Chase Mortgage, part of JPMorgan Chase & Co., is one of the top players in the mortgage industry. A large portion of Chase Mortgage customers are already banking with the company, but even if you aren’t, you still have plenty of options if you’re applying for a mortgage or refinancing your current loan with Chase for the first time.
AT A GLANCE
- Offers fixed- and adjustable-rate loans for purchase and refinance, jumbo, FHA, VA and HARP loans.
- Services all 50 states, with offices in 22 states.
- Minimum credit score: 620, higher on certain loan products.
Chase’s mortgage process
Lisa Foradori, head of Chase’s consumer direct channel, which handles mortgage applications outside of the branch network, says that when it comes to the way people get a mortgage, it’s about giving the millions of Chase customers options. The Chase mortgage process can start at a local branch, over the phone or online. “It’s really about simplicity and choice for our customers,” Foradori says. “That way, wherever they go, they can get the information they need.”
To start the mortgage process online, you have two options: You can fill out a form that requires personal details and gets you close to a pre-qualification, says Foradori. Or there’s a shorter form requiring basic information. “Either way, after you’ve completed the form, you’re going to spend a little bit more time, whether it’s with a mortgage banker on the phone or in a branch, answering more questions and providing documents,” says Foradori.
Chase’s mortgage process is a lot like what you’ll find at most lenders. After you submit your application and all your required documents, the process moves on to what Chase calls the “evaluation phase.” That’s where the underwriter works with a loan processor — who will come back for additional information they may need from you — to make a final decision about whether to approve your mortgage. Once you’re approved, your loan goes on to closing.
As with most lenders, the time it takes to close on your loan after you submit your application with Chase varies. For a purchase loan, Chase Mortgage focuses on the date you need to be in your home.
For a refinance transaction, Chase Mortgage’s goal is 60 days or less. “Our focus is on making sure we set expectations upfront if it will be longer,” says Foradori.
My Chase Mortgage
Once you submit your application, you have the option to create an online account under My Chase Mortgage. The account allows you to submit additional documents, track your application and receive status updates throughout the process.
If you choose not to create an account, you can continue communicating with Chase via phone or email for the remainder of the mortgage process, or work with a nearby branch.
“We have a lot of customers who are younger, first-time home buyers, so we spend a lot of time creating and updating educational information that we have on our website,” Foradori says. “We have calculators, step-by-step guides and YouTube videos of customer testimonials that help teach people about the process, because we think that is a really critical link, especially in the purchase market.”
Although Chase’s educational information is fairly thorough, learning about its products is hampered by incomplete information on the site. You’ll have to speak with a mortgage banker to get full details on products and requirements.
Products and special offers
Chase Mortgage fixed-rate mortgage options include 10-, 15-, 20-, 25- and 30-year terms. Adjustable-rate mortgages are available in 5-, 7- or 10-year terms. Jumbo loans can go up to $3 million.
Chase’s home equity line of credit comes with a fixed-rate option that can cover up to 20 years of the repayment period. Since you’re using your home as collateral, make sure you’re taking out a HELOC for the right reasons, like home repairs or remodeling.
Chase also participates in the Home Affordable Refinance Program. This type of loan may be a good choice if you’re struggling to make payments or if you owe more than your home is worth.
Besides Federal Housing Administration and Department of Veterans Affairs loans, Chase Mortgage offers two other low-down-payment loans. The Agency Affordable loan is a 3% down option for borrowers with a credit score of 680 or better. There’s no income limit, and you’ll have to purchase mortgage insurance with this loan.
Chase also offers a DreaMaker mortgage, which allows for 5% down if you have a credit score of 620 or better, and 3% down with a score of 680 or better. This loan comes with lower mortgage insurance requirements and monthly payments. It’s available for up to 30-year terms and can be used to purchase a one- to four-unit primary residence.
If you apply for the Agency Affordable loan and complete a home buyer education course, Chase Mortgage offers a $500 home buyer credit. And a $1,500 home buyer grant is available in select markets. Customers who have personal deposit or investment accounts with Chase can benefit from closing cost and rate discounts, including rate discounts on a HELOC.
Chase loans that aren’t backed by government-sponsored enterprises, like Freddie Mac, can be used for detached and attached condos, planned unit developments and co-ops. Manufactured or mobile homes don’t qualify for Chase loans. For loans backed by government-sponsored enterprises, Chase follows agency guidelines on property requirements.
What Chase Mortgage does best
- Electronic submission and tracking of documents.
- Discounts for existing Chase customers.
- Broad selection of purchase and refinance loans.
Where Chase Mortgage falls short
- Branches located in only 22 states.
- Charges rate lock, origination and underwriting fees.
- You have to speak with a mortgage banker to get complete info on products and requirements.
Michael Burge is a staff writer at NerdWallet, a personal finance website. Email: firstname.lastname@example.org.