With 4,800 retail locations in 48 states, Chase is one of the largest lenders in the U.S. and an excellent option if you like a face-to-face lending experience. If you're an existing Chase customer, you may even be eligible for a rate reduction.
Chase is also a good choice for first-time homebuyers — it has two proprietary loans with down payments as low as 3% and closing cost grants available in thousands of minority neighborhoods nationwide.
- Existing Chase customers can get a rate reduction
- Above-average customer satisfaction scores, meaning you're likely to get stellar service and customer service pros who are ready to answer your questions and guide you through the process
- Closing timeline guarantee so you won't have to worry about whether or not you'll close on time.
- Homebuyer grants of up to $7,500, a huge cash infusion that homebuyers can put towards closing costs and down payments.
- The Chase DreaMaker℠ loan only requires 3% down payment for qualifying homebuyers, lower than the typical 5% minimum required for a conventional mortgage, making it a great option for those who haven't saved much for a down payment.
- No USDA loans or HELOCs
- No closing guarantee for refinancing
- Chase homebuyer grant only available in select areas.
Chase Bank Mortgage review
Chase Bank pros and cons
Pros
- Mortgages that only require 3% down
- Above-average customer satisfaction
- Closing timeline guarantee
- Homebuyer grants of up to $7,500
- Rate discount for existing Chase customers
Cons
- No USDA loans or HELOCs
- No closing guarantee for refinancing
- Homebuyer grants available in limited areas
Chase Bank mortgage types
Chase Bank issues mortgages in all 50 states and Washington, D.C. It offers conventional, jumbo, FHA and VA loans, but not issue USDA or construction loans.
- Fixed-rate: With a fixed-rate mortgage, borrowers have the same rate for the duration of the loan term. Chase offers 30-year and 15-year fixed-rate mortgages with down payments as low as 3%.
- Adjustable-rate: Adjustable-rate mortgages (ARMs) start with a fixed interest rate for a set period, then adjust at regular intervals. Chase offers a 5/6 ARM with a fixed rate for five years and a variable rate every six months afterward. 7/6 ARM with a fixed rate for seven years and a variable rate every six months afterward or a 10/6 ARM with a fixed rate for 10 years and a variable rate every six months afterward.
- FHA loan: Backed by the Federal Housing Administration (FHA), these loans only require a 3.5% down payment for borrowers with a 580 FICO score or 10% for borrowers with a 500 credit score.
- VA loan: Veterans and service members can apply for this lower-rate mortgage without a down payment or private mortgage insurance. Chase offers a $2,000 closing credit on VA loans.
- Jumbo loan: A jumbo loan exceeds the conforming limits set by the Federal Housing Finance Agency. While many lenders cap jumbo loans at $3 million, Chase will approve them up to $9.5 million.
- Chase DreaMaker loan: Eligible borrowers can get a 30-year fixed mortgage with as little as 3% down. While most applicants must earn no more than 80% of the area median income, this requirement has been lifted in 15 cities. Borrowers in those areas can also qualify for a $7,500 closing cost grant.
- Standard Agency loan: A 3%-down mortgage option for first-time homebuyers. You should have a 680 FICO score and may need to take a home-buying education course.
Chase Bank mortgage fees
Chase does not publicly disclose closing costs and other upfront fees.
- Origination fee: Typically, between 0.5% and 1% of the total loan amount.
- Prepayment penalty: Chase has no prepayment penalty.
- Rate lock fees: Chase's Lock and Shop option allows buyers to lock in their rate for free for up to 90 days.
- Good faith deposit: Also known as earnest money, this payment is made by the buyer to show a commitment to purchasing. It is typically between 1% to 3% of the purchase price.
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Chase benefits and discounts
Chase offers a variety of discounts and grant programs.
Chase homebuyer grant
You may be eligible for up to $7,500 toward mortgage points, a down payment or closing costs if you live in certain census tracts with 15 metro areas, including Atlanta, Houston, Los Angeles and New York City.
The grant available for Chase DreaMaker, Standard Agency, FHA and VA mortgages, but funds must go toward a primary residence.
Closing guarantee
Chase promises on-time closing in as little as 21 days or eligible homebuyers may get $5,000.
VA closing cost credit
Service members, veterans and their families are eligible for a $2,000 closing cost credit when purchasing a primary residence with a VA mortgage. The credit is stackable with other offers, including the closing guarantee and homebuyer grant.
Customer discount
Chase's Relationship Pricing Program allows customers with eligible Chase or J.P. Morgan accounts to earn a rate discount of between 0.125% and 1.00%.
Chase mortgage refinancing
Chase offers both cash-out and rate-and-term refinancing. Apply for individual terms.
- Credit score: A minimum credit score of 620 is usually required to refinance.
- Debt-to-income ratio (DTI): Most lenders prefer a DTI ratio of 36% but will accept a maximum of 43%.
- Home equity: Chase does not disclose its home equity requirements..
- Home appraisal: A complete appraisal is necessary for most refinancing.
Chase customer service
Chase Bank came in slightly above average in J.D. Power's 2023 U.S. Mortgage Origination Satisfaction Study, which surveys buyers about the lender experience from completing the application through closing day.
