Chase Bank Review

ByTop10.com 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 57
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Excellent
5%
Great
2%
Average
2%
Poor
2%
Bad
89%
  • author
    Johan Rivera
    Nov 20, 2020
    Favorite bank I've ever had if that's even a thing

    I'm seeing all these horror stories about Chase, and I'm here wondering if I should just pick up and bolt before it's my turn on the pedestal. But honestly, I've been with chase since 2006 and I've had nothing but great experiences with them. Whenever I've had fraudulent purchases they've refunded me every single time, they were my first rewards card and they treat me well. Crazy all our experiences could be so different with the same entity.

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  • author
    Cindy Haston
    Nov 13, 2020
    WORST CUSTOMER SERVICE EVER

    WORST CUSTOMER SERVICE EVER. My brother and I opened a joint account to receive two settlements from my mother's estate. The only reason we chose Chase was because we had been dealing with them for the other aspects of her estate as this was her home bank. We received the last settlement check for $4k. After it was deposited, chase closed our account and confiscated the funds WITH NO NOTICE. It has taken us over two months to get to the point that they are even talking about getting us our money back. Every time I have called I have to repeat the whole story from scratch and then I still have to be put on hold while they "review the account notes". We even went to a local branch to see if talking to them in person would help. It did not - the local branch apparently did not forward the requested paperwork. Such a scam. They treated us as if we had done something wrong when THEY were the ones illegally confiscating our money and putting us through the wringer to get it back. I have never had such a horrible customer service experience in my life.

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  • author
    Patricio Destvet
    Sep 21, 2020
    Chase advertises 21 days to closing It…

    Chase advertises 21 days to closing It did not happen at all August 8 submitted all my documents, via email to the loan officer Ivy, uploaded and reloaded to the home loan page All tasks were complete within 24/48 hours Income, met Credit Score exceeded 750 The underwriter requested $90,000 proof of assets over the amount provided by Chase My loan officer told me that it was a mistake, however, this amount was never corrected Chase sent three emails to an All-State insurance broker that I have never provided and did not authorize to contact I reported this after the first email and the broker received additional two emails after The appraisal came out with plenty of mistakes including taking a lot size rather than property measures, using properties in different neighborhoods, lower quality (frame) smaller Chase requested to review the appraisal and came out with the same mistakes Chase requested to the same appraiser to perform a new appraisal (Chase only have one appraiser) The new appraisal came out matching the contracted price The loan manager Garett started to deal with me despite the endless problems at Chase end I had to request an extension to the seller Chase was unable to provide with a mortgage commitment letter after 45 days and having all the documents needed I feel that Chase has no idea about the mortgage and I dealt with a highly incompetent team at this Bank On the opposite another bank has processed the same application in only 21 days (Chase 45 days)

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  • author
    Marie
    Sep 19, 2020
    My family has banked with Chase for…

    My family has banked with Chase for around 25 years. We moved from Houston, TX to Horseshoe Bay, TX in 2019. Our nearest Chase branch is about 45 miles away in Lakeway, TX. In addition to refusing to add me as the POA for a savings account twice, when I drove there in person, and used to have access online to it for the past 7 years, Chase Bank is putting a 3 month hold on a deposit, that I believe is from the Social Security Administration. The section to see information about it gives and error message: It looks like this part of our site isn't working right now. Please try again later. Thanks for your patience. My father is in ill health. He is waiting to receive his direct deposit from the Social Security Administration for September, 2020. He received his prior deposits with no problem. Social Security in Austin confirmed that he is in active status and there should not be a hold on his social security retirement payment. We are disappointed by the lack of customer service at this Lakeway branch. We are being treated like criminals. We are asking how can we receive his retirement payment for September sooner than in 3 months?

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  • author
    Alison Hojlo
    Sep 03, 2020
    Chase bank continues to be the world's…

    Chase bank continues to be the world's largest funder in the fossil fuel industry despite the climate crisis rapidly worsening, and it must stop now.

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