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Understand and prepare for changes to your adjustable-rate mortgage.

What are my options?

If you have an adjustable-rate mortgage, there may be a time when you need to consider new loan options. For example, your payment has increased above your comfort level, you want a more stable payment, or your goals or lifestyle have changed since you got your loan. Here are some things to consider.

 

 

Details

 

Refinance to a fixed-rate mortgage

 

Refinance to an adjustable-rate mortgage

Description

Refinance to a new loan that has an interest rate that won’t change

Refinance to a new adjustable-rate mortgage that may have a lower initial interest rate

Benefits

Your interest rate will remain the same for the life of your loan; the principal and interest portion of your payment will not change; provides ease of budgeting and planning

May provide a temporarily lower payment if the initial interest rate is lower than your current rate; may reduce the total amount of interest paid if you’re paying off your mortgage or selling your home in a short timeframe

Things to consider

The interest rate may be higher than your current rate

Your interest rate, as well as your payment amount, will change after the initial period and will continue to change

Explore possibilities with Chase MyHome℠

Get the details you need to make an informed decision, including your current loan balance, estimated property value and more.