Bank offers grants, low down payments, and homebuyer education
Chase Home Lending has announced enhancing its financial assistance and educational offerings aimed at supporting homebuyers throughout the purchase process.
As part of the new initiatives, Chase has increased its Closing Guarantee program from $5,000 to $20,000 for a limited time. The limited-time offer is available for qualifying customers purchasing a home with a Chase mortgage until July 27.
“Customers must submit necessary financial documentation and provide a fully executed purchase contract,” the lender said in a press release. “Then, Chase will close the loan on or before the contract closing date or pay the buyer $20,000. Funds can be used to discount underwriting fees paid at mortgage closing or pay down the interest rate and down payment.”
Other programs aimed at improving affordability and access to credit for homebuyers include low down payment options (as low as 3%) and flexible credit guidelines. The Chase Homebuyer Grant provides up to $7,500 in eligible areas, which can be combined with state and local assistance programs to lower interest rates and reduce closing costs and down payments.
“Current market dynamics have impacted the affordability of homeownership for many Americans, and at the same time, competition has only increased,” said Sean Grzebin, head of consumer originations at Chase Home Lending. “We’re focused on the things we can control in this environment and that’s supporting our customers all the way home. Increasing our Closing Guarantee to $20,000 is a reflection of our confidence in getting customers into their new home without delay.”
To further assist homebuyers, Chase offers a variety of digital tools, including Chase MyHome, a comprehensive platform for property searches, loan options, and mortgage management. The company also provides digital mortgage calculators to help buyers understand their affordability.
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Chase acknowledged the complexity of the homebuying process and aims to educate prospective buyers through its Homebuyer Education Center. This comprehensive resource offers information on the home purchase process, mortgages, and other relevant topics.
“Homebuyers don’t always realize what’s negotiable and what may differ from lender to lender,” Grzebin said. “Being informed can help save you money in the long run. I’d advise customers to make lenders compete for your business—take the time to consult with more than one lender and always check with your bank.”
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