Chase Home Finance has a new program that enables borrowers to lock in low interest rates for up to a year while their home or condominium is being built, the company said today.
Chase today announced the Chase Lock-Solid Platinum Program, its new long-term lock offer on interest rates for up to 12 months on 15- and 30-year fixed-rate loans.
Borrowers who want more flexibility can lock today’s rate for up to 12 months on a wide range of Chase adjustable-rate mortgages featuring initial fixed terms of 3 to 10 years as well as interest-only loans, the company said.
The Chase Lock-Solid Platinum program also offers extended lock terms of up to twoyears exclusively for Chase Premier Builder Relationship customers, according to the company.
The company claimed to be the first lender to offer a 12-month lock on 15- and 30-mnth fixed rate mortgages. The idea is to ease borrowers’ concerns over rising interest rates while their new home or condominium is being built, the company said.
At application, borrowers pay a deposit to lock in their rate, which is applied directly to fees for locks up to 12 months when they close on their mortgage. If rates drop during the lock period, the borrower can “float down” to the lower rate within 60 days of closing and switch to a fixed-rate loan or another ARM product.
The Chase Lock-Solid Platinum program features include a free six-month rate lock with deposit, the ability to lock an interest rate for up to 360 days before closing, the option to “float down” to a lower interest rate at no extra cost within 60 days of closing and a one-time switch to any eligible Chase Home Finance mortgage loan product within 60 days of closing with current pricing at no extra cost
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