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Business Insider's personal finance team reviewed Chase Mortgage and found it to be one of the best mortgage lenders available and an industry leader.
Chase is a top choice for many different types of borrowers, including first-time homebuyers and low-income households. It also has a great calculator tool to help borrowers easily explore rates. But if you need a more niche type of mortgage, you'll need to look elsewhere, since Chase's offerings are relatively basic.
Overview of Chase Bank Mortgages
You can apply for a mortgage at Chase branches in 37 states and Washington, D.C. It doesn't have branches with loan officers in Alabama, Alaska, Arkansas, Delaware, Hawaii, Iowa, Mississippi, Montana, Nebraska, North Dakota, South Dakota, Vermont, and West Virginia.
Chase is a national bank that offers many different financial services to consumers and businesses. It's the largest bank in the U.S.
Chase Programs for First-Time Homebuyers
We think Chase is a strong mortgage lender for first-time homebuyers thanks to its grant and low-down-payment loan options, including the DreaMaker mortgage. With Chase, you may qualify for a mortgage with as little as 0% to 3.5% down, depending on what you're eligible for.
Chase also has a tool on its website powered by Down Payment Resource that lets you explore down payment assistance programs available to you.
Customer Rate Discounts
If you have money in a Chase deposit or investment account, you may be eligible for a discount on your mortgage rate. The minimum balance requirements are pretty high, though.
Balances between $500,000 and $999,999 can get a 0.125 percentage point discount, while balances over $1 million can get a 0.25 percentage point discount.
You can also get a discount for adding new money to these accounts, starting with a 0.125 percentage point discount for adding at least $187,500. Deposits or transfers of $1.5 million or more get a full point off your rate.
Chase Mortgage Options
Conventional Loans
Chase offers conforming loans, which are a type of conventional loan. You'll need a 620 credit score and a 3% down payment to qualify for a conforming loan with Chase.
It has 15-year or 30-year fixed-rate mortgages and 7/6 or 5/6 adjustable-rate mortgages.
Jumbo Loans
Chase also has jumbo loans, another type of conventional loan. Its jumbo loans come in amounts up to $9.5 million. You may need a down payment of 15% or more to qualify. You can get a 30-year fixed-rate jumbo loan or a 10/6 interest-only jumbo loan from this lender.
Jumbo loans are an option if you need a mortgage that exceeds the conforming loan limit, which is $766,550 in 2024.
FHA and VA Loans
Chase has two of the most popular government-backed mortgage options:
- FHA loans: Allow down payments of just 3.5% and have more flexible credit requirements. But Chase doesn't say what score it requires for its FHA loans.
- VA loans: Put zero down if you're a veteran or military member who meets minimum service requirements.
Chase DreaMaker
The Chase DreaMaker mortgage allows 3% down payments with private mortgage insurance (PMI) at a reduced cost. This can help you save a little bit of money on your mortgage each month compared to a regular 3% down mortgage.
It also comes with flexible credit requirements, so if your credit isn't perfect, you may still be able to qualify for this mortgage.
DreaMaker mortgages are geared toward low-income borrowers, so availability is limited to those who meet program income limits or live in an eligible census tract.
Chase Homebuyer Grant
Borrowers can also combine a conforming, FHA, VA, or DreaMaker mortgage with Chase's Homebuyer Grant, which offers up to $7,500 in assistance. This grant is available in communities with majority Black, Hispanic, or Latino populations. The amount you'll receive depends on where you live.
If you get the Homebuyer Grant, it will first be used to buy down your mortgage rate, resulting in a lower monthly payment. Then it will be applied to lender fees or other closing costs. The rest can be used toward your down payment.
Chase Mortgage Interest Rates and Fees
Average Rates and Fees
Based on Business Insider's review of Home Mortgage Disclosure Act data, Chase mortgage rates are around average compared to other lenders.
Its fees are also around average. The HMDA data also shows the average borrower getting a conventional loan with this lender paid $3,365 in origination fees in 2023.
How to Explore Chase Mortgage Rates
Chase offers robust tools for exploring its current mortgage rates, so you can easily see what rates might be available to you based on your individual situation.
You can view sample rates on Chase's mortgage rates page, or you can use its mortgage calculator tool to get a customized rate based on your home price, down payment amount, ZIP code, and FICO score. Chase breaks down your interest rate and monthly payments, including principal, interest, property taxes, and insurance costs. This will give you a good idea of what you might pay before applying for preapproval.
Chase's mortgage calculator will also give you an estimate of how much you'll pay in fees to get a mortgage. Chase charges a processing fee on its mortgages, which varies depending on the details of your loan.
Chase Mortgage Overall Rating
Loan Types: 4 out of 5
Chase offers a solid range of mortgages that should meet most borrowers' needs, including a couple of government-backed loan options. But if you're looking for a more niche loan type, like a construction loan, you'll need to look elsewhere.
Affordability: 4 out of 5
Chase Mortgage ranks high in affordability in large part thanks to its DreaMaker mortgage and Homebuyer Grant. If you don't qualify for one of these programs, the lender has other affordable options that can help you get into a home with a low down payment. But its rates and fees are just average.
Customer Satisfaction: 4.48 out of 5
On its Zillow page, Chase has a 4.95 out of 5-star rating, based on over 8,000 online customer reviews. Additionally, in J.D. Power's 2023 US Mortgage Origination Satisfaction Study, Chase ranked above average in customer satisfaction.
Trustworthiness: 4 out of 5
Overall, we found Chase to be a trustworthy mortgage lender. The bank has an A+ rating from the BBB and many positive online customer reviews. A strong BBB grade indicates a company advertises honestly, responds effectively to customer complaints, and is transparent about business practices.
