Chase Home Lending vowed on Wednesday to close any borrower’s mortgage application within 21 days — or write out a check for $1,000.
The ‘Closing Guarantee’ program, which the New York-based bank announced in advance of the spring homebuying season, promises to give current Chase customers a decision on their mortgage application within three weeks. The countdown begins as soon as the borrower has submitted the mortgage application, necessary documents and purchase contract.
If the applicants do not get a response within the 21 days, Chase will hand them a check for the promised $1,000.
“We’re here to help our customers get into their new homes as fast as possible,” said Sean Grzebin, head of mortgage originations, in a prepared statement. “We want to reward our loyal Chase customers looking to buy a new home — with competitive rates, a chance to earn Ultimate Rewards points, discounts, and now the edge on speed.”
The offer is available to anyone who already has a checking account, credit card or car loan with Chase. The move comes at a time when multiple lenders are competing for borrowers — some tech-forward lenders have lured customers with an online-only application process while others have promised shorter and shorter application processing times.
“This new offer gives Chase customers a competitive advantage when submitting an offer to buy a home, and financial peace of mind to sellers and real estate agents,” Chase said in a release.