Chase is a subsidiary of JPMorgan Chase & Co., which was established in 1824. Chase merged with JPMorgan in 2000. Chase Bank offers travel rewards cards, debit cards, car buying and loans, savings accounts and CDs, business and private client services, investing, checking accounts, and home lending.
Chase home lending products include fixed-rate loans, adjustable-rate mortgages, refinance services, and Chase DreaMaker® Mortgages.
As of October 2018, for a borrower with excellent credit purchasing a $250,000 home with a $50,000 down payment and a 30-year fixed rate loan from Chase, the interest rate comes out to be 4.875 percent, which is competitive among interest rates offered by other top mortgage lenders.
Chase offers a variety of loan options for borrowers to choose from, including fixed rate mortgages, adjusted-rate mortgages, jumbo loans for amounts between $417,000 and $2 million, DreaMaker® mortgages for borrowers with less-than-ideal credit, FHA loans, VA loans, and refinance services.
Chase mortgages can be managed through online accounts and via the Chase mobile app, which is compatible with and highly-rated for both Apple and Android devices. This app allows borrowers to stay on top of home loan details on the go.
Online account access includes making mortgage payments, getting information on your escrow, submitting an insurance claim, and requesting a payoff quote. Chase home equity services are managed on a separate home equity account.
You can also enroll in an automatic payment service so you don’t have to worry about remembering to pay each month.
Chase’s mortgage learning center includes all necessary tools and information relevant to shopping for a mortgage, including:
It is unclear how frequently Chase loan officers communicate with customers throughout the mortgage application process. Presumably, the process is done mostly online, but Chase does have branch locations across the U.S.
Origination fees, closing costs, and credit score requirements are not disclosed on the company’s corporate website. We do know that down payments can be as low as 3% and in some cases you can apply up to $3,000 of your down payment to closing costs.
Chase is a trusted lender with which to secure a mortgage. Consumer reviews are overwhelmingly positive and recurring themes include the ease of payment and a high quality of customer service.
Chase’s interest rates are competitive and if you have a credit card account with Chase Bank, borrowing from the company for a home loan is especially convenient. Finally, Chase’s flagship DreaMaker® loan program is worth looking into if your credit isn’t good, requiring only 3% for a down payment (all of which can originate from an eligible grant or gift).
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