Chase Launches Military Mortgage Program To Give Special Attention to Guard, Reserves
June 8, 2006
CHICAGO, -- Chase has launched a carefully designed Military Mortgage Program that gives special attention to Guard and Reserve servicemembers at the time of loan origination, during their mobilization and for more than a year after demobilization.
“We know military men and women have many, many issues on their minds when they are alerted that their unit may be mobilized,” said Kim Ryan, national director of the military mortgage program at Chase. "So we go above and beyond the Servicemembers Civil Relief Act with Chase’s exclusive Military Mortgage Program.
“Our Extended Repayment Agreement gives qualified servicemembers the peace of mind that comes from knowing they may defer payments on their mortgage for a Title 10 or 32 Mobilization lasting 30 consecutive days or longer,” Ryan said.
As soon as they take out a Chase Military Mortgage, qualified Guard and Reserve personnel reap their first reward -- a $300 loan discount at closing.
Other benefits of the Chase Military Mortgage Program include:
* The ability to apply for a Military Mortgage program loan after mobilization alert;
* The choice to defer part or all of the mortgage payments during Title 10 or 32 mobilization lasting 30 consecutive days or longer, with
o No late payment fees
o No negative credit report sent to credit bureaus;
* Access to the full range of Chase fixed-rate and adjustable-rate mortgages;
* Toll-free telephone customer service by calling 866-313-4192;
* Consistency of service, with Chase’s commitment to continue servicing the loans;
* Application of the program to vacation homes and investment properties as well as primary homes; and
* The full range of other benefits of a Chase mortgage.
To take advantage of the program, borrowers must:
* Notify Chase when they receive their mobilization order;
* Be in good standing on their existing mortgage, with no payments more than 30 days late in the past 12 months (or life of loan, if less than 12 months);
* Remain current on all other loans and lines of credit; and
* Have qualified and closed on the mortgage under civilian income.
Servicemembers who receive mobilization orders before applying for a loan are not eligible for the Military Mortgage program.
When servicemembers are demobilized, the program offers many different options, including doubling up on the payment, modifying the loan to stretch out the payments, and refinancing the loan at the current market rate.
For further information, please visit www.chasemilitaryhomeloan.com or go to a local Chase bank branch (refer to code SSAS A072).
About Home Mortgage at Chase
Chase originates more than $150 billion in mortgages and home equity annually, and services a portfolio of more than $500 billion in residential mortgage and home equity outstanding balances. Its parent company, JPMorgan Chase & Co. (NYSE: JPM), is a leading global financial services firm with assets of $1.2 trillion and operations in more than 50 countries. Information about the firm is available at www.jpmorganchase.com.
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