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Time constraints, unfamiliarity with the local real estate market, and the financial pressures of moving can be overwhelming. Additionally, transferees often need to coordinate essential aspects, such as finding new schools for their children to attend and the best neighborhood to live in—especially when relocating with a family.
That’s why it’s so important to seek out expert guidance for property search, mortgage management, or other moving questions. Doing so can help transferees save time and avoid common roadblocks to a smooth transition.
JPMorgan Chase understands the unique challenges transferees face when purchasing a new home. With over 20 years of experience in the mobility industry, the Chase team is committed to providing a personalized and seamless relocation experience.
Here, we share some of the specialized support systems we have in place for transferees.
Affordability Issues and Support for Managing Costs
Soaring home prices are making homeownership significantly less affordable for American consumers, especially young and first-time homebuyers, with nearly 39% of Gen Z hopefuls saying it will be hard to save for a down payment.
While down payments are often the focal point of surveys and discussions, their role should not obscure the significant challenges posed by closing costs. These can be substantial—potentially amounting to a hefty percentage of the purchase price—and can be as much of a barrier to homeownership as down payments.
Down payment requirements offer a clear link between affordability concerns and macroeconomic forces like high prices, low inventories, and high interest rates. Closing costs, however, are less transparent but no less impactful. The mix of fees—appraisals, flood insurance, title insurance, and more—can create a confusing obstacle course for prospective homeowners, especially first-time buyers, making it difficult to save for these costs or make informed choices. Today’s consumers are even less aware of how the evolving market landscape quietly shapes the loan costs they face. The recent retreat of large banks from the mortgage market has served to intensify the ongoing tilt toward nonbanks that originated 61.6% of all closed-end, first-lien, single-family home purchase loans in 2022.
The diminishing presence of traditional banks in the mortgage origination market potentially sets the stage for an even greater concentration of nonbank lending. Decreased competition can lead to increases in upfront fees. This evolving landscape could narrow borrowers’ choices and directly influence the fees they incur, making the selection of a lender a critical decision with significant financial implications. While many discussions on homeownership barriers focus on factors like race or housing supply, the role of lender selection also deserves attention, echoing a growing chorus of researchers who have raised similar concerns.
Chase is committed to supporting transferees throughout their relocation process, particularly when it comes to affordability. Managing costs is a significant concern for those moving for work, and we offer a range of products and solutions to help ease this burden. This includes relocation-specific interest rates, reduced lender fees,2 and a variety of loan options, with some down payments as low as 3%.3
In select areas across the country, transferees may be eligible for up to $7,500 with the Chase Homebuyer Grant,4 and those who buy a home using the U.S. Department of Veterans Affairs (VA) loan program are eligible for a $2,000 credit to be used toward closing costs.5 Qualified customers can combine our offers and benefits to save even more.
Our dedicated team works closely with transferees to help them make the most of their company’s relocation benefits, whether they qualify for a direct bill of their closing costs or are receiving a lump sum of funds. We aim to provide expert guidance and tailored solutions to help make relocating less of a financial strain and more affordable for our customers.
Chase provides accessible relocation support over the phone, online, or in person at one of our local branches in 48 states. We also offer beneficial tools and resources like Chase MyHome®, a dashboard that provides customized support at every stage of the homebuying journey—from searching for properties that match our customers’ lifestyle to keeping up with market changes, managing their mortgage after closing, and understanding the value of their home.6
Through our comprehensive strategies, we aim to alleviate the concerns of transferees reluctant to relocate due to market conditions, ensuring they feel supported and confident in choosing Chase for their relocation.
We’re ready to help make moving easier for your employees, and for you, too. To learn more, visit chase.com/relocation today.
Disclosures:
- Special pricing may not be available for every product.
- Lender fees for FHA/VA and DreaMakerSM products are generally lower than lender fees for Corporate Relocation customers.
- A 3% down payment on a 30-year, fixed-rate loan of $250,000 with an interest rate of 7.5% / 8.0898% APR will have 360 monthly principal and interest payments of $1,748.04. Payments shown do not include taxes, homeowners insurance, or mortgage insurance (if applicable). Actual payments will be higher. This is assuming a New Jersey purchase transaction, 45-day lock, 97% LTV, 720 FICO, detached single family, owner-occupied, closest to zero discount points, rates change daily.
The APR shown is based on the interest rate, discount points, and mortgage insurance only and does not take into account other loan-specific finance charges you may be required to pay.
- The Chase Homebuyer Grant is available on primary residence purchases only. You may be eligible for either $2,500 or $5,000 or $7,500 in savings when applying for a DreaMaker℠, Standard Agency, FHA and VA home purchase mortgage loan product and where applicable census tract requirements are met. Income limits and homebuyer education may apply on a DreaMaker mortgage. The Chase Homebuyer Grant funds will be applied at purchase loan closing first to points on the loan, if any, then to Chase fees, then to non-Chase fees or down payment. Grant funds may not be used for the down payment on an FHA purchase loan. Speak with a Chase Home Lending Advisor for more information on the savings, including the location eligibility.
The Homebuyer Grant may be considered miscellaneous income and may be reportable on Form 1099- MISC (Miscellaneous Information) or Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding) to you and the IRS, for the year in which they are awarded. We encourage you to consult with a personal tax advisor for questions about the impact to personal income tax returns.
- Veterans, Servicemembers, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs (VA). A Certificate of Eligibility (COE) from the VA is required to document eligibility. Restrictions and limitations apply.
The Chase VA Loan Purchase Closing Cost Benefit will be applied at closing first to points on the loan, if any, then to Chase fees, then to non-Chase fees. Closing cost benefit may not be used for the down payment and any remaining funds will be applied as a principal reduction. The benefit is available only on primary residence purchase loans and is not available for any refinance loans.
The Chase VA Loan Purchase Closing Cost Benefit may be considered miscellaneous income and may be reportable on Form 1099-MISC (Miscellaneous Information) or Form 1042-S (Foreign Person's U.S. Source Income Subject to Withholding) to the customer and the IRS, for the year in which they are awarded. We encourage customers to consult with a personal tax advisor for questions about the impact to personal income tax returns.
- Property search is provided by HouseCanary Inc. (HouseCanary), a licensed real estate brokerage. HouseCanary, powered by ComeHome, is not affiliated with JPMorgan Chase N.A. (Chase). ComeHome is provided to you as a courtesy. Chase is not responsible for the real estate services and the search results provided by ComeHome.
Restrictions and limitations apply to the access of Chase MyHome.
All home lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply.
Home lending products provided by JPMorgan Chase Bank, N.A. Member FDIC
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