Whether you’re looking for a purchase or a refinance loan, Chase offers both in the form of fixed-rate or adjustable-rate mortgages. There seems to be a lot of brand loyalty, as a large portion of Chase Mortgage customers already bank with the company. This could be the case because Chase offers discounts on rates and closing costs to its existing customers.
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Mortgage Options
Chase Mortgage offers a variety of mortgage products. Check them out below:
Fixed-Rate Mortgage
Your interest rate is guaranteed to remain fixed for the length of the loan, so you always know what your monthly principal and interest payments will be. You can lower your monthly payments by spreading them out over a long period of time. Low down payment options are available.
Term Length: 10, 15, 20, 25 or 30 years.
Adjustable-Rate Mortgage (ARM)
Your interest rate is fixed for 5, 7 or 10 years then becomes variable for the remainder of the loan term, adjusting once every year. You’ll have lower monthly payments in the introductory period of an ARM compared to a fixed-rate mortgage. This is a good option if you’re planning on owning your home for a short period of time.
Term Length: 5/1, 7/1 or 10/1 ARM for 30 years.
Jumbo Mortgage
Choose this option if you need to finance amounts greater than conventional limits up to $3 million on a primary residence or second home and up to $1 million on an investment property. Financing is available up to 85% of your home’s value with no mortgage insurance for a purchase or refinance.
DreaMaker Mortgage
Available to those that meet the low-to-moderate income requirements, these fixed-rate loans can be used to purchase or refinance an owner-occupied 1- to 4-unit property. You can get a loan up to $453,100 for a single unit, or higher for 2- to 4-units. DreaMaker accepts down payments as low as 3%, which can come from an eligible gift or grant, and has reduced mortgage insurance requirements.
FHA Mortgage
A loan insured by the government, FHA mortgages can be used to purchase or refinance 1- to 4-unit properties up to $294,515, or higher in certain counties. Down payment as low as 3.5% is accepted and can include the use of gift funds. Monthly mortgage insurance is required as well as a mortgage insurance premium paid at closing.
Term Length: 15, 20, 25 or 30 years.
Home Affordable Refinance Program (HARP)
This loan was created by the federal government and can be used to refinance either a Fannie Mae or Freddie Mac fixed- or adjustable-rate mortgage. If you have an ARM, you may be able to change it to a more stable fixed-rate loan.
Veteran Affairs (VA) Loan
If you’re a veteran or active-duty service member, or a member of the Guard or Reserve, you may be eligible for a VA loan. It can be used to purchase or refinance 1- to 4-unit properties with low or no down payment and no mortgage insurance required.
Term Length: 10, 15, 20, 25 or 30 years.
Mortgage Rates
Current loan rates are published directly on Chase’s website.
Chase lets you have some flexibility with interest rates by letting borrowers purchase mortgage points or add lender credits, each of which will raise or lower your interest rate in exchange for a lower or higher cost upfront.
If you have a personal deposit or investment account with Chase, you can take advantage of rate discounts and closing costs.
Customer Satisfaction
In the J.D. Power 2018 U.S. Primary Mortgage Servicer Satisfaction Study, Chase came in at #8 out of 31 lenders, with a score of 787 points out of a possible 1,000 points. This study measured customer experience in six areas:
- New customer orientation
- Billing and payment process
- Escrow account administration
- Interaction
- Mortgage fees
- Communication
Chase’s above-average survey score indicates that it performs better than most of its mortgage lending peers when it comes to managing customer relationships.
Availability
Compared to other large banks, Chase falls short when it comes to the network of physical branches. You won’t find many in non-urban areas. If you don’t live near a Chase branch, then you won’t get the personal interaction that some feel is important in the complex mortgage experience. You might want to choose a local bank or lender over a national brand like Chase if face-to-face meetings are important to you.
Application Process
To apply for a mortgage with Chase, just head over to a local branch, pick up the phone and call, or get started online. If you begin the process online, you have two options. You can complete an online form that requires personal details which gets you close to pre-qualification. Otherwise, you can fill out a shorter form that a mortgage banker will follow up on, whether it’s over the phone or in a branch.
After you submit your application and all your required documents, you enter into the evaluation phase where the underwriter works with a loan processor to make a final decision about whether or not to approve your mortgage. During this time, they may come back to you for more information.
As with the majority of lenders, it will take some time to process the loan after you submit your application. For a purchase loan, Chase aims to close by the date you need to be in your home. For a refinance loan, the closing goal is 60 days or less.
My Impressions
Chase Mortgage offers a wide selection of purchase and refinance mortgages, so you’ll most likely find one that fits your financial goals. It provides an online platform to submit your application electronically and to easily track all your documents. Existing Chase customers get extra bonuses for their loyalty in the form of rate and closing cost discounts.
However, keep in mind that branches are located in limited areas, and you’ll have to speak to a mortgage banker to get complete information on Chase mortgage products and requirements. As with any mortgage lender, make sure you do your research by comparing mortgage options between different companies.
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