Why is chase offering to refinance

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It appears your web browser is not using JavaScript. Without it, some pages won't work properly. Please adjust the settings in your browser to make sure JavaScript is turned on. When it comes to mortgages, there's no one-size-fits-all.

Let's find the one that meets your needs. An FHA mortgage is a government-insured loan. FHA loans come with a , , or year term and have a fixed interest rate. A VA loan has no monthly mortgage insurance requirement. VA loans are available with , , , or year terms. Things to consider: You must be a veteran, an active duty servicemember or a member of the National Guard or Reserve to qualify for a VA loan. While most mortgages are years loans, there are and year options. Find a Home Lending Advisor.

This loan could be a good match if you have a good income and credit score. Buying a car, paying for a wedding, covering college expenses. Find a Home Lending Advisor. You'll receive your lump-sum payment after closing, and you can start using your funds 3-days after you close. Your payments will be fixed for the life of your loan, and you'll have a fixed rate on the full amount of your lump-sum payment.

You'll pay standard closing costs with a cash out refinance, like application, appraisal and title fees. Read more about types of refinancing. Learn how cash-out refinances work and what you need to know before you apply for one. Read more about a guide to cash out refinancing.

Refinancing your mortgage is a big step. By working with a trusted lender, knowing what to expect and having the documentation you need ahead of time, the process will go smoothly. Read more about refinancing. Please review its terms, privacy and security policies to see how they apply to you.

Skip to main content Please update your browser. Please update your browser. Close this message. Credit Cards. Checking Accounts. Savings Accounts. Take a look at your current loan and financial situation, as well as your financial goals, when considering a refinance. If you have a high interest rate on your current loan or you need extra cash, you might want to consider refinancing. If mortgage rates are falling or your home has dramatically increased in value, you may want to look into refinancing your mortgage.

Another great reason to refinance is if your credit score has gone up significantly. If you had a lower credit score when you first got your mortgage, your interest rate was likely higher, which means higher monthly payments. With a higher credit score, you may qualify for a loan with a lower interest rate and lower monthly payments.

Before moving forward, make sure your credit score is as high as possible. Check your credit report and take care of any issues first. This may take some time, so get started early. The better your score, the better your chances of getting a lower interest rate which will save you money in the long term. The next step is to find a loan with better terms than your current one.

We can work with you to determine the best loan and best rates for your needs. You can decide to lock in anytime — from the day you choose your loan, up to five days before closing. Although if you wait, you run the risk that rates could go up. Once you've found the right loan, it's time to apply. Bring all of the paperwork your Chase Home Lending Advisor recommended with you when you apply. This will make things go faster.

Your advisor will also be able to give you an estimated closing date at this time. The new loan will pay off your existing loan. You'll begin making payments on the new loan once it pays off the old one completely. There are several loan options available to help you refinance your current mortgage. Loan rates and options will differ depending on your location, but your lender will help you choose the best one for your needs. Fixed-rate loans are generally 15, 20 or 30 years long.

They provide a constant interest rate, and monthly principal and interest payment, for the life of your loan. The benefits of refinancing your home with a fixed-rate loan are:. Adjustable-rate mortgages ARM generally offer a lower rate than a fixed-rate loan for the first five to seven years of your term.

After that, your rate will change with the market index. Here are some benefits and drawbacks of refinancing your home using an adjustable-rate mortgage:. An additional type of refinancing loan is a cash-out refinance. This loan is for an amount larger than your existing loan and you'll receive the difference between the two loans as cash. This may be a good option if you need cash. But remember, a cash-out refinance increases your overall mortgage debt. You'll need to submit several documents when refinancing.