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Chase Bank Review

ByBestmoney StaffNov. 15, 2020

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In a Nutshell

Chase is a household name and for good reason. This financial giant has been providing flexibility, convenience, and savings to its customers for more than 150 years, has a presence in more than 100 industries, and services millions of people. Chase has a wide offering of mortgage types, flexible repayment terms, and some of the lowest down payments anywhere. Add to that an easy online application process, and Chase is an obvious choice.

pros

  • $2,500 closing guarantee
  • Chase Mortgage Rate Program & Relationship Pricing Program
  • Chase Relationship Pricing Program

cons

  • Some fees charged are higher than competitors
  • Insufficient pricing information online

Chase Bank at a Glance

Loan Types
Purchase, refinance, jumbo (up to $3M), fixed, adjustable
Featured Loans
VA, FHA
Repayment Terms 10- 15-, 20-, 25-, 30-year fixed, 5-,7-,10-year adjustable
Minimum Down Payment 3%-20%
Minimum Credit Score 620
Best For Current Chase customers

Visit Chase Bank

Overview

Chase is a well-known brand just about anywhere you go. From a solid banking option to easy-to-use credit cards, Chase provides consumers with a strong lineup of financial products to ease their lives and maximize savings. Entering the home mortgage loans field, Chase has added yet another notch on its belt to help homeowners obtain better rates, faster quotes, and easier closings on mortgages across the country. While anyone can get a mortgage with Chase, current customers will have an even easier time of it, and in a minute you’ll see why.

Best For?

Chase is a household name and for good reason. This financial giant has been providing flexibility, convenience, and savings to its customers for more than 150 years, has a presence in more than 100 industries, and services millions of people. Chase has a wide offering of mortgage types, flexible repayment terms, and some of the lowest down payments anywhere. Add to that an easy online application process, and Chase is an obvious choice.

Types of Loans

Chase offers a wide range of loan types to consumers spanning everything from fixed- and adjustable-rate mortgages to home equity lines of credit. Chase also has several low down payment loan options to choose from, like FHA or VA mortgages. Chase also has something called a DreaMaker mortgage. This is also a 3% down payment loan and comes with another $500 discount when you finish a basic homebuyer education course.

  • Credit required: 620
  • Down payments: Ranges from 3%
  • Loan terms: 10-, 15-, 20-, 25-, 30-year fixed, 5-,7-,10-year adjustable
  • Eligibility: Varies based on loan type, 18 years or older, US citizenship, employment status

The Application Process

Chase has a 2-step application process, like most mortgage providers. You can begin the process either online, over the phone, or in person at one of the local Chase branches. The nice thing about Chase is that you can get the bulk of the work out of the way online. It offers fast and easy electronic submissions of all your application documentation.

This helps you cut down on the long wait at an office. You can also track your documents and application process online. Apply online, and then a Chase representative will get in touch with you to ask you a few questions and finalize the application submission.

But the best part of working with Chase is its $2,500 closing guarantee. Chase promises an on-time closing in as soon as 3 weeks, or you’ll get $2,500.

Pros

$2,500 closing guarantee

As we explained earlier, Chase promises an on-time closing in as soon as 3 weeks, or you’ll get $2,500.

Chase Mortgage Rate Program & Relationship Pricing Program

The Chase Mortgage Rate Program offers Chase Private Clients rate discounts of 0.125% for total deposits and investments in personal accounts of $250,000 – $999,999 or 0.25% for $1 million for purchase and refinance transactions. 

Chase Relationship Pricing Program

Chase customers who move new deposit and/or investment assets of at least $250,000 to Chase may be eligible for a rate discount off Chase’s standard rates on a purchase or refinance mortgage. Rate discount is limited to one mortgage loan per customer. 

Low down payment options

Finally, Chase offers some enticingly low down payment options. As mentioned above, borrowers can enjoy down payments as low as 3% with Chase’s DreaMaker loan. There are also FHA loans that qualify for 3.5% down, and even VA loans that can land you a comfortable 0% down payment rate. 

Cons

Some fees charged are higher than competitors

While it’s a great option for most people, Chase does have a few fees that can add to the overall costs of your loan. Fees that you may have to pay include origination, application, underwriting, and rate lock fees.

Insufficient pricing information online

While you can get a good estimate of prices and rates, you won’t get a full picture of your mortgage loan rates, discounts, monthly payments, APRs, etc. online. You'll have to speak to someone directly to get all these details. This is an industry standard, however, so you can't really fault Chase for this policy.

Rates and Fees—The Bare Basics

As mentioned previously, Chase charges several fees that you should be aware of before you sign. You will be charged an application fee, but you might also be charged an origination, rate lock, and underwriting fee as well.

