Mon. Jul 8th, 2024

Chase Mortgage Review 2023<!-- wp:html --><p class="headline-regular financial-disclaimer">Our experts answer readers' home-buying questions and write unbiased product reviews (<a href="https://www.businessinsider.com/personal-finance/how-we-evaluate-mortgage-lenders" class="not-content-link" target="_blank" rel="noopener">here's how we assess mortgages</a>). In some cases, we receive a commission from <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank" rel="noopener">our partners</a>; however, our opinions are our own.</p> <p><strong>The bottom line:</strong> Chase Mortgage is one of the <a href="https://www.businessinsider.com/personal-finance/best-mortgage-lenders">best mortgage lenders</a> overall, offering products for many different types of borrowers, including low-income households. It also ranks high in customer satisfaction.</p> <h2>About Chase Mortgage</h2> <p>Chase has branches in 48 states and Washington, DC, and it offers mortgages in all 50 states. It doesn't have branches in Alaska or Hawaii.</p> <p>Chase has the following types of home loans:</p> <p><a href="https://www.businessinsider.com/personal-finance/conforming-loans">Conforming loans</a><a href="https://www.businessinsider.com/personal-finance/what-is-a-jumbo-loan">Jumbo loans</a><a href="https://www.businessinsider.com/personal-finance/fha-loan">FHA loans</a><a href="https://www.businessinsider.com/personal-finance/va-loans">VA loans</a>Chase DreaMaker, a program for lower-income borrowers that allows 3% down payments with PMI at a reduced cost</p> <p>Borrowers can also combine a conforming, FHA, VA, or DreaMaker mortgage with Chase's Homebuyer Grant, which offers up to $2,500 for a down payment or closing costs. People who live in eligible neighborhoods could get up to $5,000.</p> <p>To get a mortgage with this lender, you can get started online, over the phone, or in person.</p> <p><strong>Is Chase Trustworthy?</strong></p> <p>The Better Business Bureau gives Chase an <a href="https://www.bbb.org/us/ny/new-york/profile/bank/jpmorgan-chase-co-0121-136" target="_blank" rel="noopener">A rating</a>. A strong BBB grade indicates a company advertises honestly, responds effectively to customer complaints, and is transparent about business practices.</p> <p>In <a href="https://www.jdpower.com/business/press-releases/2022-us-mortgage-origination-satisfaction-study" target="_blank" rel="noopener">J.D. Power's 2022 US Mortgage Origination Satisfaction Study</a>, Chase ranked No. 2 in customer satisfaction (<a href="https://www.businessinsider.com/personal-finance/rocket-mortgage-review">Rocket Mortgage</a> was No. 1). </p> <p>On <a href="https://www.zillow.com/lender-profile/chase/" target="_blank" rel="noopener">its Zillow page</a>, Chase has a 4.95 out of 5-star rating, based on over 8,000 online customer reviews.</p> <h3>Chase Mortgage Interest Rates and Fees</h3> <p>Chase offers robust tools for exploring its <a href="https://www.businessinsider.com/personal-finance/30-year-mortgage-rates">mortgage rates</a>. Chase's sample rates are on par with average mortgage rates, so you could get a good rate with this lender.</p> <p>You can view sample rates on <a href="https://www.chase.com/personal/mortgage/mortgage-rates" target="_blank" rel="noopener">Chase's mortgage rates page</a>, or you can use its mortgage calculator tool to get a customized rate based on your home price, down payment amount, zip code, and FICO score. Chase breaks down your interest rate and monthly payments, including principal, interest, property taxes, and insurance costs. This will give you a good idea of what you might pay before applying for preapproval.</p> <p>Chase's mortgage calculator will also give you an estimate of how much you'll pay in fees to get a mortgage. Chase charges a processing fee on its mortgages, which varies depending on the details of your loan.</p> <p>According to <a href="https://ffiec.cfpb.gov/data-browser/" target="_blank" rel="noopener">Home Mortgage Disclosure Act data</a>, borrowers getting a conventional loan with this lender paid an average of $2,687 in origination fees in 2022. This is low compared to other lenders.</p> <h3>Chase Mortgage: Overall Rating</h3> <p>FeatureInsider rating (out of 5)Loan types4Affordability4Customer satisfaction4.98Trustworthiness5Total4.5</p> <h3>Chase Mortgage: Pros and Cons</h3> <p>ProsCons</p> <p>Ranked No. 2 in customer satisfaction in <a href="https://www.jdpower.com/business/press-releases/2022-us-mortgage-origination-satisfaction-study" target="_blank" rel="noopener">J.D. Power's 2022 study</a></p> <p>The <a href="https://www.chase.com/personal/mortgage/affordablelending" target="_blank" rel="noopener">Chase DreaMaker mortgage</a> is an affordable option for lower-income borrowers</p> <p>Advanced tool for seeing customized rates and payments</p> <p>No USDA loans, home equity loans, reverse mortgages, or construction loansDoesn't accept alternative forms of creditYou'll need a decent credit score to qualify</p> <h2>Chase Mortgage FAQs</h2> <h3 class="faq-question">Is Chase legit?