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Chase Bank Mortgage Review


ConsumersAdvocate.org Rating: 4.3 / 5 (Excellent)
13 Customer Comments & Reviews - see all comments
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JPMorgan Chase Bank NA, commonly known as Chase, is a global financial services company that operates worldwide. The company offers a wide range of first mortgage and mortgage refinancing solutions and is one of the top fifteen largest mortgage lenders in the US. Chase is headquartered in New York, New York.

How is JPMorgan Chase Bank NA rated?

Breakdown

4.5/5
Lender Types
4.5/5
Available Mortgage Types
4.5/5
Customer Experience
4.5/5
Reputation & Transparency

Overall Rating: 4.3 / 5 (Excellent)

Chase is one of the largest financial institutions in the world and provides a wide array of mortgage options for home purchase. Customers can choose from fixed, adjustable, FHA, VA, jumbo loans and more. The company makes it easy to get prequalified online, and also has additional programs with flexible requirements. Chase's website has affordability and mortgage calculators so customers can get an accurate idea of the likelihood of approval before they start the process.

The company is well-regarded among consumers, the Better Business Bureau, and the regulatory bodies that track financial institutions' and mortgage lenders' business practices

JPMorgan Chase Bank NA Loan Specifics

Available Mortgage Types - 4.5 / 5

Chase offers a wide variety of fixed and adjustable rate mortgage loans. The company recommends fixed rate loans for those customers planning to remain in the house for more than seven years, as they provide predictable monthly payments that aren't subject to the ups and downs of the market. Adjustable rate mortgages (ARM) are ideal for those who intend to stay in their homes for the short term. Chase allows prospective customers to prequalify online and find out how much they can afford. In addition to traditional mortgages, Chase also offers jumbo mortgages. Home prices have steadily increasing in many areas of the country, and have accelerated more rapidly in certain locations. So many home buyers will need loans that exceed the size limit of conventional mortgages. Chase offers loans up to $3,000,000 to qualified buyers in order to meet that need. Chase also offers FHA and VA loans.

Types of Mortgage Loans Offered

  • Fixed Rate 15 Year
  • Fixed Rate 20 Year
  • Fixed Rate 30 Year
  • 5/1 ARM
  • 7/1 ARM
  • Jumbo Fixed Rate
  • Jumbo Adjustable Rate
  • VA Fixed Rate
  • VA Adjustable Rate
  • FHA Fixed Rate
  • FHA Adjustable Rate

JPMorgan Chase Bank NA Customer Experience

Customer Experience - 4.5 / 5

Chase has online calculators that consider their financial information and allow customers to figure out how much they can afford. Their online application takes only a minute, and some customers can find out if they prequalify quickly. However, they will need to submit their social security number to get through the entire process. Before the loan is approved customers will also need to provide pay stubs for two months, W-2 forms, bank statements, tax returns, and current financial information.

Online Features

Online Application
Yes
Online Quote
Yes
Additional Tools and Resources
Mortgage Calculator
Affordability Calculator
Loan-to-debt Ratio Calculator
Help Articles
SSN Required for Quote
Yes

JPMorgan Chase Bank NA Qualification Requirements

Qualification Requirements - 4 / 5

Chase will pull a customer's credit report in order to make a decision on whether or not the qualify. Additionally, the company's DreaMaker program offers a low down payment and flexible credit requirements. Chase also offers VA and FHA, which are good options for those with less-than-perfect financial histories. Chase also offers jumbo loans, which may be an important consideration if you live in an urban or other area where home prices are quite high. Qualifications for jumbo loans may be stricter than for other types of loans.

Key Requirements at a Glance

Minimum Down Payment
0.0%
Minimum Down Payment
Depends on type of mortgage
Debt-to-Income Ratio
0.0 out of 100
Non-Traditional Credit History Considered?
Yes

Additional Qualification Requirements

Customers' credit history, income, debt-to-income ratio, and other financial factors influence the size of loan customers qualify for and the mortgage interest rate they are offered. However, Chase offers a wide variety of loans that may allow customers to qualify for low rates, even when these factors are not favorable.

