Chase Mortgage is a department of the Chase Bank. The latter is a part of JP Mortgage Chase Bank, NA, one of the largest financial institutions in the world. The company provides a wide range of services including consumer and business banking, consumer and commercial loans, investment services, and financial planning.
Chase Bank also has a dedicated mortgage department, which helps thousands of consumers buy homes and refinance mortgages every year. The article below provides an outline of the Chase Bank mortgage process, pros and cons of the Chase mortgage product and service, and whom you can contact in any situation.
Chase Mortgage Details and Overview
Chase Bank was officially founded in December 2000 under its current brand, but was first part of the Bank of Manhattan Company, which was founded in 1799. Today, the company is headquartered in Chicago, IL, and has over 5,100 branches and 16,000 ATM’s located nationwide. The company has a major footprint in markets all over the country, including the Midwest, Northeast, and Southwest. Due to its size, it is considered to be one of the Big Four bank of the United States, along with Bank of America, Wells Fargo, and CitiGroup.
Chase Mortgage Loan Process Explained
Getting a mortgage through Chase has a similar process as most other major mortgage providers. Most consumers today are able to start the Chase mortgage through the Chase bank website. Through this website, you will be able to input a variety of information including your contact information, summary of income, summary of assets and liabilities, and your social security number. You will also be able to input your desired mortgage amount and type of loan. After reviewing this information, a dedicated Chase mortgage banker will contact you about the loan to discuss your options.
If you have pre-approval for the mortgage, the lender will be able to provide you with pre-approval notification, which is valuable when bidding on a new home. The pre-approval will be contingent on the full underwriting process, which you can begin immediately. To start the process, you will have to first upload a significant amount of personal financial records including tax return, bank statements, and pay stubs.
After receipt of the underwriting documents, the bank will determine whether you qualify for a mortgage. At the same time, you will need to have an appraisal on order. The entire mortgage approval process and appraisal ordering will take around 3-4 weeks.
Assuming you get the approval for the mortgage, the bank will provide you with an initial interest rate offering. Interest rates at Chase Bank are said to be competitive versus other mortgage lenders. For borrowers that got approval with a 20% down payment, interest rates are currently around 4.125% for a 30-year mortgage and 3.50% for a 15-year fixed-rate mortgage. Those willing to take on an ARM loan can save up to 50bps. Chase does provide jumbo mortgages (over $417,000), but the rates are up to 1% higher than standard loans.
Pros of Chase Mortgage
- Chase Bank is one of the largest financial institutions in the country, which allows them to be competitive on price. Interest rates and fees offered are typically favorable compared to other lenders.
- The application process is easy to complete. The request list is straightforward and industry standard. All documents can be uploaded online at your own convenience.
- Approval and underwriting of a mortgage is pretty quick. The bank has a reputation for completing the entire underwriting and approval process within just 30 days.
- Chase allows a rate lock of up to 60 days, which is longer than many lenders, and a benefit during the current rising interest rate environment.
Cons of Chase Mortgage
- The company does not have a reputation for being flexible with underwriting. Chase has very straightforward borrower requirements. Those that have a lower credit score, less than a 20% down payment, or a less reliable source of income may not qualify for a mortgage. Those that do qualify will have to pay additional private mortgage insurance or higher interest rates to compensate.
- Similar to other large banks, Chase does not have a reputation for handling workout situations well. The bank’s size does not allow for the company to act quickly to restructure mortgages. This could be an issue if you have a sudden change in personal finances.
Chase Mortgage Customer Service Review
Overall, Chase has a positive reputation when it comes to customer service. The bank’s online access is easy to obtain and the online portal has all of the mortgage information you could need. Furthermore, if you have to speak with a representative, the bank has a dedicated team to assist you with any questions.
The one concern raised by customers is the level of service during a workout situation. If you are struggling to make your mortgage payment, it can be hard to find a Chase representative that will help you in an efficient manner.
Those interested in obtaining a mortgage through Chase can contact the company the following ways:
- Phone Number: 1-800-873-6577;
- Website: chase.com;
Overall, a Chase mortgage provides consumers with the ability to work with a reliable and reputable financial institution. The company is not as aggressive with in regards to underwriting as other firms. Therefore, Chase offers low interest rates and fees and has a quick underwriting process. That’s great for those that made use of Chase mortgage in the past, or are current customers. Chase Mortgage encourages them to provide additional feedback or to share their experiences.
Images taken from the chase.com website.