Chase Review: Is It the Right Mortgage Option for You?
Written by
Andrew Lisa
Edited by
Emily Gadd
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If you’ve heard of only one bank, it’s probably Chase. America’s largest financial institution in terms of not just assets, but also branches and ATMs, Chase is synonymous with money and mortgage lending.
Homebuyers who finance through Chase enjoy a $5,000 quick-closing guarantee, a broad range of loan options, multiple choices for 3% down payments, homebuyer grants, exclusive offerings like the Chase DreaMaker and Lock and Shop programs, a useful mobile app and highly rated customer service and transparency.
How the Chase Mortgage Process Works
The Chase mortgage process is similar to what borrowers encounter when applying for a home loan from any lender, but with a few features that are unique to America’s biggest bank. You can start the process online, but you’ll eventually need to speak with a loan officer. You can also begin in a branch or over the phone, but Chase does not offer a live online chat tool.
- Get preapproved for a loan, which usually takes several days to a week or more. Prequalification, which is less rigorous, can take just a few minutes with no hard pull, but it isn’t as precise or binding. Chase stands out for its Homebuyer Advantage with Lock and Shop program, which guarantees your rate for 90 days and lets you change your rate once if rates drop during that period.
- Submit required documents through the secure Chase online portal as requested throughout the underwriting process.
- Obtain an appraisal and conduct a title search, if necessary.
- Submit your application for final approval, receive a final loan offer, sign all closing documents and make any necessary payments — and if you close late, you’ll cash in. Chase offers a unique on-time guarantee that pays $5,000 to qualifying borrowers for delayed closings.
Pros and Cons of Chase
Like any other lender, Chase comes with drawbacks and benefits for borrowers to consider.
Pros:
- Widespread branch access in all 50 states
- Online, phone, in-person and hybrid support available
- Several choices with low down payments
- Potential rate reductions for Chase account holders
- On-time loan guarantee worth up to $5,000
- Many loan types
- High customer satisfaction ratings
Cons:
- Typical rates are not as competitive as some competitors like Citibank
- No USDA loans
- Borrowers must speak with a loan officer during the application process
- No online live-chat feature
Chase Loan Options
- Conventional loans (fixed and adjustable)
- FHA loans with as little as 3% down
- VA loans with as little as 0% down
- Jumbo loans
- Refinance options include rate-and-term, cash-out, streamline and no-closing cost loans
- Chase DreaMaker and standard agency loans offer down payment options as low as 3%
Chase Mortgage Rates and Fees
Unlike many lenders with less transparent rates, Chase makes it easy to view current rates by entering the home’s zip code into a simple online tool. Below is a sample of current 2025 rates. However, please note that they may vary by location.
| Loan Type | Estimated Rate | APR |
|---|---|---|
| 30-Year Fixed | 6.5% | 6.595% |
| 15-Year Fixed | 6.0% | 6.163% |
| 30-Year FHA | 6.875% | 7.657% |
| 7/6-Month ARM | 6.49% | 6.874% |
| 5/6-Month ARM | 6.25% | 6.856% |
| 30-Year Jumbo | 6.25%% | 6.359% |
| 10/6 Interest-Only Jumbo | 6.125% | 6.728% |
Remember that rates vary according to factors like the borrower’s credit history, down payment and location, as well as external factors like the Fed’s prime rate and the condition of the housing market and the overall economy.
Additionally, new or existing Chase customers may be eligible for rate discounts of between 0.05% and 1%, depending on their current deposit balances.
Chase vs. Other Mortgage Lenders
Here’s how Chase stacks up against some of its larger competitors.
| Feature | Chase | Citibank | Rocket Mortgage |
|---|---|---|---|
| Apply Online | Mostly, but must speak with a loan officer | Mostly, but many will have to speak with a loan officer. | Yes |
| Fast Preapproval | No. Can take a week or more | Moderately. Takes up to 3 days | Varies from minutes to 10 days |
| In-Person Help | Yes | Yes | No |
| Mobile App | Excellent | Excellent | Good |
| Loan Types | Many options | Many options | Expanded options, including Native American loans and exclusive 1% down loans |
| Clear Fees | Yes | Not always | Yes |
| Best For | First-time home buyers | Good credit borrowers | Fast, fully online loans |
Who Should Consider Chase?
Best for:
- First-time homebuyers
- Low-to-moderate income borrowers
- Existing Chase customers
- Applicants with strong credit
- Veterans and military personnel
- Those seeking a quick closing
Not ideal for:
- Borrowers seeking USDA loans
- Those with very low credit scores
- Applicants seeking a digital-first, fully online experience
What Real Customers Say About Chase
Chase has an excellent A- rating from the Better Business Bureau, indicating a near-absence of unaddressed customer complaints.
That is reflected in the bank’s extraordinary 4.95-star customer rating on Zillow — an essentially flawless reputation after nearly 9,000 reviews. In summarizing the general consensus, one customer raved, “Radiant Passion, Spectacular Professionalism, and Fantastic Service.” Chase also ranked No. 4 out of more than three dozen lenders in the 2024 J.D. Power 2024 U.S. Mortgage Servicer Satisfaction Study.
The information related to Chase Home Lending products was collected by GOBankingRates and has not been reviewed or provided by the issuer of these products. Product details may vary. Please see the issuer’s website for current information. GOBankingRates does not receive commission for these products.
Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.
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