Chase has announced 1% Mortgage Cash Back, an innovative new benefit from Chase Exclusives, the program that rewards checking account customers for using the bank’s other products and services. Each year, the 1% Mortgage Cash Back allows enrolled Chase Exclusives customers to earn one percent of their scheduled monthly principal and interest mortgage payment. In order to qualify, they must get a Chase mortgage to buy or refinance their home, and have their monthly mortgage payment automatically deducted from their Chase checking account.
“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,” said 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 will pay customers one percent of their total scheduled monthly principal and interest payment on each annual anniversary of the loan’s 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 $210,000 mortgage at six percent to save almost $12,000 and pay off their mortgage nine months early.
“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,” said 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."
For more information, visit www.chase.com/MortgageCashBack.