Chase Bank Mortgage Review 2020

Chase Bank mortgage rates

ProductInterest RateAPR
30-year fixed rate VA loan2.750%2.813%
15-year fixed rate VA loan2.250%2.405%
5/1 ARM rate VA loan2.375%2.700%

Chase Bank is a massive lender, coming in first as the largest U.S. bank by assets. As a lender, Chase offers all the typical mortgages that other lenders offer, but it is set apart by its numerous mortgage-related discounts and grants. However, Chase does charge fees for many of its added services, and borrowers need at least a 640 credit score for a Chase mortgage to be truly worth considering, so while this lender is one of the big guys, it may not be the best option for every homebuyer. This lender is also only available for mortgage loans in 32 states in the U.S., which further limits its reach with customers.

Why it might pique your interest

Chase Bank offers typical conforming mortgages, government-backed mortgages, jumbo loans and its unique DreaMaker mortgage. DreaMaker is geared toward first-time homebuyers and low-to-moderate income buyers. This unique mortgage offers lower mortgage insurance costs and the option to put as little as 3% down to buyers who qualify. Borrowers who complete homebuyer education may be eligible for a $500 benefit toward mortgage costs. Additionally, Chase borrowers that opt for the DreaMaker mortgage may qualify for the Chase Homebuyer Grant. Depending on where you’re buying your home, this could net you a $2,500 grant toward a DreaMaker, FHA, Standard Agency or VA mortgage.

Chase is upfront about requiring a 620 credit score, with at least a 640 needed to be eligible for 3% down when it applies. Chase also allows borrowers to lock in a rate for a specific period of time. With interest rates fluctuating daily, a rate lock can help you feel more confident that you won’t lose your low rate during the mortgage process. Chase does charge a fee for locking in a rate and does not disclose upfront how much it will cost you. However, there is plenty of information about rates on the Chase website and a step-by-step mortgage guide that helps borrowers plan before ever having to speak to a lending adviser.

Chase mortgage overview

Loan types:

  • Fixed-rate
  • Adjustable-rate
  • VA loan
  • FHA
  • Jumbo loan
  • DreaMaker

Pros and cons

Pros 

  • Unique DreaMaker mortgage is a competitor to government-backed loans
  • Chase Homebuyer Grant offers $2,500 to certain borrowers
  • Rate lock options can help make the mortgage process less stressful

Cons

  • Rate lock and other services come with unclear fees 
  • Borrowers need fair to excellent credit to make the most of Chase mortgage options
  • Only available in 32 states in the U.S.

Chase Mortgage FAQs

Is Chase good for mortgages?

Chase Bank provides competitive mortgage rates for both existing customers and non-customers. With roughly 5,000 branches nationwide, Chase offers a convenient financing solution for those seeking mortgage approval either online or in-person. Specific rates will vary depending on each person’s individual circumstances. 

Does Chase offer skip a mortgage payment?

Chase allows customers to skip their mortgage payments when they are financially unable to make a payment. In order to skip a mortgage payment, customers must contact customer service to apply for a mortgage loan forbearance period. Monthly payments will either be reduced or stopped temporarily, and customers will not have a change to their interest rate or loan term, although the loan will be considered “past due” until payments are caught up.

How does Chase use my credit report?

As is standard, Chase conducts a thorough credit check prior to authorizing a loan. This information is only used to assess a customer’s loan eligibility and will factor into the total amount they may be permitted to borrow.

The final word 

Chase Bank is a major player in the mortgage industry, offering perks that target first-time or low-income homebuyers. It offers unique options such as rate lock, but these benefits come with fees that can be hard to determine without contacting a lending adviser. Borrowers need fair to excellent credit to qualify for worthwhile rates with Chase, and it’s not available in all U.S. states. However, if you’re eligible for the Chase Homebuyer Grant, it may be your best bet.

Rayna Perry

Personal Finance Copywriter

Rayna Perry is a Personal Finance Copywriter at Interest.com and a Public Relations major at the University of Georgia. When not writing about personal finance, she is usually watching a great movie or creating a new playlist.