Mortgage
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Chase Mortgage Review 2022

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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 over 100 global markets and is headquartered in New York City. Chase mortgage advisors work in branches in 36 states and the District of Columbia.

Who is this lender for?

Chase Mortgage is a good fit if:

  • You want an online mortgage experience with loan officer access after hours and weekends.
  • You currently have Chase bank and investment accounts and want to get closing cost discounts.
  • You’re a first-time homebuyer and need a grant for your down payment.

8.5/10  LendingTree’s mortgage lender rating

LendingTree’s mortgage lender rating is based on a 10-point scoring system that factors in several features, including digital application and closing processes, available loan products and online and in-person accessibility. LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “standard product offerings” criterion if they offer at least two of the four standard loan programs (Conventional/FHA/VA/USDA). In some cases, additional information was provided by a lender representative.

  1.   Application online
  2.   Product info online
  3.   Rates listed online
  4.   Helpful articles about mortgages and homebuying
  5.  Standard product offerings (Conventional, FHA and VA)
  6.   Special programs
  7.   Info about how to qualify for products offered online
  8.   E-closing availability
  9.   Licensed in at least 35 states
  10.   After-hours and weekend access to loan officers

Chase mortgage pros and cons

Pros

  You may be eligible for first-time homebuyer grants and special first-time homebuyer programs

  You’ll find helpful loan program information and articles on the company’s website

  You can apply for a mortgage online with after-hours access to loan officers

  You may get special discounts on your closing costs or interest rate if you also have significant balances in your Chase bank and investment accounts

Cons

  You won’t find loan products backed by the U.S. Department of Agriculture (USDA)

  You may not have very many (if any) e-closing options

  You won’t be able to take out a home equity line of credit (HELOC)

Chase mortgage borrowing requirements

Minimum credit scoreNot published on website
Minimum credit score 
  • Not published on website
Minimum down payment 
  • 0% (VA)
  • 3% Chase DreaMaker
  • 3.5% FHA
Available loan types
  • Conventional
  • VA
  • FHA
  • Jumbo
Special programs
  • First-time homebuyer grants and low-down-payment loans

Chase mortgage rates and fees

Rate shoppers can search for purchase and refinance rates by inputting their zip code and clicking on the “See Rates” button on the Chase website. The advertised rates and APRs on the website at the time of this review included a discount point and were based on parameters that varied on the loan type, loan size and and assumed an excellent credit score.

Chase mortgage products

Purchase and refinance

Chase offers conventional loans with rules set by Fannie Mae and Freddie Mac and terms ranging from 15 to 30 years. Chase also offers 7/6 and 5/6 adjustable-rate mortgages (ARMs) that feature a lower initial interest rate for five or seven years but adjust every six months once the teaser rate period expires.

The Chase Homebuyer Grant can also be used to cover closing costs if you’re taking out a loan backed by the Federal Housing Administration (FHA) or the U.S. Department of Veterans Affairs (VA). FHA loans require a 3.5% down payment and borrowers can choose from 15-, 20- 25- and 30-year terms.

Military borrowers with sufficient entitlement can usually skip a down payment and choose a 10-, 15-, 20-, 25- or 30-year term for a VA loan. An added bonus: Chase customers may be eligible for the $2,500 Chase Homebuyer Grant to help out with closing costs.

Jumbo loans are available for borrowers buying or refinancing expensive homes, with loan amounts available up to $3 million. In most parts of the country, you’ll need a jumbo loan if your loan amount exceeds $647,200 and you’re buying a primary residence. However, the conforming loan limits may be as high as $970,800 if you’re buying in a high-cost area.

Special programs

First-time homebuyers that qualify for the Chase DreaMaker loan with a 3% down payment may also be eligible for the Chase Homebuyer Grant℠ of up to $2,500 to use toward closing costs.  Borrowers who complete a homebuyer education course may get an additional $500. Income limits apply. Qualified homeowners can also refinance their current mortgage using the Chase DreaMaker program and use the $2,500 grant to pay for closing costs.

If you maintain high balances in Chase bank or investment accounts, you may be eligible for closing costs credits of up to $1,150 and up to a 0.5% percentage-point reduction in your interest rate.

How does Chase mortgage compare to other lenders?

Chase MortgageFairway Independent MortgageZillow Home Loans
Minimum credit score 
  • Not published on website
  • 600 (FHA)
  • 580 FHA
Minimum down payment 
  • 0% (VA)
  • 3% Chase DreaMaker
  • 3.5% FHA
  • 0% VA
  • 0% USDA
  • 3% Conventional
  • 3.5% FHA
  • 0% VA
  • 0% USDA
  • 3% Conventional
  • 3.5% FHA
Loan products and types 
  • Conventional
  • VA
  • FHA
  • Jumbo
  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
  • Conventional
  • FHA
  • VA
  • USDA
Special programs offered 
  • First-time homebuyer grants
  • Low-down-payment loans
  • Reverse mortgages
  • Physician loans
  • Zillow Offers
Lender ReviewFairway Independent MortgageZillow Home Loans

 

Today's Mortgage Rates

  • 4.50%
  • 3.90%
  • 3.31%
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