Chase Mortgage Review 2019
The Smart Investor reviews are unbiased, and reflect the views of our editorial staff. We’ve collected the information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.
Chase – About The Lender
Chase Mortgage was founded in 1799 in Manhattan, New York. Chase has more than 5,100 branches, 16,000 ATM’s, has over 250,355 employees, and operates in more than 100 countries. As of November 16, 2018, their net worth is $377.48 billion. Chase is one of the biggest and oldest US consumer and commercial banking industries worldwide. Chase provides everything from personal and business accounts to auto loans, investments, and mortgages.
According to the Better Business Bureau, Consumer Affairs, Consumer Advocates, etc., Chase Mortgage has been in well over 100 different lawsuits that have put them on the map for having terrible customer service along with having no business couth towards their real bread winners which would be their customers.
Reputation as of today still has problems due to customers still not getting exactly what they were promised or money disappearing from their accounts. Chase really hasn’t done much to explain how they are going to build themselves back up but a business this large that has been open for as long as they have, I’m sure Chase will figure something out.
Rate Lock Expirations – Just in case you do run into problems within your loan process, they have a great lock program that will oblige with any borrowers needs and any process that they may be going through.
Loan Process – The loan process is pretty straight forward and they give a great list of items they will need from you in order to make the process go smoother and faster than normal.
Stability – This bank alone has been around longer than any other bank. Chase Mortgage has a structure that has been built for around 300 years, plus. No matter the problems they face, they will still be open and figure it out one way or another.
Loan Turn Times – Even though it seems quite long, their turn times are pretty quick and will accommodate any purchase or refinance deadline as needed. It may be an average 30 day turn time but they can always make it a lot faster since they are their own lender, investor, and purchaser.
Legal Lawsuits – Given their customer service, their shady disposition, and their thievery of customers accounts, they have had multiple lawsuits filed against them that have in turn made them pay millions of dollars. Granted this bank is quite large and makes a lot of money, it still doesn’t give this bank a great reputation.
Customer Service – Given that Chase Mortgage is a very large lender, they don’t exactly give you the friendly courtesy needed in order to keep your business. They are not one to go above and beyond for any account you may have with them.
Stubborn – Even though Chase Mortgage has paid out on a lot of settlements towards customers and businesses, they will fight to the death to not admit their wrongs as a company. Beware going to court with this company and make sure you have a lot of money to do so.
Underwriting Limitations – Even though they may be their own lender, investor, and insurer, they are extremely strict trying to get their loans through underwriting. Get ready to give a sample of your blood along with all the documentation they request.
Chase Mortgage Products, Fees, and Conditions
Chase offers a wide variety of programs including the main which are fixed and adjustable (ARM) rate loans that offer your usual Conventional, FHA, VA, and Jumbo loans to name the main programs they offer.
However, Chase has multiple specialty programs that grant great benefits on the side. Their Multicultural & Affordable lending products offer financial assistance to customers that have low-to-moderate income strengthening communities by providing financial & community development resources.
Chase gives a program called Home Ready which is a standard conventional loan with no down payment necessary and for refinances, you can borrower up to 97% of your value but you will have an income limitation depending on the area you live in. Chase performs construct to perm and home equity lines of credit loans as well. Each program they offer has both good
Chase Mortgage Process – How To Get a Loan
Chase Mortgage’s loan process is pretty simple and they offer a step by step process which makes it a lot easier for you to determine what you are going to need and how easy the flow will be when starting.
Should You Consider Chase Mortgage?
An ideal borrower for Chase Mortgage is a person that has an average credit score of 620, an average down payment of 3%, someone that likes a more personal experience instead of online, and has a lot of patience. The good part about being a reoccurring Chase member, if you are applying for a mortgage, you will receive certain discounts to closing cost fees which are nice.
However, if you are not, you will be subject to high fees and possible higher rates that come along with that. There are great things Chase offers for either new clients or current clients. They do offer incentives like grants, home buyer credits, discount fees on closing costs, and so on.
With every bank, there are always the good and the bad of everything so make sure you do your research for every bank you come across so that you are not regretting it in the end.