There are great benefits to every Chase mortgage refinance option available out there, but you need to understand which one is good for you.
This choice depends on your current financial situation and goals, and you should comprehend their differences to end up with the right one.
So, read this review to be equipped with the best knowledge.
Chase Bank Fixed-Rate Mortgage Refinancing
Their terms are different, from 15 to 30 years, and they have constant interest rates in addition to monthly principal payments.
This solution offers the following benefits:
- Your regular repayments will be predictable;
- No need to be concerned with rising mortgage rates;
- The ability to spread repayments out to decrease monthly interest and principal amounts.
Adjustable-Rate Mortgage Refinancing
This solution offered by Chase comes with lower rates compared to the above-mentioned option, but this benefit is offered only for the first 5 years.
After that, rates will change based on the market index.
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Consider the following characteristics:
- In the beginning, interest rates are lower, thus, enabling you to save money, which is good if you don’t want to stay in this house for a long time;
- Regular repayments can increase when interest rates rise;
- As the market index changes, your payment will do the same on every scheduled adjustment date.
How to Choose the Right Mortgage Refinance for You
There are some key factors that will help you choose from available Chase options.
How long do you want to own this house?
If you want to stay there for a long time, consider refinancing your mortgage with fixed-rates solutions.
If you want to sell this house, adjustable-rate refinancing options are attractive.
Other Mortgage Lenders for Refinancing
What Are Current Refinance Rates?
Differences in regular payments between available Chase mortgage refinance solutions can be either small or large based on current interest rates.
There are different variables involved, so you should use a convenient online calculator offered by Chase to choose the loan that makes sense for mortgage refinancing.
Mortgage refinance calculator or Call 1-800-873-6577
Additional Mortgage Refinancing Options
- Alternative loan terms designed for people who want to pay off their mortgage faster;
- VA loans with lower down payment requirements;
- HARP designed by the federal government;
- Effective ways to decrease your interest rates.