In honor of National Homeownership Month, Chase Home Lending unveiled on Tuesday an upgraded suite of resources for homebuyers to assist in navigating the homebuying process and managing homeownership.
One resource unveiled by Chase is Lock and Shop, which enables buyers to lock in their mortgage rate for 90 days without an upfront fee when using Chase Homebuyer Advantage. Borrowers must find their property within 60 days to take advantage of Lock and Shop, and will have the option of a one-time float down if rates improve.
Once a buyer finds their home, they can take advantage of the lender’s Closing Guarantee, which guarantees an on-time closing in as little as 21 days or the borrower will receive $5,000.
In addition, the lender is offering borrowers a number of other savings and assistance programs, like the Homebuyer Assistance Finder, which allows buyers to search for and discover homebuyer grants and assistance programs they may qualify for. Chase also offers a $5,000 grant for eligible homebuyers purchasing in majority-Black and Hispanic neighborhoods across the U.S.
Buyers may also have the option to take advantage of a $200 Pilot Program, which is available to prospective buyers in Houston, Ohio or Arizona who have an active loan offer from another lender. Borrowers can compare their offer to Chase’s with the assistance of a home lending advisor, and if Chase cannot match or improve upon the offer, the buyers will receive $200.
New homebuyer research
In addition to the upgraded resources, the lender also unveiled data from its latest First-Time Homebuyer Study, which shows that despite fluctuations in the housing market over the past year, 44% of respondents are confident in their ability to be financially prepared for purchasing a home in the coming year. That marks a 12% increase from the previous year.
“The homebuying process can be complex, so it’s critical that homebuyers have the right knowledge, tools, and experts to help them,” said Sean Grzebin, head of consumer originations at Chase Home Lending. “The latest set of resources from Chase, coupled with our network of home lending advisors, were designed with the current needs of homebuyers in mind, like locking in a rate and finding opportunities for savings. We’re excited for consumers to explore our updated offerings and engage with tools that can help them achieve homeownership.”
Chase said it commissioned the study to gain a better understanding of the needs of first-time homebuyers amid an uncertain economic environment. The study examined attitudes, behaviors, and expectations related to homebuying, with a particular focus on confidence and financial readiness.
The study also shows that despite the prevailing economic conditions, 58% of respondents expressed a likelihood of purchasing a home within the next 12 months, while 70% still consider homeownership as a vital step toward building wealth.
“Prospective homebuyers are eager to tap into the wealth-building capabilities that homeownership brings,” Grzebin said. “Despite market uncertainty and lengthened timelines, first-time buyers are making the necessary lifestyle adjustments to reach their homeownership goals.”
The study, based on responses from 1,900 U.S.-based consumers who have never owned a home, was conducted in Q4 2022.
Other notable findings from the survey include:
Black Americans represent 21% of first-time homebuyers in 2022
13% of first-time homebuyers are Hispanic
Single women account for 22% of first-time homebuyers
63% of respondents are aware of the financial changes and activities required to qualify for a loan
59% of respondents know the amount of money they need to purchase a home, while 46% are uncertain if they will ever be able to save enough
Chase is the consumer and commercial banking business of JPMorgan Chase & Co., a financial services firm based in the United States with $3.7 trillion in assets and operations worldwide.
This content was generated using AI, and was edited and fact-checked by HousingWire’s editors.