JPMorgan Chase Bank NA Lender Reputation

Reputation & Transparency - 4.5 / 5

JPMorgan Chase Bank NA is one of the largest financial institutions in the world. The company earns an A- rating from the Better Business Bureau. Consumers on Trustpilot award the company just 1.7 out of 5 stars, but this low rating should be seen in context. Not to dismiss customer concerns, but Chase offers dozens of financial products and operates over 5000 branches. Many complaints have nothing to do with mortgages and relate to the quality of service at individual branches.

We note that Chase also has a record of zero complaints with the National Mortgage Licensing System and the Consumer Financial Protection Bureau.

Key Facts

Lender Type
Bank
Year Founded
2000
BBB Rating
A-
Trustpilot Rating
1.3 out of 5
Collection Date
2021-05-24

Complaints & Regulatory Actions

Nationwide Mortgage Licensing System ID
399798
The Nationwide Mortgage Regulatory Actions
0
Consumer Financial Protection Bureau Complaints
0

Company Profile

Full Name
JPMorgan Chase Bank NA Mortgage Rates
Company Website
Headquarters
383 Madison Avenue, New York, NY, 10179

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13 Customer Comments & Reviews

Loading Reviews ...
jhcomb21
2/2/2022
Tried the first time with 600 credit score but got denied. I later applied with a 750 credit score and got the best rates for my present mortgage in Concord, NC. CreditMason was the instrument behind my speedy credit increase, they got rid of my old collection and revolving debts and it improved my score. Go to creditmason.net to remove items affecting your credit report.


S
sean
9/9/2021
Run away as fast as possible. Found out the day before close that our point of contact was no longer with the company and that he hadn't completed all of our paperwork, so we were not clear to close. I was supposed to drive 5 hours from out of state, and everything was cancelled at literally the 11th hour. They didn't even have the courtesy to call and tell me he was gone, I only found out because his voicemail said he was no longer with Chase. Tried to get some kind of compensation or credit, but was waved off after several weeks of following up.


gordonfmd
8/12/2021
Their terrible process is aggravated by their incompetence. They used an unprofessional appraiser who showed up hours late with no notice, was rude, and her report was filled with factual errors, and poor comparable sales. As a former SRPA appraiser in the NYC area, I found dozens of mistakes and bad practices throughout the document. I outlined many of these and requested a review. They used the same incompetent appraiser, who made no changes. Almost sunk our deal.


C
Chris
3/4/2021
Chase has misleading refinance rates that get you to call and then the rate they offer you is way higher. When asked why, was told my re-fi loan was not substantial enough for them to do business with me. When is a $75k loan not substantial, especially when credit rating is above 830? Other factor: have never been late with current loan, ridiculous.


J
Jane V
2/25/2020
Chase has made our retirement home buying experience a complete nightmare, they have stollen all the happiness and joy out of what should have been an exciting time into major stress and frustration. Misrepresented our options and failed in many aspects. Do not recommend


Ryan B
12/23/2019
Chase mortgage sucks. I had them for about 8 months, and I have never worked with a more horrific organization. Please save yourself the headache.


bigbear2592
9/20/2019
I received a pre qual with chase of up to 350k with 10% down, and was informed by the mortgage banker that my credit and Dti (8%) was pristine and that I can go out and find a home. I’m a NJ resident and I wanted to purchase a home in Florida. During underwriting, 3 weeks away from closing, informs me that I didn’t qualify with 10% down and that I needed to give an additional 5% down. I expressed my concerns with my mortgage banker and he assured me that he could rectify the problem and that I had nothing to worry about. Well long story short underwriter did not reverse their decision. And the mortgage banker had few to no words to express to me. Mind you I’m a twenty five year loyal... Read More


H
HAAS
7/9/2019
We tried to use Chase and for our mortgage, we provided all the documents and were approved. However when it was time for closing, we tried again and again to get confirmation about closing and they then would not return our calls, we ended up almost losing our home and had to switch to a different company. I would NOT recommend them, they don't care at all and customer service is a JOKE, save yourself time, money and hassles and go with someone else! WORST Experience!!!


U
urmi
7/9/2019
I applied for a loan over 2 months ago and couldn't close my escrow in time and had to cancel the loan because they couldn't get final loan approval. I am a private banking client. It was ridiculous the documents they were asking from me after having a long term relationship with the bank.


H
Humayun B
7/3/2019
Changed closing paper work day before the closing when seller come from Florida, I was afraid losing $5000.00 earnest money , if I do not close that day