JP Morgan’s Chase is currently offering Sapphire (Base Card), Sapphire Preferred, and Sapphire Reserve cardholders an especially unique bonus offer of 100,000 Bonus Ultimate Rewards points when you close a Chase Mortgage through them. This offer is only available for new, residential first mortgage purchase loans submitted directly to Chase. Applications must be submitted between May 8, 2017 and August 06, 2017.
Chase offers tons of viable options when it comes to applying for a new mortgage for the very first time. At a quick glance, they offer fixed and adjustable rate loans for purchases with Jumbo, FHA, VA, and HARP loans servicing their customers over an extended network of 50 states. Pretty unique bonus I must add, pretty nice rebate contributing to the overall value calculation of a mortgage. hopefully, this will be a stepping stone towards more banks offering more competitive Mortgage sign-up bonuses. Be sure to read our detailed review on JP Morgan’s Mortgage to learn more!
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JP Morgan Mortgage Summary:
- Apply Now
- Maximum Bonus: 100,000 UR Bonus
- Spending Requirement: Close a mortgage
- Account Type: Mortgage Loans
- Availability: Nationwide
- Expiration Date: None
- Additional Advise: This offer may only be worth it for those that are already looking to close a mortgage.
Stacking?
Chase is currently offering a $300 cash bonus for opening a checking account with the. Stacked with the 100,000 UR Points you get for closing a mortgage, the two offers would accumulate $595 cash + 100k UR, which is absolutely beautiful. Keep in mind that you would need your mortgage payments to be setup to be paid automatically from your designated new Chase checking account and there’s also additional requirements attached to get paperless statements for the mortgage. If the 1% cashback for mortgage payments from your Chase checking is still available or even stackable with this, then I’ll be sure to update you, of course, it’s not viable enough for me to confirm, so I would disregard the 1% cashback aspect altogether.
JP Morgan Mortgage Basic Requirements:
Income Documents:
- Pay Stubs covering the customer’s most recent two pay periods for each applicant.
- W-2 Forms for the previous two years.
- Two most recent years’ federal tax returns (e.g. for a loan in 2015, the customer need to submit the customer’s 2014 and 2013 federal tax returns). All the pages and all schedules.
- If the customer is self-employed, the two most recent years’ business tax returns are also needed.
- For self–employed or investment income, the two most recent years’ 1099’s and K-1 forms are also needed
- For self–employed business income,year-to-date profit and loss statement and balance sheet.
- For retired customers, copy of Social Security and/or Pension “award letters” detailing the amount of retirement income.
Asset Documents:
- Two most recent months’ bank statements. All of the pages.
Other Documents:
- Homeowner’s Insurance statement(s) for all properties owned showing the customer’s coverage and the annual premium.
- Mortgage statements for all properties owned that have liens.
- Copy of driver’s license or State I.D.card for all customers.
- If divorced, the customer’s fully executed divorce decree.
JP Morgan Mortgage Features:
- Buy a home – Get the tools and advice for the journey to your new front door.
- Refinance your mortgage – Learn about what is needed to refinance your mortgage.
- Tap into your home’s equity – Help finance what’s important with a home equity line of credit.
- Manage your mortgage – Explore tools to help manage your existing Chase mortgage.
- Offers fixed- and adjustable-rate loans for purchase and refinance, jumbo, FHA, VA and HARP loans.
- Services all 50 states, with offices in 22 states.
- Minimum credit score: 620, higher on certain loan products.
- Discounts for existing Chase customers.
- Broad selection of purchase and refinance loans.
JP Morgan Mortgage Fine Print:
- Customers must have Sapphire, Sapphire Reserve or Sapphire Preferred credit card prior to 05/07/2017 to be eligible for this offer.
- This offer is only available for new, residential first mortgage purchase loans submitted directly to Chase.
- Applications must be submitted between 05/08/2017 and 08/06/2017.
- Chase mortgage loan must be funded and closed in order to be eligible to receive 100,000 Ultimate Rewards points.
- Upon the customer’s enrollment, Chase will review the account to ensure the eligibility criteria are met.
- This offer is not transferable, is limited to one per property at any given time, and may be discontinued at any time without notice.
- 100,000 Ultimate Rewards points will be posted to the Primary Cardholder’s account within 10 weeks after closing a purchase mortgage with Chase.
- Your participation in the program may result in the receipt of taxable income from Chase and we may be required to send to you, and file with the IRS, a Form 1099-MISC (miscellaneous income). You are responsible for any tax liability, including disclosure requirements, related to participating in the program. Please consult your tax advisor if you have any questions about your personal tax situation.
- The UR points will be standard UR points and can be transferred to partners or spent on travel (TPG).
- Offer is not valid for refinance. Offer is not valid for home equity loan.
- No minimum principal if required for this bonus offer.
- Sapphire card must be opened to get the points.
JP Morgan Mortgage Fees:
- Appraisal fee—For the estimate of your home’s market value
- Attorney fees—For any legal representation to prepare and record documents
- Inspection fee—For examining for structural problems; also for termites, lead paint in older homes and your roof
- Origination fee—For processing and administering your loan
- Underwriting fee—For reviewing your mortgage application
- Title fees—For the search to verify there are no tax liens on the property and for insurance to protect you if a problem is discovered
There are also fees you may have to pay for applying for your loan, running your credit report, recording your purchase with the local government and surveying your property.
Conclusion:
Chase is perhaps, the second-most-popular mortgage lender in the United States. 100,000 Ultimate Rewards Points for closing a JP Morgan Chase Mortgage could definitely be a win for those of you that are looking into mortgages. Obviously, it may not be worth going out of your way for though. Applications must be submitted between 05/08/2017 and 08/06/2017. 100,000 Ultimate Rewards points will be posted to the Primary Cardholder’s account within 10 weeks after closing a purchase mortgage with Chase. Depending on how you value UR points, you could perhaps get $2,500 in value with the two deals stacked. Be sure to check out our Best Mortgage Rates for all your home-buying needs!
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