Chase Mortgage Review for 2021

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.

Lending flexibility 3.5
Customer service 3.5
Ease of application 4.0
Online experience 4.5
Minimum down payment 3%
Minimum credit score 620
Loan Products Offered

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

  • Rates and closing costs are average, so be sure you're getting the best deal
  • Chase doesn't have branches everywhere
  • Does not offer USDA loans

Overview

Chase Home Lending can offer 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 in line with other industry giants, and customers give good reviews.

All in all, Chase is a solid lender worth considering — especially for borrowers who already have accounts with Chase Bank.


Chase mortgage rates

Chase mortgage rates and fees are in line with other major lenders.

In 2019 — the most recent data available — Chase charged an average mortgage rate of 4.22% for 30-year fixed-rate loans.

This was the same as Wells Fargo and Quicken Loans and about a quarter-point higher than the national average of 3.94% that year.

But that doesn’t mean Chase mortgage rates are high. National averages are often based on the ideal borrower, and no lender services only A+ applicants.

Average 30-year mortgage rates at major banks

 
Chase Bank
Wells Fargo
Quicken Loans
US Bank
Average 30-Year Interest Rate, 2019
4.22% 4.22% 4.16% 4.66%
Monthly P&I Payment*
$980 $980 $973 $1,032
Median Loan Costs, 2019
$3,440 $3,484 $5,075 $3,702
Median Origination Charges, 2019
$1,279 $1,199 $2,805 $1,175

You might want Chase on your list if you consider yourself a ‘standard’ homebuyer looking for a mainstream loan.

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.

No matter who you are, you should shop around and compare rates from more than one mortgage lender before choosing a home loan.

Average rate and fee data are sourced from public rate and fee records required by the Home Mortgage Disclosure Act (HMDA).

*Monthly principal and interest payment based on a $250,000 home price, with 20% down, at each company’s average 30-year interest rate for 2019. Your own rate and monthly payment will vary.

Verify your new rate (Sep 21st, 2021)

About Chase Home Lending

Though rates and costs are fairly standard, Chase stands out for having helpful online resources and a streamlined mortgage 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 mortgage company. You’ll likely land a solid mortgage with rates, closing costs, and service standards that are in line with industry averages.

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 loan 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 of underwriters 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 2019, the Consumer Financial Protection Bureau (CFPB) received about 188 complaints from consumers about J.P. Morgan Chase & Co. mortgages.

This is a fairly low number, considering the large volume of mortgages Chase originates.

Company
Mortgage Originations 2019
CFPB Complaints
Complaints per 1,000 Mortgages
2020 JD Power Rating
Chase Bank
527,600 188 0.36 860/1,000
Wells Fargo 
1,026,800 342 0.33 840/1,000
Quicken Loans
774,900 187 0.24 883/1,000
US Bank
380,700 85 0.22 848/1,000

Chase also scored an 860 out of 1,000 in J.D. Power’s 2020 mortgage customer satisfaction study.

It tied with Bank of America for second place in the survey, falling behind only Rocket Mortgage — which has taken first place 11 years running.

Mortgage loan products at Chase

Chase offers a fairly comprehensive range of mortgage types to finance a new home purchase:

  • Fixed-rate mortgages — Interest rates are fixed throughout the loan, which means payments stay the same. Most home buyers choose a 30-year fixed-rate mortgage
  • Adjustable-rate mortgages — Interest rates are fixed for the first 5, 7, or 10 years, then float for the rest of the 30-year term
  • Jumbo loans — For loan amounts above the conventional loan limit, which is currently $548,250 in most of the U.S. Chase lets you borrow up to $3 million or 85% of the home’s value, whichever is lower. In certain cases, you may be able to borrow up to 89.99%
  • FHA loans — Popular with first-time home buyers, FHA loans let you buy with a down payment as low as 3.5% of the property’s value and offer more lenient approval requirements. FHA stands for Federal Housing Administration, the government agency that insures these loans
  • VA loans — For eligible veterans and service members; there’s no down payment required and no continuing mortgage insurance. The Department of Veterans Affairs guarantees this program

In addition to these widely available loan types, Chase has its own offering for select home buyers.

With the Chase DreaMaker mortgage, you only need to make a 3% down payment. However, you must have a low or moderate income to qualify.

Chase refinancing and home equity loans

Current homeowners who want to refinance or tap their home equity using a second mortgage can find a standard slate of options with Chase.

You could refinance into a conventional, FHA, or VA loan using the same application process you’d use to buy a new home.

Refinancing creates a variety of opportunities for existing homeowners. You might:

  • Get a lower interest rate — Today’s mortgage rates are among the lowest rates in history. Many homeowners can save long-term by refinancing into a lower rate
  • Change your loan term — Loans with shorter terms save money over the life of the loan. For example, refinancing from a 30-year to a 15-year fixed-rate loan could increase your monthly payment but reduce long-term costs
  • Change your loan program — For example, some homeowners refinance from an FHA loan to a conventional loan to stop paying for mortgage insurance. You’d need at least 20% home equity to do this

Homeowners who have built up equity over time can access this resource by getting a second mortgage or a cash-out refinance through Chase Home Loans.

