Chase mortgage loans review August 2019 | finder.com

Chase mortgage review

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Chase Mortgage
  • Get up to 0.62% off the standard variable rate.
  • Only a $50 origination fee and a $50 annual fee—no additional application fees or closing costs in most cases.
  • Switch from a variable rate to a fixed rate on all or a portion of your line of credit.

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Compare and get a mortgage from companies like Chase Mortgage.

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finder.com’s rating: 3.5 / 5.0

★★★★★

Get the funds you need to buy a new home or refinance your current one at flexible terms and competitive rates.

Whether you’re applying for your first home loan or refinancing, Chase offers both fixed- and adjustable-rate mortgages. It’s committed to providing educational resources to help new buyers understand the details of purchasing one of the biggest investments in your life — your home.

Name Chase Mortgage
Loan types Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Minimum credit 620
Minimum down payment 3%
Origination fee Lower than competitors
Other fees $395 application fee.

How does a Chase mortgage loan work?

Once you’ve made the decision to buy or refinance your home, visit a Chase representative at a local branch, apply online or over the phone to start the loan process. Once that’s submitted, you’ll talk with a mortgage banker and provide the documents you need. The mortgage banker is there to answer any questions you have and to help you through the process.

Once your mortgage banker submits your documents, your application is then evaluated. This is where an underwriter works with a loan processor to make a final decision on your loan, determining your interest rates based on your creditworthiness and loan terms.

Chase mortgages offers the choice between fixed and adjustable-rate mortgages, with typical rates range between 3.25% and 4.00%. Fixed-rate mortgages include terms of 10, 15, 20, 25 or 30 years, while adjustable-rate mortgages offer terms of five, seven or 10 years.

Closing on your loan takes time. Your mortgage banker should be clear as to how long this process will take, keeping your move-in date in mind.

Compare to other lenders

Name Product Min. credit score State availability Loans offered
620
Available in all states
Purchase, Refinance, Home Equity, HELOC, Jumbo, Reverse, Fixed, Adjustable, FHA, VA, USDA
Connect with vetted home loan lenders quickly through this online marketplace.
Vylla
Vylla
620
Not available in: HI, MA, NV, NY, ND, UT
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Explore financing options and home shopping services all on the same website.
620
Not available in: HI, NY
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA, Reverse
A hassle-free lender specialized in home loans.
620
Available in all states
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Flexible options, fast approvals and support online backed by a trusted brand.
620
Available in all states
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA
A subsidiary of CIT Group, CIT Bank is a direct lender that offers a variety of mortgage loan options.
620
Available in all states
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Streamline your mortgage from quote to final payment — all from your computer or phone.

Compare up to 4 providers

What are the benefits of a Chase mortgage loan?

  • Mortgage products. Choose from ARMs, jumbo, FHA and more to find one that fits your needs.
  • Online tracking. Use My Chase Mortgage to view your application’s progress and submit documents online.
  • Other banking products. Sign up for checking and savings accounts, debit cards, credit cards and lines of credit.
  • Member discounts. If you hold an account with Chase, you may be eligible for lower fees or rates.

What are the drawbacks of a Chase mortgage loan?

  • Fees. In addition to an application fee, you’ll pay underwriting, origination and rate lock fees for your mortgage.
  • Requires fair to excellent credit. If your credit score is under 620, you may need to look elsewhere for approval.
  • Limited branches. You’ll only find branches in 22 states.

What to watch out for

Chase offers a variety of mortgage loans that may appeal to a variety of lenders. But fees can add up, and interest rates can be high for those with poor credit. You’ll need to speak to a mortgage banker to discuss specific requirements and additional features that are available in your state.

Am I eligible for a Chase mortgage loan?

Your approval will depend on your creditworthiness and other factors. To apply for a Chase mortgage, you must:

  • Have proof that you are a US citizen or permanent resident.
  • Have a credit score of 620 or higher.
  • Be at least 18 years old.
  • Show documents to verify your employment, assets and income.

I got a Chase mortgage loan. Now what?

You’ve got the loan and are one step closer to buying your home. To avoid late payments and other fees, look into the following options.

  • Create a My Chase Mortgage account. Through My Chase Mortgage, you can keep track of your payments and have access to your mortgage team.
  • Set up automatic payments. Avoid late fees by setting up automatic deductions from your Chase or other bank account.

Bottom line

Chase mortgage loans are flexible with competitive rates, making them a good choice for borrowers with fair to excellent credit. Before you apply, be sure to compare your mortgage options to make sure that you don’t miss out on lower fees or better terms available in your state.

Frequently asked questions about Chase mortgage loans

Home loans ratings

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★★★★★ — Poor

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2 Responses

  1. Default Gravatar
    CarolJune 6, 2019

    Will Chase bank remove my partner’s name from mortgage if I have a USDA loan?

    • Avatarfinder Customer Care
      JeniJune 8, 2019Staff

      Hi Carol,

      Thank you for getting in touch with Finder.

      Kindly contact Chase if you wish to discuss on removing your partner’s name from the mortgage as your USDA loan has nothing to do on your loan with Chase. You may need your partner to sign a quitclaim deed to remove his name from the property deed.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

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