</h3> <p class="faq-answer">In addition to the other banking services it offers, Chase is a legitimate mortgage lender. The bank has an A rating from the BBB and good online customer reviews.</p> <h3 class="faq-question">Is Chase mortgage hard to get?</h3> <p class="faq-answer">Chase's mortgage requirements aren't significantly stricter than other lenders. If you have at least a 640 credit score, you may qualify for a Chase mortgage.</p> <h3 class="faq-question">Why did Chase Bank sell my mortgage?</h3> <p class="faq-answer">Most mortgage lenders sell their loans to investors like Fannie Mae and Freddie Mac after closing so they can maintain the liquidity needed to continue lending. You'll be notified when this happens, but no action is needed on your part. But if Chase sold the servicing rights to your mortgage, which happens frequently as well, it means that you'll no longer make your monthly payment to Chase; you'll pay your new servicer instead.</p> <h3 class="faq-question">Is Chase a good mortgage company?</h3> <p class="faq-answer">Chase ranks very high in customer satisfaction. It earned the No. 2 spot in J.D. Power's annual customer satisfaction study and has lots of positive online customer reviews. </p> <h3 class="faq-question">How long does it take for Chase to approve a mortgage?</h3> <p class="faq-answer">If you're an existing Chase customer, the lender guarantees closing within three weeks of final application approval, or it will pay you $2,500. It also guarantees closing within three days of your <a href="https://www.businessinsider.com/personal-finance/home-inspection" target="_blank" rel="noopener">final inspection</a> with a conforming, jumbo, or new construction mortgage, and five days for certain FHA and VA mortgages.</p> <h3 class="faq-question">What is Chase's mortgage rate?</h3> <p class="faq-answer">You can explore Chase's current rates <a href="https://www.chase.com/personal/mortgage/mortgage-rates" target="_blank" rel="noopener">on its website</a>.</p> <h3>How Chase Mortgage Compares</h3> <p><strong>Chase vs. Bank of America</strong></p> <p>Both Chase and <a href="https://www.businessinsider.com/personal-finance/bank-of-america-mortgage-review">Bank of America</a> are some of the <a href="https://www.businessinsider.com/personal-finance/best-mortgage-lenders-first-time-buyers">best mortgage lenders for first-time buyers</a>, and they're both good options for homebuyers who need assistance getting into a home.</p> <p>Chase offers a Homebuyer Grant for up to $2,500, or $5,000 if you buy a home in an eligible neighborhood. Additionally, this grant can be combined with its DreaMaker mortgage, which allows a 3% down payment with reduced <a href="https://www.businessinsider.com/personal-finance/pmi-private-mortgage-insurance">PMI</a>.</p> <p>Bank of America Mortgage - Brand Name's <a href="https://newsroom.bankofamerica.com/content/newsroom/press-releases/2022/08/bank-of-america-introduces-community-affordable-loan-solution--t.html" target="_blank" rel="noopener">Community Affordable Loan Solution</a> is a similar program, allowing 0% down payments with no PMI. It's an extremely affordable mortgage, but it's only available in a handful of cities. Bank of America also offers a lender credit up to $7,500 to cover closing costs and a down payment grant of up to $10,000.</p> <p><strong>Chase vs. Fairway Independent Mortgage Corporation</strong></p> <p><a href="https://www.businessinsider.com/personal-finance/fairway-independent-mortgage-corporation-review">Fairway Independent Mortgage Corporation</a> is the better lender if you don't have a traditional credit history. Chase pulls your credit score to approve you for a mortgage. But with Fairway Independent Mortgage FHA Mortgages - Brand Name, you may be able to apply with alternative credit data, such as proof that you pay bills on time.</p> <p>Your choice could also come down to which type of home loan you need. Chase has the Chase DreaMaker mortgage, while Fairway is a particularly good lender for borrowers looking to get a renovation loan.</p> <h3>Why You Should Trust Us: How We Reviewed Chase Mortgage</h3> <p>To review Chase mortgages, we used <a href="https://www.businessinsider.com/personal-finance/how-we-evaluate-mortgage-lenders">our methodology for reviewing mortgage lenders</a>.</p> <p>We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a high number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.</p> <div class="read-original">Read the original article on <a href="https://www.businessinsider.com/personal-finance/chase-mortgage-review">Business Insider</a></div><!-- /wp:html -->

