3% and didn't have to start the loan over. Happy Day! Saved me a couple hundred bucks a month but I just keep the payment the same.
 

LargeOrangeFont

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I'm sure you realize you can get a lower rate with a 20 or 15-year mortgage. Or you can go with a 30-year to get a lower payment for your financial safety/flexibility and pre-pay it to be equal to a 20 or 15 year mortgage.
Correct. The math changes with rates, but presently, to keep my same pay off date, my current loan is the cheapest option unless rates fall into the 2s.
 

shintoooo

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Well I just got this email from my broker. Hmmm. The chase offer is still better, I don’t have to change anything, and I don’t have to start a new 30 year loan. I don’t want to skip any payments and a 3% rate for 20 years is not that enticing. I feel bad but I think I have to turn this down.

Adjustments.jpg
 

Bobby V

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Well I just got this email from my broker. Hmmm. The chase offer is still better, I don’t have to change anything, and I don’t have to start a new 30 year loan. I don’t want to skip any payments and a 3% rate for 20 years is not that enticing. I feel bad but I think I have to turn this down.

View attachment 873958
Joes going to be pissed... :oops: 😁
 

HB2Havasu

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Well I just got this email from my broker. Hmmm. The chase offer is still better, I don’t have to change anything, and I don’t have to start a new 30 year loan. I don’t want to skip any payments and a 3% rate for 20 years is not that enticing. I feel bad but I think I have to turn this down.

View attachment 873958
I would do the math and see what 0.125% saves you over the term of the loan before blowing it off. It is always nice to trim 7.5 years off a mortgage if you can swing it!
 

brianwhiteboy

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Finally, Chase sent me an email yesterday....my credit card was hacked and is now closed.

And still no offer for lower interest rates. 😒
 

cofooter

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I asked Wells Fargo about this for my two loans. No such program...........
 

Dan Lorenze

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Im going to call my lender Homestreet bank this morning and see what's up.
 

DMF

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I accepted Chase's offer. My broker agreed it was a better deal and had no problem with me accepting it. He said, he would do the same.
My primary residence is with Chase. What did you end up with?
 

DMF

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Is that on an existing 30 year fixed? We are at 3.00% 15 year fixed and have 11 years left on it. I am curious if they can do any better on it without having to start over on length.
 

84miller

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My current mortgage is with chase and I’m going through a refi right now. My current rate is 4% and the new rate I’m getting is 3.375% which is pretty good.

Well over the weekend I got this email from chase offering to reduce my rate with no refinance.

View attachment 873731


I was skeptic but today I clicked on it and lo and behold it’s legit. The new rate is 3.107% with no fees. My payment goes down about $323 and I don't have to start a new 30 year loan. I read all the fine prints and there’s no funny business. Here’s the offer below. Anyone else get this?

View attachment 873732


I emailed my loan guy about this and I’m giving him a chance to see if he can beat this offer before I accept it. I imagine loan guys are not going to be happy with this if every bank starts doing this.
Chase offered me the same years back with my home loan. I took it as it was a great deal for me....saving $500.00 a month at the time. I was not looking to refi at the time of the offer because I was years into my loan and did not want to restart at year 1 again. My place is paid off now, but I am a firm client of Chase and have been with them for close to 30 years.
 

Runs2rch

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I accepted Chase's offer. My broker agreed it was a better deal and had no problem with me accepting it. He said, he would do the same.
So streamlined rate reduction? No hassle or Fees?
 

shintoooo

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Is that on an existing 30 year fixed? We are at 3.00% 15 year fixed and have 11 years left on it. I am curious if they can do any better on it without having to start over on length.
All they did was they reduced my rate from 4% to 3.107%. I just made a few clicks on their website. It didn't change anything else. Same account numbers, same escrow impounds, etc...
 

Cdog

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We did this back in 2012 with Wells. Have had a 3.5% 30 yr since. Give it some time I bet you'll see all the big banks offer it.
 

Waterjunky

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I reached out to my holder and they said there was nothing that they could do with the existing loan. All they wanted to do was to sell me a full refi at a premium (for them) fee structure..... I am looking at chase online right now and seeing favorable rates. Now I just need to see the actual costs of it compared to my normal broker.
 

Mcob25rg

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We have everything with Chase, including IRA retirement account. They said this was a targeted approach and i wasn't eligable. I'm one year into a 10 year at 4.65, credit rating over 800, been making extra on the payment, with TONS in my IRA, but no go. I said fine, i'll pay it off early, and move on. They said OK
 
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