Chase offers several programs and resources to help borrowers make their home purchases easy and affordable, making it a solid option for first-time homebuyers. Here’s what you should know about getting a mortgage with Chase Bank.
Chase overview
In addition to mortgages, Chase offers checking and savings accounts, certificates of deposit (CDs), credit cards, auto loans, investment accounts and merchant services. Mortgages are underwritten by JPMorgan Chase Bank N.A.
How to qualify for a Chase mortgage
Unfortunately, Chase doesn’t disclose many of its eligibility requirements for a mortgage on its website. When we asked a company representative for more details, we were informed that the information wasn’t publicly available because “there are so many parameters that uniquely qualify an individual for a specific product.”
However, we did learn that you need to be at least 18 years of age (19 in Alabama) and have both sufficient income and cash reserves to qualify. Chase will also assess your credit and employment history when making a lending decision.
How to apply for a Chase mortgage
The representative also told us that you should speak with a Chase Home Lending Advisor (HLA) to discuss your unique circumstances and available home loan options. When you do, you’ll be asked questions about your income, employment, monthly bills, cash reserves and other items related to your financial standing. Then, the HLA will let you know if you might qualify for the mortgage you want. You can also use Chase’s prequalification tool to start the process.
Chase’s representative told us that the mortgage application process is similar to any lender’s. During this phase, you’ll have to submit documentation to support the details in your application. The required documentation can include the following:
- Pay stubs.
- W2s.
- Tax returns.
- Bank statements.
- Credit card and loan statements.
Be prepared for the application process to take a while. Typically, you can secure the loan within 30 to 60 days. If you’re well-organized and responsive to the lender’s requests, you could be approved sooner rather than later.
Pros of a Chase mortgage
- Offers an on-time closing guarantee.
- Provides financial assistance to qualified borrowers.
- Offers several types of mortgages.
- Lender’s website includes helpful tools for homebuyers.
- Provides support to help you through the home-buying process.
Cons of a Chase mortgage
- Limited loan eligibility requirements made publicly available.
- No live chat customer support option.
- Limited customer support hours.
Chase perks and special features
Savings and discounts
Two Chase programs could help reduce your total borrowing costs. First, Chase guarantees that your loan will close on time, and if it doesn’t, the lender will cut you a $5,000 check after closing. To be eligible for the on-time closing guarantee, you must submit a residential first-lien home loan application directly to the lender, provide all required documentation to process the application and furnish a fully executed purchase contract.
Chase also offers a homebuyer grant to help borrowers cover loan points and other fees. To qualify, you must buy a primary residence that meets “census tract requirements” with a Standard Agency or DreaMaker mortgage as well as loans backed by the Federal Housing Administration (FHA) or Department of Veterans Affairs (VA).
Several mortgage types available
Chase offers several types of mortgages to suit a variety of situations and budgets. Your mortgage options include:
You might also qualify for the lender’s DreaMaker℠ mortgage, which features a 3% down payment and flexible credit requirements. To be eligible, you must purchase a one- to four-unit property with a 30-year fixed mortgage, earn less than the income limit and complete a homebuyer education course if you’re a first-time homebuyer.
Note that Chase doesn’t offer mortgages backed by the U.S. Department of Agriculture (USDA). If you’re looking for a USDA loan, you’ll need to consider other lenders.
Helpful tools available through lender’s website
The Chase website features several tools to help you:
Plus, you can use Chase MyHome to search through home listings, research neighborhoods and compare your financing options.
Homebuyer support
Chase can help you from the moment you decide to buy a home. The lender offers the Chase Agent Express program, which connects you to top-rated real estate agents through the company’s partner, HomeStory. If you close on your property with a HomeStory agent, you might be eligible for a $5,000 reward.
The bank also employs Chase HLAs to walk you through the entire home-buying process — from pre-qualification to close. You can search for a local HLA on the Chase website.
How Chase could improve
Provide more information on eligibility criteria
Chase doesn’t make it easy for you to learn about home loan eligibility requirements. You’ll have to use the lender’s online pre-qualification tool or speak with an HLA to see if you might qualify for a Chase mortgage.
Offer more extensive customer service options
Chase doesn’t offer a live chat option or provide 24/7 customer support. These limitations could make it difficult for you to get the help you need.
Chase customer service and reviews
Chase offers several other ways to get customer support and manage your mortgage:
- Phone: Speak with a customer service representative Monday through Friday from 8 a.m. to 8 p.m. and Saturday from 9 a.m. to 6 p.m. Eastern Time (ET).
- Email or mail: Send Chase an email, and expect a response within 24 hours.
- Social media: Contact Chase via social media by tweeting @ChaseSupport or sending a direct message via Facebook or Instagram.
- Online: Make payments, get tax forms and manage your mortgage account via the Chase website.
- Mobile app: Manage your mortgage via the Chase mobile app. It’s available on Android and iOS platforms and is well-rated by millions of users.
Note: While Chase doesn’t offer customer support via live online chat, there is a chatbot assistant in the mobile app.
Chase company website
Chase’s company website is a bit tricky to navigate, and it offers little specific information about the mortgage application process. However, there is a useful search feature, helpful frequently asked questions sections and many informative articles about real estate.
Chase reviews
Chase’s overall online reputation is mixed. While the lender has an A- rating with the Better Business Bureau (BBB), the bank received 1.1 out of 5 stars from customers on the platform as of Dec. 11, 2023. The company received a similar score of 1.3 out of 5 stars on Trustpilot with more than 1,100 reviews as of Dec. 11, 2023. Most complaints were regarding customer service issues.
Keep in mind that these online reviews and ratings pertain to Chase as a company overall and do not necessarily reflect customer satisfaction with the lender’s mortgage products.
CFPB action
The Consumer Financial Protection Bureau (CFPB) took action against the lender in January 2015 for accepting illegal mortgage kickbacks from a title company. As a result, the CFPB imposed monetary penalties on Chase.
Chase mortgage alternatives: Chase vs. Better vs. Bank of America
While Chase is a major player in the financial industry, the company isn’t the only mortgage lender. Here’s how Chase stacks up against competitors Better and Bank of America:
Frequently asked questions (FAQs)
Generally, it can take up to 60 days to obtain a Chase mortgage. However, you might be able to get approved in as little as 30 days.
The time to close a Chase mortgage can vary based on your situation. In general, closing with Chase can take as little as three weeks.
No, you can’t pay your Chase mortgage with a credit card. The lender accepts online, mobile app or phone payments from your bank account. You can also mail a check or money order, or you can set up automatic payments from your bank account.
Chase does allow mortgage recasts on most conventional loans if your account is in good standing. Unfortunately, you can’t recast your mortgage if you have a government-backed loan.
Chase doesn’t offer reverse mortgages. If you want to go that route, you’ll have to work with another lender.
