Chase Mortgage & Home Loans

The Good

• Established company with longstanding history in the industry
• Efficient application process with ability to upload documents over the internet
• Wide breadth of products
• Local branches in most cities

Chase Mortgage & Home Loans is the home loan product line offered by Chase Bank, a division of JPMorgan Chase Bank. The institution began as Chase Manhattan in 1799 and was acquired by JPMorgan in 2000.  There’s no question that Chase has experience – they are one of the largest and oldest players in the mortgage indusry, making it a good lender choice if you place a high value on longevity.  The bank’s size and scope allows it to be competitive in terms of product range and interest rates, though the majority of its mortgage customers already have checking and savings accounts with Chase.

Chase offers offers fixed- and adjustable-rate loans for purchase and refinance, jumbo, FHA, VA and HARP loans.  Chase Mortgage fixed-rate mortgage options include 10-, 15-, 20-, 25- and 30-year terms.  Their adjustable-rate mortgages are available in 5-, 7- or 10-year terms, and jumbo loans can go up to $3 million (the minimum for a jumbo loan varies by county, but it is typically around $650,000).

Chase is also solid option for existing customers because Chase Mortgage offers perks to current Chase account holders. For example,  the bank recently offered $595 cash back to customers who take out a new purchase home loan.  This streamlines personal financial managment, and due to their size, Chase is going to be able to offer most products (i.e. 10 yr ARM, jumbo loan, etc).  They also offer a product called the Agency Affordable loan.  It is a 3% down option for borrowers who may not have perfect credit.  The minimum credit for this program is a 680 or better, and there’s no income limit (it does require you to purchase mortgage insurance as well any 20% down option).  If you have a credit score as low as 620, you can still work through Chase in what they call the DreamMaker program.  This requires just 5% down. Many consumers who bank at Chase also use them for mortgages because it keeps things simple.  There is nothing wrong with this, but often, you can actually get the best rate from a bank at which you do NOT currently bank.  Whether or not Chase is your home bank and they give you the best rate, make sure to compare at least two lender rates against one another.

Finally, the application process is known to be fairly streamlined and simple, with digital document upload making the details as painless as possible.

The Bad

• Rigid lending policies
• Must contact banker to get detailed information
• Origination and underwriting fees

Just as Chase Mortgage’s size allows it to offer competitive rates and a large loan menu, that size can also be a hindrance. The lending protocol is all but carved in stone – you must meet specific credit rating, income, and down payment requirements for the loan you’re trying to get.  Chase’s size and scope also puts a damper on getting prompt help in in working out tough situations – maybe you lost your job, or experienced an injury, whatever the case, it can be challenging to get Chase to work with you on payments.  They will generally have less flexibility for lower credit scores and unique situations than you’ll find with a smaller regional bank or a broker who works with multiple banks.

While the website offers a comprehensive suite of tips and tools, you’ll still need to talk to one of their internal mortgage banker to get the lowdown on loan details.

The Summary

Chase Mortgage might be the best for you if you want to keep all your banking options secured in one place – or if you have very good credit and are looking at a jumbo loan.  But if you want to get the absolute cheapest rate or value a mortgage broker who can give you a more personal approach, you’ll want to look elsewhere.