Bank vows to close a mortgage in 3 weeks or give borrower $1K

Special to The Log

Chase Home Lending is promising to get customers to the closing table for a home purchase within 21 days or give the borrower $1,000 in cash.

The average time to close on a home loan is 45 days, according to January data from Ellie Mae. But Chase believes it can make it to closing in less than half of that time through its new “Closing Guarantee" program.

Chase officials say the program could give customers a competitive advantage when submitting an offer to buy a home by offering extra assurance to home sellers and real estate agents that closing will happen quickly.

“While finding the right home is exciting, there are so many things to worry about before move-in day,” Chase said in announcing the new offer. “Worrying about whether your lender can make your closing date shouldn’t be one of them.”

The program is available to any customer who has a Chase checking account, credit card, or car loan who is purchasing a home with a Chase mortgage. The offer is available for new residential first-lien mortgage applications that are submitted directly to Chase since Feb. 4. Customers can close as soon as three weeks after submitting their required documents for the loan.

“We’re here to help our customers get into their new homes as fast as possible,” says Sean Grzebin, head of mortgage originations for Chase Home Lending. “We want to reward our loyal Chase customers looking to buy a new home with … the edge on speed.”

This article was contributed to The Log by National Association of Realtors.