Chase mortgage review: You’ll need a good credit score, but you could get up to $5,500 in grants

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. Terms apply to offers listed on this page. Read our editorial standards.

Editor’s rating	4.13 / 5
Minimum credit score	640
Minimum down payment	3%
Types of mortgages	Conforming, jumbo, FHA, VA, HELOC, Chase DreaMaker, refinance
Chase Chase Mortgage *Minimum credit score and down payment are for conforming mortgages

Overall lender rating

Feature	Insider rating (out of 5)
Loan types	4.5
Affordability	4
Customer satisfaction	4.5
Ethics	3.5
Total	4.13

Pros and cons

Pros	Cons
Offers many types of loans, including HELOCs Ranks third in the JD Power 2020 Primary Mortgage Origination Satisfaction Survey The Chase DreaMaker mortgage is an affordable option for lower-income borrowers Advanced tool for seeing customized rates and payments	No USDA loans, home equity loans, reverse mortgages, or construction loans Doesn’t accept alternative forms of credit Depending on the type of loan, you may have to fill out an online form rather than speak with a loan officer

Chase mortgage rates

Chase Mortgage mortgage rates are comparable to the Federal Reserve’s national average rates, so you could get a good rate with this lender.

Chase has an advanced tool for customizing your rate. You’ll get a good idea of what you’ll pay before applying for preapproval.

Enter your home price, down payment amount, zip code, and FICO score. Chase breaks down your interest rate and monthly payments, including principal, interest, property taxes, and insurance costs.

It lets you sift through options depending on what your ultimate goal is: lowest interest rate, lowest monthly payments, steady monthly payments, or short-term ownership.

How Chase mortgages compare

We’ve compared Chase to two other mortgage lenders that provide loans in all 50 states: Bank of America and Fairway Independent Mortgage Corporation.

Types of loans Conforming, jumbo, FHA, VA, HELOC, Chase DreaMaker	Types of loans Conforming, jumbo, FHA, VA, HELOC	Types of loans Conforming, jumbo, FHA, USDA, VA, reverse, renovation
Alternative credit data No	Alternative credit data No	Alternative credit data Yes
Chase Mortgage	Bank of America Mortgage	Fairway Independent Mortgage

Chase mortgage vs. Bank of America mortgage

The Chase DreaMaker mortgage offers a grant for up to $3,000, or $5,500 if you buy a home in an eligible neighborhood. Bank of America also has down payment assistance, but the amount you can receive varies by state. You may want to compare the banks’ two programs to decide which will be more useful.

Chase mortgage vs. Fairway Independent Mortgage Corporation

Fairway is the better lender if you have a low credit score, or none at all. Chase pulls your credit score to approve you for a mortgage. But Fairway lets you apply with alternative credit data, such as proof that you pay bills on time.

Your choice could also come down to which type of home loan you need. Chase has HELOCs and the Chase DreaMaker mortgage, while Fairway has USDA mortgages, reverse mortgages, and renovation loans.

How Chase mortgages work

Chase Mortgage has branches in 32 states and Washington, DC, and it offers loans in all 50 states.

Chase has the following types of home loans:

• Conforming
• Jumbo
• FHA
• VA
• Fixed-rate
• Adjustable-rate
• HELOC
• Chase DreaMaker, a program for lower-income borrowers that includes up to $3,000 in grants for a down payment or closing costs. Chase recently expanded this program to offer $5,500 to people who live in eligible neighborhoods and complete an educational course.

Chase does not offer USDA mortgages, reverse mortgages, construction loans, or home equity loans.

If you refinance, you can choose between a rate-and-term refinance or cash-out refinance. You may also streamline refinance your FHA or VA mortgage. 

Is Chase trustworthy?

The Better Business Bureau gives Chase’s mortgage department an A+ rating. A strong BBB grade indicates a company advertises honestly, responds effectively to customer complaints, and is transparent about business practices.

Despite its good BBB grade, Chase does have a recent controversy. The Department of Justice charged the company $920 million for wrongful trading in 2020.

Mortgage and refinance rates by state

Compare Chase’s rates to mortgage rates in your state:

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Utah
Vermont
Virginia
Washington
Washington DC
West Virginia
Wisconsin
Wyoming