Chase Bank Mortgage Review

Overview

Chase specializes in both home purchase and refinance home loans. For purchase loans, the company offers multiple options for low down payments. And to further help buyers manage costs, Chase provides a special grant to cover up to $7,500 of your closing costs or down payment. 

Additionally, for both new home purchases and refinances, the bank extends interest rate discounts of 0.125%-1% to certain borrowers. These include those who currently hold Chase banking or investment accounts and family and friends of its employees. 

Chase also has a closing guarantee on new property purchases: if it fails to meet the promised closing timeline (typically three weeks), it will compensate you by up to $5,000 if you qualify. 

Suitable For?

Chase Mortgage’s low down payment mortgage options are great for buyers who may not have substantial savings but still dream of owning a home. Additionally, you might qualify for grants and discounts that can help reduce your borrowing costs even further.

People new to the mortgage lending process will also find Chase appealing due to the wealth of home-buying education resources on its website. These can help you navigate the mortgage process with greater confidence.

Types of Loans

Chase offers a variety of purchase loans, including conventional, Federal Housing Administration (FHA), Veteran Affairs (VA), and jumbo mortgages. There’s also a unique offering called the Chase DreaMaker mortgage, which requires a down payment of just 3% and features flexible credit and income requirements.

Chase also offers cash-out refinance (which allows you to convert some of your home equity to cash) and no-cash-out refinance, which is all about improving your borrowing terms.  

• Credit requirements: Not disclosed.
• Minimum down payments: Start at 0% (for VA loans); 3% for Chase DreaMaker and Standard agency mortgages.
• Loan terms: 15-30 years. Adjustable rates also available.
• Eligibility: Varies by product.

The Application Process

The easiest way to start your home loan application with Chase is online, but you can also apply in person at a Chase branch or by phone. If you choose the online option, here’s a step-by-step guide:

1. Visit the Chase website:  Go to Homepage, select “Home Loans” from the top menu, and choose your goal, such as buying a home or refinancing.
2. Select your situation: Chase provides several options for each goal. For example, if buying a home, choose between first-time homebuyer, an experienced homebuyer, or a second home/investment property.
3.  Explore resources: Browse through the guides provided for your selected option to understand the process and the requirements better.
4. Start your application: When you’re ready to proceed, click “Start Online” to begin your application. You’ll need to provide some personal, financial, and property information and your loan preferences. You’ll also need to upload documents such as proof of income (e.g., pay stubs/tax returns) and bank statements, and provide authorization to run a credit check. The latter may affect your credit score temporarily.
5. Application review: Chase will review your application and may contact you if additional details are needed.
6. Pre-approval: If Chase considers you a viable borrower, you’ll receive a pre-approval letter that specifies how much you can borrow. It will also assign you a home loan advisor to help you understand the loan terms and guide you through the next steps.
7. Appraisal and underwriting: Chase will arrange an appraisal to determine the property’s value. The underwriting team will also review your application in detail to again confirm your creditworthiness and compliance with loan requirements.
8. Receive final approval: Once underwriting is complete and all conditions are met, Chase will issue a final loan approval and send you a copy of the appraisal and final loan terms.
9. Close on your loan: You’ll attend a closing appointment to sign the final documents and officially complete the transaction.

Rates and Terms

Chase offers both fixed-rate and adjustable-rate mortgages. Fixed-rate loans are available in 15-year or 30-year terms, while adjustable-rate mortgages are available in 5/6, 7/6, or 10/6 terms. This means the rate is fixed for the first 5, 7, or 10 years respectively, and then adjusts every six months for the remaining loan term. 

The specific rate you’ll receive depends on various factors, such as the loan amount, the property type and location, your credit score, and the type of occupancy. Chase provides a mortgage calculator on its website, which allows you to get personalized interest rates and monthly payment estimates based on your unique situation.

Help and Support

Chase provides multiple ways to get customer support. You can phone the team at 800-848-9136, on Monday-Friday, from 8am to 8pm (ET), and Saturdays from 9am-6pm (ET). Alternatively, you can send a secure message through your Chase account when signed in.

If your issue requires in-person assistance, you can visit any of the bank’s 5,400 branches nationwide. 

Summary

Chase Bank is a reputable mortgage lender offering a variety of mortgage products to suit different needs. Whether you’re buying a home for the first time or looking to refinance your current mortgage, Chase has options for you.

The bank offers competitive rates and a variety of programs, including grants and discounts, to make home-buying more affordable. Additionally, it offers a wealth of education resources on its website to help you make more informed decisions.

FAQs

What is the minimum credit score required for a Chase mortgage?

Chase does not publicly disclose the minimum credit score needed for its mortgages. But generally, a credit score of 620 or higher will increase your chances of qualifying for more loan options and potentially better interest rates.

Does Chase Bank offer low down payment mortgage options?

Yes, Chase offers several low down payment options. These include VA loans, which require no down payment, the Chase DreaMaker mortgage, which requires just a 3% down payment, and FHA loans which require a 3.5% down payment.

Can I lock in my mortgage rate with Chase Bank?

Yes, Chase offers the Chase Homebuyer Advantage℠ with Lock program, which allows you to lock in your interest rate for up to 90 days with no fees. This can help protect you from interest rate fluctuations during the mortgage process.

Where can I see current mortgage rates?

You can view Chase’s current mortgage rates on its website. Simply enter your ZIP code to get current rates for your area. Chase updates these rates daily, Monday through Friday.

Physical Address

270 Park Avenue, New York, NY 10017, United States

Methodology

This review was completed using information gathered from Chase Bank’s website.