Chase Mortgage Plan Review: Fixed, Adjustable, Jumbo Mortgage Rate, etc

If you are looking to a buy a house soon and don’t have the money to do so, you might want to consider taking  out a mortgage loan with Chase. Chase offers a variety of mortgage options for upcoming home owners to finance their their homes or other properties of interest. This article will show you the different types of Chase Mortgage offers so you know the different benefits among each and pick the one that best fits your situation.

If you are not interested in taking out a Chase Mortgage Loan, be sure to stop by our Chase Bank Promotions for checking and savings accounts for great deals.

Types of Chase Mortgage Options:

 Fixed-Rate Mortgage

• You’ll always know your monthly principle
• You’ll always know your interest payments
• Able to lower monthly payments by spreading them out over a long period of time
• Length of loan can be 10-, 15-, 20-, 25-, 30- year term. Interest is guaranteed to remain fixed for your chosen loan period.

Adjustable-Rate Mortgage (ARM)

• Offers lower early payments as compared to a fixed-rate mortgage
• Opportunity for lower rates in the future
• If you’re planning to own home for a short period of time, an ARM might be the best option
• Interest rate if fixed for 5, 7, or 10 years, and becomes a variable interest for the remaining loan term, adjusting every year thereafter.

Jumbo Mortgage

• Amounts are available from $417,000 – $2,000,000 (or more depending on property location
• Fixed-rate and ARM loans are available
• Loan can be setup for up to a 30-year term

DreaMaker® Mortgage

• Requires only 5% for a down payment (3% of your own funds)
• Provides flexible funding option for closing costs
• Reduced mortgage insurance requirements
• Lower monthly payments compared to other options
• Loan can be setup for up to a 30-year term

Federal Housing Administration (FHA) Mortgage

• Loan insured by government
• Requires a low down payment of 3.5%
• Options include fixed rate of 10-, 15-, 20-, 25-, or 30-year term

Veterans Affairs (VA)

• Have little or no down payment requirements
• No monthly mortgage insurance
• Provides up to 100% financing
• Options include fixed rate of 10-, 15-, 20-, 25-, or 30-year terms

 Applying for the Mortgage 

1. Decide on a fixed-rate mortgage or adjustable-rate mortgage (ARM)
2. Use Chase’s Mortgage Resources and the Chase Mortgage Calculator to estimate your monthly payments or figure out what you can afford.
3. Find a Chase Mortgage Banker OR go through the Mortgage Prequalification process OR call 1-800-873-6577

Conclusion:

If you are looking to buy a house, Chase offers a variety of different mortgaging options that can fit your current situation. Make sure to talk to a Chase Mortgage Banker to get all the final details when considering taking out a loan. Visit the Chase Mortgage Plan page for more information. Don’t forget to check out our Chase Checking and Savings Promotions for more great deals.