Chase Bank does not offer personal loans for things like paying off your credit card debt, taking a vacation or financing a wedding, but it does offer a number of other loan products. As a consumer, you can get Chase Bank loans for different types of mortgages as well as buying a car.
Chase Bank grants personal loans with interest rates and terms that are based on your credit and other factors. Find out what Chase loans are available to you, what Chase personal loan rates you might qualify for and decide if any fits your personal finance plan. Learn how to get a loan from Chase Bank by following these steps.
How to Get a Chase Loan
You can’t get a personal loan from Chase, much less a Chase Bank personal loan for bad credit, but you can get other kinds of loans from this bank. Getting a loan from Chase Bank is a straightforward process. You can work with a Chase banker or begin the application online. For most of Chase’s consumer loan products, you’ll need to take the following steps:
- Choose a lender. Determine which lender and loan program best fits your needs. Consider your current relationship as well as a bank’s level of service, variety of loan options and fees.
- Lock in your loan rate. When you lock in your rate, you’re guaranteed to get that rate at closing. You lock your rate in at any time from the day you choose your loan up to five days before closing.
- Complete your loan application. Once Chase has your complete application, you can get an estimated closing date for your loan.
How to Get a Chase Mortgage Loan
Although Chase Bank personal loans — including personal loans for bad credit — don’t exist, the bank does offer one of the most important types of loans you might need: a home loan. If you’re interested in a Chase mortgage loan you’ll need to follow the same steps — plus a few extra — outlined earlier to apply. You can work with a Chase banker or begin the prequalified application online.
Here’s how to apply for a Chase home loan:
- Give Chase permission to review your credit history.
- Gather your financial information, including your household income, debts, personal loans and assets. You’ll also need property information such as the property type, purchase price and down payment amount, and name and number of your real estate agent.
- Chase will create a full mortgage application package for you with a loan estimate included. Read this carefully because it includes information on loan fees and settlement costs as well as your interest rate, loan terms and monthly payment amount.
- Review all of the documents in your package and sign and return any necessary forms.
If you want to apply for a loan with Chase and get prequalified, visit the Chase Bank website. Applicants in California and Michigan can file a written loan application to receive a copy of Chase’s loan evaluation criteria.
Types of Chase Mortgage Loans
Although Chase personal loans aren’t available, a number of other Chase Bank loans are offered to consumers. You can get a loan estimate by using the Chase custom rate and payment quote tool on its website.
Here’s a look at the different mortgage loans available from Chase Bank.
Chase Fixed- or Adjustable-Rate Mortgage
Chase offers fixed-rate mortgages for 10-, 15-, 20-, 25- and 30-year terms. With a fixed-rate mortgage, you’ll always know how much your monthly payments will be, including principal and interest. You might qualify for one of Chase’s low down payment options if you apply for a loan.
The adjustable-rate mortgage from Chase fixes your interest rate for a loan term of five, seven or 10 years, after which it becomes variable for the remaining loan term. For example, a 5/1 ARM would have a fixed interest rate for the first five years and then convert to an adjustable rate after that.
Chase Jumbo Mortgage
A jumbo mortgage is typically available for a property worth more than $417,000 — up to $3 million. Choose a Chase jumbo fixed mortgage with a 15-, 20- or 30-year term or an adjustable-rate mortgage with a five-, seven-, 10- or 30-year term. Chase loan rates for a jumbo mortgage vary depending on the terms and your qualifying factors, such as your credit score and history.
Chase DreaMaker Mortgage
Meet the required income limits and take advantage of a Chase DreaMaker mortgage, which requires only a 5 percent down payment and can come from a gift or grant. The DreaMaker mortgage also features flexible funding options for closing costs, reduced private mortgage insurance requirements and lower monthly payments.
Chase FHA Mortgage
Chase also offers FHA mortgages, which are loans insured by the government. You can use an FHA loan to buy or refinance properties that contain one to four units, and you can choose a fixed rate for a 10-, 20-, 25- or 30-year term. You can also use gift funds for your down payment, which might be as low as 3.5 percent.
Chase VA Loan
If you qualify for a VA loan you might not have to come up with a down payment or pay private mortgage insurance. With 100 percent financing available, you can get a fixed rate loan with a term of 10, 15, 20, 25 or 30 years.
How to Get a Chase Auto Loan
Applying for a Chase Auto Direct loan is a bit different from applying for a Chase mortgage. Here’s how to apply for a Chase auto loan:
- Explore your financing options and see your estimated monthly payment by using Chase’s calculator on its website.
- Purchase your car at a dealership in Chase’s auto network. You can find a dealership near you on the Chase website.
- Submit your application with your loan amount, car information and dealer choice.
- Chase sends your approved application to the dealership so all you have to do is sign on the dotted line.
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