Chase Bank one of the largest banks in the United States is now offering an exciting program for new and existing customers it’s called 1% Mortgage Cash Back. This is a very exciting program for Chase Bank Customers. It works very simple. Chase Bank customers get 1% of their mortgage principal back annually as cash back to the customer or a reduction against the principal annually for the life of the loan.
Look at the following examples on how much you can save with the following scenarios:
A 4.625% interest rate on a $150,000 mortgage will have (over the life of the loan) a savings of $2,777 cash back or $5,702 savings on interest and principal over a 30 year loan. If the loan amount is $250,000 at 4.625% the savings increases to $4,627 cash back or $9,503 pay down on the principal. If the mortgage amount increases to $350,000 the savings is $6,478 cash back or $13,304 principal savings. These of course are just examples and everyone’s scenario is going to be different. There is a calculator at Chase Bank that will calculate the potential savings that you potentially could expect at https://www.chase.com/chf/mortgage/mcb-calculator.
Chase Bank 1% Mortgage Cash Back program is a very innovative and forward thinking to offer potential homeowners or refinancers to have the opportunity to encourage mortgage savings and prepare for a better future. There are some other detailed rules, so those considering this program should visit Chase Bank’s website or call 1-800-873-6577.
Paying Your Mortgage Loan Off Early
Besides offering homeowner’s huge savings, this program can teach the importance of debit reduction focused on early loan payoff. It is not often that major lenders like Chase Bank offer programs of this nature. The importance of early loan payoff includes lowering your total cost of interest paid into the life of the loan, the satisfaction of becoming debit free, and improving cash flow. For early loan payoff on a 30-year mortgage can be paid in half the time by paying one additional payment each year applied towards the principal. It is a great opportunity to shorten the life of the mortgage and one step closer to financially security such that is offered by Chase Bank’s 1% Mortgage Cash Back program.
The satisfaction of becoming debit free knows that you are financially secure. By being financially secure is a mindset that offers a homeowner more options for long-term financial planning.