There are specific requirements based on the type of mortgage you choose: the conventional home loan demands having a 620 minimum credit score if your down payment is 5% or more; the credit score required if making a 3% down payment is 640, instead. An FHA loan has an even lower score for eligibility: 580, which is in the range of a fair FICO score, but this comes with an increased overall cost of the mortgage.

Another crucial requirement is your DTI (debt-to-income ratio): the portion of your income spent to repay outstanding debts is used as a marker of your ability to deal with a mortgage. The maximum DTI that’s accepted by Chase can reach 53% in the most favorable cases.

The rates we see on the website are comparable to what you can find from big banks. They are relatively affordable, in proportion to a borrower’s standing with the required credit scores. There are a few ways to reduce your rate: the most relevant is purchasing points, whereas for each point you’ll have a certain rate discount. This strategy is convenient when you plan to live many years in the house you are buying.

Chase’s rates are considered competitive on the market, and you have the chance to see the rates for your ZIP code, which should give you a very close estimate of your final applied interest.

The available terms for the conventional fixed-rate mortgage are from 10 to 30 years, while an ARM (Adjustable Rate Mortgage) comes with terms of 5, 7, and 10 years for the first period of variable interest.

Fees from Chase include an origination (or processing) fee set at $1,150, which will constitute part of the closing costs. Chase mortgages are known for relatively low fees, and you won’t incur hidden ones: everything you need to know will be stated in your agreement. On the Chase portal, there is an in-depth section on what to except among closing costs, where fees are discussed and listed at a closer look. Potential fees are for: late payment, non-sufficient funds. The home full appraisal is in the range of $425-$800.

Refinancing with Chase is also claimed to be convenient because of relatively low rates, and easy as well. With a Chase refinance, you can either pay off your home sooner or lower the payments on your existing mortgage. A further option is a cash-out refinance, which taps into your home’s equity to finance home improvements, or even as a way to consolidate pending debts. On their website, there is also a calculator to understand if refinancing is a good move for your situation: you can see how much you’ll save per month and on interest.

You can see if you are eligible to refinance without affecting your credit score: a pre-qualification step is available, which only demands a soft check on your credit history, necessary for Chase to see what’s your financial standing.

A mortgage from Chase can be repaid in more ways: beyond the traditional monthly schedule, bi-weekly and twice-a-month payments are also available to choose from.

Chase commits to make you close your mortgage within a 3-week window (on or before the contract closing date). In the chance it fails, you may be eligible for a $2,500 fund: this kind of assurance is named “The Chase Closing Guarantee”.

Is a Chase mortgage right for you?

There are several reasons you may want to consider a mortgage from Chase, but as with any decision, you also have to weigh the potential downsides.

Pros:

• Plenty of home financing solutions
• Competitive rates
• A big name and experienced mortgage lender
• Works with local buying specialists
• Online prequalification
• Housing Assistance Programs available in all states
• Guarantee of a 3-weeks timeline closing
• Grants up to $5,000 available

On top of these points, you have also the chance to monitor the status of your loan once submitted, through a tracking feature, so that to ease your waiting.

The website has lots of resources to guide you toward your home-buying goal: from finding a home to estimating your rate and payments, learning about down payments, to understanding your credit score, you’ll be more confident when going through the real process.

Another perk from Chase is that you have access to a free credit score check: the service in question is referred to as “Credit Journey” allowing you to see your Vantage credit rating, the second most important system of credit assessment after FICO.

Cons:

• Application can’t be completed fully online
• Physical locations miss in several states and minor cities
• Little benefits for existing customers

The major drawback of Chase is that it hasn’t branches in 21 states, and many cities other than big centers don’t have Chase locations as well.

The entire process of application is two-fold if you start it online: you can only complete it by visiting a Chase branch, which is not ideal for people who needs more practicality. In contrast, today there are several lenders who can finalize the mortgage exclusively online. Other people who prefer the old-fashioned way of going to the bank and make all the arrangements by paperwork, may find disappointed: some cities don’t even have a local Chase branch, and the nearest one might be hours of driving far away.

Chase rewards current customers with at least a $50,000 minimum deposit by offering tiny discounts applicable to the mortgage fees. In case you have at least $500k, there are rate discounts, which may not sound interesting but meaning a few thousand dollars: 0.125% for $500,000-$999,999 deposits, and 0.25% for a $1M+ account. These bonuses are not always available, however, there is little benefit relatively to a borrower’s standing.

How do you apply to a Chase mortgage?

You have two choices: starting your application online, with a prequalification step, or finding a home lending advisor who will take care of the process in person from the beginning.

Chase allows borrowers to prequalify, but that doesn’t mean you will be finally approved, and for the same rate. It gives you just an estimate, that is likely to be applied for your situation.

The rates you are prequalified with are not locked until you complete the application, but you can discuss your option for locking a rate with your assigned home lending advisor. You’ll need to be proactive with finalizing your loan, should you find a rate of your appeal: your APR, rate, and points will remain subject to slight changes until that.

To apply, you’ll need to prepare the traditional documentation for a mortgage, including SSN, proof of employment and income (recent bank statements, 2-months most recent pay stubs, one or two years of tax returns), a signed contract of sale if your home is already chosen, plus an overview of outstanding debts (credit cards, car loans, student loans, etc.).

If you opt for the online application, by connecting your bank account you’ll see the prefilling of some fields, as well as the easy pulling of some of the documents.

Once the form is submitted, a Chase representative will get in touch to assist you in completing the process. For non-bankers, it’s possible to bring forward the application through phone or email, but they can anyway go in person at a local branch.

How are Chase mortgages rated?

The mortgage product from Chase it’s time-honored by most of its customers. On the ConsumerAffairs portal, which commits to hosting 100% unbiased reviews, Chase mortgage gets a 4/5 score on about 1,500  ratings, which is quite good, especially to be the feedback of a bank. Many users giving their reviews were already Chase’s customers, finding an overall convenience to exploit the service directly from their own bank. Several reports are about a pleasant refinancing experience.

There are mixed opinions about customer service: it seemed to work for some people, who say they were assisted promptly and properly, received clear explanations on requested matters; for others, it proved faulty in different ways. Some consumers blame closing late despite the Closing Guarantee from Chase.

Like with any company, you have to take every feedback with a grain of salt, because every situation is different. Surely, Chase has to keep with its reputation and will strive to give the best experience possible to homebuyers.

Final verdict

A mortgage is one of the most crucial decisions in your life. Chase can provide you plenty of options to suit your needs, even if you have a low income or can do only a low down payment, with the chance of getting affordable rates from a bank. If you seek transparency about the costs of your mortgage, and you like the possibility to obtain grants to make you save, Chase is also a valuable choice. If you are already a customer of this bank, you’ll benefit from a more streamlined process and possible discounts.

However, rates might not the best ones you can find on the market. Besides, if are looking for an entirely online mortgage, or a bank that is easily reachable in your city regardless of where you live, Chase is just not ideal. We advise shopping around to find the lowest rates and the lender which can provide you the most favorable deal overall. Take a look into our selection of the recommended mortgage lenders in 2022.