Chase Mortgage Review

Chase Mortgage Overview

JP Morgan Chase is the largest bank in the United States, so chances are you’ve heard of them before.  On top of being a traditional bank, they also offer various loan services – one of which is mortgages.

Since Chase has such a huge traditional banking line of business, there’s a good chance that you already do some (potentially all) of your banking with them already.

If you’re in this boat, Chase can be a much more convenient solution, as you can have your checking, savings, brokerage, credit card, and mortgage accounts all in one convenient place!

With more than 4,700 branches across the US, they make it easy for you to meet with a mortgage broker in person.

However, if there aren’t any branches near you, fear not, as they have an extensive online arm of their mortgage division.

Chase Mortgage Pros and Cons

Pros:

• More than 4,700 locations and are steadily growing
• “DreaMaker” mortgages allow down payments as low as 3%
• Wide range of mortgage products
• A guarantee that you will close on time
• Preferred rates are available for select existing customers

Cons:

• Although they have a large number of branches, they’re not in every state
• More service fees than other lenders
• Corporate banks may not be as easy to work with when compared to local credit unions
• Lack of transparency if you haven’t submitted an application
• Requires a 620 or higher FICO credit score

Chase Mortgage Loan Types and Products

Chase offers an array of mortgage products for its customers.  Some of their more popular options are:

• Conventional Mortgages
• FHA and VA Mortgages
• Their signature “DreaMaker” Mortgage
• ARM (Adjustable-Rate Mortgages)
• Refinances
• Home Equity Lines of Credit (HELOCs)

Chase Mortgage Rates and Terms

Chase makes it quick and easy to check their mortgage rates. They offer a convenient tool on their site that lets you check today’s rates on some of their more popular mortgage products they have to offer.

All you have to do is enter your zip code, and you will find the rates that people like you are getting on their mortgages today.

When it comes to terms, Chase offers a wide variety of terms for their loans. They offer 15, 20, and 30 years fixed and variable rate mortgages, 15-, 20-, 25-, & 30-year FHA mortgages, and 10, 15-, 20-, 25-, & 30-year VA loans.

Chase Mortgage Features and Benefits

Aside from their competitive rates, Chase offers a variety of programs that help put money back into the homebuyer’s pocket.

Their DreaMaker mortgage program allows borrowers to put as little as 3% down and allows them to earn $500 for completing a homebuyer education program.

They also offer their signature “Closing Guarantee,” which ensures borrowers that their purchase will close on time.

If the closing is delayed due to something on Chase’s end, Chase will give the borrower $2,500 to help remedy the situation.

Conveniently Online

Chase’s website makes it easy to get prequalified in just minutes. They also offer a plethora of information for homebuyers, including calculators and educational material.

It’s designed to help buyers figure out how much they can afford and their purchasing options.

If applying for a mortgage online isn’t for you, then they’ve also got information on your nearest physical branch and how you get the process started there.

Transparent

Chase offers a high degree of transparency regarding the fees and other associated costs that come with buying a home.

Chase also gives customers a choice from a wide array of products with varying terms and interest rates, so they can be informed on all of their mortgage options.

On top of that, Chase representatives will give you an estimate of the closing costs and other fees specific to your area.

Various Loan Offers

Chase offers a variety of loans that can fit almost anyone’s mortgage needs. They offer FHA and VA loans, as well as conventional and fixed-rate loans.

Unfortunately, they don’t offer USDA loans. However, they do make up for that a little with their DreaMaker mortgage program.

They also have a rather high cap on their loan amounts as well. When shopping for homes at the higher end of the price range, your financing options may be a bit limited.

However, Chase makes financing your dream home a breeze, as you can borrow up to $3,000,000 through their Jumbo Loan program.

Refinancing Mortgage with Chase Bank

Chase makes refinancing a mortgage easy and painless. They offer up-to-date refinance rates on their website. All you have to do to see them is type in your zip code.

How Does Chase Compare to Other Mortgage Lenders?

In a world of seemingly endless mortgage options, it can be difficult to sift through all the brokers and find the best one.

