Chase Mortgage Review

Founded in the late 1800s as Chase National Bank, Chase operates under JPMorgan Chase with headquarters in New York, NY. Business Insider notes that JPMorgan Chase is currently the largest bank in the U.S. when ranked by assets with $2.74 trillion on the books.

J.D. Power Rating
3/5
Min. Credit
620
Min. Down Payment
3%
SimpleScore
3.8 / 5.0
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SimpleScore Chase 3.8
Perks 4
Credit Impact 4
Customer Satisfaction 3
Product Variety 5
Fees 3

If you’re on the market for a new home mortgage, it could be worth your while to check with Chase as one of the lenders on your list. The bank offers a full array of mortgage products including fixed-rate mortgages, ARMs, jumbos, VA loans and FHA loans. Chase also offers closing cost assistance programs with up to $3,000 available towards closing through the DreaMakers Program. If you’re planning on buying a home in the near future, this lender may be an attractive option to consider.

In this article

    Chase at a glance

    LenderMin-Max Loan AmountAPR RangeTermsKey Benefit
    ChaseN/ASpecific to zip code15 – 30 yearsLow rates on ARM loans

    What we like about Chase

    When it comes to Chase home loans, the most attractive characteristic is the available rates. While still dependent on your credit profile, loan type and the amount borrowed, rates start below 3% for well-qualified home buyers. Fixed-rate loan rates are low compared to the industry, and the adjustable-rate mortgage rates are even better. While ARMs aren’t ideal for all borrowers, it’s hard to ignore the rates.

    Chase also has an extensive mortgage learning center packed with helpful guides, how-to’s, FAQs and information. If you’re new to the buying process or need to brush up the knowledge bank, this is a great resource.

    Things to consider

    Chase currently has rates posted for 30-year fixed, 15-year fixed, 7/1 ARMs and 5/1 ARMs but none of their other loan options. To get an accurate look at rates on other loan products, you will need to reach out to the bank to speak to a loan officer. If you’re looking to do some quick online comparisons, this is not very helpful.

    What you need to know

    When you take out a Chase home loan, you can select between a whole host of mortgage products. Fixed-rate options are available in 15- and 30-year terms with rates varying by loan factors and your zip code. You’ll be able to see the rate range on the company’s website by using your zip code. For a few points of reference, fixed-rate loans in Los Angeles, CA span from 2.792% to 3.315% APR. Fixed-rate loans in Orlando, FL span from 2.756% to 3.202% APR and fixed-rate loans in Cleveland, OH span from 2.663% to 3.182% APR.

    Home buyers who are interested in a Chase mortgage loan can apply at a branch location or online. The online portal does not require you to be a Chase customer, but if you are, the website will auto-populate much of the application to make the process move quickly.

    Fees and penalties

    Chase details all fees and penalties associated with its mortgage products in a PDF you can access on the lender’s website. Late payment fees are assessed but will vary based on your specific loan contract. The lender also charges a fee if it is required to hire an appraiser or broker to facilitate your purchase. What’s nice, though, is that the lender offers an extensive list of mortgage services for free, including payoff quotes, flood title certification and escrow analysis.

    How to apply for a Chase mortgage loan

    1. Collect the necessary documents needed for prequalification and the application process.

    The first step in applying for a Chase mortgage loan is collecting the necessary documents. The list of documents required by the bank is extensive, but collecting all of them first will streamline the process. Not all of these documents are required for the prequalification process.

    2. Complete the prequalification process.

    Once you’ve got your documents in order, head online and complete the prequalification process. This will give you access to the types of rates and borrowing limits you should expect to see through the full approval process. These results are not a guarantee to lend or an approval, but it’s a good indicator as to whether you’ll be a good fit for this lender. However, if you are denied during the prequalification process, you can save yourself the time, energy and hard credit pull that comes with the full application process.

    3. Complete the application process.

    Once you’ve been prequalified, it’s time to complete the full application process. With all your documents ready, this should be a streamlined process. Make sure that you respond to all questions, inquiries and requests from Chase during the process. Failure to give them something the company requests or requires promptly will slow the overall application process or may result in a denial that can be avoided. The bank does not provide exact time frames on how long the average approval process takes, but the process generally varies depending on how complicated your mortgage loan is, among other things.

    Alternatives to Chase mortgages

    Wells Fargo

    The bank offers a good variety of mortgage loan products to service a wide array of different needs. Rates are competitive, making Wells Fargo mortgage loans a lender option some borrowers may want to consider.

