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Chase mortgage loans review May 2017

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

How does a Chase mortgage loan work?

Home financing with Chase offers the choice between fixed and adjustable-rate mortgages. Interest rate varies depending on your creditworthiness, but 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 5, 7 or 10 years.

Product details

  • Product name. Chase mortgage loan
  • Interest rate. Fixed or adjustable
  • Maximum loan term. 30 years
  • Recommended credit score. 620 and up
  • Legal states. All US states
  • Application fee. $395

What are the benefits of a Chase mortgage loan?

  • Fast closing guarantee. If your purchase isn’t closed on time, Chase will give you $300.
  • Seven types of mortgages. 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?

  • Many 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.

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 may be 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 proof of a regular source of 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 an eye on your payments and keep in touch with your mortgage team online.
  • 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 that make them a good choice for potential 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

You, get pre-qualified for a Chase mortgage loan on the bank’s website.

Yes, Chase uses 128-bit encryption to keep your banking information safe. The “https://” and lock symbol on the address bar let you know the site is secure.

Yes, you may be eligible for a discount if you have a checking or savings account with Chase.

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