Brai is the founder of SW4 Insights, a public policy advisory firm based in Washington D.C. He has over a decade of experience as a journalist and consultant covering finance and economic policy, with a particular focus on distilling complex topics t.
Brai Odion-Esene ContributorBrai is the founder of SW4 Insights, a public policy advisory firm based in Washington D.C. He has over a decade of experience as a journalist and consultant covering finance and economic policy, with a particular focus on distilling complex topics t.
Written By Brai Odion-Esene ContributorBrai is the founder of SW4 Insights, a public policy advisory firm based in Washington D.C. He has over a decade of experience as a journalist and consultant covering finance and economic policy, with a particular focus on distilling complex topics t.
Brai Odion-Esene ContributorBrai is the founder of SW4 Insights, a public policy advisory firm based in Washington D.C. He has over a decade of experience as a journalist and consultant covering finance and economic policy, with a particular focus on distilling complex topics t.
Contributor Chris Jennings Loans & Mortgages EditorChris Jennings is a writer and editor with more than seven years of experience in the personal finance and mortgage space. He enjoys simplifying complex mortgage topics for first-time homebuyers and homeowners alike. His work has been featured in a n.
Chris Jennings Loans & Mortgages EditorChris Jennings is a writer and editor with more than seven years of experience in the personal finance and mortgage space. He enjoys simplifying complex mortgage topics for first-time homebuyers and homeowners alike. His work has been featured in a n.
Chris Jennings Loans & Mortgages EditorChris Jennings is a writer and editor with more than seven years of experience in the personal finance and mortgage space. He enjoys simplifying complex mortgage topics for first-time homebuyers and homeowners alike. His work has been featured in a n.
Chris Jennings Loans & Mortgages EditorChris Jennings is a writer and editor with more than seven years of experience in the personal finance and mortgage space. He enjoys simplifying complex mortgage topics for first-time homebuyers and homeowners alike. His work has been featured in a n.
| Loans & Mortgages Editor
Updated: May 20, 2024, 1:03pm
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JPMorgan Chase & Co. is one of the largest financial institutions in the country with branches nationwide and a number of online services. Chase Home Lending is the mortgage arm of the company. You do not have to be an existing customer to get a mortgage or refinance with Chase.
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Minimum Credit Score Interest Rate Similar to the national averageChase offers a wide range of home loan products with annual percentage rates (APRs) that tend to be lower than the market average. As of March 2023, the APR on their loans ranged anywhere from just over 6% to 8%, depending on the area and loan type.
Chase also offers a “Closing Guarantee,” promising an on-time closing in three weeks after submitting all the required documents—or you’ll get $5,000 ($20,000 from May 16 to July 27, 2024, for qualifying customers purchasing a home with a Chase mortgage.) This guarantee doesn’t apply if you’re refinancing.
Both Chase’s purchase loans and refinancing rates are updated daily, making it easy for you to calculate your potential monthly payments.
Chase offers the following mortgage products.
Chase also offers discounts and grants to qualified borrowers. For instance, through its Relationship Pricing Program, jumbo loan borrowers with a minimum of $500,000 in eligible Chase and JPMorgan deposit accounts and/or wealth management accounts get a 0.125% discount off the standard interest rate. Participating customers with more than $1 million can get a 0.25% discount.
Chase also offers a $2,500 or $5,000 grant for DreaMaker, Standard Agency, FHA and VA loans if you’re buying a home in 6,700 minority neighborhoods nationwide. You might also be eligible for an additional $500 by completing a certified education course and getting a DreaMaker mortgage loan.
The grant can be applied towards discount points, closing costs or lowering your down payment, dependent on the loan product’s requirements. The $500 will be applied at closing—first to points on the loan, if any, then to Chase fees and then to non-Chase fees.
Chase has three paths for customers interested in refinancing their mortgage loan:
Chase does not explicitly state the minimum credit score to be eligible for any of its loan products, but a spokesperson said they prefer a score of at least 620. Chase does note on its website that “FICO credit scores between 580 and 669” are considered to be fair while “credit scores below 580 are deemed poor.”
Chase lets you check your credit score for free and review your report for mistakes. You should contact the credit bureaus to correct any errors.
Chase will verify your income during the application process, and calculate your DTI ratio by dividing your monthly debt payments to your monthly gross income.
The industry standard is to have a DTI less than 43% in order for a mortgage to meet certain government-backed standards.
However, if your DTI is higher than 43%, you may still be eligible for a mortgage if another person (a spouse, relative or someone who lives in the home) co-signs with you. Chase will ask you for the co-applicant’s information during the application process.