  • Cash-out refinance — A new loan large enough to pay off your current loan balance and provide cash at closing. The funds can be used for things like home improvements, debt consolidation, or any other purpose
  • Home equity loan — An installment loan backed by the equity in your home. Unlike a cash-out refi, you’d keep your current home loan intact, which means you’d have two separate mortgage payments each month
  • Home equity line of credit (HELOC) — A credit line backed by your home equity. With a HELOC you can access funds as needed rather than all at once

The amount you’re able to borrow from your home equity depends on your home’s value, your current loan balance, and your credit score, among other factors.

Verify your refinance eligibility (Sep 21st, 2021)

Underwriting requirements for Chase home loans

If you have a FICO score of 620 or higher, you should be able to qualify for a Chase conventional refinance or a home purchase loan with at least 3% down.

But meeting this credit score guideline doesn’t guarantee your approval. Another big factor underwriters consider is your debt-to-income ratio (DTI).

Chase recommends keeping your DTI below 36%. To calculate your DTI, add up your total monthly debts including things like personal loans, student loans, and credit card payments. (Don’t include utilities.) Then divide that number by your pre-tax monthly income.

For example, if you have $1,800 in regular debt payments and earn $4,000 a month, your DTI would be 40% (1800 ÷ 4000 = 0.4 or 40%).

Required documents

Like any lender, Chase will request plenty of supporting documents during the loan origination process.Chase will want to see:

  • W2s showing employment for the past two years
  • The most recent month’s pay stubs
  • Bank and investment statements for the past three months
  • A signed contract to purchase a specific home

Chase’s online mortgage application lets you upload documents quickly, but you could also deliver them in person if you’re working with a Chase loan officer in a local branch.

Chase Home Lending FAQ

Where can you get a mortgage with Chase?

Chase Bank (NMLS no. 399789) offers three ways to apply for a mortgage loan: online, in a Chase branch, or over the phone. This variety makes Chase an accessible mortgage lender for all sorts of buyers. Unfortunately, branch locations are limited outside of major metro areas. The good news is, you can apply online or over the phone in all 50 states.

Does Chase have good mortgage rates?

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.

Can I pay my mortgage with a Chase credit card?

You cannot pay your mortgage 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.

Does Chase mortgage have a grace period?

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 this period, Chase charges a late fee.

How long does Chase take to close a mortgage?

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.

Is Chase Bank an FHA-approved lender?

Yes, Chase Bank is an FHA-approved lender. You can get an FHA loan from Chase with as little as 3.5% down.

Is Chase Bank a USDA-approved lender?

No, Chase is not authorized to do USDA-backed loans. These loans offer low and no down payment options to home buyers in rural areas.

Does Chase offer VA loans?

Yes, Chase is an authorized lender with the Department of Veterans Affairs. Veterans, active-duty military members, and some surviving military spouses can use this program to buy a home with no down payment and no ongoing mortgage insurance premiums.

How soon should I lock in a rate with Chase?

Once you’ve found a home and applied for a mortgage, you don’t have to lock in your rate right away. Mortgage rates change every day. Chase’s rate locks could last as long as 90 days.

Can I afford a Chase mortgage?

As far as lender costs are concerned, Chase’s rates and fees are about average. And your mortgage payment will depend on your loan amount and exact interest rate. When you shop for home loans, keep in mind your house payment will also include homeowners insurance premiums and local property taxes — along with principal and interest payments on the loan itself. Taxes and insurance premiums go into an escrow fund for disbursement to your government and insurer.

Is Chase a good online lender?

Chase’s online application process isn’t as seamless as some digital lenders, like Rocket Mortgage. For example, you’ll need to speak with a loan officer over the phone even if you apply online. But Chase has added nice online features such as the ability to snap photos of your documents to upload them quickly. Chase also has online mortgage calculators to help determine your price range and tools to guide you to the right type of loan.

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 (Sep 21st, 2021)

Compare to These Lenders

Minimum down payment: 0%
Minimum credit score: 620
Minimum down payment: 3%
Minimum credit score: 580
Minimum down payment: 3%
Minimum credit score: 580

Sources:

  1. Average mortgage rates and fees sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act. Rates and fees shown reflect the previous year’s data and may not align with today’s mortgage rates
  2. Monthly principal and interest payments calculated using TheMortgageReports.com mortgage calculator. Payments shown are based on a $200,000 loan amount and assume a “very good” credit score. Property taxes and homeowners insurance are not included. Your own monthly payment will vary
  3. Number of mortgage originations for the previous year sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act
  4. CFPB Complaints reflect the number of mortgage origination or closing-related complaints filed with the Consumer Financial Protection Bureau for the previous year
  5. Complaints per 1000 mortgages reflect the number of official complaints filed against a lender with the CFPB for the previous year, compared to the lender’s total number of mortgage originations for the previous year
  6. JD Power Rating reflects the company’s customer satisfaction score according to JD Power’s most recent Primary Mortgage Origination Satisfaction Study. Survey respondents score their lenders in four areas: application/approval process, communication, loan closing, and loan offerings