Chase is one of the top mortgage lenders in the U.S. Each year, Chase originates many home loans, ranking its mortgage business among the likes of Wells Fargo, Quicken Loans and Bank of America. Chase offers all major mortgage types, including fixed-rate, variable-rate, jumbo, FHA, VA and a low-income and low-down-payment option called the DreaMaker® Mortgage.
In addition to mortgages, Chase, headquartered in New York, offers retail banking, credit cards, auto loans, investment and corporate banking, investment services and commercial banking. Chase is publicly traded under the stock symbol JPM on the New York Stock Exchange.
Does Chase Operate in My Area?
Chase originates loans in all 50 states and has loan lending experts in Washington, D.C. and the following 29 states: Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Texas, Utah, Virginia, Washington, West Virginia and Wisconsin.
What Kind of Mortgage Can I Get With Chase?
You have a number of mortgage loan options at Chase:DreaMaker® Mortgage: Homebuyers with limited income are the target demographic for this mortgage option. It’s a 30-year fixed-rate loan that requires as little as 3% down payment, which can come from a gift or grant. As long as you’ll be the occupant, you can finance a one- to four-unit residence. The limit is $510,400 for a single unit, and higher for a duplex or more. The DreaMaker® Mortgage has reduced mortgage insurance requirements, flexible closing costs funding options and lower monthly payments.
Fixed-rate loan: This interest rate will stay the same for the entire life of this loan. Spreading out your monthly payments over a long period of time can result in lower payments. Chase offers fixed-rate mortgages with 10-year, 15-year, 20-year, 25-year and 30-year terms.
Adjustable-rate mortgage (ARM): With this mortgage, you can expect to have a lower interest rate as compared to a fixed-rate mortgage for the first five, seven or 10 years. Once that period ends, however, the interest rate can change once a year and it will usually but not always increase. If you plan to only stay in your new home for a few years, this may be an option that you want to look into.
FHA loan: This is Federal Housing Administration-backed home loan with down payments as low as 3.5%. Unlike many other loans, you can use funds that were gifted to you as a down payment. It’s available in fixed terms of 15-year, 20-year, 25-year or 30-year options at Chase.
VA loan: This may be a great choice if you are a current or former member of the U.S. Armed Forces or National Guard (or the spouse of one). These loans are backed by the Department of Veterans Affairs and some of the benefits include lower down payment requirements, no monthly mortgage insurance required and 100% financing. VA loans are available in fixed-rate mortgages of 10, 15, 20, 25 and 30 years.
Jumbo loan: A jumbo loan is one that exceeds the conforming loan limit in a particular county. At Chase, it’s available in a fixed-rate or adjustable-rate loan for amounts up to $3 million. If you decide on a jumbo loan, be aware that it is usually accompanied by a higher interest rate to make up for the added risk on the part of the lender. In general, any loan over the conventional limits of $548,250 or $822,375 (depending on the county) is considered a jumbo loan.
Refinance: You can opt to refinance a mortgage through Chase. Your refinance options are the same as most of the loan options, including fixed-rate, adjustable-rate, FHA and VA loans.
