Chase Mortgage Lender Review for 2020
Almost half of American households have one or more accounts with Chase. So in this Chase mortgage lender review, we're looking at a serious player. That, of course, comes with pros and cons.
Fixed-rate mortgage
Adjustable rate mortgage
Jumbo mortgage
FHA mortgage
VA mortgage
Best Features
- The online application process is slick, transparent and lets you track progress
- If you live near one of Chase's 5,000 branches, you should be able to work face-to-face with a loan officer
- If you're already a Chase customer, you stand to get discounts
Drawbacks
- Average rates and closing costs are average, so make sure you get a good deal
- Chase doesn't have branches everywhere
- Does not offer USDA loans
Overview
With Chase Home Lending, you get all the advantages of working with a huge financial institution.
Those advantages include a comprehensive range of mortgage products and a world-class online platform. If you're an existing Chase customer, there's also a good chance you'll get a discount on your home loan.
As for rates and service, Chase stands in the middle of the road. Mortgage rates at Chase are right in line with other industry giants, and customers give decently good reviews.
All in all, Chase is a solid lender worth considering — especially if you already have accounts with Chase Bank.
Compare Chase mortgage rates
As you’d expect from an institution of its size, Chase sets out to appeal to the broadest range of customers. Unlike some lenders that try to attract small, niche markets, this bank offers a comprehensive range of mortgages to satisfy large numbers of applicants.
If you consider yourself a ‘standard’ homebuyer looking for a mainstream loan, Chase should be on your list.
Conversely, if you’re in one of those niche home buying groups (bad credit, unusual properties, inconsistent employment history, etc.), you may be better served by a specialist.
30-Year fixed-rate mortgage estimates at major banks
Chase |
Quicken Loans |
Bank of America |
Wells Fargo |
|
Interest Rate¹ |
3.125% | 3.25% | 3.375% | 3.125% |
APR² |
3.192% | 3.521% | 3.574% | 3.248% |
Mortgage Points³ |
1.0 | 2.25 | 0.867% | 0.5 |
Monthly P&I Payment |
$857 | $870 | $884 | $857 |
Rates shown here are current as of 03/30/2020. Monthly principal and interest payments are based on a home price of $250,000 and down payment of 20% for a home located in Washington.
These numbers are a snapshot meant for general comparison only. Your own mortgage costs will vary depending on your loan, your finances, the economy and other factors.
Verify your new rate (Jul 8th, 2020)Chase Home Lending mortgage review for 2020
Though rates and costs are fairly standard, Chase stands out for having helpful online resources and a streamlined application process.
If the idea of applying for a mortgage online stresses you out, you can usually meet with a living, breathing home lending advisor at your closest Chase branch. And you can contact them any day of the week by phone.
Regardless of how you choose to apply, you should be able to get a discount on your mortgage if you’re an existing Chase customer. You’ll also benefit from the ease of keeping all your finances under one roof.
For some, Chase’s convenience might be tampered by its mortgage rates, which are generally average. Chances are you won’t get to boast to your friends about the amazing deal you got.
That said, Chase is a reliable lender. You’ll likely land a solid mortgage with rates, closing costs, and service standards that are in line with industry averages (see below).
You’ll also get the peace of mind that comes with choosing a respectable deal from a mainstream lender.
Working with Chase Home Lending
Chase puts in an honest effort to make the application process as transparent and straightforward as possible. That starts right at the beginning with the option to apply for a mortgage online, over the phone, or in a branch (if there’s one near you).
The convenience continues with a useful online service called “My Chase Mortgage” (My CM). My CM lets you follow your application and even amend it as you go — which many lenders don’t give you the opportunity to do.
My CM also provides you with direct contact details for the individuals on the team processing your loan.
Just keep in mind that the process isn’t instant. Once you upload documents to My CM, someone must check them and update the system.
Chase customer service reviews
Chase gets decent feedback from its mortgage customers. In 2018, the Consumer Financial Protection Bureau (CFPB) received about 1,200 complaints from consumers about J.P. Morgan Chase & Co. mortgages.
This is fairly low number, considering the volume of mortgages Chase originates. Remember, Chase is the third-largest mortgage lender in the nation after Quicken Loans and Wells Fargo.
Mortgage-related complaints at major lenders
Company |
Mortgage originations4 |
CFPB complaints5 |
Complaints per 1,000 mortgages6 |
2018 JD Power rating7 |
|---|---|---|---|---|
Chase |
155,000 |
202 |
1.30 |
834/1,000 |
Quicken Loans |
396,000 |
170 |
0.43 |
876/1,000 |
Wells Fargo |
312,000 |
419 |
1.34 |
817/1,000 |
Bank of America |
111,000 |
235 |
2.12 |
849/1,000 |
Most of the complaints Chase received in 2018 were from people struggling to pay their mortgage or who encountered “trouble during the mortgage payment process.”
A smaller percentage of Chase’s complaints — just 202 — concerned applying for, refinancing, or closing on a mortgage.
