Chase Mortgage Review
With a footprint in nearly half of the nation’s households, Chase serves millions of consumers with a broad range of financial services, including mortgages. Chase is committed to not only nurturing engaged, lifelong relationships, but also making your home-buying experience as seamless and simple as possible. We offer a wide variety of mortgage products, including our Chase Closing Guarantee, for eligible Chase customers that may help you secure your new home and continue to educate you long after you close. We understand that buying a home is one of the most momentous decisions in a person’s life. From prequalifying to closing, Chase has a dedicated and experienced staff of mortgage professionals available to help you through every step of the process. Every journey to the front door is unique — we have information that can help you through yours.
Working with Chase
Chase is currently licensed to do business in 30 states throughout the U.S.
- District of Columbia
- New Jersey
- New York
- West Virginia
According to the company’s website, Chase appears to have loan advisors in all the states mentioned above.
There are many ways to start the application process. An interested borrower can call Chase to speak to a representative over the phone, or visit a local branch to meet in person. However, there is also the option to prequalify online by entering in some basic information to help get an estimate of the mortgage you can afford.
The minimum credit score accepted for a mortgage can be as low as 620, depending on the type of loan and the borrower’s overall financial background. And while the website states Chase does accept borrowers with less-than-perfect credit, it also stresses the importance of having good credit. It has an entire section devoted to learning about credit scores, providing basic information, and tips on managing and improving your credit.
Chase offers manual underwriting, which allows an underwriter to look over a borrower’s individual financial and employment background to help determine if they are qualified for a loan. The underwriter will go over all documentation sent in with the borrower’s application, such as tax returns, to ensure all requirements are fulfilled, or to judge if other information must be included for consideration.
The properties Chase issues loans for include the following:
- Single-family homes
- Planned Unit Developments (PUDs)
Chase recommends working with a real estate agent when searching for a new home. A home lending advisor with Chase can help you find the right real estate agent for your needs.
Chase mortgage products
Chase offers a wide range of products to help borrowers buy a new home. There are new purchase, refinance and home equity options, along with the company’s own mortgage programs.
- Fixed-rate mortgages
- FHA Loans
- VA Loans
- 15- to 20-year loan terms
Chase special mortgage programs
The two proprietary mortgage programs Chase offers include DreaMaker Mortgage and the Fixed-Rate Lock Option.
Borrowers with low-to-moderate income may be able to benefit with the DreaMaker mortgage, as it can provide lower monthly payments by reducing the mortgage insurance. This fixed-rate loan can have a 30-year term and may also help with the down payment, with options starting at 3% down. Those who enroll in a homebuyer education course of some kind may also be eligible for up to $500 after completion.
Chase Fixed-Rate Lock Option
The Chase Fixed-Rate Lock Option allows homeowners to opt out of their variable rate and lock in a fixed rate for either some or the entire balance owed their line of credit. Monthly payments are fixed, so they won’t change, and you are able to have up to five locks at once. The available line of credit increases as you continue to pay down your balance, allowing you to use it if needed. There are no fees to switch into this program, or any penalties to cancel within 45 days after you opt in. However, if you cancel after 45 days, you are subjected to a fee of 1% of the original balance amount.
Special online tools and resources
The website features plenty of helpful resources and tools, such as calculators to see the mortgage amount you can afford. Chase also offers its free Credit Journey service, which gives you access to your credit report while also offering account alerts and providing a “score stimulator” to show the many different factors that can impact your credit.
The mortgage application process
- How to apply. To get started, a borrower can complete the prequalification form online. You will need to provide some basic information, such as the purpose of the loan, your name, address and financial history. The website doesn’t specify the next steps after you submit the form, but it is likely you will then be contacted by a specialist to go over your options. You are also able to call a specialist directly or meet with one in person near you.
- Disclosure process. The website does not explain how you and the lender exchange communication, nor does it discuss how documents are sent back and forth. You may get that information after you prequalify for a loan and speak with an advisor from Chase.
- Submitting loan for approval. When your application is complete, the home loan advisor, with whom you work directly, will submit everything to the underwriter. Once the underwriter has all the required documents in your application, a decision will be made.
- Closing. The website does not describe its closing process in detail. It states that the home lending advisor will go over all potential closing costs with you, such as origination fees, appraisal fees and underwriting fees. A borrower will receive the Closing Disclosure, which features these fees in writing, within three days before the closing happens, as well as a final disclosure at the time of the closing.
- Digital mortgage process. It is unclear whether Chase allows a digital mortgage process. The website only states that the prequalification can be done online, as well as in person or over the phone.
- Locking the loan. Once your application is completed and all required documents are received, an underwriter will determine if you are qualified for the loan. During your closing, you will compare the final closing disclosure with the loan estimate you received at the beginning of the process, to ensure everything is accurate.
- Appraisal. The website explains what an appraisal is but does not go into detail about getting one done. You will most likely need to speak with your home loan advisor to learn more, such as how they are scheduled, when and by whom.
- Processing platform. You can begin with the online dashboard to complete the prequalification form, but the website doesn’t provide any other information regarding how the rest of the processing is handled. Contact a home lending advisor directly to learn more about the overall process.
Communication during the process
- A home lending advisor will likely be a borrower’s first and main point of contact during the loan process. They will go over how much you can afford for a mortgage payment, and provide different options to help fit your needs. Your home lending advisor will also help ensure your application is complete and ready to be reviewed by the underwriter. A loan processor may also contact the borrower once the underwriter has made a decision about the application, especially if more information is required.
Pros and cons of a Chase mortgage
Chase has plenty of pros and cons to consider before locking down a home loan with them.
- Special programs. Chase has two special loan programs tailored to borrowers with specific needs, including those who want to lower their down payment or get a locked fixed monthly payment rate.
- Possible flexible credit requirements. Chase can accept borrowers with a credit score of 620 or higher.
- Accepts low down payments. The company’s DreaMaker program, along with other loan options (VA and FH), can offer lower down payment options.
- Provides help with credit. Borrowers can opt into the free Credit Journey service to stay in-the-know about their credit, and work to improve it.
- Offers helpful resources. Calculators and online tools can help you understand how much you’re able to afford while learning about the standard terms and required documents when it comes to applying for a home loan.
- Website lacks detailed information. It is unclear if you can upload documents digitally or if you’re able to complete a full application (after prequalification) online.
- Website can be hard to navigate. While the website lacks some details, it has tons of information about home loans, which means it is sometimes challenging to locate the exact information you need.
- Limited home equity products. Chase only offers a home equity line of credit at this time.
Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.
The information in this article is accurate as of the date of publishing.