Chase Mortgage Review
Chase at a glance
|Lender||Min-Max Loan Amount||APR Range||Terms||Key Benefit|
|Chase||N/A||Specific to zip code||15 – 30 years||Low 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
- 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.
- 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.
- 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.