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As of April 2022, cash-out refinance is the only option to access your home’s equity through Chase. The bank put its home equity line of credit (HELOC) program on pause temporarily due to the uncertainties in the housing market during the coronavirus pandemic.
Those with existing HELOC accounts can continue to use them, but Chase won’t accept new applications for now. The bank hasn’t indicated when this pause will end.
Not available in: AK, HI, SC
|Loan products offered||Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA|
|State availability||Not available in: AK, HI, SC|
Katia Iervasi is a lead writer and spokesperson at NerdWallet and a former editor at Finder, specializing in insurance. Her writing and analysis on life, disability and health insurance has been featured in The Washington Post, Forbes, Yahoo, Entrepreneur, Best Company and FT Advisor. She holds a BA in communication from Australia's Griffith University.
But the program also had some drawbacks, such as a high maximum APR compared to its competitors and both origination and annual fees that many other banks generally waive.
Use our tool to get personalized estimated rates from top lenders based on your location and financial details. Select whether you’re looking for a Home Equity Loan, HELOC or Cash-Out Refinance.
If you selected a home equity loan or HELOC, enter your ZIP code, credit score and information about your current home to see your personalized rates.
In the Cash-Out Refinance tab, select Refinance and enter your ZIP code, credit score and other property details to see what you might qualify for.
Existing customers stand to save the most by opening a HELOC with Chase.
If you have an eligible Chase checking, savings or investment account, you may earn a rate discount of 0.25%. If you set up automatic payments from your checking account, you could slash another 0.12% off your interest rate.
And if you withdraw $30,000 from your home equity line at closing, or provide contracts or bids for a $30,000 home improvement project, you might score another 0.25% discount. (Remember, the minimum credit line is $25,000, or $10,000 in Michigan.) This discount isn’t available to customers with more than three years left in their draw period.
In total, some customers can slash their variable interest rate significantly by 0.62%.
During the draw period, Chase allows you to convert all or a portion of your line of credit from a variable rate to a fixed rate. You can have up to five separate locks on a single HELOC account.
Here’s the fine print:
To open a HELOC with Chase, you need to meet these requirements:
As of April 2022, Chase Bank has a 3.8 out 5 rating from 26,133 reviewers on WalletHub and Chase Mortgage has a 3.3 out 5 rating from 66 reviewers. While some customers had a good experience getting a home loan product from the bank, many others have complained of serious delays, a lack of communication and lost “good faith” deposits.
The bank isn’t accredited by the Better Business Bureau (BBB) and has an A+ business rating. For the mortgage division, the BBB has recorded 260 complaints in the last three years and has a 1.08 out of 5 rating from 62 customers.
Chase is one of the Big Four banks in the US, and it appears to struggle with serving that customer base in a personalized and attentive manner, based on the many negative reviews and complaints it’s garnered.
With over 5,000 branches across the country, Chase is one of the biggest home equity lenders in the US. If you open a HELOC with this bank, you’ll also unlock these benefits:
These drawbacks may affect your decision:
The quickest way to apply is online. These are the steps:
To apply over the phone, call 888-342-4273 weekdays from 8 a.m. to 10 p.m., Saturday from 9 a.m. to 7 p.m., and Sunday from 10 a.m. to 4 p.m.
The bank requests the following information:
Keep tabs on your line of credit with these tips:
Access your credit. To tap into your funds:
Switch to a fixed-rate. Set up predictable monthly payments with Chase‘s Fixed-Rate Lock Option. It allows you to lock in an interest rate on all or a portion of your outstanding balance during the draw period.
Contact customer service. When you have questions, reach out to the HELOC team.
Adjust your limit. Refinance to increase your line of credit. Speak to your HELOC consultant to explain your situation and find out if you’re eligible.
Make timely payments. Choose between one-time or automatic payments. These are your payment options:
If you like, you can make additional principal payments to pay off your HELOC earlier.
How much can I borrow?
The minimum line amount is $25,000 — or $10,000 in Michigan — and the maximum is $500,000. Your limit will depend on your credit history and how much equity you have in your home.
What if I have a coapplicant?
Apply for a HELOC with another person, such as a spouse or relative. Chase will ask for details about the coapplicant’s income and credit history, and this will determine whether or not the application is approved.
How long does it take to open a HELOC?
Once you’ve submitted your application and any supporting documents, Chase says the process takes approximately 45 days. At that point, there’s a three-day “Right of Rescission” period after which you can access the funds.
Do I have to live in the home I want to use as collateral?
If you can prove that you live in the residence for most of the year, you should be able to use it as collateral for a HELOC.
These are the eligible property types:
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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Chase Bank is not currently available on Finder
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