Chase mortgage review 2025

The Yahoo Perspective: If you’re contemplating a mortgage lender—whether you’re a current customer or not—Chase presents an intriguing option. With a wide array of loan choices and attractive benefits, particularly for first-time homebuyers, Chase is certainly worth your consideration.

Many customers already have a banking relationship with Chase and might wonder about the mortgage options available. Chase stands out as one of the top mortgage lenders available, offering an extensive list of choices.

• Chase Homebuyer Grants offer up to $7,500 on select low-down-payment loan programs applicable toward down payments or fees, subject to certain guidelines. This feature is a key indicator for why Chase is included on Yahoo’s list for low and no down payment mortgages.

• Chase’s “Find a loan to fit your needs” page outlines three low-down-payment mortgage options along with their qualifications.

• A $5,000 closing guarantee is available, with loan closures sometimes occurring in as little as three weeks, subject to specific guidelines.

• VA loans may qualify for a $2,000 credit towards closing costs.

• The interest rates for conventional loans offered by Chase are appealing, especially for those putting down 20%, with one discount point and stellar credit scores.

• Chase provides an educational article on construction loans on its website, though it’s important to note that they do not currently offer construction loans.

• Chase has recently re-launched its HELOC product.

• Chase enjoys above-average ratings pertaining to customer satisfaction, based on the 2024 J.D. Power Mortgage Origination Satisfaction Study.

• There have been no mortgage-related regulatory actions against JPMorgan Chase since 2017.

Start your mortgage application on Chase’s home loan page.

Chase mortgage offers the following home loan types:

• Conventional loans

• FHA loans

• VA loans

• Purchase mortgages

• Refinance loans

• Cash-out refinance loans

• Fixed-rate loans

• Adjustable-rate loans

• Interest-only mortgages

• Jumbo loans

• Second home loans

• Investment property loans

• HELOCs

However, Chase does not provide the following loan types:

• USDA loans

• Lot loans

• Construction loans

• Guest house mortgages

• Nonqualified mortgages

• Energy efficient loans

• Renovation loans

• 1% down loans

• Buydown loans

• Bridge loans

• Manufactured home loans

• Piggyback loans

• ITIN mortgages

• Medical professional loans

• Home equity loans

For additional insights: How Investment Property Loans Work

For first-time buyers, Chase provides an array of options, including grants of up to $7,500 for low-down-payment loan programs. FHA and VA loans are accessible for qualifying individuals, alongside conventional loans with 3% down payments.

Chase has launched an Education Center and a “Homebuying 101” resource specifically targeting first-time buyers, simplifying complex jargon and guiding them through the home purchasing process.

For further reading: Best Mortgage Lenders for First-Time Home Buyers

Although Chase does not offer home equity loans, it provides home equity lines of credit (HELOCs), which allow for borrowing against the equity of your home on a revolving basis.

Many HELOC lenders typically feature a 10-year draw period with a 20-year repayment period. In contrast, Chase’s HELOC operates a bit differently, allowing a three-year draw period and permitting interest-only payments for ten years, after which you’ll repay both principal and interest over a span of up to 20 years.

Retrieving current Chase mortgage rates from a mobile device takes a little time but proves to be a reasonably straightforward process.

While Chase delivers general estimates, actual rates may vary significantly based on precise user information, such as ZIP code. By inputting this, you can view rates for several loan types, including 30- and 15-year fixed rates, FHA fixed, jumbo loans, and three adjustable rates over various terms.

During a recent inquiry, Chase’s conventional fixed rates were based on a 20% down payment, one discount point, and excellent credit.

Providing more information (like purchase price and your down payment) enables access to a wider array of rates for additional loan options.

Yahoo Finance utilizes 2024 Home Mortgage Disclosure Act data from nearly 5,000 mortgage companies to evaluate lenders based on issued mortgage rates and overall loan costs, scoring them on a scale from 1 (lowest) to 5 (highest).

For instance, a lender achieving a lower score indicated higher-than-median mortgage interest rates, while a higher score denoted lower-than-median home loan interest rates in 2024.

Regarding total home loan costs, a lower score suggests higher costs than those median to the market in 2024, whereas a high rating indicates a lender providing lower-than-median total loan costs.

Interpretation: Chase mortgage currently offers a near-median mortgage rate of 6.5% and a near-median total loan cost of $5,053.50 to borrowers in 2024.

Chase features mortgage lending advisers in most states, providing opportunities for in-person consultations.

For those looking to begin an online loan application or seeking preapproval, simply click an available “get preapproved” link which will guide you through the necessary steps.