Our experts answer readers’ home-buying questions and write unbiased product reviews (here’s how we assess mortgages). In some cases, we receive a commission from our partners; however, our opinions are our own.

The bottom line: Chase Mortgage is one of the best mortgage lenders overall, offering products for many different types of borrowers, including low-income households. It also ranks high in customer satisfaction.

About Chase Mortgage

Chase has branches in 48 states and Washington, DC, and it offers mortgages in all 50 states. It doesn’t have branches in Alaska or Hawaii.

Chase has the following types of home loans:

Conforming loansJumbo loansFHA loansVA loansChase DreaMaker, a program for lower-income borrowers that allows 3% down payments with PMI at a reduced cost

Borrowers can also combine a conforming, FHA, VA, or DreaMaker mortgage with Chase’s Homebuyer Grant, which offers up to $2,500 for a down payment or closing costs. People who live in eligible neighborhoods could get up to $5,000.

To get a mortgage with this lender, you can get started online, over the phone, or in person.

Is Chase Trustworthy?

The Better Business Bureau gives Chase an A rating. A strong BBB grade indicates a company advertises honestly, responds effectively to customer complaints, and is transparent about business practices.

In J.D. Power’s 2022 US Mortgage Origination Satisfaction Study, Chase ranked No. 2 in customer satisfaction (Rocket Mortgage was No. 1). 

On its Zillow page, Chase has a 4.95 out of 5-star rating, based on over 8,000 online customer reviews.

Chase Mortgage Interest Rates and Fees

Chase offers robust tools for exploring its mortgage rates. Chase’s sample rates are on par with average mortgage rates, so you could get a good rate with this lender.

You can view sample rates on Chase’s mortgage rates page, or you can use its mortgage calculator tool to get a customized rate based on your home price, down payment amount, zip code, and FICO score. Chase breaks down your interest rate and monthly payments, including principal, interest, property taxes, and insurance costs. This will give you a good idea of what you might pay before applying for preapproval.

Chase’s mortgage calculator will also give you an estimate of how much you’ll pay in fees to get a mortgage. Chase charges a processing fee on its mortgages, which varies depending on the details of your loan.

According to Home Mortgage Disclosure Act data, borrowers getting a conventional loan with this lender paid an average of $2,687 in origination fees in 2022. This is low compared to other lenders.

Chase Mortgage: Overall Rating

FeatureInsider rating (out of 5)Loan types4Affordability4Customer satisfaction4.98Trustworthiness5Total4.5

Chase Mortgage: Pros and Cons

ProsCons

Ranked No. 2 in customer satisfaction in J.D. Power’s 2022 study

The Chase DreaMaker mortgage is an affordable option for lower-income borrowers

Advanced tool for seeing customized rates and payments

No USDA loans, home equity loans, reverse mortgages, or construction loansDoesn’t accept alternative forms of creditYou’ll need a decent credit score to qualify

Chase Mortgage FAQs

Is Chase legit?

In addition to the other banking services it offers, Chase is a legitimate mortgage lender. The bank has an A rating from the BBB and good online customer reviews.

Is Chase mortgage hard to get?

Chase’s mortgage requirements aren’t significantly stricter than other lenders. If you have at least a 640 credit score, you may qualify for a Chase mortgage.

Why did Chase Bank sell my mortgage?

Most mortgage lenders sell their loans to investors like Fannie Mae and Freddie Mac after closing so they can maintain the liquidity needed to continue lending. You’ll be notified when this happens, but no action is needed on your part. But if Chase sold the servicing rights to your mortgage, which happens frequently as well, it means that you’ll no longer make your monthly payment to Chase; you’ll pay your new servicer instead.

Is Chase a good mortgage company?

Chase ranks very high in customer satisfaction. It earned the No. 2 spot in J.D. Power’s annual customer satisfaction study and has lots of positive online customer reviews. 

How long does it take for Chase to approve a mortgage?

If you’re an existing Chase customer, the lender guarantees closing within three weeks of final application approval, or it will pay you $2,500. It also guarantees closing within three days of your final inspection with a conforming, jumbo, or new construction mortgage, and five days for certain FHA and VA mortgages.

What is Chase’s mortgage rate?

You can explore Chase’s current rates on its website.

How Chase Mortgage Compares

Chase vs. Bank of America

Both Chase and Bank of America are some of the best mortgage lenders for first-time buyers, and they’re both good options for homebuyers who need assistance getting into a home.

Chase offers a Homebuyer Grant for up to $2,500, or $5,000 if you buy a home in an eligible neighborhood. Additionally, this grant can be combined with its DreaMaker mortgage, which allows a 3% down payment with reduced PMI.

Bank of America Mortgage – Brand Name’s Community Affordable Loan Solution is a similar program, allowing 0% down payments with no PMI. It’s an extremely affordable mortgage, but it’s only available in a handful of cities. Bank of America also offers a lender credit up to $7,500 to cover closing costs and a down payment grant of up to $10,000.

Chase vs. Fairway Independent Mortgage Corporation

Fairway Independent Mortgage Corporation is the better lender if you don’t have a traditional credit history. Chase pulls your credit score to approve you for a mortgage. But with Fairway Independent Mortgage FHA Mortgages – Brand Name, you may be able to apply with alternative credit data, such as proof that you pay bills on time.

Your choice could also come down to which type of home loan you need. Chase has the Chase DreaMaker mortgage, while Fairway is a particularly good lender for borrowers looking to get a renovation loan.

Why You Should Trust Us: How We Reviewed Chase Mortgage

To review Chase mortgages, we used our methodology for reviewing mortgage lenders.

We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a high number of loan types with affordable features, have positive customer reviews, and don’t have any recent public controversies.

Read the original article on Business Insider

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