Chase Mortgage Review 2024
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Our Take
4.0
Chase rates highly for customer satisfaction and offers conventional, jumbo and government-backed loans, as well as products that make homebuying more accessible. However, you can’t borrow against home equity with Chase, and the bank does not stand out for competitive average rates and fees. Most likely to appeal to borrowers interested in low-down-payment options.
Pros
- Offers two loans with 3% down payment minimums.
- Home buyer grants up to $7,500 may apply for qualifying borrowers.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
- Borrowers must speak with a home loan expert before completing an online application.
- No online live chat feature, and in-person services vary by branch location.
Lender | Min. credit score | Min. down payment | |
|---|---|---|---|
580 | 3% | Visit Lenderat New American Funding at New American Funding | |
620 | 3% | Visit Lenderat NBKC at NBKC | |
580 | 3.5% | Visit Lenderat Rocket Mortgage, LLC at Rocket Mortgage, LLC |
Full Review
Chase is among the largest banks in the U.S. and is based in New York City. Loans are available nationwide.
🏠 Popular loan types include: fixed or adjustable rate; conventional; FHA; VA; jumbo; rate-and-term or cash-out refinance
🔑 Specialty loan options include: first-time home buyer loans; low-down payment conventional loans
Chase offers several appealing products and services, including:
DreaMaker and Standard Agency loans, which require a minimum down payment of 3%. DreaMaker has income limits, while Standard Agency does not (though at least one borrower is required to be a first-time homebuyer).
A guarantee of $5,000 if your loan doesn’t close on time because of lender delays (21 days for a conventional loan, 30 days for a VA or FHA loan).
A mobile app with useful features, including comparable home sale listings in your area.
» MORE: How to apply for a mortgage
How we score Chase mortgages
Every year, NerdWallet writers and editors use the latest data and independent research to score lenders on an overall rubric, reflecting factors that are most important to mortgage borrowers. Select Why This Category Matters below to learn more.
Chase has a NerdWallet home loans rating of 4 stars overall. Here’s a breakdown of this year’s score.
Category | Star rating |
|---|---|
Average mortgage rates and fees | |
Mortgage rate transparency | |
Variety of loan types | |
Customer experience |
- Why This Category Matters
Average mortgage rates and fees (30%)
Our team analyzes federal data to compare mortgage lenders’ origination fees and offered mortgage rates, measuring annual averages across all loan types, as reported by the lenders. The lowest combination of average rates and fees earns the highest star rating in this category. (It’s worth noting that loans considered higher risk, including those such as FHA loans that are easier to qualify for, often have higher interest rates and fees.) Pro tip: In some cases, paying upfront fees may lower a borrower’s mortgage interest rate.
Mortgage rate transparency (25%)
We check how straightforward it is to comparison-shop rates online. NerdWallet’s transparency ratings are higher for lenders that post sample rates on their sites, and highest for sites with self-serve tools that allow shoppers to see what rates might be like for their particular loan. Pro tip: Borrowers who compare customized rate quotes by applying to three or more lenders could save thousands of dollars over the life of their loan.
Variety of loan types (25%)
Finding the right mortgage is different for each borrower. The highest star ratings in this category are awarded to lenders that our research shows offer a wide range of loan types, improving the odds that a borrower will find the best match for their needs: options for purchase and refinance; fixed-rate and adjustable-rate loans; government-backed FHA, VA or USDA loans; renovation or construction loans; and home equity loans or HELOCs.
Customer experience (20%)
How easy is it to interact with this lender? The highest-rated lenders in this category offer features that are convenient and clarifying for borrowers, such as: an online application, multiple customer service options, a helpful mobile app and candid closing timeline communications.
Chase earned bonus points for targeting first-time homebuyers through proprietary programs and financial assistance.
What borrowers say about Chase mortgages
NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To help you understand borrowers’ subjective experiences, NerdWallet has gathered customer satisfaction ratings from J.D. Power and Zillow. We also contacted Chase customer support.
→ Above-average score in J.D. Power’s 2023 U.S. Mortgage Origination Satisfaction Study. Mortgage origination covers the initial application through closing day.
Score: 733 out of 1,000. Industry average for origination is 730.
→ Above-average score in J.D. Power’s 2024 U.S. Mortgage Servicer Satisfaction Study. A mortgage servicer handles loan payments.
Score: 676 out of 1,000. Industry average for servicing is 606.
→ Excellent customer rating on Zillow.
Customer rating: 4.95 out of 5, as of the date of publication. Rating reflects more than 8,450 customer reviews.
🤓 Our Nerds say…
When we called the customer support line, we connected with a live agent after briefly navigating a phone tree. They confirmed that borrowers can apply for preapproval over the phone with a mortgage specialist. If you begin preapproval online, a specialist will call to follow up with you.
Alternatives to a home loan from Chase
We recommend comparing mortgage rate offers from three or more lenders.
Borrowers interested in exploring other large national lenders may be interested in Bank of America.
First-time home buyers could be a good fit for Rate.
» MORE: Best mortgage lenders
More from NerdWallet
NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).
