Chase Home Lending overview
Chase Home Lending, a division of JPMorgan Chase & Co. in New York, New York, 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 percent down (can come from an eligible grant or gift). Those clients can earn up to $500 for completing a homebuyer education program.
Chase Home Lending also offers its proprietary Chase Closing Guarantee. The lender 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.
Borrowers who have an existing checking account (or open a new one) with Chase may also be eligible for a rate discount.
- Rate-and-term refinancing
- Cash-out refinancing
- Home equity lines of credit (currently suspended)
Lender 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 down payment of 3 percent for conventional loans and 3.5 percent for FHA loans.
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