These results mirror findings from the J.D. Power 2018 U.S. Primary Mortgage Origination Satisfaction Study. J.D. Power ranked Chase 11th out of 21 national mortgage lenders. It also and scored the bank 834 out of 1,000, which is very close to the industry average.
Mortgage loan products at Chase
Chase offers a fairly comprehensive range of mortgage types:
- Fixed rate — Interest rates are fixed throughout the loan, generally 30 years or for a shorter term of 10, 15, 20 or 25 years
- Adjustable rate — Interest rates are fixed for the first five, seven or 10 years, then float for the rest of the 30-year term
- Jumbo — For homes more than $510,400, lets you borrow up to $3 million or 85 percent of the home’s value, whichever is lower. In certain cases, you may be able to borrow up to 89.99 percent
- FHA — Lets you buy with a down payment as low as 3.5 percent of the property’s value and offers more lenient approval requirements
- VA — For eligible veterans and service members; there’s no down payment required and no continuing mortgage insurance
In addition to these widely available loan types, Chase has its own offering for select home buyers. With its DreaMaker® mortgage, you only need to make a three percent down payment. However, you must have a low or moderate income to qualify.
Chase Home Lending FAQ
Chase mortgage rates are generally on par with other big banks like Wells Fargo or Bank of America. When you look at Chase’s mortgage rates, also pay attention to discount points. Chase usually includes one or more points in its advertised rates — which means you’d have to pay about 1% of the loan amount upfront to get the rate shown.
You cannot pay your mortgage directly with a Chase credit card. Most mortgage lenders won’t let you pay your mortgage by credit card at all. However, you can pay your mortgage directly from a Chase deposit account if you have one with the bank.
Chase mortgage does have a grace period, though the company doesn’t state the exact length. One Chase mortgage customer review suggests the grace period is 15 days. You’ll have to ask your loan officer to see what your specific grace period is. If you do not make a payment on time or within the grace period, Chase charges a late fee.
If you’re an existing Chase customer, the company’s “Closing Guarantee” promises your loan will close in three weeks (21 days) or less. Any longer than that, and the company says you’ll receive $2,500 cash back. Non-Chase customers will likely experience average mortgage closing times — around 30 to 40 days.
Yes, Chase Bank is an FHA-approved lender. You can get an FHA loan from Chase with as little as 3.5% down. Learn more about FHA loans here.
Where can you get a mortgage with Chase?
NMLS ID: 399798
As described earlier in our Chase mortgage review, the bank offers three ways to apply for a loan:
- Online
- In branch
- Over the phone
This variety makes Chase an accessible mortgage lender for all sorts of buyers.
Those that are wary of inputting personal financial information online will especially appreciate the option to buy in person or over the phone.
Chase Home Lending locations near you
Applying for a Chase home loan in person may be difficult for those who live in rural areas and smaller communities. That’s because Chase’s 5,000 branches are very much concentrated in metropolitan areas. Indeed, some central states have no Chase branches at all.
The good news is, Chase is working to expand its branch network.
The company has 90 new locations due to open in 2019 alone. That means existing Chase customers entering the mortgage market could have a branch location coming to their area soon.
Image: J.P. Morgan Chase & Co.
Is Chase the best mortgage lender for you?
Getting a good mortgage deal can save you tens of thousands of dollars over the life of your loan. That’s why it’s important to check multiple quotes and make sure the lender you choose is competitive.
If you’re an existing Chase customer, you might stand to save on housing costs thanks to special discounts. Other home buyers might prefer Chase for its helpful resources and relatively comfortable interest rates.
No matter your loan type or banking preferences, be sure to compare personalized rates from at least three lenders to find your best deal.
Verify your new rate (Jul 8th, 2020)Compare to These Lenders
- Interest Rate: The rate you pay in interest per year based on the current loan balance.
- APR: The total cost of getting the loan including the interest rate and closing costs.
- Discount Points: Mortgage points, also known as discount points, are fees paid directly to the lender at closing in exchange for a reduced interest rate. - Read More
- Mortgage Originations: The number of mortgages this lender closed. The most recent data available is from the 2017 Mortgage Market Activity and Trends, Consumer Financial Protection Bureau (CFPB), published May 2018.
- CFPB Complaints: The number of mortgage origination or closing related complaints filed with the Consumer Financial Protection Bureau in 2018. We ignore complaints about issues that don't concern mortgage applications and closings, such as loan servicing, since some lenders don't service loans and therefore would have an unfair advantage in complaint numbers.
- Complaints per 1000 mortgages: The number of mortgage-related complaints compared to this lender's total mortgages originated. Due to data availability, we're comparing 2017 originations with 2018 complaints to arrive at the number of complaints per 1000 mortgages originated.
- JD Power Rating: On a 1,000 point scale, consumer insight company JD Power scores large banks across six factors: channel interactions, deposit accounts, credit accounts, investment accounts, convenience, and problem resolution.