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Chase Bank Mortgage Review 2022

Chase Bank Mortgage Review 2022

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Chase Bank Mortgage Review

Chase Bank

  • Annual percentage rate (APR)

    Search online for customized prices; fixed rate and adjustable mortgage included

  • Types of loans

    Conventional loans, FHA loans, VA loans, DreaMaker℠ loans and jumbo loans

  • Terms

  • Credit is required

  • Minimum down payment

    3% if you go ahead with a DreaMaker℠ loan

Benefits

  • Chase DreaMaker℠ loan allows for a slightly smaller down payment of 3%
  • Discounts for existing customers
  • Online support available
  • A variety of resources available to first-time home buyers, including mortgage calculators, price calculators, education courses and housing advisors

Cons

  • Does not offer USDA loans or HELOCs
  • Existing customer discounts apply to those who have large balances on Chase deposit and investment accounts

APR

Loan offers

Minimum for prepayment

Semester lengths

Customer service

Homebuyers can be paired with a Chase Home Lending Advisor in their area by entering their address to find one nearby. Mortgage advisers will make sure that you have filled in your application correctly, provided sufficient documentation and can even review your offer with you.

Benefits

This lender offers discounts to existing customers, but the requirements are quite high. To receive a $ 500 rebate on your mortgage processing fee, you must have $ 150,000- $ 499,999 between your Chase deposit accounts and Chase investment accounts, while having $ 500,000 or more on these accounts gives you up to $ 1,150 in the processing fee rebate.

The bottom line

Our methodology

To find out which mortgage lenders are best, Choose analyzed dozens of US mortgages offered by both online and physical banks, including large credit unions, that come with fixed-rate APRs and flexible loan amounts and terms to meet a variety of financing needs.

When we limited and ranked the best mortgages, we focused on the following features:

  • Fixed interest rate: Variable interest rates can go up and down during the life of the loan. With a fixed interest rate, you lock in an interest rate for the entire term of the loan, which means that the monthly payment will not vary, which makes your budget easier to plan.
  • Types of loans offered: The most common types of mortgages include conventional loans, FHA loans and VA loans. In addition to these loans, lenders can also offer USDA loans and jumbo loans. Having more options available means that the lender is able to meet a wider range of applicant needs. We have also considered loans that will suit the needs of borrowers who are planning to buy their second home or a rental home.
  • Closing timeline: The lenders on our list can offer closing deadlines that vary from as fast as two weeks after the home purchase agreement is signed to as many as 45 days after the agreement is signed. Specific closing timelines are listed for each lender.
  • Fees: Common fees associated with mortgage applications include set-up fees, application fees, insurance fees, processing fees and administrative fees. We consider these fees in addition to other features when determining the total offer from each lender. Although some lenders on this list do not charge these fees, we have noted some instances where a lender does.
  • Flexible minimum and maximum loan amounts / terms: Each mortgage offers a variety of financing options that you can customize based on your monthly budget and how long you need to repay the loan.
  • No penalty for early payment: The mortgages on our list do not charge borrowers to repay the loan early.
  • Streamlined application process: We considered whether lenders offered a convenient, fast online application process and / or a personal procedure at local branches.
  • Customer service: Each mortgage lender on our list provides customer service by phone, email or secure online message. We have also selected lenders with an online resource center or advisory center to help you educate yourself about the personal loan process and your finances.
  • Minimum down payment: Although the minimum down payment depends on the type of loan a borrower is applying for, we have noticed lenders offering additional special loans that come with a lower minimum down payment amount.

After reviewing the features above, we sorted our recommendations best for general financing needs, fast closing timelines, lower interest rates and flexible terms.

Note that interest rates and fee structures advertised for mortgages may fluctuate in line with the Federal Reserve rate. However, once you have accepted the mortgage agreement, a fixed interest rate will guarantee that your interest rate and monthly payment will remain consistent throughout the loan period, unless you choose to refinance your mortgage at a later date for a potentially lower annual interest rate. APR, monthly payment and loan amount depends on your credit history, creditworthiness, debt in relation to income and desired loan period. To take out a mortgage, lenders will complete a hard credit request and request a complete application, which may require proof of income, proof of identity, proof of address and more.

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Editorial note: Opinions, analyzes, reviews or recommendations expressed in this article are those of the Select editorial staff alone, and have not been reviewed, approved or otherwise approved by any third party.

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