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Chase HELOC review

Chase Bank
State availability
Not available in: AK, HI, SC

Our verdict

New applications are no longer being accepted.

Chase has a strong HELOC up to $500,000 as well as a rate discounts for Chase customers. It offers a fixed-rate option, but look out for the closing costs and maintenance fees. And if you live in Alaska, Hawaii or South Carolina, you won't be able to open a HELOC with Chase — so keep comparing lenders.


  • Transparency
  • Rate discounts for Chase customers
  • Ability to switch to a fixed-rate
  • Sophisticated application
  • Large loan range


  • Not available in all states
  • High maximum APR
  • Some fees

In this guide

  • Our verdict
  • Details
    • Features
  • Your reviews
  • Ask a question's rating: 3.8 / 5.0


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.



Loan products offered Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
State availability Not available in: AK, HI, SC

Chase offered some unique HELOC terms

Chase HELOCs come with a few attractive benefits that will hopefully still be available once HELOC accounts are reinstated.
  • Loyalty rate discounts. Existing customers can earn a discount on their interest rate of 0.25% just for having an eligible account. Set up automatic payments on your HELOC and you can earn an additional 0.12% discount.
  • Large withdrawal discount. If you withdraw $30,000 from your home equity line of credit at closing or provide contracts or bids for a $30,000 home improvement project, you might score another 0.25% discount. This discount isn’t available to customers with more than three years left in their draw period.
  • Fixed-rate option. 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’re allowed up to five separate locks on a single HELOC account. There’s no fee to switch to a fixed rate, but if you cancel the lock after 45 days, you’ll have to pay a 1% fee of the original loan amount.

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.

Compare interest rates for home equity loans, HELOCs and cash-out refinancing

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.

Searching for the best rates...

Interest rate discounts

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%.

Fixed-rate option

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:

  • There’s no fee to switch to a fixed rate, but if you cancel the lock after 45 days, you’ll have to cough up a fee of 1% of the original loan amount.
  • The minimum lock amount is $1,000, and the maximum is up to 95% of the credit limit at closing — or 100% after closing.
  • The minimum term is 12 months, and the maximum term depends on the length of time you have left on your HELOC.

Do I qualify for a HELOC with Chase?

To open a HELOC with Chase, you need to meet these requirements:

  • A minimum credit score of 680
  • A credit history with at least three tradelines (such as credit cards, mortgages and car loans) from the past 24 months
  • A loan-to-value ratio that’s less than 80%
  • A debt-to-income ratio of 43% or less, or 50% if you have a co-applicant

Chase reviews and complaints

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.

What are the benefits of taking out a HELOC with Chase?

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:

  • Transparency. Unlike many of its competitors, Chase is upfront about everything from fees to eligibility requirements.
  • Rate discounts for Chase customers. Eligible customers can shave up to 0.62% off the standard variable rate.
  • Ability to switch to a fixed-rate. If you’d prefer steady monthly payments, you can convert all or a portion of your line of credit to a fixed rate.
  • Sophisticated application. The online application is seamless and easy to navigate, and the site has handy tools such as an eligibility checklist, home value estimator and rate calculator.
  • Large loan range. The bank offers HELOCs ranging from $25,000 — or $10,000 in MI — to $500,000.
  • HELOCs on secondary residences. Chase is open to accepting secondary residences as collateral for some customers. Speak to a rep to learn more.

What to watch out for

These drawbacks may affect your decision:

  • Not available in all states. Residents in AK, HI and SC will have to look elsewhere.
  • High maximum APR. Chase says your APR won’t exceed 21% over the life of the loan. To compare, Wells Fargo keeps lifetime interest rates under 7%.
  • Some fees. Many banks waive the closing costs and application fees, but Chase charges a $50 origination fee and $50 annual fee. Exceptions apply.

How do I get started?

The quickest way to apply is online. These are the steps:

  1. Go to the Chase website.
  2. On the left hand toolbar, select Home Equity.
  3. Choose Apply Now.
  4. Fill out the form with details about the property as well as your employment, income, financial situation and how much you’re hoping to borrow.
  5. Submit your application. A HELOC specialist will contact you within two business days to walk you through the next 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.

Chase getting started

Required documentation

The bank requests the following information:

  • Property address, type, location and purchase price
  • Estimated value of the property
  • Employment and income information
  • Details about your debts and financial obligations, such as outstanding student loans or credit cards
  • Social Security number
  • Proof of hazard, homeowners or flood insurance, if applicable

I got the HELOC. Now what?

Keep tabs on your line of credit with these tips:

Access your credit. To tap into your funds:

  • Go online. Transfer money from your HELOC to your Chase checking account or an outside bank account.
  • Visit a Chase branch. To locate one, use the search function on the site.
  • Call 800-836-5656. The team will deposit cash into your Chase checking account.
  • Write a line of credit check. If your account has check access, you’ll be able to use those checks to draw money from the account.

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.

  • Phone. Dial 800-836-5656 weekdays from 8 a.m. to midnight, and Saturday from 8 a.m. to 8 p.m. ET.
  • Email. Log into your online account and go to Customer Center > Send a New Message.
  • Social media. Tweet @ChaseSupport — be sure to leave out any personal or financial information.
  • Mail. Address snail mail to:
    • Chase, Attn: Home Equity Servicing, 3415 Vision Drive, Columbus, OH 43219.

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:

  • Bank transfers. Move funds via ACH transfers.
  • Phone. Call 833-729-2427 at any time.
  • In person. Head to a local branch to make a payment.
  • Checks and money orders. Send a check or money order to the address above five to seven days before your due date.

If you like, you can make additional principal payments to pay off your HELOC earlier.

Frequently asked questions

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:

  • Single-family residences, like houses and townhouses
  • Attached single-family residences, like condos
  • Co-ops
  • Two-unit residences
Chase may accept a secondary residence, but restrictions apply. Chat to a home equity consultant to learn more.

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