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Chase Review | Mortgage Refinance


ConsumersAdvocate.org Rating: 4.4 / 5 (Excellent)
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Founded in 2000, JP Morgan Chase Bank NA, informally known as Chase, is part of the JPMorgan family of companies, which can trace its banking industry roots back 200+ years. One of the top 15 mortgage lenders in the US, Chase currently operates 5,100 branches nationwide and provides both consumer and commercial banking in over 100 countries. Chase is headquartered in New York, New York.
 
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How is JPMorgan Chase Bank rated?

Breakdown

4.5/5
Loan Variety
4.0/5
Ease of Process
4.5/5
Customer Service and Reputation
5.0/5
Discounts and fees

Overall Rating: 4.4 / 5 (Excellent)

JP Morgan Chase Bank NA is one to the top 15 mortgage lenders in the US. While its mortgage refinance product line isn't quite as varied as some—the company focuses on conventional mortgages, rather than government-backed loans—it's certainly worth consideration if you're taking out a conventional loan.

Chase stands out for offering a wide range of educational materials on its website. Chase also helps customers make sound mortgage decisions by providing online calculators they can use to compare various refinancing scenarios.

Loan Options

Lender Type
Lender
Loans Offered
Rate & Term
Cash-out
Loan Programs
FHA
VA
Conventional
Jumbo
Fixed Year Terms
30 Year Fixed
25 Year Fixed
20 Year Fixed
15 Year Fixed
10 Year Fixed

Loan Variety - 4.5 / 5

Chase offers fixed- and adjustable-rate mortgages and offers customers a broad choice of loan terms. The company offers conventional, jumbo, and government-backed loans for those who qualify.

Customers seeking to lower their monthly payments can apply for a rate-and-term loan. The company also offers cash-out refinancing, allowing homeowners to access the equity in their homes to pay for home improvements or other large purchases.

Application Process

Minimum Credit Score
620
FHA Minimum Credit Score
580
Maximum LTV
80
Waived Fees
See fine print

Ease of Process - 4 / 5

Refinancing your mortgage with Chase is fairly similar to the process with any lender. Once all of your documents are submitted, Chase evaluates your application and, together with an underwriter and a loan processor, decides whether to approve your refinance.

Homeowners have the option of applying online or through one of their representatives. By providing some personal information, including a social security number, some customers can prequalify online. Prequalification allows customers to estimate their loan payments and potential savings when they refinance. Chase offers a wide range of educational materials online, as well as some helpful calculators that can help you understand how your payments and loan costs would vary under different terms, interest rates, and other mortgage factors.

JPMorgan Chase Bank Reputation

Memberships & Regulatory Info.

Nationwide Mortgage Licensing System ID
399798
Nationwide Mortgage Regulatory Actions
0
NMLS Collection Date
2021-05-24
CFPB Total Mortgage Complaints
0
CFPB Collection Date
2021-05-24

Online Reviews

Trustpilot Trustscore
1.7
BBB Rating
A-
Date Collected
2021-05-24

Customer Service and Reputation - 4.5 / 5

JP Morgan Chase Bank NA is one of the largest financial institutions in the world. It's also one of the top 15 mortgage lenders in the US, in terms of number of loans written and total loan value. The company earns an A-rating with the Better Business Bureau. It doesn't fare so well on Trustpilot, where it earns just 1.7 out of 5 stars, but it should be noted that the majority of reviews on the site had nothing to do with mortgages at all. The company operates over 5000 physical branches and many reviews focused on customer service at the branch level.

Moreover, given the number of services Chase provides and the sheer volume of loans it writes, the company's spotless record with the Consumer Financial Protection Bureau is astonishing.

Contact & Additional Information

Homepage URL
https://www.chase.com/
Company Phone
(800) 873-6577
Headquarters Address
‎270 Park Avenue, New York, NY, 10017
Year Founded
2000

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Customer Comments & Reviews

Loading Reviews ...
danihitch1986
3/8/2022
We began the process of refinancing through Chase and paid a $500 fee up front that would be refunded at closing. We submitted all the paperwork requested and Chase sent an appraiser to our home. This is where the "bait and switch" began. The appraiser undervalued our home by about $50,000 (as verified through comps from a local realtor) by using comps for homes that needed major updating and using none with pools (our pool and roof are both only 2 years old and our house is completely updated). When we tried to dispute the appraisal, sending letters and comparison properties that were more like ours, we got absolutely nowhere. It was as if we hadn't even disagreed with the appraisal... Read More

promoxprint
12/12/2019
We have been dealing Chase trying g to do a cash out refinance since September and it’s almost a Christmas now and still not closed yet! They drawing it out and continuously requesting for documents being repetitive in nature and keep saying, this is all we need but once we supply the proof it’s not good enough and keep asking for more and more.. at this point we think it’s a Gabe if harassment!

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