Earn 1000s of Frequent Flyer Miles with a New Home Loan
In the highly competitive home loan marketplace, direct lenders are looking
beyond “great rates” and “low monthly payments” and
pulling out all the stops while enticing customers to sign on the dotted line.
Earning a free toaster or trip to the day spa just isn’t enough of an
incentive for today’s savvy mortgage shopper. What potential borrowers
really want to know is: can refinancing my home pay for a dream vacation?
Frequent flyer incentives
Select mortgage lenders recently announced partnerships with airline loyalty
programs that award frequent flyer miles to their customers upon closing a new
home loan. Based on the loan amount, borrowers can rack up thousands of miles
in participating programs. Since mortgage loans generally involve a substantial
amount of money, you could earn enough miles to take the entire family on a
trip around the world, depending on the lender’s program.
Which airlines are participating?
Because the promotion helps build awareness and attract business, many of the
major airline loyalty programs are participating. Some of the most popular
programs include Northwest Airlines® WorldPerks®, Delta SkyMiles®, United Mileage Plus®,
and US Airways® Dividend Miles®.
Who is eligible?
You don’t have to be in the market for a new home to earn
mileage. Buyers who use participating lenders to refinance their existing
mortgages or close a debt consolidation, home equity, or line of credit (HELOC)
loan are usually eligible, too.
Are there any restrictions on how I use the mileage?
Depending on the airline loyalty program chosen, you can redeem the
mileage for flights, travel upgrades, or select merchandise. Check out the
different airline programs before making your decision and be sure to read the
terms and conditions posted on your lender’s website as well.
How much mileage can I earn?
The amount of mileage awarded varies from lender to lender. One of the
direct lenders participating in these partnerships HomeLoanCenter.com, awards
1,750 miles for every $10,000 financed. Plus, there are no additional costs for
you to earn these miles. For example, after closing a $40,000 loan, you would
earn 7,000 miles. Borrow $300,000 to purchase a new home, and
HomeLoanCenter.com awards you 52,500 miles.
Refinancing your home could pay for your next vacation.
The bottom line is that you can earn thousands of miles for using one
of these programs – at no additional cost to you. For consumers who need
a home loan at competitive mortgage rates and enjoy earning frequent flyer
miles, these special promotions are worth a closer look. Visit
HomeLoanCenter.com for more details.
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