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Chase is one of the nation’s largest banks, and it offers online and in-person customer service. But customer reviews are mostly negative, and it’s been involved in a few high-profile mortgage scandals.
DreaMaker and Conventional: 620
FHA: 580
All other mortgage types: 700
Minimum credit score
3%
Minimum down payment (Conventional)
Available in all states
State availability
Loan products offered | Conventional, Jumbo, FHA, VA, HELOC, Refinance |
---|---|
Minimum credit score | DreaMaker and Conventional: 620 FHA: 580 All other mortgage types: 700 |
Minimum down payment (Conventional) | 3% |
State availability | Available in all states |
NMLS # | 399798 |
Review by
Michael Benninger is lead editor of banking at Forbes Advisor and a former writer at Finder, specializing in banking. His work and analysis has been featured in Business Insider, Yahoo Finance, GoBankingRates and the Los Angeles Times, among other top media. He holds a B.A. in business administration and marketing from Rowan University in New Jersey.
Chase has several mortgage products that can be a good match for both first-time and experienced homebuyers. But if banking integrity is important to you, you might want to think twice before applying for a Chase mortgage. This banking giant has had several run-ins with the federal government, and it has been fined for selling bad mortgages, conducting kickback schemes and practicing unfair lending.
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If you’re thinking about applying for a mortgage with Chase, you need to satisfy specific criteria to get approved. Your approval depends on your creditworthiness and several other factors. To apply for a Chase mortgage, you must:
In addition to meeting the above requirements, you also need to provide the following documents with your application:
In addition to a $395 application fee, Chase also charges the following fees:
Apply for a Chase mortgage either through Chase’s website or at a brick-and-mortar branch. Here’s how to get prequalified using either approach.
Since 2019, Chase has had an on-time closing guarantee for existing customers looking to buy a new home or investment property. But the bank doubled the guarantee in 2022. This means if you qualify, Chase guarantees to close your loan in as soon as three weeks or the bank will pay you $5,000.
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Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
Chase offers fixed- and adjustable-rate loans, as well as jumbo loans for the following refinance products:
Chase’s mortgage products are relatively similar to most other nationwide lenders, but there are a few notable differences. For instance, Chase charges an application fee and an origination fee, yet many other lenders do not. Also, Chase requires you to speak with a loan officer during the mortgage process while other lenders let you complete the entire process online.
As of July 2022, Chase Bank has an A- rating with the Better Business Bureau (BBB) due to a government action taken against the company in September of 2021 that ended with Chase paying $920 million in settlement for two schemes to defraud in the precious metals and US Treasury futures markets.
Reviewers on the BBB have only rated it 1.11 out of 5 stars from 467. The bank’s score is only slightly better on Trustpilot, where it’s currently rated 1.4 out of 5 from 912 reviews. However, take note these reviews are for Chase Bank as a whole and not necessarily its mortgage products.
Satisfied customers praise Chase’s mobile app, online access and personal service in branches. Most negative reviews focus on frustrating customer service, with customers having trouble getting in touch with a helpful representative, being passed around on the phone or just never getting the help they need.
Weigh the benefits and drawbacks to getting a loan from this lender.
Owned by international banking giant JPMorgan Chase & Co., Chase is one of the country’s largest banks. Aside from mortgages, it also offers bank and investment accounts, CDs, car loans and business loans. It doesn’t offer personal loans, but there are several alternatives that may offer lower rates or a quicker turnaround than a traditional bank loan.
But it’s also been involved in several major mortgage scandals.
All numbers based on 2019 nationwide data from the Home Mortgage Disclosure Act.
Loan type | Applications denied | Mortgages originated | $ Amount (originated loans) |
---|---|---|---|
Conventional | 91,126 | 201,432 | $87,399,050,000 |
FHA | 769 | 635 | $122,105,000 |
VA | 219 | 843 | $236,225,000 |
USDA | 16 | 16 | $1,660,000 |
Can I get prequalified for a Chase mortgage loan?
Yes, Chase’s online application allows you to get prequalified for a Chase mortgage loan.
Is it safe to send personal information to Chase through its website?
Yes, Chase uses 128-bit encryption to keep your banking information safe. The “https://” and lock symbol in your web browser’s address bar lets you know the site is secure.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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Chase Bank is not currently available on Finder
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2 Comments
June 6, 2019
Will Chase bank remove my partner’s name from mortgage if I have a USDA loan?
June 8, 2019
Hi Carol,
Thank you for getting in touch with Finder.
Kindly contact Chase if you wish to discuss removing your partner’s name from the mortgage as your USDA loan has nothing to do with 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