Consumer complaint received 2025-06-09 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — Changes in loan terms during or after closing
Company: JPMORGAN CHASE & CO.
State: CO

Complaint narrative:
In XX/XX/year> we were contacted by our mortgage adviser at Chase bank and informed we were eligible for a mortgage rate reduction of XXXX percentage points off the current rates. We were encouraged to seize on the opportunity. 

After repeatedly asking if there was a " catch, '' we were assured there was none. We simply had XXXX months to get under contract. Our adviser, in discussion our loan options, encouraged us to keep our current home and the Chase mortgage we have on it. We locked our rate. 

We proceeded with a home search, and in early XXXX went under contract for a new home. All of the documents we received and signed, and all of our communications with our Chase mortgage adviser, were for and indicated that we were going to receive a XXXX percentage point reduction. 

It wasn't until XX/XX/XXXX, more than a week after we went under contract and with less than XXXX weeks before our closing date, that our adviser informed us she had made a mistake. We could not get the promotional rate unless we paid off our current Chase mortgage before closing on our new home. That had never been mentioned to us and our adviser admitted she had failed to disclose that important caveat. 

The XX/XX/XXXX notification came at about XXXXXXXX XXXX after we had gone to bed. And our loan objection deadline in our contract was XXXX XXXX on XX/XX/XXXX. {$75000.00} in XXXX money was on the line. 

We asked that Chase honor its rate commitment to us as we had already taken money out of the stock market to buy the home, lined up renters on our new property, and were in the process of moving existing assets ( XXXX IRA ) to Chase to get an even bigger rate discount. 

Just before XXXX XXXX on XX/XX/XXXX, XXXX wrote back to tell us they would not honor the rate reduction unless we paid off our current Chase mortgage of which there was about {$600000.00} remaining at a 3.125 % rate. 

With less than XXXX weeks before close, there was no way for us to sell our home in that time frame or come up with the rest of the mortgage. 

Chase had the gall to offer us a personal loan to pay off our existing mortgage -- at a much higher rate than our mortgage. 

With just a few hours to spare on our loan objection deadline, we terminated our contract. 

Fortunately, we were able to recoup our XXXX money. However, unfortunately, we are still out the cost of the good faith deposit and our inspection costs, as well as tens of thousands of dollars in taxes that we're going to have to pay on the money we took out of the stock market in anticipation of our purchase. 

We asked Chase to pay back a {$500.00} " good faith '' deposit we had submitted, as well as to reimburse us the {$870.00} for our home inspection. They have not responded to the former and they denied the latter. 

Had we known about this requirement, we XXXX not have decided to pursue a new home purchase at all. We likely wouldn't have locked our rate and we certainly would have shopped around for a better rate than the ones Chase was offering at the time. 

We absolutely wouldn't have made an offer on a {$1.00} XXXX house. And we wouldn't have taken money out the stock market, moved money to Chase to seize relationship pricing and lined up renters on our XXXXXXXX XXXX 

The only person we have had contact with at Chase about this debacle is our lending adviser. We reached out to her manager and never received a response.

Company response to consumer: Closed with monetary relief