As one of the “Big Four” American banks, Chase has a major physical presence throughout the country, with in-person mortgage experts available in 30 states across the continental U.S. It offers just about every type of mortgage that a prospective customer might be looking for. These include fixed-rate, adjustable-rate, jumbo, FHA, VA and HARP mortgages, with the bank’s proprietary DreaMaker® Mortgage rounding out its loan selection. This is about as close to a $0 down payment VA loan that a non-veteran could receive, as it allows you to apply for a mortgage with a down payment as small as 3% of your new home’s value.
When it comes to exact mortgage rates, Chase is very stingy with what it will release prior to engaging a mortgage specialist. In other words, be sure that Chase looks like a lender that your needs would align well with prior to beginning the application process.
|30-Year Fixed-Rate||4.607%||0.1875||Compare Rates|
|30-Year Fixed-Rate FHA||4.50%||-||Compare Rates|
|30-Year Fixed-Rate Jumbo||4.625%||0.125||Compare Rates|
|15-Year Fixed-Rate||4.104%||0.1875||Compare Rates|
|5/1 ARM||4.656%||0.25||Compare Rates|
Aside from the jumbo and FHA offers above, these Chase mortgage rates assume a down payment of 20% and a loan size of $175,000. On the other hand, the jumbo mortgage requires your loan to be larger than $453,100 (for single-family homes). For the FHA loan, the required down payment is just 3.5%.
While they sometimes get confused for one another, an annual percentage rate (APR) is different than an interest rate. This is because an APR is the culmination of many costs being added to the base interest rate, such as fees, closing costs, mortgage discount points and more.
Overview of Chase Mortgages
Although Chase releases rates solely for its 15- and 30-year fixed rate mortgages and 5/1 and 7/1 adjustable-rate mortgages (ARMs), it includes much more than that. In fact, the bank also lends jumbo, FHA, VA, Home Affordable Refinance Program (HARP) and DreaMaker® mortgages. For reference, all ARMs with Chase follow the LIBOR index following the initial payment period.
Chase will allow you to finance up to 85% of your home’s value with a jumbo mortgage. These come in not only 15-, 20 and 30-year fixed variations, but 5/1, 7/1 and 10/1 ARMs too. To qualify for one of these, your loan must be no less than at least $453,100.
DreaMaker® and FHA loans are similar in nature, as they each allow for loans to be had with down payments of around 3% or slightly more. This could prove invaluable for certain clients who are hard-pressed for short-term cash but have the ability to pay month-to-month.
HARP and VA mortgages are specialized loans for those with homes declining in value and past and present military members, respectively. HARPs are exclusively for refinancing, while VA loans can be used either to refinance or purchase a brand new home. VA loans come in 10-, 15-, 20-, 25- and 30-year terms, while the length of HARP loans vary.
What Your Monthly Mortgage Payments Could Be With Chase
Your credit score, how much your new home is worth, the size of your down payment and Chase’s interest rates all come together to form what your possible monthly mortgage payments could end up being. Chase expects your down payment to be about 20% of the total value of your own, a common preference for a lender to have. For the sake of the following examples, a loan size of $175,000 is assumed.
|Mortgage||Interest Rate||Loan Size||Your Payments|
|30-Year Fixed||4.607%||$175,000||$898/month for 30 years|
|30-Year Fixed FHA||4.50%||$175,000||$887/month for 30 years|
|30-Year Fixed Jumbo||4.625%||$500,000||$2,571/month for 30 years|
|15-Year Fixed||4.104%||$175,000||$1,304/month for 15 years|
|5/1 ARM||4.656%||$175,000||$903/month for 5 years; $1,383/month for 25 years|
How Chase Compares to Other Lenders
When compared against the three other of the “Big Four” U.S. banks (Wells Fargo, Bank of America and Citi), Chase Bank comes out on top with the lowest rates for fixed rate loans. However, some of the rates associated with its ARMs do not fall into the same category. Because Citi does not release many of its mortgage interest rates, the table below indicates some of the interest rate differences between Chase, Wells Fargo and Bank of America, but also U.S. Bank, another top lender.
|Mortgage||Chase||Wells Fargo||Bank of America||U.S. Bank|
|30-Year Fixed Jumbo||4.625%||4.708%||4.291%||4.50%|
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Refinancing Rates With Chase
Refinancing a mortgage can be done for a number of purposes, including lowering your monthly mortgage payments or shortening the length of your loan's term. However, in order to avoid paying for private mortgage insurance, prospective refinance customers must hold no less than 20% of their home's equity. That makes the process of refinancing a bit more complicated for some, but the benefits you can reap if you qualify for one are transformative.
While there is no defined formula that determines what a lender’s refinancing loan interest rates will be for your personal situation, a lender will take into account the same areas of focus as any other loan. More specifically, your credit score, loan-to-value (LTV) ratio, mortgage point total, current level of equity, loan amount and whether the home is a primary residence or not will all factor into what you are offered.
Should You Get a Mortgage from Chase?
Chase is a more than competent lender, and its current stance as one of the largest mortgage lenders in the U.S. proves it. Therefore, whether you’re looking to refinance, open a long-term mortgage or simply see what’s out there, Chase definitely should be a part of your discussion. Although its options may seem limited online, fear not. The bank will disclose other types of mortgages available to you once you’ve formally engaged a Chase loan specialist.
Tips for Choosing the Right Mortgage
- Ensuring that the introduction of a mortgage into your life goes smoothly is easier said than done. Many wealth and financial advisors are equipped to handle this, though, and SmartAsset's financial advisor matching tool can pair you with them. A small set of questions will afford us an eye into what your current financial state looks like, and you’ll get paired with three financial advisors in your area out of thousands of possibilities. You can look at their profiles, interview them via phone or in person and select which one will be the best fit for you. In addition, all of our financial advisors are fiduciaries, meaning they are legally obligated to act in your best interest when catering to your particular financial needs.
- You can never do enough research when you're looking for a mortgage that fits your situation. Even lenders that you felt wouldn't meet your needs are worth looking into. The last thing you'd want is for a better offer to come around after you've already signed off on your new loan.