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Chase Home Lending Mortgage Review 2023

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At a glance

Chase Home Lending

NMLS: 399798
Editor's take

A large national lender, Chase Home Lending combines brick-and-mortar locations with online offerings. The megabank’s mortgage unit has a special focus on its customers, so if you bank with Chase, check out its home loan offerings.

Bankrate Score
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4.7
Rating: 4.7 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; refinancing

Credit Good

Min. credit score required

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

Location

Nationwide availability

Available in all U.S. states

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Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

At a glance

Chase Home Lending

NMLS: 399798

4.7

Rating: 4.7 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; refinancing

Location

Nationwide Availability

Available in all U.S. states

Credit Good

Min. credit score required

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

Chase Home Lending overview

Chase Home Lending, a division of JPMorgan Chase & Co., was established in 2000 and is one of the top mortgage lenders in the U.S. As one of the big-box lenders with national scope and a robust online presence, borrowers are drawn to Chase’s streamlined application and well-organized information on the process. In addition to the educational tools offered on its website, Chase Home Lending offers a closing guarantee to current customers, which promises closings in as little as three weeks or $5,000 if the closing is delayed due to the lender. If you have an existing checking account (or open a new one), you might also be eligible for a rate discount. The bank offers homebuyer grants, including up to $5,000 designated for borrowers buying a home in minority communities.

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Bankrate insight

Chase's average loan amount — more than $631,000 in 2022 — was the highest among the 10 biggest mortgage lenders in the nation.

 

Pros and cons of Chase Home Lending

Pros
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    Available to borrowers in all states, with 4,700 branch locations

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    Electronic submission of loan documents

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    Existing Chase customers might be able to receive discounted rates

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    $5,000 closing guarantee

Cons
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    Fees for services, including loan origination, rate lock and underwriting

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    Doesn't have brick-and-mortar locations in all states

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    Big-box lender might not be a fit for borrowers with highly specialized needs

Our Editor’s Take on Chase Home Lending

A large national lender, Chase Home Lending combines brick-and-mortar locations with online offerings. The megabank’s mortgage unit has a special focus on its customers, so if you bank with Chase, check out its home loan offerings.

How Bankrate scored Chase Home Lending

To determine Chase Home Lending's Bankrate Score, Bankrate’s editorial team rated it and other lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.) We derived its overall score by considering three basic factors:

  • Affordability: Chase’s mortgage rates are competitive against Bankrate’s averages. You’ll be subject to some of the fees most banks charge, such as an origination fee.
  • Availability: Chase is available nationwide and can assist with a variety of borrowing needs, including home purchases and refinancing.
  • Borrower experience: The bank ranked very highly (second place) in J.D. Power’s 2022 report on mortgage origination customer satisfaction.

Affordability: 5/5

Affordability differs from lender to lender, so comparing costs is key. You can input your Zip code online and instantly view Chase Home Lending’s daily mortgage and refinance rates, which are updated daily. The APRs shown include one mortgage point and a processing fee. The bank’s lender fees vary by product type; however, you can get estimates based on inputs (property information, down payment, credit score and other factors) via the bank’s website. The estimates include lender fees as well as projected third-party fees.

Availability: 4/5

This factor can make the overall mortgage application process smoother or more challenging. Chase lends mortgages across the U.S. Its loan offerings are comparable to what many other banks and lenders offer: conventional loans (conforming and non-conforming, also known as jumbo), FHA loans and VA loans. The bank doesn’t provide USDA mortgages, however, and its HELOC product has been temporarily closed to new applicants.

Borrower experience: 5/5

Know what to expect when you work with a specific lender. JPMorgan Chase & Co. is a top global financial services organization. It has an A+ rating from the Better Business Bureau. In 2022, J.D. Power ranked the bank No. 2 for customer satisfaction in mortgage origination. If you’re interested in a loan from Chase, you can apply or get prequalified online. The bank’s website includes a directory and map of home lending advisors for borrowers who need in-person assistance.

You can also take advantage of a variety of online calculators, such as affordability and home value estimators, and checklists to help guide you through the application and process of buying a home. If you already have a mortgage through Chase, you can use the bank’s app to pay it, as well.

How to apply for a mortgage with Chase Home Lending

You can apply for a purchase loan or a refinance in person at one of the physical branches, or on Chase’s website. The lender’s online application process is similar to that of other lenders. 

Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Chase Home Lending

This lender refinances existing mortgages, and its refi process is similar to the purchase process. Before you start, think about your goals. Are you refinancing to adjust your current mortgage’s rate and term? Do you want to tap into home equity? Do you want to change loan programs, such as refinancing out of an FHA loan into a conventional mortgage? Once you’ve settled on those details, you can apply through the lender’s website or via its call center.

Frequently asked questions about Chase Home Lending

What is the Chase DreaMaker mortgage loan?

DreaMaker allows low- to moderate-income borrowers to put as little as 3 percent down. Those borrowers can earn up to $500 for completing a homebuyer education program, as well.

Compare Chase Home Lending to other lenders

Chase Home Lending

Rating: 4.7 stars out of 5
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4.7

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LoanDepot
Rating: 4.4 stars out of 5
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4.4

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Read full review
Rocket Mortgage
Rating: 4.5 stars out of 5
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4.5

Bankrate Score
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Read full review

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; refinancing

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity loan; investment property; flex-term

Min. credit score required

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

Min. credit score required

620 for conventional loans, 700 for jumbo loans, 580 for FHA loans, 620 for VA loans

Min. credit score required

620 for conventional loans, 680 for jumbo loans, 580 for FHA loans, 580 for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

Down payment

3.5% for FHA loans

Down payment

3% for conventional loans; 10%-15% for jumbo loans; 3.5% for FHA; none for VA loans

Nationwide availability

Available in all U.S. states

Nationwide availability

Available in all U.S. states

Nationwide availability

All U.S. states