The good news is that you can easily get rate information and estimates on the Chase website by inputting information about the type of property being purchased, how much down payment you want to put down, what your credit score is, etc.

Repayment Terms

Chase offers several repayment options. This is great because it means borrowers can find the terms that work best for their finances and projections. Chase has fixed-rate mortgages with 10-, 15-, 20-, 25-, and 30-year terms. You can also get adjustable rate mortgages for 5-, 7-, or 10-year terms.

Help & Support

Chase has world-class customer support available from 7am – 9pm ET on weekdays, and 8am – 5pm ET on Saturdays. You can reach out via any of the several toll-free numbers. Chase also has several online resources you can take advantage of including in-depth guides, articles, and online calculators.

Summary

Chase is a reputable financial institution that you know you can trust to be straightforward, reliable, and honest. Its rates are very competitive, and Chase account holders can enjoy deep discounts and benefits as well. With an online application form to kick off the bulk of the process, Chase makes the whole mortgage loan search much simpler than ever before.

Chase Mortgage FAQs

Q: Does Chase pre-qualify people for mortgage loans?

A: Yes, applicants can get pre-qualified directly on the Chase website.

Q: Should I take out a fixed- or adjustable-rate loan?

A: That depends on your big picture plan and finances. If you want to put up your feet and stay in your home for many years, a fixed-rate mortgage will offer you consistency and reliability in rates. ARMs, on the other hand, can give you lower rates from time to time.

Q: How much will I need to pay for a down payment?

A: This varies greatly from customer to customer. The down payment amount will depend on your finances, your credit report, the type of loan you take out, how much you can afford to put down, how much your mortgage is overall, and more. Speak to a representative or use the online calculator tool to estimate how much your down payment will be.

Q: Can I get a mortgage for more than one home?

A: Yes, Chase offers both first time and multiple-home mortgages. Fill out the application form, and a representative will help you figure out your best options.

Physical Address

Chase Headquarters

270 Park Ave. New York, NY 10017

Visit Chase Bank


Chase Bank customer testimonials

PoorReviews 67
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Excellent
6%
Great
3%
Average
3%
Poor
6%
Bad
82%
  • author
    Nutrition labs
    Jan 28, 2021
    Have my business accounts and…

    Have my business accounts and investment accounts with them. Never had an issue, but would be good if the tellers were a bit more polite!

    ...

  • author
    Stacy Costlow
    Jan 27, 2021
    Bad information

    They froze my account because I lost my debit card and didn't order another one. I called and talked to customer service, verified my information and still had to order a new debit card and go into a branch before they would unfreeze my account. I was directed, twice, to branches that are no longer in business.

    ...

  • author
    Logan Stanford
    Jan 23, 2021
    Yes Chase stole $975 from me every…

    Yes Chase stole $975 from me every penny I had calls me to get evicted haven't been able to feed my family all over Sam Chase Ze lle transactions that some people make claims on me against I went in to Chase and I have proof of absolutely every single transaction prove that can't be disputed they told me they didn't need it they were going to do their own investigation I said wouldn't it be easier to investigate if you had absolutely all the proof you could possibly need I was treated like I was stupid I have been ran in circles I get lied to every single time I talk to them I get different answers so that means someone is lying yesterday I spent four hours on the phone and every time I get to where I'm supposed to be I get hung up on or disconnected I did absolutely nothing wrong it kept impeccable records has absolutely everything I done through Chase but I guess that kind of proof is it needed in an investigation so I am still fighting to try to get my money back I will be reporting them do every possible agency I can I don't know how much it will help I lost everything over this and they don't even care

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  • author
    Elise
    Jan 21, 2021
    Disappointed

    I've been with you for almost 16 years but you never dare to settle my claim. I got a $121.33 unauthorized transaction in my account, tried to call you and waited for hours just to speak a live person and hoping that someone can help me rectify my issue. $121.33 is no joke! I'm a single mom and every penny really counts for me. Unfortunately, you guys are running into circles. You've told me you'll be investigating it but ended up with nothing. You're such a disappointment. I guess, it's about time to trust another bank.

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  • author
    JayMz
    Jan 21, 2021
    Biggest problem is a tax on the POOR…

    Biggest problem is a tax on the POOR people. If I have less than 1000 dollars in my account, they hit me with a poor person tax EVERY MONTH. If I don't have money why are you taking what little I have away from me?! They offer no interest on the money I keep with them. So if my money sits there it loses value by inflation, why would I want to keep any money in their bank? Great web features and pay tracking even some budgeting tools. Mobile app is like a dumbed down version but is still okay. Teller inside building is polite and genuinely helpful. The associates at the desks will try to sell you anything they can even if it is misleading. Don't bank here. Try anyone else first.

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