Chase Home Lending Mortgage Review 2020

By Natalie Campisi

About our reviews

Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.

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3.3

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Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

Chase Home Lending, a division of JPMorgan Chase & Co. in New York, NY, is an online lender that was established in 2000. Because it’s one of the “big box” lenders with national scope and a robust online presence, prospective borrowers are drawn to its streamlined application process and well-organized information on the process.  In addition to robust information and educational tools offered on the website, Chase Home Lending has programs to help prospective buyers get into the home they want. For instance, the DreaMaker mortgage program, allows low-to-moderate income borrowers to put as little as 3% down (can come from an eligible grant or gift). Those clients can earn up to $500 for completing an homebuyer education program. Chase also offers its proprietary Chase Closing Guarantee. The company promises customers purchasing a new home an on-time closing in as little as three weeks. If the closing is delayed due to the lender, the borrower is entitled to $2,500 cash back.

Nationwide availability

Chase Home Lending offers loans in all 50 states. However, Chase does not lend in Guam, the Virgin Islands, Puerto Rico, the Commonwealth of the Northern Mariana Islands or the American Samoa.

Minimum credit score

620 for agency loans, 640 for FHA loans, 680 for jumbo loans, 640 for VA loans

Loan types

Conventional, FHA, VA, jumbo and ARM loans. Refinancing options include rate-and-term refinancing and cash-out refinancing.

Pros

  • Nationwide mortgage availability in all 50 states
  • Electronic submission of loan documents
  • More than 5,000 branch locations in the U.S. 
  • Existing Chase customers may be able to receive discounted rates
  • Chase Closing Guarantee, a program announced in 2019, guarantees Chase customers buying a new home an on-time closing (as soon as three weeks) or the client will receive $2,500 cashback

Cons

  • Fees for services, including loan origination, rate lock and underwriting
  • Chase doesn't have brick-and-mortar locations in all states, so you may not be able to meet with a lender in person
  • Because Chase Home Lending is a “big box” mortgage lender, those with highly specialized needs might not find this lender a good fit 
  • Doesn’t lend to homebuyers in U.S. territories

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Chase Home Lending overview

Loan types

  • Conventional
  • Fixed
  • Adjustable-rate mortgages (ARMs)
  • FHA
  • VA
  • Jumbo mortgages

Lender fees

The fees at Chase Home Lending vary by product type. However, prospective borrowers can get accurate estimates of fees and rates based on inputs (property information, down payment, credit score and other factors) via the Chase website. The estimates offered include lender fees as well as projected third-party fees.

Minimum borrower requirements

Chase Home Lending adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA). While VA loans sometimes offer no down payment options, the other loans generally require a minimum downpayment of 3 percent for conventional loans and 3.5 percent for FHA loans.

Other mortgage lender reviews:

Get started with Chase Home Lending

Borrowers can apply online or in person.

Hours

Monday through Friday: 8 a.m. – 10 p.m.(Eastern time) Saturday: 9 a.m. - 7 p.m.; Sunday: 10 a.m. - 6 p.m. (Eastern time) (800) 873-6577 

Chase Home Lending consumer rating and reviews

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