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Chase Bank Review

Reviews 191
Chase Bank
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Chase Bank
Chase Bank
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Reviews 191
Bestmoney Staff
Apr. 09, 2021
4 min read
BestMoney Staff
Chase Bank Summary
Chase is a household name and for good reason. This financial giant has been providing flexibility, convenience, and savings to its customers for more than 150 years, has a presence in more than 100 industries, and services millions of people. Chase has a wide offering of mortgage types, flexible repayment terms, and some of the lowest down payments anywhere. Add to that an easy online application process, and Chase is an obvious choice.

Pros

  • $2,500 closing guarantee
  • Chase Mortgage Rate Program & Relationship Pricing Program
  • Chase Relationship Pricing Program
  • Low down payment options

Cons

  • Some fees charged are higher than competitors
  • Insufficient pricing information online

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Overview

Chase is a well-known brand just about anywhere you go. From a solid banking option to easy-to-use credit cards, Chase provides consumers with a strong lineup of financial products to ease their lives and maximize savings. Entering the home mortgage loans field, Chase has added yet another notch on its belt to help homeowners obtain better rates, faster quotes, and easier closings on mortgages across the country. While anyone can get a mortgage with Chase, current customers will have an even easier time of it, and in a minute you’ll see why.

Best For?

Chase is a household name and for good reason. This financial giant has been providing flexibility, convenience, and savings to its customers for more than 150 years, has a presence in more than 100 industries, and services millions of people. Chase has a wide offering of mortgage types, flexible repayment terms, and some of the lowest down payments anywhere. Add to that an easy online application process, and Chase is an obvious choice.

Types of Loans

Chase offers a wide range of loan types to consumers spanning everything from fixed- and adjustable-rate mortgages to home equity lines of credit. Chase also has several low down payment loan options to choose from, like FHA or VA mortgages. Chase also has something called a DreaMaker mortgage. This is also a 3% down payment loan and comes with another $500 discount when you finish a basic homebuyer education course.

  • Credit required: 620
  • Down payments: Ranges from 3%
  • Loan terms: 10-, 15-, 20-, 25-, 30-year fixed, 5-,7-,10-year adjustable
  • Eligibility: Varies based on loan type, 18 years or older, US citizenship, employment status

The Application Process

Chase has a 2-step application process, like most mortgage providers. You can begin the process either online, over the phone, or in person at one of the local Chase branches. The nice thing about Chase is that you can get the bulk of the work out of the way online. It offers fast and easy electronic submissions of all your application documentation.

This helps you cut down on the long wait at an office. You can also track your documents and application process online. Apply online, and then a Chase representative will get in touch with you to ask you a few questions and finalize the application submission.

But the best part of working with Chase is its $2,500 closing guarantee. Chase promises an on-time closing in as soon as 3 weeks, or you’ll get $2,500.

Pros

$2,500 closing guarantee

As we explained earlier, Chase promises an on-time closing in as soon as 3 weeks, or you’ll get $2,500.

Chase Mortgage Rate Program & Relationship Pricing Program

The Chase Mortgage Rate Program offers Chase Private Clients rate discounts of 0.125% for total deposits and investments in personal accounts of $250,000 – $999,999 or 0.25% for $1 million for purchase and refinance transactions. 

Chase Relationship Pricing Program

Chase customers who move new deposit and/or investment assets of at least $250,000 to Chase may be eligible for a rate discount off Chase’s standard rates on a purchase or refinance mortgage. Rate discount is limited to one mortgage loan per customer. 

Low down payment options

Finally, Chase offers some enticingly low down payment options. As mentioned above, borrowers can enjoy down payments as low as 3% with Chase’s DreaMaker loan. There are also FHA loans that qualify for 3.5% down, and even VA loans that can land you a comfortable 0% down payment rate. 

Cons

Some fees charged are higher than competitors

While it’s a great option for most people, Chase does have a few fees that can add to the overall costs of your loan. Fees that you may have to pay include origination, application, underwriting, and rate lock fees.

