Chase Mortgage Review: November 2024

JP Morgan Chase Bank, which does business as Chase, is a consumer banking company offering a range of financial services. Borrowers can secure a variety of mortgage loans and mortgage refinance loans through Chase online or at one of more than 4,700 branches located throughout the contiguous United States.

Chase offers five types of mortgage loans for buyers who want conventional homes, lower down payments or higher-priced real estate:

• Conforming loans: These are conventional mortgages not backed by a government agency and usually require a 3% to 20% down payment. 
• Federal Housing Administration (FHA) loans: Chase offers FHA loans, which are government-insured loans with fixed interest rates as low as 3.5%. 
• Veteran Affairs (VA) loans: VA loans are available to active duty service members and veterans of the U.S. Armed Forces, and usually require little or no down payment and no monthly mortgage insurance requirement.
• Chase jumbo loans: Jumbo loans are designed for properties that exceed conforming loan limits (typically $766,550 in most areas) and often require borrowers to have high credit scores, income levels, and down payments. 
• Chase DreaMaker loans: This program is unique to the lender and is designed for qualified low-income borrowers. Eligible homebuyers who use this program may be able to make a down payment as low as 3%.

Unfortunately, Chase doesn’t list the exact credit score requirements for these loans, nor does it provide information related to the fee ranges to anticipate. You can see the current Chase mortgage rates in your area by entering your ZIP code. All first-time homebuyers who apply for DreaMaker mortgages will need to complete a homebuyer education course to secure the loan. 

Best for: Existing Chase customers

Chase is one of the best mortgage lenders for existing Chase customers. Chase’s Relationship Pricing Program offers mortgage interest rate discounts between 0.125% and 1.000% if the customer has between $187,500 and $1.5 million dollars in new money or securities. Customers can also earn up to a 0.25% discounted rate if they have $1 million dollars or more in their existing Chase deposits and J.P. Morgan investments.

Methodology 

To determine the best mortgage companies, Credible evaluated lenders based on several different categories: rates and fees, reputation, eligibility, efficiency, customer experience, and discounts and perks. We also looked at the types of loans offered by each lender for research purposes only, they did not factor into the overall score. We assigned a score out of five stars to each lender based on our findings. 

Learn more about our expert lender ratings by checking out our Mortgage Lender Rating Methodology. 

Chase: Pros and Cons

Chase offers qualified borrowers a variety of incentives, discounts, and down payment options. Unfortunately, it doesn’t offer certain loan types, like USDA loans, and Chase mortgage customer service has average reviews. 

Pros 

• Guaranteed on-time closing: Although it’s only available on some lending products, this guarantee is backed by a $5,000 reward for qualified borrowers. 
• Chase Homebuyer Grant: This grant offers qualified homebuyers a maximum award of $7,500, which is applied to first lower the interest rate, then pay for fees, and any remainder goes toward the down payment.
• Low down payment options: Buyers can make a 3% down payment with a Chase DreaMaker loan, which also has flexible income limits and credit criteria.
• Mortgage refinance loans: Borrowers can choose a fixed-rate mortgage refinance loan or an adjustable-rate mortgage.
• Rate discounts: Certain Chase members with qualifying deposits or investments may be eligible for rate discounts up to 1 percentage point via the Relationship Pricing Program.

Cons 

• No USDA loans: USDA loans require no down payment and are used by borrowers who want to buy a home in a rural area. Homebuyers looking for this type of mortgage won’t have the option through Chase.
• Not in every state: Chase only lists 36 states and Washington, D.C., as branch options with home lending advisers.
• Must prequalify first: Prospective borrowers must fill out prequalification documents to get a loan estimate and breakdown of associated fees.
• Average ranking via J.D. Power: The 2023 U.S. Mortgage Origination Satisfaction Study ranks Chase just above the study average score; its competitors may offer higher overall customer satisfaction.
• HELOCs not available: Chase currently does not offer new home equity lines of credit. This limits a potential borrower’s options to use the equity in the home. 

What to consider before applying 

Purchasing a home is one of the largest financial decisions you’ll make. The FDIC recommends shopping for a mortgage loan prior to house hunting, but there are also steps you should take before beginning the loan application process. You can increase your odds of securing a mortgage pre-approval by:

• Removing incorrect or outdated information from your credit report
• Lowering your debt-to-income ratio (DTI)
• Improving your credit score
• Increasing your available savings 

In addition, fixed and variable interest rates, loan terms, and specific loan types will impact how much your down payment, monthly payment, and lifetime cost of the mortgage will be. 

Remember that getting pre-approved isn’t a guarantee for obtaining a loan, but it can help you see how much you’re likely to qualify for. 

How to apply for a loan with Chase

To get a mortgage loan with Chase, you need to apply for pre-approval. You can apply online, over the phone, or visit an eligible branch and speak to a home lending adviser to begin the process. Regardless of which option you choose, understand that a pre-approval is not a loan approval from Chase; you’ll still need to formally apply for the loan, and your pre-approval may expire within 90 days.

Online, you’ll begin the pre-approval form by entering personal information, including your Social Security number. The automated screening will verify your information, and if it can’t, it will refer you to contact an adviser. If you’re pre-approved, you can then fill out a formal mortgage application. Be prepared to provide documents including:

• Pay stubs
• W-2s from at least two years
• Bank statements
• Federal tax returns from up to two years
• Current debt documentation (credit cards, auto loans, student loans)
• Signed contract of sale

How to qualify for a loan with Chase

Many mortgage loans will have unique qualification requirements. An FHA loan, for example, has no income limits, flexible credit guidelines, and as little as a 3.5% down payment. However, you’ll need to meet lender requirements, which may include a DTI lower than 43%, no history or bankruptcy or foreclosure in the last two years, and a minimum credit score.

How to refinance with Chase

If you’re looking for a lower payment or shorter loan term, Chase’s website may help you identify which refinancing strategy is right for you. 

Chase offers a refinancing tool that allows you to list your current loan’s initial amount, term, interest rate, and years paid, then compare that to a new loan’s term, interest rate, and expenses with closing costs and cash-out amount included. A graph will show you the new estimated monthly payment and if there are any interest savings.

Refinancing involves similar steps as the Chase mortgage application process: You can apply online or speak to an adviser on the phone or at a local Chase branch. 

Although Chase currently doesn’t offer HELOCs, it does allow borrowers to tap into their home’s equity with a cash-out refinance. Existing Chase customers can log into their MyHome account and start the process online. 

How Chase compares