The Bottom Line: A broad selection of purchase and refinance mortgages with electronic submission of loan documents.
Pros & Cons
Allows electronic submission and tracking of documents.
Existing Chase customers can get discounts.
Offers a wide selection of purchase and refinance mortgages.
Charges rate lock, origination and underwriting fees.
You have to speak with a mortgage banker to get complete information on products and requirements.
Chase mortgage, part of JPMorgan Chase & Co., is one of the top players in the mortgage industry. A large portion of Chase's 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.
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 providing options to the millions of Chase customers. 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, Foradori says. 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,” Foradori says.
Chase Home Lending’s mortgage process is a lot like what you'll find at most lenders. After you submit your application and the 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 for the time it takes to close, Chase guarantees that it will happen within 21 days of receiving all of the financial paperwork, or it will give the borrower $1,000 cash.
» MORE: Use our mortgage calculator to find out your monthly mortgage payment
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.
Chase’s educational resources
“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.
Chase mortgage products
Chase's 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 an option to lock a fixed interest rate on some or all of the outstanding balance during the draw 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.
In addition to FHA (loans insured by the Federal Housing Administration) and VA mortgages (guaranteed by the Department of Veterans Affairs), Chase Home Lending offers two other low down payment loans:
The Standard Agency loan is a 3% down option for borrowers with a credit score of 640 or higher. There’s no income limit, and mortgage insurance is required.
The DreaMaker mortgage allows down payments as low as 3%, all of which can come from an eligible gift or grant. With DreaMaker, Chase offers an additional $500 for completing a home buyer education course. DreaMaker comes with lower mortgage insurance requirements and monthly payments, but it has borrower income limits.
Chase offers grants of up to $2,500 for people buying homes in low- to moderate- income areas and who get DreaMaker, Standard Agency, FHA or VA loans. Chase also participates in various down payment and closing cost assistance programs across the country.
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 rates and fees
Chase's website allows users to get rate and fee estimates based on property type, down payment size, credit score and other factors. Users are presented a variety of fixed and adjustable rates, discount point options and APRs. For each loan type, a user can see estimated closing costs, including lender and third-party fees.
More from NerdWallet
NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.