Insufficient pricing information online

While you can get a good estimate of prices and rates, you won’t get a full picture of your mortgage loan rates, discounts, monthly payments, APRs, etc. online. You'll have to speak to someone directly to get all these details. This is an industry standard, however, so you can't really fault Chase for this policy.

Rates and Fees—The Bare Basics

As mentioned previously, Chase charges several fees that you should be aware of before you sign. You will be charged an application fee, but you might also be charged an origination, rate lock, and underwriting fee as well.

The good news is that you can easily get rate information and estimates on the Chase website by inputting information about the type of property being purchased, how much down payment you want to put down, what your credit score is, etc.

Repayment Terms

Chase offers several repayment options. This is great because it means borrowers can find the terms that work best for their finances and projections. Chase has fixed-rate mortgages with 10-, 15-, 20-, 25-, and 30-year terms. You can also get adjustable rate mortgages for 5-, 7-, or 10-year terms.

Help & Support

Chase has world-class customer support available from 7am – 9pm ET on weekdays, and 8am – 5pm ET on Saturdays. You can reach out via any of the several toll-free numbers. Chase also has several online resources you can take advantage of including in-depth guides, articles, and online calculators.

Summary

Chase is a reputable financial institution that you know you can trust to be straightforward, reliable, and honest. Its rates are very competitive, and Chase account holders can enjoy deep discounts and benefits as well. With an online application form to kick off the bulk of the process, Chase makes the whole mortgage loan search much simpler than ever before.

Chase Mortgage FAQs

Q: Does Chase pre-qualify people for mortgage loans?

A: Yes, applicants can get pre-qualified directly on the Chase website.

Q: Should I take out a fixed- or adjustable-rate loan?

A: That depends on your big picture plan and finances. If you want to put up your feet and stay in your home for many years, a fixed-rate mortgage will offer you consistency and reliability in rates. ARMs, on the other hand, can give you lower rates from time to time.

Q: How much will I need to pay for a down payment?

A: This varies greatly from customer to customer. The down payment amount will depend on your finances, your credit report, the type of loan you take out, how much you can afford to put down, how much your mortgage is overall, and more. Speak to a representative or use the online calculator tool to estimate how much your down payment will be.

Q: Can I get a mortgage for more than one home?

A: Yes, Chase offers both first time and multiple-home mortgages. Fill out the application form, and a representative will help you figure out your best options.

Physical Address

Chase Headquarters

270 Park Ave. New York, NY 10017

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BestMoney Staff
Written by
Bestmoney Staff
Our editorial staff consists of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right provider for your needs.

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Trustpilot reviews
See what some customers are saying about Chase Bank
Poor • Reviews 191
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Michael J. Miller
4 weeks ago
I gotta say
I gotta say, I had an awesome experience. This is my primary account, and whenever I need help, they always come through super quick. Highly recommend!
WebReviewer
6 months ago
Great service
Nothing but good experiences with our assigned team.
Ke
Kevin
7 months ago
They monitor your accounts for fraud…
They monitor your accounts for fraud very well. The freedom card has gotten me 2 100$ gift cards in 2 months and a 50$ cards as well. This bank may have political issues but that aside protects your accounts well. They approve your credit card in 10 mins if you Have an account usually for 4k to start. I didn't use a credit cards for 2 years and my credit history disappeared. But with the freedom cards i was able to build up my credit rating back to where it was in 2 months and all my history came back going back as far as 1989.
CB
Caiden Bowles
7 months ago
Very nice customer service assistant…
Very nice customer service assistant was polite and very quick. Cecilia was her name and even though it was my first time getting hold of an operator in less than 10min she made the wait worth it with kind and fast service. Give that women a raise!!!
Natalie Fiann
12 months ago
I spoke to Falak on 29 March and he was…
I spoke to Falak on 29 March and he was absolutely amazing! I have a new phone and was having some issues with the app's verification process. I've spoken to a few people at JPM over the last few weeks to help me resolve the issue and they were all really helpful but Falak really went out of his way and exceeded my expectations. He literally went through every step with me and was prepared to stay on the phone with me to assist me with the process. The matter has since been resolved and my app has now been verified. But I'd just like to say a massive thank you to Falak - you were so patient and assisted me with my issue at great lengths!
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