Chase Home Lending Mortgage Review 2024

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.

Pros and cons of Chase Home Lending

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.

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.

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability. Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%
  • Availability. Loan products - 50%; licensing - 40%; credit score - 10%
  • Borrower experience. Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.