The Better Business Bureau gave Chase an A+ rating, its top grade, based on company behavior, including transparency, truthful advertising and response to consumer complaints.
Chase does not offer online chat and its customer support line is not open on Sunday. The website is available in Spanish, however, and contains a homebuyer's guide with a homebuying checklist and other useful articles.
How does Chase Bank compare to other lenders?
Here's how Chase's home loan offerings compare to other major lenders.
Chase Bank mortgage comparison chart
| Chase Bank | Citi Mortgage | Rocket Mortgage | |
|---|---|---|---|
| Loan types | Conventional, jumbo, VA, FHA, DreaMaker, Standard Agency loan | Conventional, VA, FHA, Jumbo, HomeRun mortgage | Conventional, jumbo, VA, FHA, Rocket ONE+, HomeReady, HomePossible |
| Minimum credit score | Conventional: 620 Jumbo: 680 | Doesn't disclose | Conventional: 620 Jumbo: 700 |
| Terms | Fixed-rate: 15-year, 30-year Adjustable rate: ⅚, 7/6, 10/6 | Fixed-rate: 15-year, 30-year Adjustable Rate: 3 to 10 years | Fixed-rate: 30-year, 20-year, 15-year Adjustable rate: 7/6, 10/6 |
| Time to close | 21 days with a $5,000 guarantee | Doesn't disclose | 22 days |
| Best for | Low down payments | low rates | First-time homebuyers |
Chase Bank vs. Citibank
Two of the "big four" banks in the U.S., Chase and Citi are evenly matched in many ways, but Chase has twice as many low-down-payment mortgage options — including a Standard Agency loan with no income requirements.
- Boasts lower-than-average mortgage rates, making it a good for those looking for affordability
- Great perks for existing customers like closing credits or rate reductions
- Up to $7,500 closing grant, a game changer for those who don't have a lot of cash saved up beyond their down payment.
- Jumbo loans available for up to $8 million — unusually high — so it will cover most purchases.
- No USDA loans
- No zero-down payment option except for VA loan
- Limited customer service hours
- Received F from Better Business Bureau.
Both lenders scored above average in J.D. Power's 2023 mortgage origination satisfaction survey. Citi landed in third place and Chase in 10th place.
While Chase has an A+ from the Better Business Bureau, Citi received an F from the organization, which cited unresolved complaints.
Chase Bank vs. Rocket Mortgage
Both Chase and Rocket Mortgage earned an A+ from the Better Business Bureau and have received above-average scores on J.D. Power's mortgage origination survey. (Rocket came in second while Chase landed in 10th.)
- Offers a 1% down mortgage, making it a great option for first-time homebuyers who don't have enough saved up for a down payment.
- Above average scores for customer satisfaction from J.D. Power, meaning you'll be in great hands from application to closing day.
- With an average closing time of 22 days — nearly half the industry average — homeowners will be able to get the keys to their home as soon as possible.
- Rocket will give you a rebate of up to $10,000 for buying with Rocket Homes, which pairs homeowners with a real estate agent.
- No USDA mortgages, construction loans or HELOCs
- Hard credit check required for customized rate
- No physical branches
Chase's average mortgage rates are somewhat lower and, since it's a full-service bank, it can offer eligible customers a rate reduction of up to 0.25%.
Rocket edges into the lead if you have less to put down, however: You only need a 1% down payment for the Rocket ONE+ mortgage, compared to 3% for Chase's DreaMaker and Standard Agency loans.
Read more: Rocket Mortgage review
How do I apply for a mortgage with Chase Bank?
You can start a mortgage application online but you'll need to work with a Chase home lending advisor to complete the process. There will be questions about your income, employment, assets and debts and you'll need to submit tax returns, bank statements and other financial records.
You can upload those documents to the Chase MyHome online dashboard, where you can also manage your loan and make payments.
If you're shopping for a home, Chase Agent Express can connect you to local real estate agents.
Chase customer service can be reached at 800-447-1101, Monday through Friday 8 a.m. to 8 p.m. ET, and Saturday from 9 a.m. to 6 p.m. ET.
Chase also has mortgage advisors available in branches in 37 states.
Is Chase Bank right for me?
Chase could be right for you if you need a low-down-payment option, especially one that's not tied to income requirements.
It's been in the banking business since 1877 which, coupled with above-average customer satisfaction scores and a $5,000 on-time closing guarantee, makes it a good option if you're concerned about trusting your lender.
Chase has fairly standard credit score requirements, so if you're looking for a lender that's open to borrowers with bad credit, you might want to keep exploring your options.
FAQ
What credit score do I need to get a Chase mortgage?
Chase prefers a 620 for conventional loans, 680 for jumbo loans and 580 for FHA loans.
What is the largest mortgage Chase will provide?
Chase has approved jumbo loans as large as $9.5 million.
What is the Chase DreaMaker mortgage?
The DreaMaker loan lets borrowers in select markets put just 3% down. It has flexible credit guidelines and Chase has lifted income requirements in 15 metro areas, including New York City, Los Angeles and Chicago.
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