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Whether you’re thinking about buying a new home or refinancing a home, JP Morgan Chase Bank is one of the biggest names in the mortgage business.
Online lenders like Quicken Loans and loanDepot are becoming increasingly popular with consumers. But Chase mortgage reviews show why the bank still ranks as a top 10 mortgage company as well.
Here’s what you need to know when comparing Chase mortgages with products from competing lenders and other big banks.
Chase mortgage review
- You’re already a Chase Bank customer
- You live in a market served by Chase
Chase Bank serves more than 60 million U.S. households, with home lending advisors available in 30 states. If you already have a Chase checking account, credit card, or auto loan, Chase guarantees that if you qualify for a mortgage, it will close your loan within 21 days or pay you $1,000.
The bank says four out of 10 customers taking out mortgages during the last three months of 2018 used the Chase MyHome mobile app. The app lets customers track to-dos and deadlines, take pictures of documents with their phone, and e-sign documents. If you’re a Chase customer, the app will prefill information the bank already has, like your name and contact info, and automatically verify income and employment.
Chase home loan advisors are available by phone or email, and you can also visit a branch office if you live near one.
As you’d expect from a traditional bank, Chase offers a full menu of fixed- and adjustable-rate mortgages, including FHA and VA loans and jumbo mortgages of up to $3 million.
|Mortgage programs||Conventional, jumbo, FHA, VA, DreaMaker
|Fixed-rate loan terms||10, 15, 20, 25, and 30 years|
|Variable-rate loan terms||5/1, 7/1, and 10/1 ARMs|
|Minimum FICO||• 620 FICO with 5% down payment
• 640 FICO if making 3% down payment
|Minimum down payment||• 5% conventional
• 3.5% for FHA loan programs
• 3% DreaMaker
• 0% VA
Chase mortgage refinancing review
- You’re already a Chase customer
- You’re looking for FHA or VA refinancing
- You’d prefer a home equity loan or line of credit (HELOC)
As noted above, Chase offers some advantages for existing customers who are looking for a mortgage, including a streamlined online application and $1,000 rate guarantee.
If you’re looking to refinance your home, Chase offers many loan types like traditional fixed-rate and ARM loans, cash-out refinancing, and other options that include FHA and VA mortgages.
If you’d like to cash out some of your home’s equity, Chase also offers home equity loans and home equity lines of credit (HELOC), both options that are typically offered only by banks.
A home equity loan is a second mortgage loan with a fixed interest rate and monthly payment. A HELOC typically has an adjustable rate, and the monthly payment can also vary depending on how much of your line of credit you’re tapping.
Compare rates from multiple lenders
If a mortgage with Chase sounds like a good fit for you, it’s still a good idea to check the rates you may qualify for with other lenders before you take on a mortgage payment.
Whether you’re refinancing or purchasing a home, Credible lets you compare personalized mortgage rates from other mortgage lenders that compete for your business through our platform. It only takes a few minutes to request rates, and the application process uses a soft credit inquiry that does not affect your credit score.
Keep in mind that not all loan products are available through Credible.