Learn about the exclusive offerings Chase mortgage has for first-time homebuyers and existing Chase customers.
By Jennifer Sisson
Jenni is a personal finance editor and writer. Her favorite topics are investing, mortgages, real estate, budgeting, and entrepreneurship. She also hosts the Mama's Money Map podcast, which helps stay-at-home moms earn more, spend less, and invest the rest. Jenni started her professional career as an in-house editor for KLAS Research, a healthcare IT company.
Edited by Reina Marszalek
Reina is a senior mortgage editor at Credible and Fox Money.
Updated September 6, 2024, 3:34 PM EDT
Fox Money is a personal finance hub featuring content generated by Credible Operations, Inc. (Credible), which is majority-owned indirectly by Fox Corporation. The Fox Money content is created and reviewed independent of Fox News Media. Credible is solely responsible for this content and the services it provides.
Chase is well known for their credit cards, but they offer several competitive mortgage products too. These come with low down payment requirements as well as a possible first-time homebuyer assistance grant.
Whether you’re applying for a new mortgage or refinancing an existing loan, Chase’s online pre-approval process is quick and easy. Even if you’re just browsing to find out what Chase mortgage rates you might qualify for, it’s easy to navigate the Chase website without having to provide your email address or submit a full application.
Chase offers existing customers the chance to price-match loan offers with other lenders, so they can be sure to get the best deal out there. Chase also has two dedicated first-time homebuyer mortgage loans: the DreaMaker and the Standard Agency. Both allow borrowers to have a down payment as low as 3% and both may be paired with a homebuyer grant of up to $7,500.
Best for referral discounts
4.4
Fox Money rating
on Credible’s website
Min. Credit Score
Offers options with low down payments
Existing customers can get discounts
Doesn't offer USDA loans
Must speak to a home loan adviser to submit a mortgage application
No home equity line of credit available
Chase Bank serves customers nationwide, offering conventional and jumbo loans, as well as FHA and VA loans. The lender also offers help via live chat, email, phone, or in-person at one of its many branches.
Live chat, email, phone
Online review score
1.3/5 Trustpilot score
Min. down payment
ConventionalTo determine the best mortgage companies, Fox Money evaluated lenders based on several different categories: rates and fees, reputation, eligibility, efficiency, customer experience, and discounts and perks. We also looked at the types of loan options offered by each lender for research purposes only, they did not factor into the overall score. We assigned a score out of five stars to each lender based on our findings.
Learn more about how Fox Money rates lenders by checking out Mortgage Lender Rating Methodology.
To get the best interest rate on your mortgage, it’s helpful to improve your financial position however you can. To start, strive to improve your credit score by paying down your debt, especially revolving debt (i.e., credit card debt). Keep card balances below 30 percent of the credit limit and limit new credit inquiries before applying for a mortgage.
You may also be able to lower your interest rate by saving a larger down payment. This will decrease the loan-to-value (LTV), making your loan less risky for Chase. Saving a 20% down payment will also allow you to eliminate private mortgage insurance (PMI) costs from your monthly loan payment.
You might also get a lower interest rate on a larger loan amount. This may seem contrary to what you might think, as large loans may seem riskier. However, there is some economy of scale here, as smaller loans generate lower interest amounts, even if the rate is higher.
The requirements for a Chase mortgage are fairly consistent with most lenders. They require a 620 credit score to get a quote, though if you have a strong financial profile otherwise, you may be able to present your case to an underwriter, particularly if you’re applying for an FHA loan which has looser credit score requirements.
Chase requires a debt-to-income ratio of no more than 50%, though again, underwriters can exercise some discretion for strong applicants.
Additionally, most flagship Chase mortgage programs (DreaMaker, FHA, Standard Agency, and VA loans) require you to purchase a primary residence. (Chase has separate loans for investment properties and second homes.)
Refinancing a loan with Chase follows the same easy process that originating a mortgage does. Start your application online to lower your monthly payment, pay off your home sooner or tap into your home’s equity.
When applying, you’ll provide some of the same basic information you did for your original loan, such as your work history, the name of the property, info about your co-applicant (if you have one), etc. Chase will then ask to do a hard pull on your credit; this is necessary for an accurate quote on your loan.
Once you’re done entering all your info, a Chase home lending advisor will reach out to guide you through the rest of the process. If you choose to do a cash-out refinance, you must leave at least 20% equity in the property once the loan closes.
If you’re looking to get a Chase home loan, it’s important to compare the best mortgage lenders to make sure you’re getting the best rates and terms.
Chase’s mortgage interest rates are slightly higher than average. The rate on a 30-year, fixed-rate mortgage with Chase is currently 6.625%, though that includes one discount point, which is a 0.25% discount. That would translate to an unadjusted rate of 6.875%. The current average interest rate on a 30-year, fixed-rate mortgage nationally is 6.77%. It’s important to note that these are averages, and your mortgage rate will depend on many factors, like your down payment amount, credit score, etc.
Chase currently offers FHA, VA, and conventional (called Standard Agency) loans. They also have a first-time homebuyer program called the DreaMaker loan aimed at low- to moderate-income buyers.
The most recent J.D. Power U.S. Mortgage Origination Satisfaction Study revealed that Chase’s customer service is slightly better than average, scoring 733 (average score was 730). Another J.D. Power study ranked Chase as third highest when it comes to servicing loans (rather than originating them).
Chase’s loan fees tend to be less if you have a lower income and loan amount. For example, DreaMaker loans for first-time homebuyers offer reduced fees and subsidized PMI, which can lower the overall cost of your loan or monthly payment.
Meet the contributor: Jennifer SissonJenni is a personal finance editor and writer. Her favorite topics are investing, mortgages, real estate, budgeting, and entrepreneurship. She also hosts the Mama's Money Map podcast, which helps stay-at-home moms earn more, spend less, and invest the rest. Jenni started her professional career as an in-house editor for KLAS Research, a healthcare IT company.
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Fox Money is a property of Credible Operations, Inc., which is majority-owned indirectly by Fox Corporation. This material may not be published, broadcast, rewritten, or redistributed. All rights reserved. Use of this website (including any and all parts and components) constitutes your acceptance of Fox's Terms of Use and Updated Privacy Policy | Your Privacy Choices.
*Credible Operations, Inc. We arrange but do not make loans. All loans are subject to underwriting and approval. Registered Mortgage Broker - NYS Department of Financial Services. Advertised rates are subject to change and may not be available at closing, unless locked with a lender
