If a refinanced mortgage has a longer term than remains on your current loan, you will incur additional interest charges for the extended term.
Qualifying personal deposit accounts include Chase personal checking and savings accounts, CDs, certain Chase Retirement CDs, or certain Chase Retirement Money Market Accounts. Qualifying personal investments include investment and annuity products offered by JPMorgan Chase & Co. or its affiliates and agencies. Balances in Chase Money Purchase Pension and Profit Sharing Plans don’t qualify.
To be eligible for a 0.12% rate discount, before closing, a customer must: (1) have an existing or open a new Chase personal checking account, and (2) enroll in the Chase automatic payment service for home equity accounts. With this service, their home equity account payment will be automatically deducted from their Chase personal checking account. Payments must go directly from a Chase personal checking account to the Chase home equity account and cannot be managed by third parties. (3) A customer can qualify for a rate discount of .25% when they (a) provide contracts or bids for home improvements totaling at least $30,000, to be withdrawn subsequent to closing; OR (b) withdraw at least $30,000 from their Chase home equity line of credit at closing. Discount not available for existing HELOC customers with more than three (3) years remaining in the draw period.
The Chase Home Equity Line of Credit may not be used to purchase the property being used as collateral. Property insurance is required; if the collateral is determined to be in an area having special flood hazards, flood insurance will be required as well.
All home lending products except IRRRL are subject to credit and property approval
If your property is located in AL, FL, GA, MD, MN, NY, OK, TN or VA, you will pay a mortgage recording tax between 0.115% and 2.175% of your credit limit amount. This tax is due at closing but may also be financed. In the Orleans Parish of LA, you will pay a flat fee of $325. Chase Home Equity Lines of Credit are not available in AK, HI, and SC. The minimum allowable line amount is $25,000 ($10,000 in MI).
The APR may increase after the loan consummation
Important Notice to Servicemembers and Their Dependents: This refinance offer may not be advantageous to you if you’re currently eligible for benefits provided by the Servicemembers Civil Relief Act (SCRA). If you’re an SCRA-eligible customer and have questions about the SCRA or about this refinance offer, please discuss with your Home Lending Advisor.
JPMorgan Chase does not offer tax advice. Please consult your tax advisor regarding the deductibility of interest for home improvements.
Debt Consolidation Information: The amount you save on debt consolidation may vary by loan. Since a home equity line may have a longer term than some of the bills you may be consolidating, you may not realize a savings over the entire term of your new line. In addition, your line may require you to incur premiums for hazard and, if applicable, flood insurance, which would affect your monthly payment reduction. Federally Guaranteed Student Loans should not be consolidated because you will lose important federal benefits.
Rate, points and APR may be adjusted based on several factors including, but not limited to, state of property location, loan amount, documentation type, loan type, occupancy type, property type, loan to value and your credit score. Your final rate and points may be higher or lower than those quoted based on information relating to these factors, which may be determined after you apply.
Tools and calculators are provided as a courtesy to help you estimate your mortgage needs. Results shown are estimates only. Speak with a Chase Home Lending Advisor for more specific information. Message and data rates may apply from your service provider.
FHA loans require an up-front mortgage insurance premium (UFMIP) which may be financed, or paid at closing and monthly premiums will apply.
For the Adjustable-Rate Mortgage (ARM) product, interest is fixed for a set period of time, and adjusts periodically thereafter. At the end of the fixed-rate period, the interest and payments may increase.
Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply.