The Yahoo view: Whether you're an existing customer or not, Chase is definitely worth considering as a potential home loan lender. Chase has a long list of loan options and boosts first-time home buyers with generous benefits.

You may already have a banking relationship with Chase and wonder if it's a good place to get a mortgage.

With ample loan options, including home buyer grants and mortgages for first-time buyers or big-house hunters, Chase is a leading lender with a lot to offer. However, Chase does not currently offer home equity loans or lines of credit.

Stars: 4.00

Read more: Everything to know as a first-time home buyer

Key benefits

• Chase Homebuyer Grants allow up to $7,500 on low-down-payment loan programs that can be applied to the down payment or fees, with certain restrictions.

• On its "Find a loan to fit your needs" page, Chase clearly presents three low-down-payment mortgage options and the general qualifications.

• Offers a $5,000 closing guarantee as quickly as in three weeks, under particular guidelines.

• VA loans may be eligible for a $2,000 credit that can be applied to closing costs.

Need to know

• Published conventional loan interest rates are sweetened with 20% down payments, one discount point, and borrowers with "excellent" credit.

• The Chase website features an "educational" construction loan article but notes that it doesn't offer construction loans.

• Doesn't currently offer home equity loans or HELOCs, only cash-out refinances.

• An above-average rating for customer satisfaction, according to the latest J.D. Power Mortgage Origination Satisfaction Study.

• JPMorgan Chase hasn't had any mortgage-related regulatory actions since 2017.

Apply for a Chase mortgage on the bank's home loan page.

Up Next

• Mortgage calculator

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• Is now a good time to refinance your mortgage?

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• Best mortgage lenders for bad credit of November 2024

Chase mortgage home loan product offerings

Chase mortgage offers the following types of home loans:

• Conventional loans

• FHA loans

• VA loans

• Purchase mortgages

• Refinance loans

• Cash-out refinance loans

• Fixed-rate loans

• Adjustable-rate loans

• Interest-only mortgages

• Jumbo loans

• Second home loans

• Investment property loans

Chase mortgage does not offer the following types of home loans:

• USDA loans

• Lot loans

• Construction loans

• Guest house mortgages

• Nonqualified mortgages

• Energy efficient loans

• Renovation loans

• 1% down loans

• Buydown loans

• Bridge loans

• Manufactured home loans

• Piggyback loans

• ITIN mortgages

• Medical professional loans

• HELOCs

• Home equity loans

Learn more: How investment property loans work

Chase mortgage for first-time home buyers

Chase has plenty of loan options for the first-time buyer. It offers grants of up to $7,500 on low-down-payment loan programs. FHA and VA loans are in play for qualified buyers, as well as conventional loans with 3% down payments.

An Education Center and "Homebuying 101" for first-timers are helpful in breaking down the jargon and explaining the step-by-step process of buying a home.

Read more: Best mortgage lenders for first-time home buyers

Chase mortgage for home equity lending

For now, Chase is not providing home equity loans or lines of credit. The bank offers cash-out refinancing as an equity-tapping alternative.

That's not a great solution if you already have a mortgage with a lower interest rate than what is currently available. You would have to get a new loan to take cash from your home's value.

Read more: Home equity loan vs. HELOC: —What’s the difference?

Chase home mortgage loan rates 2024

Finding the current Chase mortgage rates on a mobile phone took a moment, but once there, the process was easy enough.

Without providing detailed information, published rates are always an "in the ballpark" estimate. Some lenders make you jump through a lot of hoops to give you what may be a slightly more accurate — but still a "don’t hold us to it" interest rate. Chase only wants to know your ZIP code. With that, you're shown 30- and 15-year fixed rates, FHA fixed, jumbo, and three adjustable rates of various terms.

On the day of our inquiry, the conventional fixed rates were based on a 20% down payment, with one discount point and excellent credit.

With a little more information, such as the property price and your down payment, you can get more rates on additional loan options.

Dig deeper: How to get the lowest mortgage rates

How Chase mortgage scores on mortgage rates and loan costs

Yahoo Finance uses 2023 Home Mortgage Disclosure Act data comprised of 10 million home loan applications to score mortgage lenders on issued mortgage rates and total loan costs. We score each lender on a scale of 1 (lowest) to 5 (highest).

For example, with mortgage rates, a lender with a lower score charged a higher-than-median mortgage interest rate for loans issued in 2023. A higher score would indicate a lender granted lower-than-median home loan interest rates to borrowers in 2023.

With total home loan costs, a lower score would indicate that a lender charged higher-than-median total home loan costs in 2023. A high rating would mean that a mortgage lender offered lower-than-median all-in home loan costs in 2023.

Chase mortgage home loan rates score: 4 out of 5 stars

Chase mortgage total loan costs score: 4 out of 5 stars

What this means: Chase mortgage offered a lower-than-median mortgage rate of 6.5% and a lower-than-median total loan cost of $5,191.96 to borrowers in 2023.

Chase mortgage application

Chase has mortgage lending advisers in all but a dozen states, so an in-person visit is a possible option.

