Chase Mortgage Review 2021
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JP Morgan Chase and Co. was founded in New York in 1799, making it one of the oldest-known financial institutions in the United States. The company operates in 50 countries worldwide and is headquartered in New York City.
Chase offers mortgage products and services at select retail branches and through correspondent partners approved to close Chase home loans.
Pros and cons of a Chase mortgage
- Offers special purchase and refinance programs with homebuyer grants available
- Offers down payment assistance programs in specific markets
- Does not offer fixed-rate home equity loans
- Does not offer many financing options for borrowers with lower credit scores
Working with Chase
Chase mortgage advisors work in branches in the following 30 states and the District of Columbia:
- New Jersey
- New York
- West Virginia
In 2019, Chase originated $115.9 billion in mortgage volume companywide.
Chase mortgage borrowing requirements
Chase borrowers must have a minimum credit score of 620 for a 5% down payment loan. A score of 640 is required for 3% down payment programs.
Chase issues loans for the following types of properties, according to its website:
- Single-family homes
- Planned unit developments (PUDs)
- Multifamily (one- to four-unit homes)
Chase mortgage products
- Conventional loans. Chase offers a 3% down payment program with no income limits. Homebuyers may be eligible for a $2,500 Chase Homebuyer Grant℠ to use toward closing costs or down payment on all of its purchase programs.
- Adjustable-rate mortgages (ARMs). Borrowers may benefit from lower initial rates than fixed-rate mortgages with an ARM. Chase offers 5/1, 7/1 or 10/1 options; once the fixed-rate period ends, the payment adjusts annually.
- FHA loans. Loans backed by the Federal Housing Administration (FHA) provide more flexible credit guidelines than conventional loans and only require a 3.5% down payment. Available fixed-rate terms include 15, 20, 25 or 30 years.
- VA loans. No down payment is required for eligible military borrowers to take out a mortgage backed by the U.S. Department of Veterans Affairs (VA).
- Jumbo loans. Buyers in higher-priced parts of the country can take out a loan above the typical conforming loan limit. A higher income, strong credit scores and at least a 20% down payment are usually needed to qualify.
- Down payment assistance loans. Down payment help may be available through Chase depending on factors such as your income, your credit score and where you’re buying.
- Conventional refinance loans. You can refinance to lower your rate, reduce your term or switch from a fixed rate to an adjustable-rate mortgage for some short-term savings.
- Cash-out refinance loans. Current homeowners can tap equity to pay off high-interest debt or make home improvements with a cash-out refinance loan.
Home equity products
- Home equity lines of credit (HELOCs). Chase offers HELOCs with low origination costs and annual fees. Money can be drawn for up to 10 years with the balance due in installments once the draw period ends. Both variable and fixed-rate lock options are available.
Chase special mortgage programs
- Chase DreaMaker℠ purchase and refinance loans. This proprietary mortgage program is available for homebuyers and homeowners. Features for qualified borrowers include:
- A $2,500 Chase Homebuyer Grant to use toward your down payment or closing costs
- An extra $500 benefit for buyers who complete a homebuyer education course
- A 3% minimum down payment
- Lower mortgage insurance costs than other low-down-payment programs
The mortgage application process
- How to apply. Borrowers can choose a completely digital mortgage application experience with Chase MyHome, or apply with a home lending advisor at a local branch.
- Disclosure process. The lender will send a loan estimate with the terms of your loan within three business days of receiving your application. You can call or email your loan advisor throughout the process.
- Submitting loan for approval. A team of people, including your home lending advisor and an underwriter, will review the application and paperwork for final approval.
- Final approval. Once the loan is approved, a closing disclosure is sent out at least three business days before closing, detailing the terms and closing costs.
- Closing. You’ll sign legal documents to take ownership of your home and secure your loan. You’ll typically need to obtain a cashier’s check or wire money for closing funds.
- Servicing. Chase services most of the loans it makes.
Communication during the process
Customers with mortgage questions or concerns can contact their home loan advisor at any time, or use the Chase MyHome app.
For customer service by phone, call 800-848-9136 (or 855-280-4198 for assistance in Spanish), Monday through Friday, from 8 a.m. to 8 p.m. ET.