Chase Refinance Mortgage Rates refer to the interest rates offered by Chase bank when you want to refinance your mortgage. Choosing a mortgage with Chase can be advantageous for those looking for a low down payment loan or seeking assistance with closing costs and mortgage points through homebuyer grants or credits.
Additionally, if you are an existing customer or have investments with Chase, you may be eligible for special discounts on your interest rate.
Pros and Cons Chase Refinance Mortgage
| Pros | Cons |
|---|---|
| You can apply for a mortgage online with after-hours access to loan officers. You may be eligible for homebuyer grants or credits that can go towards closing costs, points or your down payment. You may qualify for an interest rate that’s up to 0.25% lower than the standard rate if you are an existing Chase customer with significant balances in your accounts. | You won’t find loan products backed by the U.S. Department of Agriculture (USDA). You won’t be able to take out a home equity line of credit (HELOC). You won’t know what lender fees Chase plans to charge before you apply for a loan and are issued a loan estimate. |
Sub-topics on This Article are as Follow:
- Chase mortgage products
- Chase mortgage rates and fees
- Chase’s application experience
- Chase’s customer service experience
- How does Chase compare to other lenders?
- How we rated Chase Refinance Mortgage
JP Morgan Chase and Co. was established in New York in 1799, making it one of the oldest financial institutions in the United States. Additionally, it is the largest bank in the country and operates in more than 100 global markets. Chase mortgage advisors can be found in branches across 37 states and the District of Columbia.
Chase Mortgage Products
Conventional
- Purchase mortgages with fixed 15- and 30-year loan terms are available with only a 3% down payment.
- Adjustable-rate loans (ARMs) are also an option, and come with 5-, 7- and 10-year initial fixed-rate periods.
- Rate-and-term refinances with Chase can help homeowners save on their monthly mortgage payments or alter their loan term.
- Cash-out refinances are available for homeowners who wish to borrow against their home equity.
FHA
- FHA purchase loans, backed by the Federal Housing Administration (FHA), are available in 15-, 20-, 25- or 30-year terms and require only 3.5% down.
- FHA Streamline refinances allow borrowers with an existing FHA loan to refinance with less paperwork and hassle.
VA
- VA purchase loans, VA loans, supported by the U.S. Department of Veterans Affairs, present an excellent opportunity for military borrowers with a credit score of at least 680 to purchase a home without the need for a down payment or private mortgage insurance (PMI).
- VA Interest rate reduction refinance loans (IRRRLs) are available to military borrowers who wish to refinance an existing VA home loan.
Jumbo
- Jumbo loans: For individuals buying or refinancing high-value homes, Wells Fargo offers loans of up to $3,000,000. These loans provide options such as fixed-rate, adjustable-rate, and interest-only jumbo loans.
Special Programs
- Low-down-payment loans.Chase offers multiple low-down-payment options that require as little as 3% to 3.5% down. Standard Agency mortgages are supported by Fannie Mae and are suitable for individuals with good credit. On the other hand, FHA loans and DreaMaker loans are excellent choices for those who require more flexibility in meeting credit requirements
- The Chase Homebuyer Grant.Chase provides a grant ranging from $2,500 to $5,000 to buyers utilizing DreaMaker, Standard Agency, FHA, or VA loans. By completing a homeowner education course, an additional $500 can be obtained. This grant money can be used to assist with covering points, closing costs, or the down payment.
- Closing Guarantee. Chase promises to close your loan on time — an offer it backs with $5,000 cash paid to you if you don’t reach closing by the date set out in your contract.
- VA purchase closing cost benefit. Chase will also give VA buyers a $2,000 credit towards closing costs when they close on a home loan.
Chase Mortgage Mates and Fees
Finding purchase and refinance rates on Chase’s website is a straightforward process. Simply enter your zip code and click on the “See Rates” button.
However, it’s important to note that the advertised rates and APRs include discount points and are based on specific parameters that differ depending on the loan type and size. Additionally, these rates assume an excellent credit score.
Chase’s Application Experience
Applying for a home loan with Chase Refinance Mortgage can be done through their online platform, in-person at a branch, or over the phone. You can initiate the preapproval process online, but it will need to be completed with a loan officer. If you have selected a home and made an offer, e-closing may be available depending on your state. However, it’s important to note that e-closing typically still requires an in-person meeting, although certain documents can be sign electronically.
Chase’s Customer Service Experience
Chase’s customer service line, it is accessible 24 hours a day. However, if you wish to speak directly with a representative, you will need to call between 8:00 a.m. and 8:00 p.m. EST from Monday to Friday, or between 9:00 a.m. and 6:00 p.m. EST on Saturdays. Alternatively, you can seek assistance by sending a secured message through Chase’s online portal. By doing so, you can expect to receive a response within 24 hours.
How Does Chase Compare to Other Lenders?
| Chase Bank | TD Bank | Wintrust | |
|---|---|---|---|
| Lender rating |  |  | |
| Minimum credit score | Not disclosed | 620 | Not disclosed |
| Minimum down payment | 0% to 3% | 0% to 3.5% | 0% to 3.5% |
| Loan products and programs | ConventionalVAFHAJumbo | ConventionalVAFHAJumboHome equity loansHELOCs | ConventionalVAFHAJumboUSDAHELOCs |
How we Rated Chase Refinance Mortgage
LendingTree uses a five-point scoring system to rate mortgage lenders. The rating takes into account various aspects such as the lender’s digital application process, the range of available loan products, and the accessibility of product and lending information.
The rating is determine by LendingTree’s editorial team, who assess the information available on the lender’s website. If a lender offers only two out of the three standard loan programs (conventional, FHA, and VA), they receive a half-point on the “offers standard mortgage products” criterion. In certain instances, additional information may be provided by a representative from the lender.
Chase Refinance Mortgage Scorecard: 5/5
- It publish rates online
- Offers standard mortgage products
- Includes detailed product info online
- Shares resources about mortgage lending
- Provides an online application
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