Chase Mortgage Review for 2022

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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 (Jan 16th, 2022)

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.

Mortgage-related complaints at major lenders

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 $647,200 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 (Jan 16th, 2022)

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

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 (Jan 16th, 2022)