    J.D. Power Rating
    3/5
    Min. Credit
    620
    Min. Down Payment
    3%
    SimpleScore
    3.6 / 5.0
    close
    SimpleScore Wells Fargo 3.6
    Perks 4
    Credit Impact 3
    Customer Satisfaction 3
    Product Variety 4
    Fees 4

    Headquartered in San Francisco, CA, Wells Fargo has been delivering banking services to customers since 1852. With over $1.89 trillion in assets, Wells Fargo is the fourth-largest bank in the U.S.

    • For people looking for mortgage loan options from another big brick and mortar bank, Wells Fargo steps up to the plate. The company offers seven different types of mortgage loans with competitive rates. When it comes to rates, though, Chase wins on the products it has rates posted for. Still, if you’re interested in a different term length or another type of mortgage loan, Wells Fargo may be the better option.

    Better.com

    Best for online lending.

    J.D. Power Rating
    N/A
    Min. Credit
    620
    Min. Down Payment
    3%
    SimpleScore
    3.8 / 5.0
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    SimpleScore Better Mortgage Company 3.8
    Perks 2
    Credit Impact 5
    Customer Satisfaction N/A
    Product Variety 3
    Fees 5

    Better.com is redefining the homeownership process from the ground up. They say they’re using technology to make it faster and more efficient, and humans to help make it friendly and enjoyable.

    • Online lender Better.com offers seven different types of mortgage loans, with terms spanning from 15 years to 30 years. When you go to the company’s website, rates are provided based on your assumptions up to the minute. You’ll still need to complete the application process, but this gives a great idea of what you can expect. These loans don’t include any lender fees, commissions or origination fees and they have an on-demand rate lock.

    Rocket Mortgage

    Rocket Loans promises a “rocket fast” decision as well as quick access to your loan funds once you’re approved.

    J.D. Power Rating
    5/5
    Min. Credit
    620
    Min. Down Payment
    3%
    SimpleScore
    3.4 / 5.0
    close
    SimpleScore Rocket Mortgage 3.4
    Perks 4
    Credit Impact 4
    Customer Satisfaction 5
    Product Variety 3
    Fees 1

    Rocket Loans is part of the Quicken Loans family, which was established back in 1985. Headquartered in Detroit, Rocket Loans aims to offer a quick and easy online personal loan and mortgage process that is unencumbered by the excess paperwork and minutiae required by traditional lenders.

    • Under the parent company Quicken Loans, Rocket Mortgage provides online mortgage loans to borrowers across the country. If you’re looking for the best customer service, Rocket Mortgage has been the highest-ranked company by J.D Power in primary mortgage origination for 10 years and primary mortgage servicing for 6 years. This lender also works with borrowers who have credit scores as low as 580, so home buyers with dings on their scores may have better odds of approval with Rocket Mortgage.

    Compare top mortgage lenders

    Methodology

    SimpleScore

    We’ve created the SimpleScore to help you objectively compare products and services here at The Simple Dollar.

    Our editorial team:

    • Identifies five factors to compare across each brand
    • Determines the rating criteria for each factor
    • Calculate an average of those five factor scores to get one SimpleScore

    We break down each of these five factors and their rating criteria for our review of the best mortgage companies.

    Why do some brands have different SimpleScores on different pages?

    Some brands like Bank of America, Wells Fargo, and Chase have different SimpleScores because they offer more than one financial solution — like home loans, auto loans, personal loans and more.

    For instance, in our Bank of America Mortgage Review, we give the company a 3.8 out 5 based on our five rating factors for mortgages. In our Bank of America Auto Loans Review, we give the company a 4.4 out of 5 based on our rating factors for auto loans. By tailoring our SimpleScore to each financial solution, we’re able to give you a more accurate view of a brand’s services and how it compares to competitors’ services.

    Perks

    Mortgage lending companies that provide more perks receive a higher score from us.

    Hard/Soft credit checks

    We know that credit checks affect your score –– that’s why we favor companies that offer soft credit checks or hard credit checks when you want to see your pre-approval rates.

    Customer satisfaction

    We use the J.D. Power 2019 Mortgage Origination Satisfaction Study℠ to find out how customers rate their experience with each company. (If a company is not included in J.D. Power’s study, we skip this rating factor and average the remaining factor scores.)

    Product variety

    Mortgage lenders that offer more products for their home loans are given higher scores.

    Fees

    Fees can add up fast. Companies that don’t require as many fees for your home loan receive a higher score with us.

    Jason Lee

    Contributing Writer

    Jason Lee is a U.S.-based freelance writer with a passion for writing about dating, banking, tech, personal growth, food and personal finance. As a business owner, relationship strategist, and officer in the U.S. military, Jason enjoys sharing his unique knowledge base and skill sets with the rest of the world. Follow Jason on Facebook here