Chase Adds No Closing Cost Option to Fixed-Rate Home Equity Loans

Financing alternative helps brokers gain competitive edge
Financing alternative helps brokers gain competitive edge

RISMEDIA, June 8, 2006?Chase has added a No Closing Cost option for new home equity loans. Offered on both amortizing and balloon loans, the alternative expands the financing options brokers can offer their customers, helping to meet the growing range of borrower needs and preferences.

The No Closing Cost fixed-rate home equity loan is available to borrowers who meet standard Chase underwriting guidelines except in NC, SC and other states where Chase Home Equity does not currently offer loans.

?This latest product feature will help brokers provide an excellent option for customers who want the security of a fixed interest rate and stable monthly payments,? said Kimberly Salvo, national sales manager of B2B Home Equity for Chase. ?By offering borrowers a fixed-rate home equity loan without closing costs, Chase-approved brokers can offer both peace of mind and potential cost savings to their customers. In a competitive market, that’s very significant.?

Chase No Closing Cost fixed-rate home equity loans are available with fixed repayment terms of 5 to 20 years, and with 30- and 15-year terms with balloon provisions. They are available on loan amounts of up to $1 million with Full Doc and Stated Income options, and up to 100% combined loan-to-value.

Information about the Chase is available at www.jpmorganchase.com.

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