Chase Mortgage & Refinance Rates

It could be time to look into Chase refinance rates to see if you can save some money. You can lower your monthly payment by taking advantage of lower interest rates. When you refinance, you’re existing mortgage is being replaced, and you’ll start over from scratch.

Signs You Should Look Into Chase Refinance Rates

If the value of your house has fallen or interest rates have gone down, consider looking into a refinance. This is especially true if you’ve purchased within the last ten years. If you’ve had your home longer than that, it’s probably not worth it because by now, most of your payment is going towards your principal. If you start over, then you’ll be back to paying primarily interest. Even if you have a second mortgage, you could refinance one or both of them.

What Are My Options?

The refinance process is pretty simple. Generally, there are two options. The first is to get an FHA refinance loan. This process is very simple and requires that your home is your primary residence. Most people qualify for this and the loan officer can usually check and get back to you quickly. When you go this route, you don’t need to get an appraisal on the value of your home, can close faster and there’s less paperwork.

If you don’t qualify for an FHA loan, you can go another route, which involves getting your credit approved and getting an appraisal. Basically, you’re through the same process you did as when taking out the initial loan.

While refinancing, you can also choose to take out a line of credit. This involves taking out a loan for more than your home is actually worth. You can use the additional money for other things, such as credit card payments or medical bills. You will have to pay interest on this amount as well, but the interest rate will still be lower than on your credit card.

Home equity loans are also available. With this loan type, you’re taking out the amount you’ve put into the house and borrowing against it. So, if you have a $200,000 house and you’ve paid off $150,000 of it, you could take out a loan for part of the $150,000 that you’ve paid. This is often called a second lien. You can use this money to pay off other debts or for major home repairs.

Usually, you can choose between a 15-year or a 30-year loan. With 15-year refinance rates, your new payment may end up being higher, but it will be paid of faster. Likewise, 30-year mortgage rates are likely to be lower, but it will take longer to pay them off.

How Does It Work?

When you go in to meet with your loan officer, she can tell you about the Chase mortgage rates and how they’ll affect your monthly payment. You should be able to waive closing costs and other fees, or include them in your loan. Typically, you’ll pay an upfront sum to cover your escrow since you won’t be paying your mortgage for a month after closing. The loan officer will lock in your interest rate and show you the payments for the 15-year refinance rates and the 30-year mortgage rates. She’ll also meet with you when you sign your closing documents.