Though it’s a standardized procedure with any lender, it’s essential to recognize that applying for a mortgage involves numerous steps and extensive personal information. It’s a significant commitment, unlike a simple Amazon transaction.

For more insights: Does Applying for Mortgage Preapproval Affect Your Credit Score?

Chase Mortgage Calculators and Home-Buying Resources

The Chase website is rich in information, hosting 11 mortgage calculators along with videos, checklists, guides, and a mortgage dictionary.

In testing the monthly mortgage payment calculator, users are prompted for items such as credit score range, the property’s ZIP code, purchase price, and down payment. This tool effectively provides four loan options: 30-year fixed conventional, FHA and VA loans, as well as a 15-year fixed loan. Quite a useful starting point!

By examining loan details, users can access estimated monthly payments—which break down principal, interest, property taxes, mortgage insurance, and private mortgage insurance. The interface is user-friendly, clearly stating interest rates and APRs, including fixed charges like discount points and a somewhat significant “processing fee.”

Knowing these figures will aid you in deciding what to accept or negotiate on points and fees.

Explore more: How Much House Can You Afford? Use Our Home Affordability Calculator

• Chase earns a commendable 5-star rating in the Online Features category, thanks to its impressive array of educational resources.

• The sample mortgage rates provided by Chase have also earned 5 stars for their easy accessibility without unnecessary complications.

• Chase offers an extensive menu of loan options, covering most typical home loans, though it lacks home equity loans.

• Chase’s positioning on mortgage interest rates and total loan costs is fair—neither particularly high nor low.

When comparing major banks for home loans, both Chase and Bank of America offer competitive programs to assist first-time buyers, including grants and low down-payment options.

Yet, BofA additionally has a specialized home-buying program for medical professionals, which Chase lacks.

Conversely, Chase excels over BofA when it comes to online resources. Bank of America’s mortgage education tools are considerably less extensive.

Bank of America Mortgage Review

When seeking a home loan, it’s wise to evaluate different types of lenders. While Pennymac isn’t a bank, it is a prominent mortgage provider. Notably, Pennymac offers a lower median interest rate than Chase, but comes with higher overall loan costs, according to our analysis of HMDA data.

Moreover, Pennymac provides no-down-payment USDA loans, a service Chase does not. This factor could significantly influence rural and suburban buyers.

Pennymac Mortgage Review

Chase’s home lending customer service can be reached via phone at 1-800-848-9136. However, face-to-face interactions at a Chase Bank branch can sometimes yield a superior customer service experience.

Qualifying for a mortgage can be complex, but obtaining one from Chase may be simpler than with other lenders, particularly for clients within the bank’s service area. Banks are generally expected to support their local communities, often offering unique home loan services, including grants, low down payments, and more flexible credit and income criteria.

Chase advertises sample mortgage rates daily on its site, though keep in mind these figures depend on specific parameters and might differ significantly when personalized. The mortgage payment calculator can be an excellent tool for better understanding the probable interest you may qualify for.

Methodology:

Yahoo Finance evaluates and scores mortgage lenders using quintile scoring across five primary categorization areas: 1) Interest rates. By analyzing 2024 Home Mortgage Disclosure Act data from nearly 5,000 mortgage companies, we assess lenders based on mortgage rates issued that fall below or exceed the annual median of reporting lenders. 2) Affordability. Evaluating the availability of loan products and the lender’s inclination to offer government-supported loans, low down payments, down payment aid, and treatment of nontraditional credit. 3) Loan costs. Total loan costs are examined, and lenders are rated based on these costs versus the annual median. 4) Rate Transparency. An evaluation of how consumers can obtain mortgage interest rate estimates, considering whether rates require discount points or high credit scores, disclaimers on rate assumptions, available sample advertised rates, and adjustable or no discount point rate estimates. 5) Online Features. This includes an assessment of the educational material, calculators, and supplementary resources available to users.

Regulatory action reviews from the Nationwide Multistate Licensing System (NMLS) can negatively affect the score of any lender that has had administrative or enforcement actions related to consumer mortgages in the past five years.

This scoring is not influenced by advertisers or sponsorship entities.

Editorial Disclosure for Mortgages:

The contents of this article have not been reviewed or endorsed by any advertisers. The data relating to financial products, including interest rates and fees, is accurate as of the publication date. All products or services are presented without guarantee. For the most current information, please refer to the lender’s website. This site may not reflect all presently available offerings.

Laura Grace Tarpley edited this article.