Video Transcript: Flexible Payments
Note:
Light, breezy music plays.
This video uses text, drawings, and infographics to illustrate spoken content.
On screen:
Chase and Chase logo.
A man shakes hands with a realtor in front of his new large suburban house. She hands him keys.
Narrator:
We want to make it easier to pay your home loan.
Narrator:
That's why we think you should have options for how and when you pay it.
On screen:
The man sits at a desk and works on his laptop computer.
Text appears: Flexible Automatic Payments.
Narrator:
Flexible Automatic Payments let you schedule your payment around your paydays, budget and other needs, keeping you on time without late fees or credit concerns.
On screen:
Infographics appear: a calendar; a calculator; a hammer.
Late fees.
Credit concerns.
Narrator:
One option even helps you to pay off your loan sooner and pay less in interest over the life of the loan.
Automatic payments are really the best way to pay because your payment will automatically adjust if there are changes to your taxes, insurance or interest rate.
On screen:
Pages tear off a calendar. Next, the word "Interest" appears, along with a downward-pointing arrow. Then, a drop-down menu displays the months of July, August, and September. "August" is highlighted. Another drop-down menu displays a list:
On your due date.
1 day after your due date.
2 days after your due date.
3 days after your due date.
4 days after your due date.
"On your due date" is highlighted.
A checkmark appears in a green circle, surrounded by the words, "taxes, insurance, interest rate."
Narrator:
There are no checks to write and mail, payments are always made on time and, it's free.
On screen:
The man drinks a cup of tea, at his laptop computer. Text appears:
No checks to write and mail.
Payments made on time.
It's free.
Narrator:
How does the program work? You have three different options. Monthly, twice a month and every two weeks.
On screen:
Three calendars appear, labeled:
Monthly (with one date highlighted.)
Twice a month (with two dates highlighted, two weeks apart.)
Every 2 weeks (with three dates highlighted, two weeks apart.)
Narrator:
Your first option, available to mortgage and home equity customers, is the single monthly automatic payment. You choose the date for your mortgage automatic payment and Chase withdraws your payment for you.
On screen:
A close-up of the suburban house. Then, the drop-down menu, with the "Monthly" option highlighted. Then, the "Monthly" calendar shows a payment date due on the first of August.
Narrator:
Home equity payments are automatically withdrawn on the due date.
On screen:
The drop-down menu appears, with the "Twice a month" option highlighted.
Narrator:
The second option, for mortgage account customers, is twice a month. This option splits your total monthly payment into two half payments, so you can stick to your budget more easily.
On screen:
A blue button marked "monthly mortgage payment" splits into two smaller buttons labeled "1/2."
Narrator:
Schedule your automatic payments close to your paydays which helps you even out your cashflow.
On screen:
The "Twice a Month" calendar shows two payment dates. One, due on the first of August. The second, due fifteen days later. "Pay Day" is marked next to the two payment dates.
Narrator:
Your half payments will remain in an unapplied bucket until you've satisfied your total monthly payment amount.
On screen:
A cylinder appears, labeled "unapplied bucket." Marked with a dollar sign, the cylinder fills up halfway. A calendar appears. It displays a count-down to Pay Day—at which time the cylinder fills up all the way.
Narrator:
You may notice this online or on your statement.
On screen:
A checkmark appears in a green circle.
Narrator:
The third option, for mortgage customers, if you still want to spread out your payments but want to pay down your loan a little faster, is every two weeks.
On screen:
The drop-down menu appears, with the "Every 2 weeks" option highlighted.
Narrator:
It allows you to pay half of your total monthly payment every 14 days.
On screen:
A blue button marked "monthly mortgage payment" splits into two smaller buttons labeled "1/2."
Narrator:
Choosing the day of the week that works best for you.
On screen:
An "Every Two Weeks" calendar appears, showing two payment dates in July—fourteen days apart.
Narrator:
There are usually two months per year, depending on how the calendar dates fall, when you will make a payment three times during a given month. Make sure you are prepared for these months when a third payment would be made.
On screen:
Twelve calendar pages appear side-by-side. Then, a close-up of two "Every Two Weeks" calendars, for March and August—showing three payment dates each.
Make sure you are prepared for these months when a 3rd payment would be made.
Narrator:
These extra half payments are applied to the principle amount of your loan in that month. Meaning, you end up paying one full extra payment per year.
On screen:
March mortgage payment; August mortgage payment; and Yearly Extra mortgage payment. This helps you pay your loan down quicker and pay less interest.
Narrator:
This helps you pay your loan down quicker and pay less interest. For example, on a 30-year home loan, for $250,000 at 4 1/2% interest by choosing the 'every two weeks' payment plan, you would pay off the loan 5 1/2 years sooner and pay approximately $43,000 less in interest over the life of the loan.
On screen:
A chart labeled "30 Year Loan*" (Monthly) shows interest at 206,016 dollars.
Small print text: Assume a 4.5% interest rate and 475 dollars per month in taxes and insurance.
Savings are approximate and will change based on different loan terms. ARM (adjustable rate mortgages) loans can behave differently due to periodic rate changes and reamortization. Your balance and future payments may be reduced but the term may not. For more information please contact us.
On screen:
The chart's drop-down menu changes to "Every Two Weeks" and shows interest (paid off in 24.5 years) at 162,094 dollars. A green button appears, labeled "$43,000 less interest!"
Narrator:
As with the twice a month option, your half payments will remain in an unapplied bucket until you've satisfied your total monthly payment amount.
On screen:
Two cylinders appear. One is labeled "Monthly Payment unapplied bucket." A smaller one is labeled "Extra Payment." Both are marked with dollar signs. A calendar shows three payment dates, occurring at 14-day intervals. The "Monthly Payment" cylinder fills, as the calendar displays a count-down to the second payment date. The "Extra Payment" cylinder fills, as the calendar displays a count-down to the third payment date. Then, a check-mark appears in a green circle.
Narrator:
You may notice this online or on your statement.
On screen:
The new homeowner, standing up from behind his laptop, smiles at a woman waving to him from the porch.
Narrator:
Once you've decided which option is best for you, making it happen is easy on chase.com/FlexPay
On screen:
Making it happen is easy on chase.com/FlexPay. Sign into your account to enroll today.
Narrator:
Sign in to your account to enroll today.
It's time for a mortgage that works for your schedule, goals and wallet. Learn more today at chase.com/FlexPay.
On screen:
The man and woman sit together on a porch swing in the evening. A cat rests by their feet.
Chase and Chase Logo
chase.com/FlexPay.
Equal Housing Lender.
Narrator:
Savings are approximate and will change based on different loan terms. ARM (adjustable rate mortgages) loans can behave differently due to periodic rate changes and reamortization. Your balance and future payments may be reduced but the term may not. For more information please contact us.