With this option, your payments will likely increase, but you’ll own your home outright sooner and save on interest payments in the long run. For example, refinancing from a 30-year mortgage to a 15-year mortgage.
3 Refinancing PathsĬhase has three paths for customers interested in refinancing their mortgage loan: The $500 will be applied at closing-first to points on the loan, if any, then to Chase fees and then to non-Chase fees. The grant can be applied towards discount points, closing costs or lowering your down payment, dependent on the loan product’s requirements. You might also be eligible for an additional $500 by completing a certified education course and getting a DreaMaker mortgage loan. Participating customers with more than $1 million can get a 0.25% discount.Ĭhase also offers a $2,500 or $5,000 grant for DreaMaker, Standard Agency, FHA and VA loans if you’re buying a home in 6,700 minority neighborhoods nationwide.
For instance, through its Relationship Pricing Program, jumbo loan borrowers with a minimum of $500,000 in eligible Chase and JPMorgan deposit accounts and/or wealth management accounts get a 0.125% discount off the standard interest rate. Loans up to 80% of a home’s value are available on a purchase or refinance with no cash back, subject to the property type, a required minimum credit score and a minimum amount of monthly reserves.Ĭhase also offers discounts and grants to qualified borrowers. For loan amounts greater than $3 million-or $2 million for investment properties-you must meet post-closing asset requirements to qualify. Chase provides loans above FHFA limits up to $9.5 million. Homebuyer education requirements may apply. You’ll need a minimum score of 680 to qualify, and at least one borrower on the loan must be a first-time homebuyer. These loans only require a minimum 3% down payment and may be a good option if you have a higher credit score. A Certificate of Eligibility from the VA is required to document eligibility. VA loans are available with 10-, 15-, 20-, 25- or 30-year terms. A mortgage from the Department of Veterans Affairs (VA) has low or zero down payment options and no monthly mortgage insurance requirement. You must be a veteran, active duty service member or a member of the National Guard or Reserve to qualify. While there are no specific income requirements to qualify, you’ll have to pay monthly mortgage insurance for the duration of the loan and a mortgage insurance premium at closing. Federal Housing Administration (FHA) loans come with a 15-, 20-, 25- or 30-year term and have a fixed interest rate. A government-insured mortgage that offers down payments as low as 3.5%. DreaMaker mortgages are only available if you are buying or want to do a no cash-out refinance of a primary home for a 30-year fixed-rate term. You can also receive $500 after completing an education course. However, you’ll have to meet income requirements to qualify for this loan. It has down payment options as low as 3% and lower monthly payments with a 30-year fixed rate. Home Purchase Loan OptionsĬhase offers the following mortgage products. This guarantee doesn’t apply if you’re refinancing.īoth Chase’s purchase loans and refinancing rates are updated daily, making it easy for you to calculate your potential monthly payments. As of March 2023, the APR on their loans ranged anywhere from just over 6% to 8%, depending on the area and loan type.Ĭhase also has a “Closing Guarantee,” promising an on-time closing in three weeks-after submitting all the required documents-or you’ll get $5,000. Chase offers a wide range of home loan products with annual percentage rates (APRs) that tend to be lower than the market average.
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