However, it does have a recent controversy. In September 2023, JPMorgan Chase paid $75 million to settle a lawsuit brought by the U.S. Virgin Islands alleging that Chase "turned a blind eye" to Jeffrey Epstein's sex trafficking operation.
Chase Mortgage Pros and Cons
Chase Mortgage Pros
- The Chase DreaMaker mortgage is an affordable option for lower-income borrowers
- Get down payment assistance with the Chase Homebuyer Grant
- Advanced tool for seeing customized rates and payments
- Offers customer discounts
Benefits of Choosing Chase for Your Mortgage
Chase's DreaMaker mortgage is one of our favorite loans for first-time and low-income buyers. You can combine this loan with a Chase Homebuyer Grant of up to $7,500 if you live in an eligible census tract.
Chase also makes it very easy to explore its current rates and get an estimate of what you might pay each month without having to apply for preapproval.
Chase Mortgage Cons
- No USDA loans, home equity loans, reverse mortgages, or construction loans
- Doesn't accept alternative forms of credit
- You'll need a decent credit score to qualify
Considerations for Potential Borrowers
While the DreaMaker mortgage does offer some credit flexibility, if you're getting another type of loan from this lender you'll generally need a strong credit profile and a good credit score to qualify. If you have a rocky credit history or need to apply with non-traditional forms of credit (like rent payment history), this likely isn't a good lender for you.
Chase Mortgage Application Process
Online Application and In-Person Support
You can start an application online on Chase's main mortgage page. Alternatively, Chase has loan officers throughout the U.S. whom you can get started with online, over the phone, or in person. Use the "find a home lending advisor" search tool to find a mortgage pro near you.
If you're still looking for homes, your first step will likely be to get preapproved. Mortgage preapproval lets you get an estimate of how much you could borrow so you can make offers on homes. Once you have an offer accepted, you'll apply for approval and your loan will go through underwriting. The lender will also order a home appraisal to make sure it isn't lending more than what the property is worth. If everything looks good, you'll be approved and ready for closing.
If you have questions as you go through the approval process, you can reach out to your loan officer.
What You Need to Apply
You'll need to provide a lot of documentation to apply for a mortgage. Lenders want to see anything that shows your income and assets, so you'll be asked to supply things like W-2s, paystubs, tax returns, and bank statements. At some point in the process, they'll also ask for your permission to do a hard credit inquiry, which can temporarily lower your score.
With Chase, a lot of this can be done digitally.
Managing Your Mortgage After Closing
Chase's MyHome dashboard makes it easy to keep track of your mortgage payments and the details of your loan. You can also see an estimate of your home's value and how much equity you have. You can access this dashboard from a web browser or with the Chase Mobile app.
Customer Service Experience
Business Insider looked at positive and negative customer reviews, online forums, BBB complaints, and other sources to understand what borrowers think about getting a mortgage from Chase. These were some of the common themes we noticed.
Loan officers are professional and helpful
In online reviews, previous borrowers said Chase loan officers made the process feel seamless. Reviewers said Chase's mortgage professionals are knowledgeable and easy to reach, which is important when you're buying a house and working on a tight timeline.
Some borrowers have had issues closing on time
We saw a few complaints from people whose closings were delayed with Chase. This can happen for a variety of reasons, and it's part of why you'll often see experts recommend working with a smaller, local bank if you're purchasing a home.
When you're purchasing a home, you're on a tighter timeline than when you're refinancing. Smaller banks can often provide a smoother, more personalized customer service experience and make sure you meet your closing deadline.
However, Chase does offer a closing guarantee that it will pay if you don't close on time.
Chase Mortgage vs. Competitors
Chase vs. Bank of America
Both Chase and Bank of America are some of the best mortgage lenders for first-time buyers, and they're both good options for homebuyers who need assistance getting into a home.
Chase offers a Homebuyer Grant for up to $7,500 if you buy a home in an eligible area. Additionally, this grant can be combined with its DreaMaker mortgage, which allows a 3% down payment with reduced PMI.
Bank of America's Community Affordable Loan Solution is a similar program, allowing 0% down payments with no PMI. It's an extremely affordable mortgage, but it's only available in a handful of cities. Bank of America also offers a lender credit of up to $7,500 to cover closing costs and a down payment grant of up to $10,000.
Bank of America Mortgage Review
Chase vs. Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation has a wide variety of mortgage types to choose from, plus a $7,000 grant for borrowers in eligible metro areas through its Fairway Community Access program.
Fairway Independent Mortgage Corporation has a few more niche types of mortgages compared to Chase, including reverse mortgages, renovation loans, and physician loans.
Fairway Independent Mortgage Corporation Review
Chase Mortgage FAQs
In addition to the other banking services it offers, Chase is a legitimate mortgage lender. The bank has an A+ rating from the BBB and good online customer reviews.
If you have at least a 620 credit score, you may qualify for a conforming mortgage from Chase.
Chase ranks high in customer satisfaction and is a strong mortgage lender overall. It ranked above average in J.D. Power's annual customer satisfaction study and has lots of positive online customer reviews.
You can explore Chase's current rates on its website. In our review of the latest HMDA data, Chase's mortgage rates were around average.
Chase currently has an A+ rating from the BBB.
Chase offers conforming, jumbo, FHA, VA, and DreaMaker mortgages.
You can apply online on Chase's website or search for a loan officer near you and apply directly with them.
Chase ranks high in customer satisfaction and has a number of affordable mortgage options.
You can apply for preapproval to get an estimate of how much you might pay for a mortgage from Chase. Compare this to one or two other lenders to make sure you're getting a good deal overall.
Why You Should Trust Us: How We Reviewed Chase Mortgage
To review Chase mortgages, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a high number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.