So, listed below are comparisons between Chase and some of the other premier lenders in the mortgage space.

#1. Chase Mortgage vs. Better Mortgage

Better Mortgage is known for being one of the leading online mortgage providers. While it doesn’t have any brick-and-mortar locations, its streamlined online operations can save you some time and money.  Some of their selling points are:

• Competitive rates without the fees charged by other mortgage brokers
• Lightning-fast preapprovals and closings
• Their signature “Better Price Guarantee”

For those that are comfortable with going through the mortgage process entirely online, Better Mortgage is a great choice. However, if you’re looking for a more personal experience, Chase definitely has the edge.

>> More: Better Mortgage Review

#2. LoanDepot vs. Chase Mortgage

LoanDepot is another popular option when it comes to online mortgages. They also have 200 physical locations, so you can go to a branch in person if you desire. Some of their claims to fame are:

• Their “Mello Smartloan System” – a routing system that they claim can cut closing times by 50-75%
• A “Grand Slam Package” that provides the buyer with everything from a mortgage to a real estate agent, and everything in between
• Their lifetime guarantee on their loans – a program that waives all fees/appraisal costs if you decide to refinance an existing LoanDepot mortgage with them

LoanDepot can be a great choice if you’re looking to apply for a mortgage in-branch.

However, their physical branches aren’t nearly as accessible as Chase’s growing network of 4,700+ branches, and their rates aren’t nearly as competitive.

>> More: LoanDepot Mortgage Review

#3. Chase Mortgage vs. Guild Mortgage

Guild Mortgage is a broker with a wide array of loans available to customers.  Guild is another online lender with a small in-person footprint. They’re known for:

• Homebuyer discounts, including their homebuyer protection and credit approval protection programs
• Flexibility for first buyers in their underwriting process

Overall, Guild Mortgage offers a wide array of products tailored with first-time homebuyers in mind.  If your credit situation is less than ideal, Guild Mortgage may be able to help you out when other brokers can’t.

>> More: Guild Mortgage Review

Is Chase Bank a Good Choice for Mortgages?

Chase is a great choice for your mortgage if you’re looking for all the perks of working with a large established bank.

They offer competitive rates, a large variety of loan products, and the choice of completing the process online or in person.

On top of that, if you’re a “VIP” customer of theirs already, there are likely some preferred rates and other discounts awaiting you.

Frequently Asked Questions

The home buying process can be very confusing, so we’ve put together a list of some of the most frequently asked questions below:

How Do Chase Mortgage Rates Compare to the National Average?

Chase mortgage rates are highly competitive when compared to both the national average and other big banks.

Additionally, they also have much lower closing costs and mortgage origination fees than many of the other big banks.

This saves buyers a bunch of money upfront, that way, they have more to put towards their down payment or closing costs.

What Types of Mortgages Does Chase Offer?

Chase offers a wide variety of mortgage products, such as FHA, VA, ARM. Conventional, and their signature “DreaMaker” mortgage (only a 3% down payment).

What Credit Score Do You Need to Qualify for a Chase Mortgage?

Chase has rather strict requirements when it comes to credit scores. To qualify for a mortgage with Chase, you will need a 620 or higher FICO credit score.

Where Are Chase Mortgages Available?

Chase mortgages are available in all 50 states. However, they don’t have physical branches in every state. In-person services are unfortunately only offered in 35 states.

Most of the states that don’t have branches are in the southern and midwestern US, so applicants in those areas may only be able to go through the process online.

Bottom Line: Chase Mortgage Review

Chase is a great mortgage broker to work with. They offer a wide variety of loans and have a variety of programs that make housing easier to buy and more affordable for people across the country.

Their 4,700 physical locations make it easy to talk to a real person, who can walk you through the complicated process of purchasing a home. They really have designed the process to be as painless and frictionless as possible.

They also make rewarding their existing customers a top priority. Those with Chase Private Client get preferred pricing on their mortgage, which is a great show of appreciation for some of their most valued customers!