Getting a mortgage loan can be overwhelming. There are so many lenders that offer loans, and the process seems complicated. You need to do your research and find which lender can provide you with the best rates and best customer service. One of the most popular lenders in the country is Chase.
Types of Mortgages
With Chase, there are various mortgage options in which you can choose. Research the choices and note the benefits of each option. Chase offers the following mortgages:
- 15 Or 30 Year Terms: You can save a significant amount of money with a 15-year loan; however, your payments will be higher.
- Fixed Rate Or Adjustable Rate: A fixed rate will not change throughout the loan, and an adjustable rate will fluctuate.
- FHA Mortgage: You will only need a down payment of 3.5%. It is insured by the government.
- VA Mortgage: The VA will provide 100% of the financing. You must be in the service or retired.
- Dreamaker Mortgage: Chase offers this to customers who meet the income requirements. It has numerous advantages, and you will only need a 5% down payment.
Applying for a Chase Mortgage
To get started with a Chase mortgage, just go online to begin the application. You will be asked what type of loan you want, and you need to submit some personal information. You will be asked your name, phone number, email address, and date of birth. You will also have the option of having a co-applicant. You will need to give some information about the property you would like to purchase, and the amount of money you will need. You will be asked in detail about your finances, and you will be required to list all your debts and assets. The Chase website has a payment calculator in which you can determine your payments to see how much you can afford. Some documents that Chase will need you to submit include pay stubs, W2 forms, bank statements, federal tax returns, and social security number. After the application is submitted, an appraisal and inspection of the property will be needed, and a rate can be locked in. After underwriting gives their final approving, a closing can be scheduled.
Chase is one of the largest lenders in the country, and many people use the lender for their mortgage needs. However, many the customer reviews on the company report that it’s customer service is below average, and their loans take too long to complete. Having said that, their rates are competitive, and they are experienced in handling mortgages. Therefore, it is a company worth considering for your mortgage.