Chances are you’ve heard of Chase Mortgage. It’s been one of the most popular mortgage companies in the country for years, with satisfied customers spread throughout the United States.
Chase mortgage not only weathered the travails of the 2008 mortgage crisis but has come through with accolades and a robust portfolio of successful practices.
The company offers a wide variety of versatile mortgage products, from conventional fixed-rate mortgages to home equity lines of credit.
What’s more, Chase has streamlined its application process so you can easily manage your underwriting documents online.
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Is Chase Good for Mortgages?
It’s challenging to define a “good” mortgage company because each customer has a unique perspective, based on individual needs and situations.
If someone gets denied for a mortgage, for example, they might connote the company with a “bad” business. When it comes to banks, though, denying a loan indicates a healthy level of protection for customers’ and shareholders’ best interests. That’s “good” business.
And Chase is good for mortgages, indeed. It offers a wide variety of mortgage products to satisfy almost anybody’s needs. It’s also been around longer than many other mortgage companies, and it’s been successful in shedding the crisis of 2008 with little ado.
Chase Mortgage also benefits from its willingness to embrace technology in the mortgage industry, while still maintaining a personal connection with its customers.
When you’re applying for a mortgage, you can submit all of your pertinent documents electronically through the Chase portal, delivering them directly to your underwriter and loan processor with no delay. This technology shortens loan-turnaround times dramatically.
Chase Mortgage Options
If you have some idea of the type of mortgage you’re looking for, Chase Mortgage likely provides it.
The company has dozens of loan packages available, from conventional fixed rates to FHA and VA loans, which reduce the amount you need for a down payment.
Here’s a breakdown of the mortgage products Chase currently offers:
Conventional Fixed Rate
Chase mortgage offers 10-, 15-, 20-, 25-, and 30-year fixed-rate loans.
These are your standard mortgages, featuring a fixed interest rate and reasonable lending guidelines, including income verification, credit approval, and equitable down payments.
Adjustable-rate mortgages (ARMs) are currently a good option if you’re looking for a short-term mortgage with the potential to refinance down the road.
ARM loans have seen their share of bad press since the mortgage crisis, but there are reasons companies like Chase still offer them. Check with your mortgage banker for options and details.
Jumbo loans are generally larger mortgages than you’ll typically find as fixed-rate loans and have generally stricter approval requirements.
Chase offers Jumbo mortgages of as much as $3 million, so you can get some serious buying power if you qualify.
Home Equity Line of Credit (HELOC)
Home equity loans are a fantastic way to fund extensive repairs or renovations on your home. These loans allow you to withdraw cash – just as you would from a personal bank account – for expenses associated with significant construction projects.
For a fee, Chase mortgage offers you the ability to lock in your interest rate during the draw period, so you can finish your renovation project before worrying about any rate changes.
Reduced Down Payment Options
Chase mortgage offers conventional loans with low down payments, including FHA (Federal Housing Administration) and VA (Veterans Administration) loans.
In fact, for these loans, your down payment will only have to represent 3 percent of your total mortgage.
Chase also offers two additional loan programs of their own:
- Standard Agency is a mortgage program for borrowers with a credit score of 640 or higher. Like FHA and VA loans, it also allows for a 3 percent down payment but requires that the borrower carry flood insurance regardless of whether the property is in a flood zone or would ordinarily require it.
- Chase’s DreaMaker program also allows a 3 percent down payment but is for borrowers who don’t meet credit requirements and are looking to borrow in low- to middle-income areas or refinance an owner-occupied home. Qualifying requires borrowers to complete a home buyer education course.
Chase Mortgage Qualifications
Chase maintains qualification requirements that are relatively standard among mortgage companies. Borrowers must submit an application that Chase uses to pre-qualify people for a mortgage product. This prequalification is the basis for all documentation required for underwriting and closing your loan.
As with any mortgage application, expect to provide income verification, current pay stubs, income-tax filings, and information required for credit approval. Your Chase mortgage banker will let you know what documentation you need to close.
Chase provides a convenient online portal for you to submit paperwork directly to its loan processors and underwriters. This streamlined process will save you time – and file space!
Get started with Chase Mortgage now by using their convenient online portal!
How Long Does it Take Chase to Close a Mortgage?
Chase Mortgage promises to make the entire mortgage process as quick and painless for you as possible. In many other mortgage-applications systems, it can take weeks to process the necessary documentation for a loan, and even longer for underwriters to review it, depending on their workload.
Chase offers to turn around all paperwork and make a final decision quickly, which it facilitates by operating an online documentation portal through which you submit verification digitally.
Underwriters can review and approve documents directly through the integrated platform. This unified approach allows Chase to promise you $1,000 in cash if your new mortgage isn’t processed and closed within 21 days from submitting the first application.
Pros and Cons of Chase Mortgage
- Electronic application and document submission and tracking streamline the underwriting process for a faster closing.
- Discounts for Chase Bank customers: If you’re an existing Chase customer, you may be eligible for discounted fees and deals.
- Variety of products: Chase offers a wide range of mortgage products, including conventional fixed-rate, ARM loans, Jumbo, and HELOC loans.
- All chase mortgage products require contact with a mortgage banker. This doubles as an advantage, as it provides a point of contact during the underwriting process.
- Chase Mortgage charges underwriting, origination, and rate-lock fees, which other lenders often waive at closing or as an incentive for your business.