The Offer
- Chase customers can get $595 cash back after closing a purchase mortgage with Chase
You can get this deal if you close a new mortgage now or if you’ve closed one within the past 60 days.
To be eligible, a customer must:
- Have an existing or open a new Chase personal checking account. AND
- Enroll in Chase’s automatic mortgage payment service. With this service, their mortgage payment will be automatically deducted from their Chase personal checking account. Payments must go directly from a Chase personal checking account to the Chase mortgage and not be managed by third parties. AND
- Enroll the new mortgage in paperless statements.
The Fine Print
- This offer is only available for new, residential first mortgage purchase loans submitted directly to Chase.
- Customers must enroll in the $595 Cash Back promotion online within 60 days of closing with the E-coupon code provided in the Welcome brochure.
- Applications received after March 26, 2017 are eligible for the $595 Cash Back promotion.
- Property address must be included with the application.
- This offer is available to customers who live within the service area of a Chase branch. Customers who live outside the service area must have an existing Chase personal checking account or visit a Chase branch to open an account within 60 days of closing.
- This offer is not transferable, is limited to one per customer at any given time, and may be discontinued at any time without notice.
- The $595 Cash Back promotion may result in reportable income on Form 1099-INT to the customer and the IRS. We encourage customers to consult with personal tax advisors.
Our Verdict
Please do not take out a mortgage with Chase for the bonus. The main thing is to get the best rate and the least fees.
If you’re planning on doing a Chase mortgage or if you recently closed one, it’s a free $595 cash. If you don’t have a Chase checking account, you’ll have to open one for the mortgage deal to work. Be sure to get a bonus on the checking account too for the double dip. (Here’s a $300 bonus offer for the Premier account, but you’d probably be better off buying a coupon on eBay for the $300 Total bonus.)
Hat tip to Maximizingmoney
Never got the welcome brochure, but they were able to get me a coupon and apply it via secure messaging.
Closed on my mortgage a few weeks ago. They said I would get the welcome brochure with code within two weeks, but I never received. Has anyone actually received the code?
Chase is terrible for mortgages, don’t get one with them regardless of rates or a possible bonus. I have been on the buying and selling end of these idiots. Every time they delayed closing by at least a month due to stupid crap they should have been aware of from the beginning of the process. Maybe it is just bad luck, but the last time I sold a house, I was so pissed at them, we told the people with the best offer to use a different bank.
We refi’d a Chase mortgage back in 2013 from investment property to owner occupied after we moved into a property that was formerly a rental for us. It was the *worst* experience ever! I had done a number of real estate loans in the past so I was already familiar with the process. Chase put us under a crazy microscope and we had to come up with un unbelievable amount of documentation.
All of this despite the facts that:
– Chase had 5 years of perfect payment history from us on the same property.
– The new loan was going to be a shorter term, lower payment owner-occupied loan (all of which are lower risk for the bank).
– Either one of us had enough W2 income to support 2x the loan payment individually but they still made us cough up all kinds of business stuff from the various businesses we owned.
My experience has been that consumer loan officers are generally not very bright. However, our Chase loan rep was a new experience. I started calling him “Orange Cone Ron” because you could replace him with an orange cone and just about the same amount of useful productivity out of him.
After the terrible experience though, we did end up with a sweet loan. 3% fixed with an annual rebate of 1% of all principal and interest payments for the year every year if the payments are auto-deducted from a Chase checking account.
So your effective APR is 2%? How much did you have to keep down?
The main thing is to get the best rate *while paying the least fees*.
I’ll add that, thanks
FYI, when I applied for a Chase mortgage, they had a policy of matching any competitor’s mortgage rate. You just needed to show them something that has the competitor’s mortgage rate offer in writing (email works). In my specific case, they didn’t have a 7/1 ARM product and were willing to rate match with a 10/1 ARM instead!
Was this recently? Im a newbie looking for a mortgage and I would much rather deal with a local bank/branch if given the choice. When I go to bankrate.com or any other site that aggregates lenders, the online lenders are miles apart on rates vs. local branch published rates.
In-branch offers will almost always be significantly worse than what you can find online. Not only will you pay a few thousand up front in higher closing costs, you’ll also pay hundreds or thousands over the loan term for the higher rate. Dealing with a local branch has no advantage whatsoever, since you will most likely communicate with them by phone and email anyway.
Getting a mortgage in-branch is like paying MSRP for a brand new car at a dealership — nobody should ever do this. Even dealing with a local mortgage broker may be better than walking into a branch, because brokers have access to wholesale rates from the same banks.
This was Q3 2015 unfortunately, so I’m not sure if the offer still stands. They also had a 1% cash back program if you enrolled in autopay which is a much better deal than a flat $595 cash reward for most people who stay in their home for 7+ years (~3 year breakeven for us). Of course, if you want to get technical and discount future cash flows to calculate the NPV, the breakeven point pushes out a little further, but that’s another topic.
Appreciate the reply. Thanks!
Did they match the APR though (I.e. points and closing costs in addition to underlying interest rate)?
DAMN. I closed on my chase mortgage at the end of january