The bank says a down payment on a conventional loan less than 20% will require private mortgage insurance (PMI). It estimates that the annual cost of PMI is about 1% of your outstanding mortgage balance. You can request to have PMI eliminated once your outstanding loan balance reaches 80% of the original loan amount.
However, as noted earlier, some loan products may require smaller down payments, such as only a 3% to 5% or no money down. The minimum down payment is 3%, unless it is a VA loan, which doesn’t require a downpayment.
Traditional banks prefer to lend to borrowers with steady income. They usually require you to have been at your current job for at least two years. You can also expect more strict income requirements if you are applying for a jumbo loan.
Closing costs are what you’ll pay before the home purchase or refi is complete. Some of these fees will be paid upfront or built into the mortgage balance, while others will be due at closing. You will receive a closing disclosure (CD) a few days before close that outlines all of the costs and fees you’ll need to pay.
The common closing costs that Chase lists include:
For jumbo loans specifically, Chase offers $500 off of the processing fee for Chase Private Clients with combined assets of $150,000 to $499,999 in eligible Chase deposit and/or JPMorgan Wealth Management accounts or waiver of the entire processing fee (up to $1,150 for most loans) for eligible accounts with at least $500,000.
This discount applies to the full spectrum of residential mortgage loans, including fixed- and adjustable-rate products for jumbo and conforming mortgages.
Chase offers a discount of 0.125% for friends and family members of Chase employees, as well as a 0.50% discount for current customers.
Chase also offers down payment assistance programs and works with some companies to offer other mortgage benefits to high-net-worth employees.
You can begin the application process online from the mortgage section of the Chase website. The “Start online” button at the bottom of the page will take you to a secure page. There, you’ll be asked whether you have an application in progress and are a current Chase customer; you will be required to log in if you are.
If you already have Chase accounts, some of the application information will be prefilled based on the personal info the bank has on file for you. If not, you’ll be asked to fill in the information for the loan application. This will be used to verify your identity, pull your credit report and contact you.
After you have submitted this, you will then have to speak to a home lending advisor to complete the application process.
Chase has a MyHome digital dashboard for you to upload documents securely. You can also sign the mortgage application and disclosures using e-signatures.
Chase encourages you to prequalify for a mortgage. Getting prequalified can give you a good sense of how much house you can afford, as well as flag any roadblocks you might hit in the process of getting approved for a mortgage. That way, you can fix any issues before applying.
It is important when applying for a mortgage loan to select a product and amount that is right for you and your budget. Having an application denied is not the end of the world, even though it might feel that way.
If your application is denied by Chase, the bank says:
Between January 2020 and February 2023, there were 896 complaints filed against Chase in the Consumer Finance Protection Bureau’s Consumer Complaints database. Some complaints cite troubles during the payment process as well as issues at closing. However, all complaints were responded to in a timely manner.
Chase has an A rating from the Better Business Bureau (BBB), but its reviews on the site are overwhelmingly negative. Chase is rated 1.12 out of 5 stars by BBB users. There have been 1,654 complaints closed in the past 12 months, and 4,281 in the last three years. That said, the majority of the complaints are about the bank’s customer service with regard to personal checking and business accounts, as well as credit cards—not mortgages.
If getting a mortgage loan from a traditional financial institution like Chase doesn’t suit your needs or credit profile, there are other options to consider.
Credit unions like Navy Federal or PenFed are not-for-profit institutions that provide loan products and services just like traditional banks. However, when compared with banks, credit unions charge, on average, lower interest rates for mortgage loans, according to Q4 2022 data from the National Credit Union Administration.
Community banks are smaller financial institutions, by asset size, that only operate in certain locations or geographic areas. They prioritize building a relationship with their local community, meaning they might be more willing to make home loans to a borrower that a big bank would reject. However, they tend to not be as technologically advanced as their larger counterparts.
Online mortgage lenders provide financial services through websites and mobile apps, leveraging computer algorithms to make for a faster approval process. The money they save on no brick-and-mortar locations translates into lower interest rates and fees for customers. They’re also more willing to work with borrowers that don’t have stellar credit histories, although they will charge a higher interest rate and/or require a larger down payment in exchange.
We graded Chase based on features that have a meaningful impact on the cost of a mortgage and a borrower’s experience, including interest rates, loan options, accessibility, closing time and customer service.
We award bonus points if a lender offers a specialty rate discount or mortgage product, a home equity product or maintains a fully online mortgage application process.
Our scoring method is broken down as follows:
We chose to focus on these core elements to bring forward lenders that offer the most competitive rates while also providing a satisfactory customer experience accessible to borrowers of all financial backgrounds. We believe this scoring system best reflects consumers’ top priorities when comparison shopping for mortgage lenders.
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Mortgage Lenders.