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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.
 
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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
https://www.chase.com/personal/mortgage
Headquarters
383 Madison Avenue, New York, NY, 10179

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13 Customer Comments & Reviews

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Donald G
5/13/2019
We have a variable rate Equity loan that is based on the 10 Year Treasury. As soon as it hit 3.00 Chase raised our loan rate. Since then the 10 year has crashed...down to 2.40 today and close to that rate for several weeks now. Has Chase lowered the rate? Their answer is that they only adjust rates on a regular time basis...like when the 10 year is high?

Paul F
4/11/2019
In February 2019, we needed a quick mortgage commitment as we purchased a new house in Virginia before we sold our existing house in Long Island, NY. We decided that JP Morgan Chase in Garden City, NY would be our choice. We were put in touch with Steve Remmert, who was easy to talk to, had a great attitude and who had quickly explained several options as to how to meet our obligations. Steve did most of the leg work for us - setting up the account, contacting the lending group, reaching out to the title company, etc., all while gathering the necessary information that would satisfy a successful loan request. Steve's continuous follow through made the entire process bearable. We... Read More

J
j
10/5/2018
Chase needs to be stopped. They are terrible with customer service. They also are very difficult to deal with concerning property checks, unapplied funds, other fees. They have been sued thousands of times and have lost many class action law suits for many reasons.

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