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.
Chase Mortgage 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.
Pros
- 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.
- Underwriting Limitations –Even though they may be their own lender, investor, and insurer, they are extremely strict trying to get their loans through underwriting.
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.
1. Determine how much you can borrow. 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.
2. Pre-qualify for your loan. 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.
3. Apply for your loan. 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.
4. Loan Closing. 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.
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.