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Chase: 2023 Home Equity Review

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At a glance

Rating: 4.1 stars out of 5
Bankrate Score
  • Availability
    Rating: 3.2 stars out of 5
  • Affordability
    Rating: 4.5 stars out of 5
  • Customer Experience
    Rating: 4.5 stars out of 5

About Chase

  • Moneybag

    Loan amount

    $25,000 to $500,000

  • Credit Good

    Min. credit score


  • Rates

    Repayment terms

    10-year draw period and 20-year repayment period

  • Funds available in

    Not specified

Chase features

Here's a breakdown of some of the benefits and drawbacks of Chase home equity loans.


  • Checkmark

    Competitive interest rates

  • Checkmark

    Low fees

  • Checkmark

    Interest rate discounts


  • Close X

    High credit score minimum

  • Close X

    High minimum loan amount

  • Close X

    No interest-only payments

  • Close X

    No home equity loan

Chase overview

Editor’s note: Chase has temporarily suspended applications for new home equity lines of credit (HELOCs). The information presented below reflects the bank’s previous offering.Chase is a national institution offering banking and other financial services, which prior to the pandemic included home equity lines of credit (HELOCs) in 47 states and Washington, D.C. While the bank hasn’t made HELOCs available again yet, you can still tap your home’s equity via a cash-out refinance.

Chase snapshot

Home equity loan types Home equity line of credit (HELOC)*
*Note: Chase’s HELOC remains unavailable to new applicants at the time of this review.
Loan amounts $25,000-$500,000
Credit score minimum 680
Repayment terms 10-year draw period and 20-year repayment term
Average time to approval Undisclosed

How Bankrate rates Chase

Bankrate Score 4.1
Affordability 4.5/5
Availability 3.2/5
Borrower experience 4.5/5


To create our Bankrate Scores, we evaluated lenders based on availability, affordability and borrower experience. Availability was assessed based on the minimum loan amount required, time to approval, days to close, minimum draw requirements, minimum credit score requirements and loan types offered. Affordability was assessed based on minimum APR, discounts and promotions offered and associated fees. Borrower experience was assessed based on online application and account availability, customer support, auto payment availability and mobile app availability and ratings.


  • For most HELOC borrowers, the only fees to worry about are a $50 origination fee and a $50 annual fee — there are no other application fees or closing costs.

  • If you’re an existing Chase customer, you can qualify for up to 0.62 percent in interest rate discounts, which can save you a lot of money over the life of the HELOC.


  • Chase has a minimum credit score requirement of 680, which is a bit high compared with some other home equity lenders. If you have fair credit, you might need to look elsewhere.

  • Your monthly payment during the HELOC draw period will include both principal and interest. With HELOCs from other lenders, you might only be required to pay interest during that term.

Types of fees charged

For a HELOC, Chase charges a $50 origination fee and a $50 annual fee. There are no other closing costs unless you live in certain states, where you might be on the hook for government taxes or fees.You also don’t have to pay a fee to convert your variable-rate HELOC to a fixed interest rate. However, there is a 1 percent fee if you cancel the lock more than 45 days after the lock date.The bank allows you to get an interest rate discount of up to 0.62 percent on your line of credit, which includes:

  • 0.25 percent if you have a qualified Chase checking, savings or investment account

  • 0.25 percent when you provide contracts or bids for an upcoming $30,000 home improvement project, or you withdraw $30,000 at closing

  • 0.12 percent when you make automatic payments from your Chase checking account

Home equity loan products offered

Before the pandemic, Chase only offered HELOCs, no lump-sum home equity loans. With the HELOC, you can borrow between $25,000 and $500,000 (unless you live in Michigan, where the minimum is $10,000). The HELOC has a 10-year draw period and a 20-year repayment term after that.

The amount you can borrow also depends on how much you currently owe on your home relative to its value. Chase has a loan-to-value (LT) ratio limit of 80 percent, though that can vary based on your relationship with the bank.

Chase also allows you to convert some or all of your balance to a fixed-rate loan if you want to avoid interest rate fluctuations. The repayment terms on the fixed-rate option range from 12 months to the remaining term of the HELOC.

How to qualify for a HELOC with Chase

If you want to obtain a HELOC through Chase, you’ll need a credit score of at least 680. You also can’t have certain negative items on your credit report, including a recent bankruptcy, foreclosure, repossession, mortgage delinquency and more. The maximum debt-to-income (DTI) ratio to qualify is 50 percent, though you might need to meet additional requirements if your DTI ratio is above 43 percent.

If you don’t qualify for a HELOC on your own, you might be able to improve your approval odds by applying with a creditworthy co-applicant.

Eligible properties include single-family residences, attached single-family residences (including condominiums), cooperative shares and two-unit residences.

How to get started

Chase has temporarily halted applications for HELOCs, so you won’t be able to apply for one just yet. You can still apply for a cash-out refinance through the bank, however, or check out Bankrate’s home equity lender reviews for other options.