Chase Mortgage Review 2024
Not disclosed
0% to 3.5%
Conventional, FHA, VA, Chase DreaMaker, Jumbo, cash-out refinance
See how we reached our verdict below.
- Relationship discounts for existing customers
- On-time closing guarantee
- Low down payment options
- Doesn't disclose income or credit requirements
- USDA loans aren't available
- Home loan advisors aren't available in all states
Chase mortgage overview
Chase is a subsidiary of J.P Morgan, a leading financial holding company, and it’s the fifth-largest mortgage originator in the U.S.
- Areas of service: 50 states and the District of Columbia
- Digital service: Digital applications only
- Headquarters: 270 Park Avenue, New York, NY 10017
- Website: Chase.com
Chase rates, terms and fees
Rates
Chase publishes its current rates online, and it updates rates daily, Monday through Friday, with the latest information. Its rates are quite competitive. In 2023, Chase’s rates averaged 0.17 percentage points above the average prime offer rate (APOR) — a benchmark that reflects the rates low-risk consumers can expect.
Fees
Chase doesn’t disclose its fees, such as application fees or origination fees, on its website. However, by analyzing data from the Federal Financial Institutions Examination Council (FFIEC), we found that the average total cost of taking out a mortgage through Chase was $5,453 — about 25% less than the average for the industry.
What discounts does Chase offer?
Chase has several special programs and discounts:
- DreaMaker Mortgage: Chase’s DreaMaker mortgage is a home loan that requires as little as 3% as a down payment, and the entire amount can come from gifts from family members or friends. This program is for low- to middle-income households.
- Relationship: If you have an existing bank account or investment account with Chase or J.P. Morgan, you can qualify for an interest rate reduction of as much as 0.25%.
- Friends and family: Friends and family members of Chase employees can qualify for an interest rate reduction as high as 0.125% on purchase and refinance loans.
What types of mortgage loans does Chase offer?
Chase offers a variety of home loans, including:
Conventional loans
With Chase, conventional mortgages can have fixed or adjustable rates, and you can choose a loan term of 15 or 30 years. It also offers conventional cash-out refinance options.
Conventional loan qualification requirements
Chase doesn’t disclose its income or credit requirements, but borrowers will need to meet the following requirements:
- A down payment of 3% to 20%
FHA loans
Through Chase, borrowers can take out Federal Housing Administration (FHA) loans, a government-backed option with lower credit score and down payment requirements.
Plus, some borrowers may qualify for the Chase Homebuyer Grant, a program that provides up to $7,500 in funding to use toward closing costs or the down payment.
FHA loan qualification requirements
Chase doesn’t disclose its FHA credit or income requirements, but generally, you’ll need to meet the following requirements:
- A down payment between 3.5% and 10%
- A credit score of 500 or higher
VA loans
Military veterans and their families can purchase homes with as little as 0% down with VA loans, which are backed by the U.S. Department of Veterans Affairs (VA).
VA loan qualification requirements
Chase doesn’t list its specific VA loan requirements, but borrowers typically need to meet the following criteria:
- 0% down payment options available
- No private mortgage insurance (PMI) required
- The VA doesn’t specify a minimum credit score, but lenders may require a score of 620 or higher
Jumbo loans
Chase does offer jumbo loans, which are mortgages with higher-than-conforming loan limits. For most areas, the conforming loan maximum for a one-unit home is $766,550 ($1,149,825 in areas with a high cost of living).
Jumbo loan qualification requirements
- Finance up to $9.5 million (or up to 89.99% of the home’s purchase price)
Chase mortgage qualifications
| Credit score minimum | Not disclosed |
| DTI ratio Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments. maximum | Not disclosed |
| Down payment minimum | Conventional: 3% FHA: 3.5% VA: 0% Jumbo: 10% |
Don’t know your credit score? Get your free score on LendingTree Spring today.
How to boost your loan approval odds
Although Chase doesn’t disclose its income or credit score requirements, we analyzed 2023 information from the Home Mortgage Disclosure Act (HMDA) to provide some insight. In 2023, Chase denied 13% of mortgage applications across all loan types, which is on the lower end for large lenders.
Chase was most likely to approve borrowers with a down payment of 10% to 20% and a debt-to-income ratio (DTI) under 40%.
How to apply for a Chase mortgage
1. Choose your loan type
Visit Chase’s website and navigate to the “Home loans” section. Next, select your goal, such as buying a new home or refinancing an existing mortgage. The platform has three sub-pages depending on the type of homebuyer you are: first-time homebuyer, experienced homebuyer or those shopping for a second home or investment property. When you select one of these categories, the site will show you the appropriate mortgage options for that situation.
2. Get prequalified
Chase doesn’t have a prequalification tool, so the only way to view personalized rates and loan options is to submit your personal information and meet with a home loan advisor.
