Most likely, you've heard of Chase Mortgage. It has been one of the most popular mortgage companies in the country for years, with satisfied clients throughout the United States.
Chase's mortgage not only resisted the difficulties of the 2008 mortgage crisis, but also received praise and a solid portfolio of successful practices.
The company offers a wide variety of versatile mortgage products, from conventional fixed-rate mortgages to home equity lines of credit.
In addition, Chase has simplified its application process so you can easily manage your subscription documents online.
Is Chase good for mortgages?
If someone is denied a mortgage, for example, it could connote the company with a "bad" business. However, when it comes to banks, denying a loan indicates a healthy level of protection for the best interests of customers and shareholders. That is a "good" business.
And Chase is good for mortgages, in fact. It offers a wide variety of mortgage products to meet the needs of almost anyone. It has also existed for longer than many other mortgage companies, and has succeeded in getting rid of the 2008 crisis with little noise.
Chase Mortgage also benefits from its willingness to adopt technology in the mortgage industry, while maintaining a personal connection with its customers.
When you request a mortgage, you can send all your relevant documents electronically through the Chase portal, delivering them directly to your insurer and loan processor without delay. This technology dramatically shortens loan response times.
Chase mortgage options
If you have any idea of the type of mortgage you are looking for, Chase Mortgage will probably provide it.
The company has dozens of available loan packages, from conventional fixed rates to FHA and VA loans, which reduce the amount you need for down payment.
Here is a breakdown of the mortgage products that Chase currently offers:
Conventional Fixed Rate
Chase's mortgage offers fixed rate loans at 10, 15, 20, 25 and 30 years.
These are your standard mortgages, with a fixed interest rate and reasonable loan guidelines, which include income verification, credit approval and equitable down payments.
Adjustable interest rate (ARM) mortgages are currently a good option if you are looking for a short-term mortgage with the potential to refinance in the future.
ARM loans have seen their share of bad press since the mortgage crisis, but there are reasons why companies like Chase still offer them. Check with your mortgage banker for options and details.
Giant loans are generally larger mortgages than you will normally find as fixed rate loans and generally have more stringent approval requirements.
Chase offers Jumbo mortgages of up to $ 3 million, so you can get serious purchasing power if you qualify.
Home equity line of credit (HELOC)
Home equity loans are a fantastic way to finance extensive repairs or renovations in your home. These loans allow you to withdraw cash, as you would with a personal bank account, for expenses associated with major construction projects.
For a fee, the Chase mortgage offers you the possibility to set your interest rate during the withdrawal period, so you can complete your renewal project before worrying about any change in the rate.
Reduced down payment options
The Chase mortgage offers conventional loans with low down payments, including FHA (Federal Housing Administration) and VA (Veterans Administration) loans.
In fact, for these loans, your down payment will only have to represent 3 percent of your total mortgage.
Chase also offers two additional loan programs of its own:
- Standard agency It is a mortgage program for borrowers with a credit rating of 640 or higher. Like FHA and VA loans, it also allows a down payment of 3 percent, but requires the borrower to have flood insurance, regardless of whether the property is in a flood zone or would normally require it.
- Chase DreaMaker The program also allows a down payment of 3 percent, but it is for borrowers who do not meet credit requirements and seek to obtain loans in low to medium income areas or refinance a home occupied by the owner. The qualification requires borrowers to complete an education course for homebuyers.
Chase Mortgage Ratings
Chase maintains qualification requirements that are relatively standard among mortgage companies. Borrowers must submit an application that Chase uses to prequalify people for a mortgage product. This prequalification is the basis of all the documentation required to sign and close your loan.
As with any mortgage application, expect to provide income verification, current pay stubs, income tax returns and information required for credit approval. Your Chase mortgage banker will let you know what documentation you need to close.
Chase provides a convenient online portal to send documents directly to your loan processors and subscribers. This simplified process will save you time and file space.
Start with Chase Mortgage Now using your convenient online portal!
How long does it take to close a mortgage?
Chase Mortgage promises to make the entire mortgage process as fast and painless as possible for you. In many other mortgage application systems, it can take weeks to process the necessary documentation for a loan, and even more so that subscribers review it, depending on their workload.
Chase offers to change all paperwork and make a final decision quickly, which makes it easy to operate an online documentation portal through which you send verification digitally.
Insurers can review and approve documents directly through the integrated platform. This unified approach allows Chase to promise you $ 1,000 in cash if your new mortgage is not processed and closed within 21 days after the first application is filed.
Pros and cons of Chase Mortgage
- The electronic application and the sending and tracking of documents speed up the subscription process for faster closing.
- Discounts for Chase Bank customers: If you are already a Chase customer, you may be eligible for discounted rates and offers.
- Variety of products: Chase offers a wide range of mortgage products, including conventional fixed-rate loans, ARM, Jumbo and HELOC loans.
- All Chase mortgage products require contact with a mortgage banker. This works as an advantage, as it provides a point of contact during the subscription process.
- Chase Mortgage charges subscription, origination and rate blocking fees, which other lenders often give up on closing or as an incentive for your business.