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Chase Expands Benefits to Military Service Members and Veterans
By James Comtois
Chase has expanded its slate of benefits to home sellers and buyers who are serving or have served in the U.S. military.
According to Chase, service members and veterans can now receive up to $2,500 cash back on a home sale and up to $2,500 on a home purchase through the new Home Connect real estate assistance program from Chase by using a Home Connect preferred real estate agent. The cash back rises from $175 on a home under $75,000 to $2,500 on a $625,000 home and is available in most, but not all, states.
Service members and veterans need to call (800) 463-3992 or visit www.chasemilitaryhomeloan.com to be referred to a Home Connect preferred agent in their area.
Home Connect is offered in conjunction with Cartus and its network of licensed real estate brokers and there is no cost to participate in the program. Cartus is a subsidiary of Realogy Corp. whose franchises include Century 21, Coldwell Banker and ERA.
The Home Connect cash-back bonus is in addition to the other existing and exclusive benefits of the Military Mortgage Program including a closing cost discount and payment deferral benefit for eligible National Guard and Army Reserve service members. Over the past year, nearly 700 military service members have financed their homes through the program.
"We are proud to offer financial rewards to the men and women who serve or have served our country," said Pablo Sanchez, home lending senior executive at Chase. "Chase is an official partner in the Consumer Federation of America's Military Saves initiative, which helps military members and their loved ones build savings for their immediate and long-term financial needs."
Other benefits of the Chase Military Mortgage Program include a closing cost discount of up to $500, access to the full range of Chase fixed-rate and adjustable-rate mortgages, and consistency of service, with Chase continuing to service the loans.
The program is also available for vacation homes and investment properties as well as primary homes. Plus, the choice to defer part or all of the mortgage payments during state or federal mobilization lasting 30 consecutive days or longer, with no late payment fees and no negative credit report sent to credit bureaus.
To take advantage of the payment deferral benefit, borrowers must notify Chase when they receive their mobilization order, be in good standing on their existing mortgage with no payments more than 30 days late in the past 12 months (or life of loan, if less than 12 months), remain current on all other loans and lines of credit, and have qualified and closed on the mortgage under civilian income.
When service members are demobilized, the program offers many different options, including doubling up on the payment, modifying the loan to stretch out the payments, and refinancing the loan at the current market rate.
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