Chase Home Lending now claims it can close on a borrower’s mortgage in as little as three weeks and it’s putting its money where its mouth is to back up that claim.
Chase announced recently that it is rolling out a program called “Closing Guarantee” for its existing customers. Through the program, the bank promises to close a mortgage in 21 days, and if the bank doesn’t close on the loan in the timeframe, it will pay the borrower $1,000.
“We’re here to help our customers get into their new homes as fast as possible,” said Sean Grzebin, head of mortgage originations for Chase Home Lending. “Our Closing Guarantee underscores our dedication to our customers and what matters to them. We want to reward our loyal Chase customers looking to buy a new home – with competitive rates, a chance to earn Ultimate Rewards points, discounts, and now the edge on speed.”
The program is available to Chase customers who have a checking account, credit card, or car loan with the bank. Customers must also be using Chase as their mortgage lender.
The 21-day closing guarantee window begins when the prospective borrower completes their mortgage application with Chase.
“All the customer has to do is submit any financial documentation that Chase doesn’t already have plus a purchase agreement,” Chase said. “Then, Chase will close the loan on or before the contract closing date or pay the buyer $1,000.”
According to Chase, the offer is available for new, residential first-lien mortgage applications submitted directly to Chase after Feb. 4, 2019.
The move comes as other lenders are rolling out their own quick-close mortgage options. For example, loanDepot just announced a new digital mortgage that it claims it can close in as little as eight days.
And with the industry average for closing times on mortgages hovering around 45 days, lenders are now touting their closing speeds as a reason to choose them.
And while Chase can only promise that its mortgage will close two weeks slower than loanDepot, it’s still twice as fast as the industry average. And if the mortgage doesn’t close in 21 days, Chase hands the borrower a check for $1,000 after the loan closes.
Let the games begin.
(h/t The Houston Chronicle)