Chase Bank Mortgage Review 2022
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Chase Bank Mortgage Review
Annual Percentage Rate (APR)
Apply online for personalized rates; Fixed rate and adjustable rate mortgages included
types of loans
Conventional Loans, FHA Loans, VA Loans, DreaMaker℠ Loans, and Jumbo Loans
3% if you proceed with a DreaMaker℠ loan
The best way to determine the effective annual interest rate is The APR you’re likely to be offered by Chase Bank is to pre-qualify and submit your home loan application.
While mortgage rates can fluctuate frequently, the rate you get will depend heavily on your location, credit history, and credit report. Take a look at each lender’s website to get a better idea of the interest rates they charge, but remember that they vary by location and credit rating. In any case, it is important to provide the information required to verify your personalized rate plan.
Chase Bank offers both traditional and adjustable rate mortgages, FHA loans, VA loans, and jumbo loans, but not USDA loans.
This lender also offers a special home loan called the DreaMaker loan that allows homebuyers to put down a down payment of just 3% — by comparison, FHA loans require borrowers to put down a minimum 3.5% down payment.
While this particular option is ideal for those who can only afford a small down payment, it also comes with stricter income requirements compared to some other loans – according to the Chase team, the annual income used to qualify the client must not exceed 80% of the Exceed area median income.
If you meet the income requirements for the DreaMaker loan, it could be a very attractive option, especially for those who prefer to make the lowest possible down payment and use more of their money for other home-buying expenses.
Anyone not eligible for Chase Bank’s VA home loan can still make a down payment as low as 3% by opting for the DreaMaker loan, which offers the lender’s second-lowest minimum down payment.
Proceeding with an FHA loan requires you to make a down payment of at least 3.5%, while a traditional loan requires your down payment to be at least 5% of the home’s value.
For those planning to get ahead with a jumbo loan, keep in mind that the typical down payment for this type of loan is usually 10% across all lenders. At Chase Bank, the minimum down payment is at least 20% of the home’s value.
Chase offers flexible loan repayment terms from 10 to 30 years. You also have the choice between fixed price and variable rate mortgage terms.
Homebuyers can be paired with a Chase Home Lending Advisor near them by entering their address to find one near them. Home Lending Advisors will ensure you have completed your application correctly, provided sufficient documentation, and can even review your appraisal quote with you.
This lender offers discounts to existing customers, but the requirements are quite high. To get a $500 rebate on your mortgage processing fee, you must have $150,000 to $499,999 between your Chase deposit accounts and Chase investment accounts, while having $500,000 or more in those accounts can get up to a $1,150 rebate on the processing fee.
Thanks to the DreaMaker loan option, Chase Bank is a solid mortgage lender for those who want to make a small down payment but don’t qualify for a VA loan. Just remember that this particular option has stricter income requirements.
While Chase Bank offers many types of popular home loans — VA loans, conventional loans, FHA loans, and jumbo loans — this lender does not offer USDA loans. If you are interested in a USDA loan, it is worth working with another lender such as PNC Bank offering USDA loans.
To determine which mortgage lenders are the best, Select analyzed dozens of US mortgages offered by both online and brick-and-mortar banks, including large credit unions, that offer fixed interest rates and flexible loan amounts and terms to meet a range of funding needs.
In narrowing down and ranking the best mortgages, we focused on the following characteristics:
- Fixed rate annual percentage rate: Variable interest rates can rise and fall over the life of your loan. With a fixed APR, you lock in an interest rate for the life of the loan, which means your monthly payment will not vary, giving you more budgetary predictability.
- Types of loans offered: The most common types of mortgage loans are conventional loans, FHA loans, and VA loans. In addition to these loans, lenders may also offer USDA loans and jumbo loans. Having more options available means the lender is able to meet a wider range of applicant needs. We also considered loans that meet the needs of borrowers planning to buy their second home or rental property.
- closing time: The lenders on our list are able to offer closing deadlines that can vary from two weeks after signing the home purchase agreement to 45 days after signing the agreement. Specific closing deadlines have been set for each lender.
- Fees: Common fees associated with mortgage applications include setup fees, application fees, subscription fees, processing fees, and administration fees. We evaluate these fees in addition to other characteristics when determining each lender’s overall offering. Although some lenders on this list do not charge these fees, we have noted every instance where a lender does.
- Flexible minimum and maximum loan amounts/terms: Each mortgage lender offers a variety of financing options that you can customize based on your monthly budget and the time you need to pay off your loan.
- No prepayment penalties: The mortgage lenders on our list do not charge borrowers for prepaying the loan.
- Optimized application process: We considered whether lenders would offer a convenient, fast online application process and/or an in-person process at local branches.
- Customer service: Every mortgage lender on our list offers customer service via phone, email, or secure online messaging. We also chose lenders with an online resource hub or advice center to help you learn about the personal loan process and your finances.
- Minimum deposit: Although minimum down payment amounts depend on the type of loan a borrower is applying for, we have found that lenders offer additional specialty loans that come with a lower minimum down payment amount.
After reviewing the above characteristics, we sorted our recommendations by best for overall financing needs, quick closing timeline, lower interest rates, and flexible terms.
Note that the interest rates and fee structures advertised for mortgages may vary in accordance with the Federal Reserve interest rate. However, once you accept your mortgage agreement, a fixed APR guarantees that your interest rate and monthly payments will remain constant throughout the life of the loan, unless you decide to refinance your mortgage at a later date for a potentially lower APR. Your APR, monthly payment, and loan amount depend on your credit history, creditworthiness, debt-to-income ratio, and desired repayment term. To get a mortgage, lenders complete a hard loan inquiry and request a complete application, which may require proof of income, identity verification, proof of address, and more.
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Editorial note: Any opinion, analysis, review, or recommendation expressed in this article is solely that of Select’s editors and has not been reviewed, approved, or otherwise endorsed by any third party.