Are Chase Home Equity Loans Right for You?

A house owner at any point of time can use his own house as collateral to avail a loan. The need could be for house renovation, travel, medical, and automobile, education or debt consolidation. As per the credit policy of Chase the primary residence of the house owner should be the collateral property. Chase home equity line of credit has many options for a house owner to make a good decision in choosing the loan. Chase home equity loans have rates that are competitive and they also have an online calculator which helps the house owner to calculate and find out his repayment details.

It has different types of loans; they are the fixed rate loan and the variable rate loan. They are also for new home buyers. In Chase fixed interest rate loan, the monthly payment is fixed and house owner gets one lump sum amount. The interest rate is lower than the credit card interest or any other unsecured loan.

The Chase variable rate loan or also known as the home equity line of credit. Here the rate of interest is not fixed. The period to withdraw the money and repay is fixed. The rate of interest in this line of credit is lower than any loan or a credit card. The interest here is tax-deductible. Chase Visa card enables easy access to money and checks which can be used at any of their branches.

In order to qualify for a loan the house owner should have a good credit history, his employment and income should be within the set norms, he should be eligible for the amount requested by him and chase will assess his property value and all other debts held by the applicant. Only if all the criteria are satisfied can he get Chase home equity loans.

Thus, it makes things much easier for anyone in need of immediate finances, and the multiple repayment options makes it all the more affordable and manageable. Before deciding and choosing a particular loan it is always better to shop for them. While shopping the APR is an important aspect to be analyzed. Generally the APR includes both the interest and the charges of the lender and if the APR rate is low the loan value will also be low. The Chase loan calculator will be of great help while choosing your most workable option for you, according to your needs.

Chase Mortgage Refinancing and Home Loan Modification – Your Options

During the course of the past series of months, Chase has taken the opportunity presented by President Obama’s Making Homes Affordable Program to refinance countless mortgages. Although not every home owner is approved for refinancing or home loan modification when they apply for a lower rate on their mortgage, there are a number of different options available to struggling home owners.

However, it is of vital importance to understand that loan modification is a two way street. Failure to make timely payments once a loan has been modified by Chase could result in a cancellation of the modification that will leave you with few other options than foreclosure. Here is what you need to know about the refinancing and home loan modification options that are available to responsible home owners who are struggling to stay in their current home.

The first step to either refinancing your mortgage or requesting a modification of your loan is to speak directly with a representative from Chase that specializes with helping home owners who are having a hard time making ends meet. Chase has now opened dozens of Chase Homeownership Centers throughout the customers where home owners can come and sit down with a professional who will help them assess exactly what options are available that will keep them in their home. If there is not a Chase Homeownership Center in your area, representatives with the same level of experience and training are available to take all of the time that you need to work through these complex issues over the phone.

Before you contact a Chase representative, however, it is a good idea to spend some time looking over the basic options that are made available to home owners and lenders through the Obama Administration’s Make Homes Affordable program. While the primary goal of the program is to help people restructure their home loan so that they will have a lower monthly payment, not all applicants will qualify for this type of assistance.

Last but not least, Chase Mortgage has been offering alternative methods of loan modification to applicants who did not meet the criteria for assistance through the federal program to tens of thousands of home owners since early 2010. If home owners fail to make regular payments on these modified loans or simply do not qualify, they can still avoid foreclosure proceeding through a deed in lieu of foreclosure or a short sale.