Chase Home Lending Mortgage Review 2023

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.

• Methodology

  Bankrate's expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

  Bankrate's reporters and editors have decades of experience covering the mortgage industry. They're skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here's how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender's lowest advertised annual percentage rate (APR) based on Bankrate's sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
  • Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it's like to deal with the lender as a consumer. We look at the lender's application process and availability of customer service support. We also consider the results of J.D. Power's 2022 Mortgage Origination Satisfaction Survey.

  Bankrate's editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

  Bankrate's methodology page spells out our rating process in greater detail.

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.