Chase Lending Ups Closing Guarantee To $20K

Chase Home Lending increased its Closing Guarantee from $5,000 to $20,000 in a bid to entice buyers impacted by the affordability crisis.

The Closing Guarantee commits to an on-time closing in as soon as three weeks or eligible customers get $20,000. This limited-time offer is available for qualifying customers purchasing a home with a Chase mortgage until July 27, 2024. Funds can be used to discount underwriting fees paid at mortgage closing or pay down the interest rate and down payment.

“Current market dynamics have impacted the affordability of homeownership for many Americans, and at the same time, competition has only increased,” said Sean Grzebin, head of Consumer Originations for Chase Home Lending. “We’re focused on the things we can control in this environment and that’s supporting our customers all the way home. Increasing our Closing Guarantee to $20,000 is a reflection of our confidence in getting customers into their new home without delay.”

In addition to this, leaders at Chase say they offer down payment options as low as 3% and flexible credit guidelines to create more homeownership opportunities for people of all incomes.

Many potential buyers would also be eligible for the Chase Homebuyer Grant, which offers up to $7,500 and can be combined with other homebuyer assistance. Since 2020, Chase has provided more than $96 million in Chase Homebuyer Grant funds for more than 29,000 customers.

The grant is available in 15 markets, including Atlanta, Chicago, Dallas, Houston, Las Vegas, Miami, New York, and D.C., among others.
The lender is also promoting new financial resources and homebuyer education. Recent research shows the importance of consumers being educated about mortgage and lender options.

“Homebuyers don’t always realize what’s negotiable and what may differ from lender to lender,” said Grzebin. “Being informed can help save you money in the long run. I’d advise customers to make lenders compete for your business — take the time to consult with more than one lender and always check with your bank.”

Resources such as Chase’s Homebuyer Education Center and podcast, Beginner To Buyer, can help buyers understand the buying process and its intricacies.