Chase Mortgage Review
Chase at a glance
 | Minimum credit score: Not disclosed Minimum down payment: 0% to 3% Available loan products and programs: Conventional, VA, FHA, Jumbo |
Our verdict: A mortgage with Chase is a good option for those seeking a low down payment loan or who are interested in easing the pain of closing costs and mortgage points with homebuyer grants or credits. And if you already bank or invest with Chase, you may get special discounts on your interest rate.
| Pros | Cons |
|---|---|
You can apply for a mortgage online with after-hours access to loan officers. You may be eligible for homebuyer grants or credits that can go towards closing costs, points or your down payment. You may qualify for an interest rate that’s up to 0.25% lower than the standard rate if you are an existing Chase customer with significant balances in your accounts. | You won’t find loan products backed by the U.S. Department of Agriculture (USDA). You won’t be able to take out a home equity line of credit (HELOC). You won’t know what lender fees Chase plans to charge before you apply for a loan and are issued a loan estimate. |
JP Morgan Chase and Co. was founded in New York in 1799, making it one of the oldest financial institutions in the United States. It’s also the largest bank in the country and operates in over 100 global markets. Chase mortgage advisors work in branches in 38 states and the District of Columbia.
Chase mortgage products
Conventional
- Purchase mortgages with fixed 15- and 30-year loan terms are available with only a 3% down payment.
- Adjustable-rate loans (ARMs) are also an option, and come with 5-, 7- and 10-year initial fixed-rate periods.
- Rate-and-term refinances with Chase can help homeowners save on their monthly mortgage payments or alter their loan term.
- Cash-out refinances are available for homeowners who wish to borrow against their home equity.
FHA
- FHA purchase loans, backed by the Federal Housing Administration (FHA), are available in 15-, 20-, 25- or 30-year terms and require only 3.5% down.
- FHA Streamline refinances allow borrowers with an existing FHA loan to refinance with less paperwork and hassle.
VA
- VA purchase loans, backed by the U.S. Department of Veterans Affairs (VA), offer military borrowers with a minimum credit score of 680 a fantastic opportunity to buy a home with zero-down and no private mortgage insurance (PMI) requirement.
- VA Interest rate reduction refinance loans (IRRRLs) are available to military borrowers who wish to refinance an existing VA home loan.
Jumbo
- Jumbo loans up to $3,000,000 are available for those purchasing or refinancing high-value homes. Choose from fixed-rate, adjustable-rate and interest-only jumbo loans.
Special programs
- Low-down-payment loans. Chase has several low-down-payment options that require only 3% to 3.5% down. Standard Agency mortgages are backed by Fannie Mae and available for those with strong credit, while FHA loans and DreaMaker loans are great options for those who need more flexible credit requirements.
- The Chase Homebuyer Grant. Chase offers a $2,500 to $5,000 grant to buyers using DreaMaker, Standard Agency, FHA or VA loans. Take a homeowner education course, and you can also get an additional $500. The money can help cover points, closing costs or down payment.
- Closing Guarantee. Chase promises to close your loan on time — an offer it backs with $5,000 cash paid to you if you don’t reach closing by the date set out in your contract.
- VA purchase closing cost benefit. Chase will also give VA buyers a $2,000 credit towards closing costs when they close on a home loan.
Chase mortgage rates and fees
Rates
It’s easy to search for purchase and refinance rates on Chase’s website. Just input your zip code and click on the “See Rates” button. Keep in mind, though, that the advertised rates and APRs include discount points and are based on parameters that vary by loan type and size. They also assume an excellent credit score.
Compared to other large national banks, Chase’s rates are reasonably competitive, and on average came in around 0.36 percentage points above the average prime offer rate (APOR) in 2022. The APOR is a benchmark rate that captures what is, in effect, the lowest APR a bank is likely to offer in the current market. Mortgage loans aren’t typically considered “higher-cost” until they reach 1.5 percentage points over the APOR.
Fees
The average total cost of taking out a mortgage with Chase was $4,503 in 2022, according to data from the Federal Financial Institutions Examination Council (FFIEC). That included, on average, around $2,445 in origination fees.
| Mortgage rates published online? | |
| Rate information updated daily or weekly? | |
| Lender fees disclosed? |
Chase’s application experience
You can apply for a home loan with Chase online, in person at a branch or over the phone. You can also begin the preapproval process online, but will have to complete it with a loan officer. Once you’ve chosen a home and put in an offer, e-closing may be an option, depending on your state. But don’t count on closing in your pajamas — e-closing usually still requires an in-person meeting, but allows you to sign some documents electronically.
How to boost your loan approval odds
Chase doesn’t reveal the exact minimum requirements it uses to approve or deny your application. However, based on nationwide data from 2022, we can say that Chase approved customers who — on average — had a 65% loan-to-value (LTV) ratio or better. Most had a debt-to-income (DTI) ratio under 40%.
In that same year, Chase denied about 12% of its mortgage applications. That’s on the low side when compared with other high-volume mortgage lenders. It’s not tough to find other large lenders with similar denial rates, but there are also some who have much higher rates — some even in the mid-thirties.
Chase’s customer service experience
Chase’s customer service line, 1-800-848-9136, is available 24 hours a day, but if you want to speak to a representative, you’ll have to call between 8:00 a.m. and 8:00 p.m. EST Monday through Friday, or between 9:00 a.m. and 6:00 p.m. EST on Saturdays. You can also get help by sending a secured message in Chase’s online portal and will receive a response within 24 hours.
How does Chase compare to other lenders?
| Chase Bank | TD Bank | Wintrust | |
|---|---|---|---|
| Lender rating | |  | |
| Minimum credit score | Not disclosed | 620 | Not disclosed |
| Minimum down payment | 0% to 3% | 0% to 3.5% | 0% to 3.5% |
| Loan products and programs |
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| Rate spread* | 0.36% | 0.24% | Not available |
*Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) Chase offered to mortgage customers in 2022. The higher the number, the more expensive the loan.
How we rated Chase
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
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 “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
Chase’s scorecard: 5/5
Publishes rates online
Offers standard mortgage products
Includes detailed product info online
Shares resources about mortgage lending
Provides an online application