Chase announces 1% Mortgage Cash Back, a new benefit from Chase Exclusives, the program that rewards checking account customers for using the banks other products and services.
Chase will pay customers 1% of their total scheduled monthly principal and interest payment on each annual anniversary of the loans origination as long as payments are made automatically and in full from their Chase checking account. Customers can apply that annual payment directly to their mortgage principal or receive a cash deposit in their checking account. The program can save customers thousands of dollars over the life of their loan.
The 1% Mortgage Cash Back allows a homeowner with a 30-year, fixed-rate USD210,000 mortgage at 6% to save almost USD12,000 and pay off their mortgage nine months early.
Today, consumers want to get more from their money and our innovative 1% Mortgage Cash Back program does just that. It is a great example of how Chase Exclusives rewards you for having both a Chase checking account and a Chase mortgage, says David Lowman, chief executive officer of Chase Home Lending We talked to many customers and prospects, and they really liked the idea of having their bank help them pay down their mortgage. They also liked the option of getting the reward in cash.
Chase Exclusives make a Chase checking account a smart choice for consumers because we provide special offers on mortgage, credit cards, savings accounts and debit cards, says Michael Cleary, chief marketing officer for Chase Retail Banking. These can be worth thousands of dollars to our customers as we say thank you for their continued business and help them with their financial needs.
The bottom line is that a Chase checking account saves customers money — and that’s very important in times like these.
L.D.