Chase Bank Mortgage Review 2024

Chase bank offers mortgage services in 48 states and Washington, D.C., with exceptions for Hawaii and Alaska. However, certain loan products may not be available in all states. Notably, Chase provides a closing guarantee, ensuring on-time closing for purchase mortgages within three weeks of submitting all required documents, or else the lender will pay $5,000.

Overview:

Loan Types of Chase Bank:

Speed:

Chase provides a closing guarantee for conventional loans, promising closure within 21 calendar days after receiving a complete application package, with the exception of co-op properties.

Current Conventional Mortgage rates :

These current mortgage rates are based on standardized parameters. For conventional mortgages, calculations are made assuming an owner-occupied, one-unit property with a loan amount of $350,000. For jumbo mortgages, the loan amount is $750,000. These calculations also assume an 80% loan-to-value ratio, a credit score of 740 or higher, and a 60-day lock period.

Chase Bank Eligibility:

Minimum credit score of 620.

Minimum down payment of 0% for VA loans, 3% for certain conventional loans and DreaMaker loans, 3.5% for FHA loans, and 15% for jumbo loans.

Pros & Cons:

Pros:

• Low Down Payment Loans Available: Chase provides options for low down payment loans, making homeownership more accessible to a broader range of individuals.
• Flexible Credit and Income Requirements: Certain loan products offered by Chase feature flexible credit and income requirements, accommodating varying financial situations.
• Discounts for Existing Customers: Chase offers discounts for existing customers, incentivizing loyalty and potentially reducing mortgage expenses.
• Chase Closing Guarantee: Borrowers benefit from the Chase Closing Guarantee, receiving $5,000 if the closing date is missed, providing peace of mind during the mortgage process.

Cons:

• Doesn’t Offer USDA Loans: Chase does not offer USDA loans, limiting options for borrowers seeking this type of financing.
• Limited Availability: Mortgages through Chase are not available in Hawaii or Alaska, potentially restricting access for residents of these states.
• No Home Equity Loans: Currently, Chase does not offer home equity loans, with new HELOC applications on pause. This may limit borrowing options for homeowners looking to tap into their home’s equity.

Why We Choose Chase Bank?

Chase Bank was selected as one of our top choices due to the array of benefits it offers to existing customers, making it an attractive option for individuals seeking a mortgage.

Key Features of Chase Bank:

Exclusive Discounts for Existing Customers: Chase provides exclusive benefits to existing customers, including reduced processing fees and lower interest rates based on the combined assets held in Chase deposit and investment accounts.

For example, customers with assets totalling between $150,000 and $499,999 receive a $500 discount on the mortgage processing fee, while those with $500,000 or more assets enjoy a $1,500 reduction. Additionally, customers with at least $1 million in deposits and investments qualify for a rate discount of up to 0.25%.

Additional Information about Chase Bank: Chase Bank offers a diverse range of mortgage products, including fixed- and adjustable-rate conventional and jumbo mortgages, FHA loans, and VA loans. However, it does not offer USDA loans.

While mortgages through Chase are not available in Hawaii or Alaska, the bank’s extensive branch network and online presence provide accessibility to customers in numerous other states.

With its commitment to providing tailored financial solutions and exclusive benefits for existing customers, Chase Bank stands as a trusted and preferred choice for individuals seeking a mortgage.

How To Apply:

Borrowers can conveniently apply for a Chase mortgage online. Preapproval typically takes up to two days.

Contact with Chase bank

For customer service, including automated assistance, you can reach us at 1-800-848-9136. We also accommodate operator relay calls. If you prefer assistance in Spanish, please call 1-855-280-4198. Our representatives are available Monday to Friday from 8 AM to 8 PM ET, and on Saturdays from 9 AM to 6 PM ET. Unfortunately, They are closed on Sundays.

For support with online or mobile banking, call 1-877-242-7372. If you’re outside the U.S., dial 1-713-262-3300. For inquiries regarding homeowner’s insurance, contact us at 1-877-530-8951. For property tax inquiries, please call 1-877-314-6353. If you require financial hardship assistance, reach us at 1-800-848-9380. Our representatives are available Monday to Friday from 8 AM to 8 PM ET, and on Saturdays from 9 AM to 6 PM ET. Sundays are closed.

To explore mortgage options or refinance, visit our website for current rates or call us at 800-447-1101. Chase employees seeking home purchase or refinance assistance should visit the Employee Financial Services page on the Intranet or call 866-421-5487.

For customers in New York, for inquiries, complaints, or further information about Chase Home Lending servicing, you can call us at 1-800-848-9136 or write to us at the addresses provided in the Mail section below. Alternatively, you can contact the New York State Department of Financial Services Consumer Assistance Unit at 1-800-342-3736 for complaints and further information, noting that Chase is not registered with the NY Superintendent of Financial Services.

Methodology:

We conducted a comprehensive review of over 50 mortgage lenders operating nationwide, both online and in-person. Our review encompassed some of the largest mortgage lenders by volume, including banks, credit unions, and online lenders. Lenders that do not publicly disclose their interest rates online were excluded from consideration.

Advisor’s Criteria:

Advisor evaluates home loan lenders based on criteria that significantly influence the overall cost of the mortgage and the homebuying process. These criteria include borrower eligibility requirements, the diversity of loan options, and features that impact the homebuying journey.

Weighting of Categories:

The best mortgage lenders were assessed based on the following categories, each assigned a specific weighting:

• Interest Rate: 20%
• Down Payment Requirements: 20%
• Credit Score Minimum Requirements: 20%
• Consideration of Alternative Credit Data: 10%
• Preapproval Time: 10%
• Closing Timelines: 10%
• Variety of Loan Types: 10%
• Lender Discounts Offered: 5 bonus points

Focus on Affordability and Accessibility:

Our methodology prioritizes affordability, accessibility, and key features that directly impact the homebuying process, such as preapproval and closing times. By focusing on these aspects, we aim to provide consumers with valuable insights that align with their top priorities when comparing mortgage lenders.