Excellent Marketing Effort - Chase 1% Cash Back on New Chase Mortgages
This is fantastic information and i wanted to pass it along. www.DaveYourMortgageGuy.com.
If you saw the Commerical and are interest in Details about the Program, you can find the information here https://www.chase.com/chf/mortgage/mcb-details
My opinion the offer is a great marketing effort by them however in reality the savings may not be as beneficial as the commercial might make some consumers believe.
First, The 1% sounds like alot. The reality is it is 1% of your Monthly Principle and Interest Payment. Using their calculator I changed the loan amount to $100,000 and the rate of interest to 5.00%. The "Annual Cash Back Savings" was quoted at $64.00. The payment on this loan would be $536.82, so you would receive $5.36 per month. (12 months time 5.36 amounts to $64.00 Per Year) Additionally as stated on the Chase website the 5.36 ($64.00 Annually) "The 1% Mortgage Cash Back may result in taxable income to you, the borrower. We encourage you to consult with your personal tax advisor."
Second, In order to qualify fot the 1% Cash Back you much have a checking account (or open one) and sign up for the automatic withdraw from your Chase Checking Account.
Finally, this is not a Criticism of Chase's ad or their program as I believe it is an excellent advertisement and a great way to encourage borrower to give them a call. The purpose of this post is to encourage borrowers to SHOP, COMPARE and SAVE when shopping for a mortgage. You may find a better rate or lower closing costs with a little shopping.
If you are in Ohio, please give me a call and I will gladly assist you in Shopping for the Best Mortgage.
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