Chase Is Offering 100,000 Ultimate Rewards Points For Getting A Home Mortgage

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Well here’s an awesome promotion for anyone who is in the market for a home mortgage. Chase is offering a bonus of 100,000 Ultimate Rewards points to those who finance a new home with them between May 8 and August 6, 2017.

Chase-Mortgage

You need to have either the Chase Sapphire Preferred® Card or Chase Sapphire Reserve℠ Card to be eligible for this offer. Furthermore, the offer is only available to new, residential first mortgage purchase loans submitted directly to Chase, and the loan must be funded and closed in order to earn the points.

The bonus points should be posted to your account within 10 weeks of the mortgage being closed, and you’re limited to earning the bonus on one property at any given time. There doesn’t seem to be a minimum as to how big of a mortgage you need to take out.

Obviously I don’t recommend buying a house or getting a worse deal on a mortgage just to earn points. 😉 I value Ultimate Rewards points at ~1.7 cents each, so think of it as a $1,700 bonus for closing a mortgage. That being said, Chase has very competitive rates that are often the best to begin with. So don’t in any way let this sway your decision of what bank you get a mortgage from, but rather think of it as an awesome bonus in the event that Chase has the best interest rate and terms.

Chase has been doing an awesome job with captivating the millennial crowd, so what a great promotion to try and build further loyalty. For what it’s worth, I got a mortgage for the condo I bought for my parents eons ago, and after shopping around, Chase had the best interest rates, so I know many others who had similar experiences.

Is anyone buying a house in the coming months and considering Chase for a mortgage?

(Tip of the hat to The Points Guy)

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Comments

  1. @ Apu — I don’t see any restriction regarding that, so an investment property should be fine.

  2. On a similar note, has anybody had experience using FlyHomes? They advertise 1 Alaska mile/$ spent on the new purchase of a home in the Seattle or San Francisco area. I’ll be in the market shortly and this seems to good to be true.

  3. These offers were made in the past but they usually do charge an additional .125 percentage rate (or higher) to offset the cost of the points. Citibank used to offer the same with AA miles bonus on new mortgages, refinance, or HELOC.

  4. I have a 5/1 ARM that I am needing to refinance by the end of the year. Terms seem to state that this only applies to new first mortgage purchase loans. Assuming this means it won’t apply to a refinancing, even if we have never had a mortgage product with Chase before?

  5. Called Chase, per the terms, only valid for first mortgage purchase loans — not valid for refinancing. Too bad!

  6. If Chase rates are just one eighth higher than the competition, then these 100K points are VERY expensive

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