Chase mortgage review
finder.com’s rating: 3.8 / 5.0
Bank, invest and get a mortgage all in one place — but watch out for bad reviews.
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 mortgage scandals.
|Loan types||Purchase, Refinance, Jumbo, FHA, VA, HELOC|
|Minimum down payment||3%|
|Origination fee||Lower than competitors|
|Other fees||$395 application fee, in addition to other fees|
|Available States||Available in all states|
- Flexible application process
- Online tracking
- Other banking products
- Member discounts
- Multiple fees
- Requires fair to excellent credit
- Limited branches for in-person service
Happy customers praise the app, online access and personal service in branches. Most of the negative reviews focus on frustrating customer service, with customers having trouble getting ahold of someone, being passed around on the phone or just never getting the help they need.
What types of loans does Chase offer?
Chase offers several mortgage types, including:
Chase offers fixed-rate conventional mortgages with terms from 10 to 30 years, as well as 5/1, 7/1 and 10/1 ARMs with 30-year terms.
Chase offers jumbo mortgages up to $3 million for qualifying homebuyers with 15% down.
Designed for low- to moderate-income borrowers, FHA loans can get eligible homebuyers into a house for as little as 3.5% down, and is available with a lower credit score than you’d need for a conventional mortgage.
Military service members, veterans and some spouses may be eligible for a VA loan with $0 down.
Other loan types offered by Chase
- Refinance. You can refinance your current mortgage to get a new interest rate or term length.
- HELOC. If you’ve built up equity in your home, you can use a home equity line of credit to tap into it.
You’ll need to pay a $395 application fee to apply. Other fees aren’t disclosed on Chase’s website, but you’ll get an estimate after you apply.
Common fees associated with a new mortgage include:
- Origination fee
- Underwriting fee
- Rate lock fee
- Ongoing fees
- Third party fees
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.
You’ll need to be able to supply
- Full name and personal contact information
- Social Security number
- Pay stubs from the past several months
- W2s and 1099s from the past two years
- Personal tax returns from the past two years
- Profit and loss statements (if self-employed)
- A list of your assets, including savings, real estate, car titles and other investment records
- A complete list of your debts, including student loans, auto loans, personal loans and credit cards
Pros and cons of Chase
- Flexible application process. If you live in a state with Chase branches, you can get help online or in person, both during the application process and for the life of the loan.
- 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.
- 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.
How to get a home loan with Chase
To get started:
- Go to the Chase website.
- On the left side of the screen, click to open the site menu, and then click Mortgage.
- Underneath Buy a home, click Start online.
- Follow the onscreen prompts and supply information about yourself, your loan, the property and your finances.
- Submit your application and review your loan estimate.
- Supply any additional documents requested by your loan officer.
- Go to the Chase website.
- At the top of the screen, click ATM & branch.
- Click Find an advisor, and then enter your zip code.
- Browse available advisors and view their pages. When you find an advisor you’d like to work with, view their page and click the button to have them contact you.
- Fill out the form with your contact information and wait for the advisor to schedule an appointment.
What is Chase?
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, personal loans, car loans and business banking.
But it’s also been involved in several major mortgage scandals.
- In 2013, Chase agreed to pay a $13 billion settlement to the US government over allegations that it had knowingly sold bad mortgages leading up to the financial crisis.
- In 2015, Chase was charged a $900,000 civil penalty over allegations that it participated in an illegal kickback scheme where the company referred loans to a now-defunct company called Genuine Title in exchange for money.
- In 2017, Chase agreed to pay a $53 million settlement over allegations that it charged African American and Hispanic borrowers higher interest rates than white borrowers.
Frequently asked questions about Chase mortgage loans
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Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.
But if banking integrity is important to you, beware. This big bank has had some run-ins with the US Government, from selling bad mortgages, conducting kickback scheme and practicing unfair lending.