Chase Mortgage Review
Overview
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.
Funding Options
Minimum Credit Score
PROS
- Stability
- Rate Lock Expirations
CONS
- Customer Service
- Underwriting Limitations
Reputation - Customer Ratings & Complaints
- A+ on BBB: BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as business's complaint history with BBB, type of business, time in business, transparent business practices and more.
- 1.3/5 on Trustpilot (303 reviews) TrustScore is also an overall measurement of reviewer satisfaction, represented numerically from 1 to 5.
- J.D Power: Chase mortgage got 860 points out of 1000 points available – higher than the industry average. We considered 2020 J.D. Power’s primary mortgage as well as J.D. Power’s claim satisfaction survey.
- J.D Power offers the most comprehensive and independent study of customer satisfaction. The study aims to help consumers and issuers to understand user opinions and ratings of the largest mortgage origination companies. It covers customer satisfaction, terms, communication, transparency and more.
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
Pros & Cons
Pros
- 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.
Cons
- 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.
- Underwriting Limitations – Even though they may be their own lender, investor, and insurer, they are extremely strict trying to get their loans through underwriting.
How to Apply For Chase Mortgage?
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.
Step 1:
Using their online calculators, that will determine the amount you are able to borrower. After that, their mortgage consultants will be able to guide you in the right direction of what program best suits your needs.
Step 2:
You’ll provide information on your employment, asset, and residence history. Chase will then pull your credit report which will give you a better idea of what program you will benefit more from. After you have supplied this information, you will be given a pre-qual letter that you can give to your realtor to find your new dream home.
Step 3:
Once you have made an offer on a home, you will be able to apply on Chase’s online website with the property information and with all the documentation given to them in step two, their operations team will then determine if all of your documentation is fit for this program and approve your loan.
Step 4:
After your loan is approved by Chase’s underwriting department, you will then move to close where your realtor, loan originator, and your title company will determine a date and time when you can close and then you are on your way to getting the keys to your home.
Alternatives Lenders
Sofi Mortgage is a solid loan partner for the best loans in the market. The name Sofi is an abbreviation of two words, “Social” and “Finance.” The Company specializes in personal finance, and their products are geared towards providing financial empowerment for individuals seeking loans. They require a minimum credit score of 660 and a minimum down payment of 10% for customers seeking to collect a loan. They provide full digital support for clients and do not require private mortgage insurance for jumbo loans.
Some of the loan plans offered by the provider include Jumbo loans, adjustable-rate mortgage, FHA loans, VA loans, cash-out refinance, and fixed mortgages. The initial process to get a loan can be started online, and once the preapproval has been passed, you will be assigned a loan officer who will work you through the loan process.
If you would like a quote for rated and fees, you will need to fill out a form online because Sofi mortgages do not have any available quotes on their website. It has an A rating from the Better Business Bureau, which is a testament to the company's efficiency in delivering on its promise. Sofi Mortgage is a trusted market leader in the lending space.
Also known as Reali Loan, founded in 2011, headquarter in San Francisco and available in 12 states only, Lenda Mortgage is one of the top-notch lenders in the lending industry. The Bank has no physical branch; this implies that all the lending process is done solely online, and the application process is fast. This Bank provides an easy, transparent and free of fees and commission home loans. Reali also provides loans for both investment and residential properties.
Lenda Mortgage offers refinance loan, purchase loan, and fixed-rate loan of 15 years and 30 years. However, at this time, the Bank does not provide the following loans; jumbo loans, adjustable-rate, home improvement loan, home equity loan, or government-backed loans.
To obtain a Lender Mortgage loan, the borrower must have a minimum credit score of 620 and a minimum down payment of 5 %.
Pre-qualification for a loan at Lender Mortgage only takes a few minutes, and this will give an overview of the type of Mortgage you are qualified for. To be pre-approved for a loan, the borrower will need to provide information about their down payment, very important and submit pay stubs.
Overall, Lenda Mortgage has outstanding reviews from customers and was rated A+ by the Better Business Bureau.
New American Funding Mortgage is ideal for individuals looking for safe and secure loans backed by the government. To be eligible for this loan, you will need to have a minimum credit rating of 700, and the minimum down payment is 3%. The lender was founded in 2003 in California, and it has, from its humble beginnings, grown to become a top lender in the US. New American Funding is present in 48 states and has over 200 branches.
Some of the loan options provided by the lender include FHA, USDA, and VA government-backed loans. Jumbo loans, refinance loans, interest-only loans, and purchase loans. They also provide individuals with access to community loans that may not be provided by non-bank lenders. It is rated as a top 30 National lender in the US and enjoys a large market share in the state of Texas. You can start the loan application process online or in person, but the lender employs a physical underwriting process as it enables them to reach underserved markets.
New American Funding Mortgage is rated A+ by the Better Business Bureau. This should put your mind at ease if you want to do business with this highly-rated lender.
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.
