Chase Mortgage Review 2024 (2024)

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Chase is one of the best mortgage lenders overall, offering products for many different types of borrowers, including low-income households. It also has a great calculator tool to help borrowers easily explore rates. But you'll need a decent credit score to qualify.

Overview of Chase Bank Mortgages

You can apply for a mortgage at Chase branches in 37 states and Washington, DC. It doesn't have branches with loan officers Alabama, Alaska, Arkansas, Delaware, Hawaii, Iowa, Mississippi, Montana, Nebraska, North Dakota, South Dakota, Vermont, and West Virginia.

Chase is a national bank that offers many different financial services to consumers and businesses. It's the largest bank in the US.

Chase Mortgage Offerings

Conventional Loans

Chase offers conforming loans, which are a type of conventional loan. You'll need a 620 credit score and a 3% down payment to qualify for a conforming loan with Chase.

It has 15-year or 30-year fixed-rate mortgages and 7/6 or 5/6 adjustable-rate mortgages.

Jumbo Loans

Chase also has jumbo loans, another type of conventional loan. Its jumbo loans come in amounts up to $9.5 million. You may need a down payment of 15% or more to qualify.

You can get a 30-year fixed-rate jumbo loan or a 10/6 interest-only jumbo loan.

FHA and VA Loans

Chase has two of the most popular government-backed mortgage options:

• FHA loans
• VA loans

Chase DreaMaker

The Chase DreaMaker mortgage allows 3% down payments with private mortgage insurance (PMI) at a reduced cost. This can help you save a little bit of money on your mortgage each month compared to a regular 3% down mortgage.

It also comes with flexible credit requirements, so if your credit isn't perfect, you may still be able to qualify for this mortgage.

DreaMaker mortgages are geared toward low-income borrowers, so availability is limited to those who meet program income limits or live in an eligible census tract.

Chase Homebuyer Grant

Borrowers can also combine a conforming, FHA, VA, or DreaMaker mortgage with Chase's Homebuyer Grant, which offers up to $2,500, $5,000, or $7,500 for a down payment or closing costs. This grant is available in communities with majority Black, Hispanic, or Latino populations. The amount you'll receive depends on where you live.

Chase also has a tool that can match you with homebuyer assistance in your area.

Chase Mortgage Interest Rates and Fees

Competitive Rates and Low Fees

Chase mortgage rates and fees are relatively low. Based on Business Insider's review of Home Mortgage Disclosure Act data, Chase's mortgage rates are a bit lower than average. The HMDA data also shows borrowers getting a conventional loan with this lender paid an average of $2,687 in origination fees in 2022. This is on the low end compared to other lenders.

Chase offers robust tools for exploring its mortgage rates, so you can easily see what rates might be available to you based on your individual situation.

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.

Chase Mortgage Overall Rating

Loan Types: 4 out of 5

Chase offers a solid range of mortgages that should meet most borrowers' needs, including a couple of government-backed loan options. But if you're looking for a more niche loan type, like a construction loan, you'll need to look elsewhere.

Affordability: 4 out of 5

Chase Mortgage ranks high in affordability in large part thanks to its DreaMaker mortgage and Homebuyer Grant. It also earns points for having relatively low rates and fees.

Customer Satisfaction: 4.48 out of 5

On its Zillow page, Chase has a 4.95 out of 5-star rating, based on over 8,000 online customer reviews. Additionally, in J.D. Power's 2023 US Mortgage Origination Satisfaction Study, Chase ranked above average in customer satisfaction.

Trustworthiness: 4 out of 5

Overall, we found Chase to be a trustworthy mortgage lender. The bank has an A+ rating from the BBB and many positive online customer reviews. A strong BBB grade indicates a company advertises honestly, responds effectively to customer complaints, and is transparent about business practices.

However, it does have a recent controversy. In September 2023, JPMorgan Chase paid $75 million to settle a lawsuit brought by the US Virgin Islands alleging that Chase "turned a blind eye" to Jeffrey Epstein's sex trafficking operation.

Chase Mortgage Pros and Cons

Benefits of Choosing Chase for Your Mortgage

Chase's DreaMaker mortgage is one of our favorite loans for first-time and low-income buyers. You can combine this loan with a Chase Homebuyer Grant of $2,500, $5,000, or $7,500 if you live in an eligible census tract.

You may also be able to get a low mortgage rate with this lender.

Considerations for Potential Borrowers

While the DreaMaker mortgage does offer some credit flexibility, if you're getting another type of loan from this lender you'll generally need a strong credit profile and a good credit score to qualify. If you have a rocky credit history or need to apply with non-traditional forms of credit (like rent payment history), this likely isn't a good lender for you.

How to Apply

Online Application and In-Person Support

You can start an application online on Chase's main mortgage page. Alternatively, Chase has loan officers throughout the US whom you can get started with online, over the phone, or in person. Use the "find a home lending advisor" search tool to find a mortgage pro near you.

Customer Service Experience

Business Insider looked at positive and negative customer reviews, online forums, BBB complaints, and other sources to understand what borrowers think about getting a mortgage from Chase. These were some of the common themes we noticed.

Loan officers are professional and helpful

In online reviews, previous borrowers said Chase loan officers made the process feel seamless. Reviewers said Chase's mortgage professionals are knowledgeable and easy to reach, which is important when you're buying a house and working on a tight timeline.

Some borrowers have had issues closing on time

We saw a few complaints from people whose closings were delayed with Chase. This can happen for a variety of reasons, and it's part of why you'll often see experts recommend working with a smaller, local bank if you're purchasing a home.

When you're purchasing a home, you're on a tighter timeline than when you're refinancing. Smaller banks can often provide a smoother, more personalized customer service experience and make sure you meet your closing deadline.

However, Chase does offer a closing guarantee that it will pay if you don't close on time.

Chase Mortgage vs. Competitors

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, $5,000, or $7,500 if you buy a home in an eligible area. Additionally, this grant can be combined with its DreaMaker mortgage, which allows a 3% down payment with reduced PMI.

Bank of America'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.

Bank of America Mortgage Review

Chase vs. Fairway Independent Mortgage Corporation

Fairway Independent Mortgage Corporation is the better lender if you don't have a traditional credit history. Chase requires a credit score to approve you for a mortgage. But with Fairway Independent Mortgage Corporation, 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 has a few more niche types of mortgages, including reverse mortgages, renovation loans, and physician loans.

Fairway Independent Mortgage Corporation Review

Chase Mortgage FAQs

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.