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If you are hoping to see more mortgages being modified quickly, the good news is that Chase has now streamlined its process. Chase Mortgage is the mortgages division of JP Morgan Chase & Co., a top player in the US mortgage industry.

Chase Mortgage is now reworking the loan terms and borrowers are being given new payment plans that are simply laid out in new communication to clients. The borrower can now see the new mortgage rate, or by how much their principal has reduced from their balance, as well as what their new rates of payments are going to be. All a borrower has to do is sign the letter as a sign of approving the new bank terms and send it back.

The New Terms

Chase bank has pledged $4.2 billion in terms of mortgage relief that will benefit tens of thousands of its borrowers through either reducing the principal owed or the interest rate (or both).

Figures coming from a preliminary progress report of the new settlement that has been issued by the Bank’s official monitor show that Chase has claimed $369 million in terms of credits for 3,086 mortgages modified between 1st March and 30th June. The bank is proposing to modify for an additional 11,500 borrowers, whose credit worth is estimated to be around $1.2 billion although these are not yet completed.

Refinancing Your Mortgage

When you opt for mortgage refinance, it implies that your new plan replaces the current mortgage—with new terms and conditions, and closing costs. If mortgage interest rates are coming down, or in terms of market value your home has appreciated dramatically, you may wish to look into the possibility of refinancing.

Among the leading reasons for mortgage refinance is to benefit from current market rates that are now at lower levels than the initial rates you got when you were taking out the mortgage. An additional consideration is consolidation of mortgage loans. If you are holding two mortgages, you could now be eligible for consolidation, so that you will only be making a single monthly mortgage payment.

Refinancing also becomes an option after a divorce or marriage with the goal of changing the names appearing on the mortgage as well as on the deed. Remember that when you are refinancing, essentially you are taking out a brand new mortgage, so in all probability you will paying a new mortgage origination fee, closing costs and any other applicable fees.

Falling Mortgage Interest Rates

In general, one or more of the conditions outlined below needs to be present prior to considering refinancing your Chase mortgage:

When mortgage rates are falling, it could be an excellent time to consider refinancing your home. If the value of your home has risen, refinancing helps in taking advantage of your home’s increased equity.

Usually, refinancing makes the most sense during the early or initial years of the term of your mortgage. The reason for this is that at this stage, primarily your payments are going towards paying interest. Remember, opting for Chase Mortgage Refinance gives you a totally new mortgage, taking you back to the beginning of the repayment cycle.

Refinancing your mortgage with Chase is easy as they help you in deciding the best time for refinance. And they also assist you in determining your needs and in selecting the appropriate loan that will meet your mortgage goals.

Chase Mortgage Educational Materials

The Chase website contains considerable amounts of information that touches on what to do prior to and during the refinancing process. They have step-by-step guides, calculators, and YouTube customer testimonials videos.

Similar to other big mortgage lenders, everything is on the main page of the Chase mortgage website. Rates are posted and even personalized quote are also available on the main page. Chase gives you an option of buying or refinancing your mortgage. After clicking on what you want to learn about, the site has rates as well as other information such as loan programs. Videos are available to inform you regarding diverse loan features. The videos also answer questions you could be having regarding the process or terms.

Conclusion

JP Morgan Chase ranks among the largest US banks, offering more services compared to lots of its rivals. Chase Mortgage is the mortgage lending & servicing division and it originates and services nationwide mortgages. Although the educational information from Chase is fairly thorough, it still would be recommended that you speak with your mortgage banker so as to get a comprehensive report on requirements and products.