3. Submit a loan application
Chase allows applicants to start the mortgage application process online. Once you submit your personal details, Chase will connect you with a home loan advisor to guide you through the process and issue you a preapproval letter.
Documents you’ll need for prequalification or preapproval
- Identification
- Tax documents
- Bank statement
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Find out more about how to apply for a home loan.Is it safe to get prequalified with Chase?
Chase is a reliable company with an excellent reputation, so it’s safe to get a preapproval letter from the lender for a mortgage. Getting a preapproval is a critical part of the homebuying process; it gives you a good idea of what you can borrow, and many sellers won’t entertain offers from buyers without one.
Chase’s customer service experience
Although Chase doesn’t offer 24/7 customer support, you can reach customer service by phone or by visiting a branch. Chase mortgage representatives are available Monday to Friday, 8:00 a.m. to 8:00 p.m. ET and Saturday from 9:00 a.m. to 6:00 p.m. ET.
- Phone: 1-800-848-9136
You can also set up a meeting with a home loan advisor in person or over the phone, which can be a good choice if you want more personalized guidance or have lots of questions. Chase also has a mobile app you can use to manage your mortgage after you’ve purchased your home.
Chase has a good reputation for customer support; it was ranked 10th out of 27 lenders in the J.D. Power 2023 U.S. Mortgage Origination Satisfaction Study.
How does Chase compare to other lenders?
|  |  |
|
|---|---|---|---|
| LendingTree’s rating | |||
| Minimum credit score | Not disclosed | 500 | Not disclosed |
| Minimum down payment | 0% to 3.5% | 0% to 3.5% | 0% to 5% |
| Rate spread 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) the lender offered to mortgage customers in 2023. The higher the number, the more expensive the loan. | 0.17% | 0.40% | 2.06% |
| Loan products and programs |
|
|
|
| Better for: | Existing Chase customers and first-time homebuyers. | Borrowers with credit scores below 620. | Borrowers who want to take out a HELOC. |
Chase vs. AmeriSave Mortgage
Both AmeriSave and Chase offer conventional, FHA, VA and jumbo loans. However, AmeriSave is upfront about its credit score requirements, and it will work with borrowers in the fair credit range, making it an appealing option if your credit score is below 620.
Chase stands out from AmeriSave thanks to its closing guarantee; if your home doesn’t close on time due to the bank’s issues, it will give you $5,000.
→ Read more in our full AmeriSave mortgage review.
Chase vs. Alliant Credit Union
Unlike Chase, which is a for-profit corporation, Alliant is a credit union, a non-profit organization. Credit unions often offer lower rates and have less stringent requirements than banks, so they can be a good option when you’re shopping for a loan.
While Chase offers several government-backed loans, it doesn’t offer USDA loans. However, Alliant does, so it can be a good choice if you’re considering a rural property. And Alliant still offers HELOCs, allowing you to tap into your home’s equity.
→ Read more in our full Alliant Credit Union mortgage review.
Ready to compare lender offers on LendingTree? Get Your Rates TodayHow LendingTree rated Chase Mortgage
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:
Publishes rates online
Offers standard mortgage products
Includes detailed product info online
Shares resources about mortgage lending
Provides an online application
= 0 points = 0.5 points = 1 point
Frequently asked questions
Chase allows you to start the application process online, and you can view updated mortgage rates. Chase also has several online tools, such as mortgage calculators, affordability calculators and homebuyer assistance program databases.
Chase is a legitimate lender that offers mortgages in all 50 states. It’s one of the largest mortgage originators in the country.
You can view more info about Chase’s state licenses and registrations through the Nationwide Multistate Licensing System and Registry (NMLS) website.
Taking out a home loan from Chase — or any lender — can affect your credit score in several ways. When you apply for a loan, the lender will perform a hard credit check, and each hard credit inquiry can cause your score to drop by several points. Once the loan is disbursed, it will show up on your credit report and impact your credit mix, and, as you make payments, your timely payment history can positively affect your credit.
Whether a lender is a good match depends on several factors, including your credit, the type of home you’d like to buy and your budget. Chase has several mortgage programs, and existing customers can take advantage of its interest rate discounts.
Chase’s reviews on TrustPilot aren’t stellar; it has a TrustScore of 1.3 (Bad) based on over 1,900 reviews. However, the overwhelming majority of TrustPilot reviews are about its credit cards, auto loans and other products, so they don’t necessarily reflect the typical experience around its mortgages.
With the Better Business Bureau (BBB), Chase has an A- rating, but it has a 1.21-star rating based on about 20 customer reviews. In complaints about Chase’s mortgage division, some customers reported issues with the loan servicing department and errors with payments.