Benefits of the UPromise and Chase Mortgage Refund Program:
- Receive a .25% mortgage refund into your UPromise account on any new or refinanced loan through Chase Mortgage (i.e., a $250 mortgage refund for every $100,000 borrowed).
- No limit on refund amount.
- Mortgage refund may help to partially offset mortgage points you pay, resulting in a lower interest rate with less upfront cost.
Rules of the UPromise and Chase Mortgage Refund Program:
- Must be a UPromise member prior to starting the mortgage application process.
- Must apply by calling 1–866–715–5718 and using your unique mortgage refund code available on the UPromise website.
- No double reward for co-borrowers (such as a husband and wife) with separate UPromise accounts.
The Bottom Line
The UPromise and Chase Mortgage Refund program can put a significant amount of money back in your pocket. For example, a parent refinancing a $250,000 mortgage would earn a $625 refund that would be deposited to their UPromise Section 529 account.Of course, interest rates are everything when it comes to the true cost of a mortgage. Parents should only consider using the Chase Mortgage Refund program after they've shopped around for rates and determined that Chase is offering an interest rate that is the same or lower than their competitors.
