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As one of the “Big Four” American banks, Chase has a major physical presence throughout the country, with in-person mortgage experts available in 30 states across the continental U.S. It offers just about every type of mortgage that a prospective customer might be looking for. These include fixed-rate, adjustable-rate, jumbo, FHA, and VA mortgages, with the bank’s proprietary DreaMaker® Mortgage rounding out its loan selection. Homeowners used to have access to the Home Affordable Refinance Program (HARP), but the Federal Housing Finance Agency ended the program in 2018. This is about as close to a $0 down payment VA loan that a non-veteran could receive, as it allows you to apply for a mortgage with a down payment as small as 3% of your new home’s value.

When it comes to exact mortgage rates, Chase is very stingy with what it will release prior to engaging a mortgage specialist. In other words, be sure that Chase looks like a lender that your needs would align well with prior to beginning the application process.

Overview of Chase Mortgages

Although Chase releases rates solely for its 15- and 30-year fixed rate mortgages and 5/1 and 7/1 adjustable-rate mortgages (ARMs), it includes much more than that. In fact, the bank also lends jumbo, FHA, VA and DreaMaker® mortgages. For reference, all ARMs with Chase follow the LIBOR index following the initial payment period.

Chase will allow you to finance up to 85% of your home’s value with a jumbo mortgage. These come in not only 15-, 20 and 30-year fixed variations, but 5/1, 7/1 and 10/1 ARMs too. To qualify for one of these, your loan must be no less than at least $510,400.

DreaMaker® and FHA loans are similar in nature, as they each allow for loans to be had with down payments of around 3% or slightly more. This could prove invaluable for certain clients who are hard-pressed for short-term cash but have the ability to pay month-to-month.

VA mortgages are specialized loans for those with homes declining in value and past and present military members, respectively. VA loans can be used either to refinance or purchase a brand new home. VA loans come in 10-, 15-, 20-, 25- and 30-year terms.

What Your Monthly Mortgage Payments Could Be With Chase

Your credit score, how much your new home is worth, the size of your down payment and Chase’s interest rates all come together to form what your possible monthly mortgage payments could end up being. Chase expects your down payment to be about 20% of the total value of your home, a common preference for a lender to have. For the sake of the following examples, a home value of $250,000 is assumed.

These payment calculations do not include homeowners insurance, property taxes or closing costs.
Mortgage Interest Rate Loan Size Your Payments
30-Year Fixed 2.75% $200,000 $816/month for 30 years
15-Year Fixed 2.375% $200,000 $1,322/month for 15 years
5/1 ARM 2.125% $200,000 $752/month for 5 years, then variable

How Chase Compares to Other Lenders

When compared against the three other of the “Big Four” U.S. banks (Wells Fargo, Bank of America and Citi), Chase Bank comes out on top with the lowest rates for fixed rate loans. However, some of the rates associated with its ARMs do not fall into the same category. Because Citi does not release many of its mortgage interest rates, the table below indicates some of the interest rate differences between Chase, Wells Fargo and Bank of America, but also U.S. Bank, another top lender.

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Mortgage Chase Wells Fargo Bank of America U.S. Bank
30-Year Fixed 2.75% 3.00% 3.25% 3.125%
15-Year Fixed 2.375% 2.625% 2.375% 2.50%

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Read about:   Mortgage rates today, November 1, 2018, plus lock recommendations

Rates presented does not constitute an actual commitment to lend or an offer to extend credit. The interest rates, annual percentage rates, and other terms advertised here are estimates provided by those advertising partners based on the information you entered above and they do not bind any lender. A commitment to lend can only be issued upon satisfactory submission, review and approval of (1) a complete application, supporting documents and good faith funds, (2) verification of your income, assets and financial condition, (3) satisfactory appraisal of the proposed property, and (4) no adverse change in your credit profile from the time of application. Please note that actual interest rate, APR, and terms of the loan cannot be determined until a complete application has been filed, and a rate Lock-In Agreement have been mutually executed and the rate Lock-In Option within the rate Lock-In Agreement has been selected. Until such activities have taken place, the rate and fees are subject to change without prior notice. The fees listed above represent fees charged and do not include fees charged by third party companies (such as appraisal, credit report, title insurance, state taxes, attorney fees, state fees, county fees or any other non-lender fees), and are also subject to change based on any additional information provided by the person who completed the request, or is subject to change upon receiving more specified information about any online form which was originally deemed by advertising partner to be too general for providing accurate fee information. No lender is liable for typographical or data transmission errors. Monthly payment details does not include property taxes and homeowners insurance, which both must be included in your monthly payment to the mortgage servicer to qualify for the rates and terms provided.”> Disclosure

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Refinancing With Chase

Refinancing a mortgage can be done for a number of purposes, including lowering your monthly mortgage payments or shortening the length of your loan’s term. However, in order to avoid paying for private mortgage insurance, prospective refinance customers must hold no less than 20% of their home’s equity. That makes the process of refinancing a bit more complicated for some, but the benefits you can reap if you qualify for one are transformative.

While there is no defined formula that determines what a lender’s refinancing loan interest rates will be for your personal situation, a lender will take into account the same areas of focus as any other loan. More specifically, your credit score, loan-to-value (LTV) ratio, mortgage point total, current level of equity, loan amount and whether the home is a primary residence or not will all factor into what you are offered.

Should You Get a Mortgage from Chase?

Chase is a more than competent lender, and its current stance as one of the largest mortgage lenders in the U.S. proves it. Therefore, whether you’re looking to refinance, open a long-term mortgage or simply see what’s out there, Chase definitely should be a part of your discussion. Although its options may seem limited online, fear not. The bank will disclose other types of mortgages available to you once you’ve formally engaged a Chase loan specialist.

Tips for Choosing the Right Mortgage

  • Ensuring that the introduction of a mortgage into your life goes smoothly is easier said than done. Many wealth and financial advisors are equipped to handle this, though, and SmartAsset’s financial advisor matching tool can pair you with them. A small set of questions will afford us an eye into what your current financial state looks like, and you’ll get paired with three financial advisors in your area out of thousands of possibilities. You can look at their profiles, interview them via phone or in person and select which one will be the best fit for you. In addition, all of our financial advisors are fiduciaries, meaning they are legally obligated to act in your best interest when catering to your particular financial needs.
  • You can never do enough research when you’re looking for a mortgage that fits your situation. Even lenders that you felt wouldn’t meet your needs are worth looking into. The last thing you’d want is for a better offer to come around after you’ve already signed off on your new loan.

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