With affordability challenges blocking so many renters from becoming homeowners, this year’s first-time borrowers reported the need to get creative and flexible in their property search.
To get potential home buyers off the proverbial sidelines, Chase Home Lending is running a “promotion “rate sale” that could cut your mortgage rate by up to a quarter point if you qualify — but time is running out.
Verify your home buying eligibility. Start hereChase Home Lending’s limited-time promotion
If you’re ready to buy a home but have balked at interest rates, Chase Home Lending’s latest promotion could help you clear that hurdle.
Borrowers who qualify for a mortgage and lock in a rate with Chase by August 18, can receive up to a quarter point (0.25%) off their interest rate. While there’s no limit to the number of people who can leverage this offer, the rate discount will depend on loan type and location, as well as the other factors determining what rate you’re approved for in the first place.
This limited-time rate sale could make homeownership more accessible, according to Erik Schmitt, digital channel executive at Chase Home Lending.
“In today’s market, affordability remains a top concern for homebuyers, and Chase wants to meet customers where they are,” Schmitt said. “The impact of the discount is best understood over the life of the loan, where a reduction of any amount could ultimately save borrowers thousands of dollars over time. Buyers can also lock in their discounted rate and stack it with other Chase benefits, such as relationship pricing discounts, for even greater long-term savings.”
This promotion signals a broader shift in how lenders are responding to the sluggish housing market. Programs created to address affordability challenges come with some precedents. To name a few, Rocket Mortgage launched a program earlier this year to pay closing costs for home buyers, while Chase expanded its homebuyer grant in 2024 to cover more markets.
Time to make a move? Let us find the right mortgage for youThe bottom line
If you’re burnt out from renting but struggle with the lack of homebuying affordability, Chase’s rate sale could be the financial boost you need. You just have to qualify and lock in your rate by August 18.
Regardless of any promotions, negotiating your mortgage rate is one of the best ways to save on your loan, while down payment assistance programs lower the barrier to entry.
If you’re ready to begin your path to homeownership, connect with a local lender today.
