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Chase is a full-service financial institution serving nearly half of all households in the U.S. with some form of financial product or service such as personal banking, investment advice, credit cards, auto loans, and mortgages. As a mortgage lender, it originates mortgages in all 50 states, with home lending advisors located in 35 states.
Borrowers have the option to begin the mortgage application process online and can choose from a variety of mortgage types through Chase. In addition to conventional loans, the bank also offers jumbo loans for those seeking higher loan amounts. FHA and VA government loans are also available, as well as the bank’s low down payment “DreaMaker” mortgage loan.
Chase does not provide the details of all qualifying requirements for its loan programs, and we had a difficult time getting a hold of any of their home lending advisors. The lending advisors we spoke to declined to answer questions about qualifying requirements and fees unless we submitted a loan application.
Pros and Cons of Chase
Originates mortgages in all 50 states
Variety of loan programs, including low down payment options
Interest rates are available online
Discounts available for Private Clients
Estimate for loan fees not available online
Refinances may take more than 60 days to complete
Home Lending Advisors located in only 35 states
Challenging to get answers without submitting a loan application
Chase Mortgage: Loan Types and Products
Chase offers different types of mortgage loans, each with its own set of benefits. Customers can speak with a home lending advisor to get more information on which one is best for their situation. The website also summarizes which type of loan may be the best choice based on a customer’s financial profile, such as their credit, income, and down payment preferences. Here is a list of the mortgages customers can choose from:
- Purchase loans
- Refinance loans
- Conventional loans
- FHA loans
- VA loans
- Jumbo loans
- “DreaMaker” loan (low down payment, strict income requirements)
- Fixed-rate mortgages
- Adjustable-rate mortgages
- Housing Assistance Programs
Customers with good credit, qualified income, and have at least 5% for a down payment may be a good fit for a conventional loan. Those looking for a larger loan amount can choose the lender’s jumbo loans, which requires a 20% down payment to buy a home.
The lender’s “DreaMaker” loan program has strict income limits but allows for as low as a 3% down payment for qualified borrowers. Homebuyers may also be eligible for an additional $500 by completing a homebuyer education course, while refinance customers could have a $500 good faith funds deposit waived. Buying or selling a home with a participating agent in the Chase Agent Express program has a $1,000 incentive.
Homebuyers worried about not closing on time can consider taking advantage of the Chase Closing Guarantee. Chase guarantees an on-time closing or you’ll get $2,500 if you meet all its requirements for the program.
Chase also works with housing assistance programs, although availability and eligibility requirements vary based on location. A $2,500 Chase Homebuyer Grant is available to qualified borrowers. The grant is available for FHA, VA, conventional, and DreaMaker loans. Refinance customers, however, must apply through the DreaMaker program to be considered for the grant.
Chase Mortgage Transparency
Chase provides a library of articles and videos on its website that customers can use to learn about what the mortgage process entails, what documents they should be prepared to provide, and general information about requirements for their loan programs. You can view interest rates online, and the bank provides calculators to estimate their monthly payments.
However, customers looking for an estimate of loan fees will most likely have to submit an application and wait for a reply from a home lending advisor. Lending advisor contact information can be found on the Chase website, but we were unable to find a representative that would answer questions about fees without submitting an application.
Chase Mortgage: Rates and Fees
Chase provides a mortgage calculator online showing current interest rates. Interest rates can change daily, and customers can tailor the calculator to their specific scenarios, such as the purpose of the loan, property type, location, loan amount, and credit score.
Fee estimates and information about minimum credit score requirements are not provided online. Based on our experience, customers would need to apply online and agree to a hard credit pull to obtain a loan estimate. This process allows the lender to review factors affecting the cost of your loan, such as loan type, location, credit score, and other loan characteristics. A hard credit pull, though, can shave a few points off your credit score so you may want to tread lightly before submitting any application with any lender.
Although specific estimates for fees are not available online, the Chase website does list a description of fees that could potentially apply to their conventional, FHA, and VA loans. These fees include:
- Application fee
- Appraisal fee
- Assumption fee
- Attorney fees
- Broker fee
- Credit report fee
- Discount points
- Flood certification
- Origination fee
- Rate lock fee
- Recording fee
- Survey fee
- Title insurance
- Title search fee
- Underwriting fee
- Funding fee (VA loans)
Refinancing With Chase
The Chase website provides a general overview of the loan process. Customers looking to refinance with Chase can begin the application process online. Once completed, a home lending advisor will reach out to discuss interest rates, loan programs, fees, and answer any questions you may have. Customers are then instructed to inform their lending advisor if they would like to proceed with the application.
Chase Private Client customers who have big balances with the bank can qualify for preferred mortgage pricing. This pricing can include fee waivers of up to $1,150 and mortgage rate discounts up to 0.50%. Chase has dedicated lending advisors, processors, and underwriters who are focused on Private Client customers.
Chase Compared to Other Mortgage Lenders
|Chase||Bank of America||New American Funding|
|Minimum credit score||Not provided||Conventional: 620Jumbo: 720FHA: 620VA: 620||580|
|Minimum down payment||Conventional: 5%|
|0% to 5% (varies based on loan program)|
|Where does the lender operate?||All 50 states||All 50 states||All states, except for New York and Hawaii|
|Major loan types||Purchase, refinance, cash-out refinance, conventional, FHA, VA, jumbo, fixed-rate, adjustable-rate||Purchase, refinance, cash-out refinance, conventional, jumbo, home equity, fixed-rate, adjustable-rate, FHA, and VA loans||Conventional, jumbo, VA, FHA, USDA, renovation loans, adjustable-rate, fixed-rate, refinance, cash-out refinance, reverse mortgages, home equity|
How to Shop Around to Get the Best Mortgage Rate
When comparing rates among different lenders, you’ll also want to compare fees with those rates. Some lenders offer the option to pay for points in return for a lower interest rate. Similarly, higher interest rates can be an option in return for credits to cover some closing costs. Since interest rates can change daily, it’s best to compare rates among lenders obtained from the same day.
Interest rates and fees can also depend on the specific characteristics of your loan, such as your property location, property type, credit score, loan program, and down payment amount. Customers with loan estimates from different lenders should make sure they are based on the same loan scenario.
Chase has a variety of loan programs and lends in all 50 states but only has home lending advisors in 35, so customers who prefer an in-person experience may want to consider a lender with branches near them. It’s Important to caution mortgage shoppers new to the process about lending advisors that may try to run credit checks and applications before providing fee information.
If you are set on moving forward with Chase, it may be worth it to have a few other offers ready to compare. See NextAdvisor’s best mortgage lenders page for more information on lenders with transparent fees and requirements.
Chase offers money-saving programs through the Chase Agent Express program, homebuyer grants, and preferred pricing for Private Client customers. The amount of savings could be substantial, so this can be a good lender for customers who are not in a rush for time, and anticipate having few questions about the process.