Chase mortgage review
finder.com’s rating: 3.8 / 5.0
This lender offers many types of mortgages, but it also has terrible reviews and a bad reputation.
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.
|Loan products offered||Conventional, Jumbo, FHA, VA, HELOC, Refinance|
|Minimum credit score||DreaMaker and Conventional: 620|
All other mortgage types: 700
|Minimum down payment||3%|
|State availability||Available in all states|
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:
- Prove that you are a US citizen or permanent resident
- Have a credit score of 620 or higher
- Be at least 18 years old
- Provide documents to verify your employment, assets and income
- Have a debt-to-income ratio no greater than 43%
Chase updated requirements
As of November 2020, Chase announced it was relaxing some constraints on its mortgage requirements in response to rising housing prices. However, Chase failed to elaborate exactly what that means for mortgage seekers. We will update this section as information becomes available.
In addition to meeting the above requirements, you also need to provide the following.
- A government-issued ID with your full name and personal contact information
- Your Social Security number
- Proof of income covering 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 you’re 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
Costs and fees
In addition to a $395 application fee, Chase also charges the following fees:
- Appraisal fee: $425 to $1,640
- Broker price opinion: $78 to $110
- Recording fee: cost varies based on local laws
- Partial release/land transaction: $50 to $300
- Other undisclosed closing costs including attorney fees, an inspection fee, an origination fee, underwriting fees and title fees
- A rate-lock fee
- Upfront mortgage insurance premium: required on all FHA home loans
- Flood insurance for properties in the Special Flood Hazard Area, which FEMA determines. *For FHA loans, private flood insurance is not acceptable. This type of mortgage requires borrowers to obtain insurance through the National Flood Insurance Program.
How to apply for a mortgage with Chase
You can 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.
- Go to Chase.com, select Home Loans from the navigation menu, then select Buying a Home.
- Scroll to the bottom of the page, and select Start Online.
- Answer a few questions 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.
- Visit Chase.com and select ATM & branch at the top of the page.
- Under Find a Chase Home Lending Advisor, choose Find an Advisor then enter your ZIP code.
- Browse the list of available advisors and when you find one you’d like to work with, view their page and select Request a Consultation.
- Fill out the form with your contact information, then wait for the advisor to schedule an appointment.
What types of mortgages can I get through Chase Bank?
Other mortgage products offered by Chase
- HELOC. If you’ve built up equity in your home, you can use a home equity line of credit to tap into it.
- DreaMaker. This program for new homes and refinanced mortgages features down payments as low as 3% plus up to $3,000 in grants and credits.
How Chase’s mortgage products compare to other lenders
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.
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Chase reviews and complaints
As of October 2020, Chase Bank has an A+ rating with the Better Business Bureau, yet reviewers on the site have only rated it 1.18 out of 5 stars. The bank’s score is only slightly better on Trustpilot, where it’s currently rated 1.3 out of 5. However, it’s important to note that 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 of the 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.
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. Chase’s website lets you submit documents online and view your application’s status.
- Member discounts. If you already have a banking relationship 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. Chase only has branches in 22 states.
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 knowingly sold bad mortgages leading up to the 2008 financial crisis.
- In 2015, Chase was charged a $900,000 civil penalty based on allegations that it participated in an illegal kickback scheme in which the company referred mortgage loans to a now-defunct company called Genuine Title in exchange for money.
- In 2017, Chase agreed to pay a $53 million settlement over allegations that it charged Black and Latinx borrowers higher interest rates than white borrowers.
Historical mortgage data for Chase Bank
All numbers based on 2019 nationwide data from the Home Mortgage Disclosure Act.
|Loan type||Applications denied||Mortgages originated||$ Amount (originated loans)|
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Michael Benninger is a staff banking writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Business Insider and the Los Angeles Times. Michael is passionate about all facets of personal finance and has written hundreds of articles about money management during the past decade.
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.