I received overnighted FedEx papers from Chase today.
The letter says that because I always pay on time, they want to offer me their new "Chase Rate Reduction Program." They are offering a 30-yr fixed 5.13% (I'm currently at a fixed 5.75%).
"With this exclusive program, there's no need for a home appraisal, so you won't need to worry about declining home values. Plus we'll waive all the fees so you will pay no closing costs. And, we'll make it quick and easy for you - in fact, you will not need to provide pay-stubs or tax returns, and in most cases your loan will be ready to close in 15 days or less."
Ha ha ha Somehow I don't believe them.
The number that they give to call is 1-866-818-7033, and it says I must call by May 6. I've Googled, and can't find info on this program or the phone number they give.
Chase has held the mortgage for two years. I believe it's backed by Freddie. We are not underwater - we owe 200K on the loan and house is worth about 280K. We pay a little extra to principal every month.
My big question is if this isn't a scam, then WHY? What's in it for them? I don't trust Chase at all. I think they are incompetent and corrupt.
Any insight about this?