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Chase Home Lending Mortgage Review 2024

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At a glance

Chase Home Lending

NMLS: 399798
Editor's take

The biggest bank in the U.S. and a large national mortgage lender, Chase combines branch and online service to help you get the loan you need. The bank’s mortgage unit offers special pricing for banking customers, so if you already have an account (or plan to open one), it’s worth checking out for a home loan. It has a special focus on first-time homebuyers, too, offering special loans and grants for those who need help with a down payment.

Bankrate Score
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4.3
Rating: 4.3 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

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

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

4.3

Rating: 4.3 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

Location

Nationwide Availability

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., is one of the top mortgage lenders in the U.S. One of the big-box lenders with national scope and a robust online presence, the bank offers a three-week closing guarantee to current customers, and if you have an existing checking account (or open a new one), you might also be eligible for a rate discount. Notably, the bank offers homebuyer grants, including up to $7,500 designated for borrowers buying a home in one of 8,500 eligible minority communities nationwide.

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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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    Existing Chase customers might receive rate discount

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    $5,000 closing guarantee

Cons
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    Bank might not be a fit for borrowers with unique credit or financial circumstances

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    Branches not located in all states

Our Editor’s Take on Chase Home Lending

The biggest bank in the U.S. and a large national mortgage lender, Chase combines branch and online service to help you get the loan you need. The bank’s mortgage unit offers special pricing for banking customers, so if you already have an account (or plan to open one), it’s worth checking out for a home loan. It has a special focus on first-time homebuyers, too, offering special loans and grants for those who need help with a down payment.

How Bankrate scored Chase

  • 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 above average in J.D. Power’s 2023 report on mortgage origination customer satisfaction.

Affordability: 6.6/10

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: 10/10

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 it ceased offering HELOCs during the pandemic.

Borrower experience: 9.4/10

JPMorgan Chase & Co. is a top global financial services organization. It has an A- rating from the Better Business Bureau. In 2023, J.D. Power ranked the bank above average 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.

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Bankrate staff insights

"My favorite feature is the homeowner dashboard Chase MyHome. It shows a snapshot of my loan and my home value and consolidates all of my actions (calculators, new home shopping, refinance options, statements, payments, etc.). If I could change one thing about my experience, it would be a better visualization of what my rate is expected to be in the future as I am approaching the end of the fixed period on an ARM. My advice to other would be to definitely price shop, but if Chase gives you a competitive rate, the UX is excellent once you're off and running as a borrower."

- Michael Sousa, Executive vice president, Bankrate

"I like having Chase as my mortgage servicer, in large part because some of my main credit cards and also my auto loan are also with Chase. It's convenient to have my online accounts all in one place, and Chase's website and app are modern and easy to use."

- John Puterbaugh, Senior editorial director, Bankrate

How to apply for a mortgage with Chase

You can apply for a mortgage with Chase in person at a branch location, online or by phone at 800-447-1101. 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

Chase Home Lending offers both rate-and-term and cash-out refinancing options.

Frequently asked questions about Chase

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: 4.3 stars out of 5
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4.3

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Bethpage Federal Credit Union
Rating: 4.9 stars out of 5
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4.9

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Read full review
First Mortgage Direct
Rating: 4.8 stars out of 5
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4.8

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Read full review

Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

Loans offered

Conventional, jumbo, FHA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

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, 500 for FHA loans

Min. credit score required

620 for conventional 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% for conventional loans, 3.5% for FHA loans

Down payment

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

Nationwide availability

All U.S. states

Nationwide availability

Available in all U.S. states except Texas

Nationwide availability

All U.S. states