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Chase calling to get you to refinance your mortgage.

If this is for real it looks like a great opportunity to save a little money. I just received an overnight delivery letter from Chase offering to take my loan from 5.5% APR down to 4.8% APR fixed!!!  with NO CLOSING COSTS.  Is this for real???  It's just too good to be true.  I was already thinking about shopping around for no closing cost loans to see if I could get a better rate.  Looks like Chase has beat me to the punch.  I'll stick with them now :-)  Everything looks legitimate... I'll re-post and let everyone know how it goes...

This was the easiest phone call I've ever made. The Chase employee was very polite.  They are going to close with absolutely NO cost to us in August., at our home.  We'll skip Sept. and then start again in Nov with the new adjusted rate, which is saving us over $130/mth!!!  I asked him to keep our payment the same and to apply the extra to the premium.  Overall it seems to be a GREAT deal!!!  I'll re-post if something goes wrong and we don't get this good deal.

I received a similar letter and was wondering if there was a catch.  I wanted to ask you Sandi, when you refinanced your mortgage for the new lower rate do they add years on?  For example, I'm currently paying off a 30 year mortgage.  I have about 8 years left.  When the bank does a refinance, do they do it for another 30 years??  I'm afraid that if I try to refinance for the 8 years I have left, the mortgage will start over with the new rate, but for the full 30 year term.

Linda
You are probably paying on most of the prinipal, so you may want to check on that.  Refinancing may not do you any good.

I have same letter but I am still affraid this my be some type of hoax! for one I did not ever contact Chase about this and two My credit score is not good

A little paranoia is good for you.  But this offer is really from chase.  It's legit.  You can call the number for chase on your bill to verify.

https://www.chase.com/online/Home-Refinance/mortgage-products.htm
(HARP)

I am glad to have locked in a new lower rate :)

(edit: oops, meant to reply to kewill, not Sandi.)

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holiday

Chase is NOT offering a GREAT DEAL!! The catch IS you will lose your rights to pay off your morgage early, which forces you to pay all the interest in FULL!

Just off the phone with them and they advised no prepayment penalty.  I'll double check the docs when they arrive.

Yes, I got the same overnight delivery and am now receiving repeated phone calls.  I contacted them and they asked for my social security number....RED FLAG!!!  Never give that info out over the phone.  Most financial institutions will advise that they will never ask for your full SSN for identification purposes.  I asked if I could visit a branch to complete the process and the rep said "no" that the branch was not privy to such a great offer and I would have to pay closing costs should I decide to process the refinance loan via a branch. If it is too good to be true...it probably is.  Stay safe and good luck!

same story ...phone call ,over nite paperwork...emails...
no prepay penalty ...
Caller Kevin ID 1371614