Chase Mortgage Review 2021

Good for: <p>borrowers who want a name-brand bank, with offices in more than half the states, that charges lower rates and fees than many other lenders.</p>
Hal M. Bundrick, CFP Jan 4, 2021
Our Take
4.5
TalkFinance rating
The bottom line: <p>Chase offers a broad selection of purchase and refinance mortgages, easy online rate shopping, and online loan tracking and document uploads. But you won&rsquo;t be able to complete a full mortgage application online.</p>
Jump to: Full Review

at Rocket Mortgage by Quicken Loans

MIN. CREDIT SCORE

620

MIN. DOWN PAYMENT

3%

LOAN TYPES AND PRODUCTS

Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA

Pros & Cons

Pros

  • Allows electronic submission and tracking of loan documents.

  • Carries a wide variety of mortgage types and products.

  • Generally offers good rates and charges reasonable fees.

Cons

  • Doesn't offer home improvement loans, such as FHA 203(k) and HomeStyle.

  • You have to speak with a home loan adviser to complete the application.

Compare to Other Lenders

Chase: NMLS#399798

TalkFinance rating

Better: NMLS#330511

TalkFinance rating

Rocket Mortgage: NMLS#3030

TalkFinance rating
Learn More Learn More Learn More
MIN. CREDIT SCORE

620

MIN. CREDIT SCORE

620

MIN. CREDIT SCORE

620

MIN. DOWN PAYMENT

3%

MIN. DOWN PAYMENT

3%

MIN. DOWN PAYMENT

3%

LOAN TYPES AND PRODUCTS

Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA

LOAN TYPES AND PRODUCTS

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA

LOAN TYPES AND PRODUCTS

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Full Review

Chase Home Lending at a glance

With home loan offices in more than half the states, Chase is one of the most prolific mortgage lenders in the country. To appeal to a wide range of borrowers, Chase offers a broad lineup of mortgage products, along with lower rates and fees than many other lenders. It has a robust online rate-shopping experience. Completing an application requires a talk with a home loan adviser; after that, Chase offers online loan tracking.

Here's a breakdown of Chase Home Lending's overall score:

  • Variety of loan types: 4 of 5 stars

  • Variety of loan products: 4 of 5 stars

  • Online convenience: 4 of 5 stars

  • Rates and fees: 5 of 5 stars

  • Rate transparency: 4.5 of 5 stars

Chase loan types and products

Chase Home Lending, part of JPMorgan Chase & Co., is one of the top players in the mortgage industry. A large portion of Chase's mortgage customers are already banking with the company, but even if you aren’t, you still have plenty of options if you’re applying for a mortgage or refinancing your current loan with Chase for the first time.

Chase's fixed-rate mortgage options include 10-, 15-, 20-, 25- and 30-year terms. Adjustable-rate mortgages are available in 5-, 7- or 10-year terms. Jumbo loans can go up to $3 million.

In addition to FHA (loans insured by the Federal Housing Administration) and VA mortgages (guaranteed by the Department of Veterans Affairs), Chase Home Lending offers another down payment loan: the DreaMaker mortgage.

The DreaMaker mortgage allows down payments as low as 3%, all of which can come from an eligible gift or grant. With DreaMaker, Chase offers an additional $500 for completing a home buyer education course. DreaMaker comes with lower mortgage insurance requirements and monthly payments, but may have borrower income limits.

Chase offers grants of up to $5,000 for people buying homes in low- to moderate-income areas and who use DreaMaker, FHA or VA loans. Refinancers may be eligible for grants of up to $2,500. Chase also participates in various down payment and closing cost assistance programs across the country.

Customers who have personal deposit or investment accounts with Chase may benefit from additional fee and rate discounts.

Chase online convenience

To start the mortgage process online, navigate to the Mortgage section of the Chase website, and click the "Start online" button that will be visible at the bottom of the page. Then, on the next page, you'll be asked whether you have an application in progress and whether you are a current Chase customer. If you already have Chase accounts, some of the application information may be prefilled. If not, you'll be asked to fill in most of the information you need to provide for a loan application. "Post submission, the consumer will be contacted by a home lending adviser to complete the application process," says Amanda Kahl, with Chase communications, in an email.

Applicants who use the Chase MyHome digital experience may upload documents securely online or snap photos of their documents and send them, Kahl says. Customers may sign the loan application and disclosures using e-signatures.

Chase guarantees that it will close home purchases for eligible existing account holders on time, or it will give the borrower $2,500.

» MORE: Use our mortgage calculator to find out your monthly mortgage payment.

If you choose not to create an account, you can continue communicating with Chase via phone or email for the remainder of the mortgage process, or work with a nearby branch.

Chase mortgage rates and fees

One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. In order to provide consumers with a general sense of what a lender might charge, TalkFinance scores lenders on two factors regarding fees and mortgage rates:

  • A lender's average origination fee compared to the median of all lenders reporting under the Home Mortgage Disclosure Act. Chase earns 4 of 5 stars on this factor.

  • A lender's offered mortgage rates compared to the best available on comparable loans. Chase earns 5 of 5 stars on this factor.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

You can decide to buy discount points — a fee paid with your closing costs — to reduce your mortgage rate.

Deciding whether to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.

Chase rate transparency

Chase's website allows users to get rate and fee estimates based on property type, down payment size, credit score and other factors. Users are presented with a variety of fixed and adjustable rates, discount point options and annual percentage rates. For each loan type, a user can see estimated closing costs, including lender and third-party fees.

More from TalkFinance