JP Morgan Chase, the parent company of Chase Bank, is one of the oldest financial institutions in the world and the largest bank in the United States. With just over 6%, Chase ranked 2nd in the United States in 2016 in terms of total mortgage volume. As such Chase mortgage rates tend to be highly competitive with the rest of the industry and the company provides a number of mortgage and mortgage refinance products as highlighted below.
Chase Mortgage Rates – Types of Mortgages
Chase offers a variety of mortgage and mortgage refinance programs to suit your specific home financing/refinancing needs.
Fixed-Rate Mortgage: The most popular of all mortgage products, Chase offers traditional fixed rate mortgages with interest rates set throughout the duration of the mortgage loan. Terms available for Chase’s fixed-rate mortgages include 10-year, 15-year, 20-year, 25-year, and 30-year terms. The traditional fixed rate mortgage is reserved for principal amounts below $417,000.
Click here to see today’s best fixed-rates.
Jumbo Mortgage: For mortgages over the $417,000 principal threshold and all the way up to $3 million, Chase offers Jumbo Mortgages. These mortgages can be structured as fixed-rate or adjustable-rate mortgage loans with terms of 15-year, 20-year, and 30-year available for the fixed-rate variety and a 5/1, 7/1 and 10/1 with a 30-year term for the adjustable-rate kind.
Adjustable-Rate Mortgage (ARM): The main appeal of adjustable-rate mortgages lies in the lower mortgage payments paid in the early part of the term. The ARM interest rate is fixed for either 5, 7, or 10 years (depending on the product selected) and then becomes variable for the remaining portion of the mortgage term. The ARM rate adjusts every year thereafter.
Click here to see today’s best adjustable-rates.
Chase DreaMaker Mortgage: In mid-2016 Chase launched its DreaMaker mortgage program which is designed to help low-to-moderate income first time homebuyers purchase homes. Under the DreaMaker program home buyers are only required to put 5% down with no upfront private mortgage insurance (PMI) and potentially lower monthly PMI fees when compared to other mortgage programs. DreaMaker mortgages are fixed-rate mortgages with terms up to 30-years.
FHA Mortgage: Chase offers FHA mortgages that are inherently insured by the government. Down payments under Chase’s FHA Mortgage program can be as low as 3.5% and proceeds can be used to purchase or refinance 1 to 4 unit properties. Chase mortgage rates under the FHA Mortgage program are fixed with terms up to 30-years.
Home Affordable Refinance Program (HARP): Chase participates in the HARP program, which was created by the federal government and designed to help eligible homeowners refinance their homes to a lower mortgage rate even if the home is under water. The HARP program is set to expire in September of 2017.
Veteran Affairs (VA) Mortgage Program: VA loans under this program have little to no down payment requirements, no monthly mortgage insurance, and provide up to 100% financing. Chase mortgage rates under the VA program are fixed with terms up to 30-years.
In addition to the various mortgage programs highlighted above Chase also offer a few home equity line of credit (HELOC) products.
Chase Home Equity Line of Credit (HELOC): Under Chase’s HELOC, homeowners can tap into a variable line of credit for an instant infusion of cash. The primary home residence is used as collateral for the debt. According to Chase’s website “Your line of credit term includes a draw period, up to 10 years, followed by a repayment period, up to 20 years. During the draw period, you can borrow as much or as little as you need, whenever you need it.”
Editor’s Note: Click here to find out how Chase’s mortgage rates currently stack up against the competition.
Chase Mortgage Rates – Chase Mortgage Review & Complaints
A quick search for Chase Mortgage over at ConsumerAffairs.com does not paint a pretty picture for Chase but in all fairness when compared to other mortgage providers Chase ranks just fine. Some of the most common complaints when it comes to Chase mortgage rates include: competitors tend to offer lower interest rates, mortgage payments have been lost, Chase customer service is poor, and interest rates on some of Chase’s adjustable-rate mortgage products tend to increase quickly.
The only complaint that really stands out is the lost payment complaint. I personally have experienced this one during the midst of the US financial crisis in 2008-2012 time frame. It was eventually resolved but I’m hoping this was primarily due to the craziness that surrounded this time frame and all outstanding issues have been resolved.
In regards to competitor’s offering lower rates, rates fluctuate every day so I’m sure there have been times when chase mortgage rates were higher than most and times when they were lower. As a common practice we suggest homeowners and potential homeowners shop around for the best rates and as such recommend checking out this 60-second rate wizard to find the best mortgage rates available for you today!
Chase Mortgage Rates – News
Chase recently announced its intention to launch a new digital mortgage platform. In collaboration with Roostify, a leading mortgage technology provider, Chase’s new digital platform will allow customers to track the progress of their loan application through closing entirely online or from any mobile device. Plans are for the digital mortgage program to launch in mid-2017. Mike Weinbach, CEO of Chase Mortgage, said “the new digital offering is a big moment for our business and more importantly for our customers. We’re incredibly proud of the work that’s been done to date and look forward to updating you on our progress throughout the year.”
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