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Chase Home Equity Loans Review


Rating: 7.2 / 10 (Very good)
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Chase is an FDIC-insured banking institution that offers a myriad of financial services, including home equity loans. Founded in 1799 in Manhattan, Chase Bank acts as a direct financial lender. The company is notable for allowing borrowers to switch from a variable rate to a fixed rate within the loan period, making it an attractive home equity lender.

How is Chase rated?

Breakdown

7/10
Loans
7/10
Qualifications
8/10
Reputation
7/10
Consumer Experience

Overall Rating: 7.2 / 10 (Very good)

Chase is one of the largest banks in the United States, and offers a wide range of financial products, from credit cards to mortgages and auto loans. However, their high fees in some areas, coupled with customer complaints about transparency, do remain something of a liability.

Chase Loans

Lender Type
Bank
Loan Types Available
Home Equity Line of Credit
Minimum HELOC
$50,000
Maximum HELOC
$500,000
Max HELOC Draw Period
10 years
HELOC Fixed Rates Starting At
4.50%
HELOC Annual Fees
$50
Waived Fees
Closing Fee
Application Fee
Origination Fee
$50
Maintenance Fee
$50

Loans - 7 / 10

Chase offers a home equity line of credit with no closing or application fees for homeowners seeking a way to access the equity in their home. The credit line has the option of switching from a variable rate to a fixed one on all or a portion of it. This is a great option, but generally lenders offer more than one home equity product.

Chase Qualifications

Loan Qualifications
Property Appraisal
Proof of Employment
Primary Residence
Minimum Home Equity
80%
Minimum Credit Score
620

Qualifications - 7 / 10

Chase requires an appraisal, proof of employment, as well as financial and credit history. Additionally, the home being financed must be the borrower's primary residence.

Chase Customer Experience

Total Consumer Financial Protection Bureau Complaints
4,562
Total CFPB Complaints/Originations
1.07
Site Features & Technology
Home Equity Calculator
Mobile App
Online Application

Consumer Experience - 7 / 10

Chase's website is easy to navigate, with an adequate amount of information and tools, including a home equity calculator, mobile app, and the possibility of a fully online application. They offer many more services than their competitors, but there are some customer complaints regarding their service and the design of their app.

Chase Reputation

Total Originations (in millions)
$100,189
Number of Originations
425,500
Average Mortgage Size
$235,500
Memberships & Accreditations
Equal Opportunity Lender
Insured by Federal Housing Administration
Federal Home Loan Bank Member
Nationwide Mortgage Licensing System ID
399798
Nationwide Mortgage Regulatory Actions
7
Trust Pilot Rating
7.9 out of 10
BBB Rating
A+
Date Collected
2017-08-17

Reputation - 8 / 10

Chase has a solid reputation within the banking community. They're one of the largest banks in the U.S., with proportionately few regulatory actions. However, their high monthly fees and somewhat poor customer reviews do affect their general reputation.

Chase Details

Homepage URL
Company Phone
(888) 342-4273
Headquarters Address
3415 Vision Dr, Columbus, OH, 43219
Mailing Address
P.O Box 24696, Columbus, OH, 43224
Year Founded
1981

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Customer Comments & Reviews

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B
Brittany
Phoenix, Arizona
2/1/2017
This company is the worst. I have faxed written signed borrower authorization over 6X to the payoff department and ten days later I still do not have a payoff statement. The property is under escrow, and due to Chase Home Equity Heloc department the Seller is very close to being in breach of the contract due to Chase not being able to provide a written payoff statement. The borrower has also called and requested many times and is getting the same response, or should I say lack there of. Do not get a loan here as they may cost you the sale of your property. They are unwilling to recognize the importance and urgency and could care less about their consumer. I highly recommend working with a... Read More



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