Getting a bank to match rate

Has anyone done this?

A month ago I spoke to someone at Chase Mortgage..they have a program where they give you 1% on principal and interest each month and they will match any rate another bank gives you. The rate they quoted me was 3.8%. But they also said that I should shop around for other rates.

I got quoted a rate of 3.6% at WF and started the loan application. So far my application at WF hasn't cost me anything because the app fee is due at closing.

Any advice on this? If I go to Chase and offer them the ability to beat 3.6%, rates may be lower that day and while they may do it, WF's rate will now be lower than 3.6%.

Should I wait until I lock in my rate at WF?

Message edited 4/24/2013 5:26:35 PM.

Re: Getting a bank to match rate

Have you considered a broker? He got me 3.25 locked as of last week with 0 points/fee.

Chase didn't mention anything about matching as i briefly went there to get statements for my lender and the rep was curious why i didn't go with Chase for a mortgage.

I have a contact if you are interested.