Chase mortgage preapproval

If you want to jump online into a loan application or a preapproval, you'll tap on a "get preapproved" or similar action button on a page, which will take you to a "take your first step with us" page that begins the information-gathering process.

It's the same process all lenders use to consider loans, but it serves as a reminder that once you click that button, there will be several steps to complete.

You'll want to have all of your personal information at hand — and have a glass of patience nearby. You're not buying something on Amazon with a one-click checkout. This is a mortgage. It's a big deal.

Learn more: Does applying for mortgage preapproval hurt your credit score?

Chase mortgage calculators and home-buying tools

The Chase website is dense with information. We found 11 mortgage-related calculators — plus videos, checklists, guides, a mortgage dictionary, FAQs, and more.

We tried out the monthly mortgage payment calculator, which asked for a credit score range, the ZIP code where the property was located, the purchase price, and the down payment. It handily returned four loan options: 30-year fixed conventional, FHA and VA loans, and a 15-year fixed. Not a bad place to start.

Clicking on the details for a loan showed the estimated monthly payment with a breakdown of principal and interest, property taxes, mortgage insurance, and private mortgage insurance (PMI). So far, so good. But the interest rate and APR were detailed along with the origination costs — which included discount points that cannot be adjusted and a fairly stiff "processing fee."

At least you'll know what you want to consider and/or negotiate: points and fees.

Read more: How much house can you afford? Use our home affordability calculator.

Chase mortgage pros and cons

Pros

• Chase mortgage earns our highest rating in the Online Features category for its outstanding library of educational resources.

• It also scores well for offering lower-than-median interest rates and total loan costs.

• The Chase menu of loan offerings is outstanding — as far as super-common home loans go, it’s only lacking home equity loans and lines of credit.

Cons

• One shortfall stands out: Chase's sample mortgage rates include stiff eligibility standards, including "excellent credit," one discount point, and a hefty processing fee.

How Chase compares to other mortgage lenders

Chase mortgage vs. Bank of America Mortgage

In the battle of the big bank home loans, Chase and Bank of America are well-matched. Both have special programs to assist first-time homebuyers, including grants and low-down -payment loans.

However, BofA also offers a home-buyer program for medical professionals. Chase doesn't. And Bank of America has a home equity line of credit. Chase has no home equity second mortgages.

On the other hand, Chase outshines BofA with extensive online resources. Bank of America has a skimpy library of mortgage education and tools.

Bank of America Mortgage review

Chase mortgage vs. Pennymac

When you shop for a home loan, it's a good idea to compare different kinds of lenders. Pennymac isn't a bank, but it is a major mortgage provider. While Pennymac offered a lower median interest rate to borrowers than Chase, it also had higher overall loan costs, according to our analysis of HMDA data.

However, Pennymac offers no-down-payment USDA loans, while Chase doesn't. That can be an important distinction for rural and suburban homebuyers.

Pennymac mortgage review

Chase mortgage FAQs

How do I talk to a real person at Chase mortgage?

Chase home lending customer service is available by phone at 1-800-848-9136. However, sometimes, face-to-face can be the best customer service experience. For that, you can visit a Chase Bank branch.

Is it hard to get a mortgage at Chase Bank?

Qualifying for a loan is never simple, but getting a mortgage from Chase might be easier than at some other lenders, especially if you live within the bank's service footprint. Banks are expected to serve their local communities, often offering home loan services that nonbanks can't. That can include grants, low down payments, and relaxed credit and income limits.

What is today's mortgage interest rate at Chase Bank?

Chase publishes sample mortgage rates daily on its website. However, remember that those rates are based on specific parameters, and yours might differ significantly from an advertised interest rate. The Chase mortgage payment calculator mentioned above may give you the best idea of your earned interest rate.

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Methodology:

Yahoo Finance reviews and scores mortgage lenders with quintile scoring in five primary categories: 1) Interest rates. Using 2023 Home Mortgage Disclosure Act data comprised of 10 million home loan applications, we score mortgage lenders on issued mortgage rates below or above the annual median of reporting lenders. 2) Affordability. A measure of loan product availability and the willingness of a lender to offer government-backed loans, low down payments, down payment assistance, and consideration of nontraditional credit. 3) Loan costs. HMDA data is again analyzed, and lenders are rated based on total loan costs compared to the annual median. 4) Rate transparency. The ability of a website user to obtain a mortgage interest rate estimate. We score lenders based on whether rates are enhanced with discount points or high credit score requirements, disclaimers revealing rate assumptions, sample advertised rates, and whether adjustable or no discount point rate estimates are available. 5) Online features. An analysis of the educational material, calculators, and additional resources available to users.

Review of Nationwide Multistate Licensing System (NMLS) data on regulatory actions can trigger a penalty to the score of any lender with a consumer mortgage-related administrative or enforcement action within the past five years.

Advertisers or sponsorships do not influence ratings.

Editorial disclosure for mortgages:

The information in this article has not been reviewed or approved by any advertiser. The details on financial products, including interest rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the lender's website for the most current information. This site doesn't include all currently available offers.

This article was edited by Laura Grace Tarpley.