<p>Has anybody else who has a mortgage with Chase recently received a Fedex letter offering to lower your current mortgage rate with no closing costs whatsoever? Apparently, they have a “Rate Reduction Program.” I was very skeptical at first, but it seems legit. Any input would be appreciated.</p>
<p>Never heard of it… maybe they roll the closing costs into your refinance amount? I’ve been getting a lot of re-finance offers in the mail recently… I’m at 5% currently.</p>
<p>I think that they are trying to keep their best customers by doing this. I guess they realize that people with excellent credit/payment history can refinance elsewhere, so they are trying to retain them by offering a reduction in the current rate hassle-free and without cost.</p>
<p>yes it is legit. They are in fact rolling in all of the closing costs into the new rate. I did the deal a little while ago and it was better than advertised…simple and easy.</p>
<p>we did it too. there wasn’t much paperwork-- but there were one or two steps where you had to get back to them quickly, so pay attention to the correspondence.</p>
<p>I got the same offer from my mortgage company. I did the math and thought it was a great deal in the short term. I ran it by my broker who couldn’t think of a reason to turn it down in my situation (will be selling in the next couple of years) - he thought it was a great deal as well. However, it wouldn’t have been as good of a deal if I planned to stay in the house for a longer amount of time, as there are loans at lower interest rates available. </p>
<p>The process was inexpensive (around $350 in closing costs) and painless. The first month’s savings easily covered the closing costs.</p>
<p>It’s easy enough to do the math if you have an idea of how long you’ll be staying in your home and what other refinancing alternatives might be available to you.</p>
<p>I know two people who tried to work with Chase to get a mortgage reduction. They had some personal situations that made their process challenging, but in both cases it dragged out for 7 mos, Chase claimed to have never received or lost paperwork, and denied them after this long drawn out process.</p>