JP Morgan’s Chase is quite possibly, one of the biggest players in the mortgage game. A large portion of Chase customers that have a mortgage with JP usually already have a banking relationship with them, which makes all the more sense that they would have a mortgage with them.
Of course, even if you don’t bank with Chase, you will still have tons of viable options when it comes to applying or refinancing with Chase Bank for your very first time. At a quick glance, they offer fixed and adjustable rate loans for purchasing and refinancing, jumbo, FHA, VA, and HARP loans with services extended to all 50 states.
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JP Morgan Mortgage In-depth Analysis:
Chase Mortgage fixed-rate mortgage loan options include 10-, 15-, 20-, 25- and 30-year terms with Adjustable-rate mortgages available in 5-, 7- or 10-year terms and Jumbo loans that have the ability to go up to $3 million. Chase Mortgage also offers two other low-down-payment loans; the Agency Affordable loan is a 3% down option for borrows with a credit score of 680 or better with no income limit, however, keep in mind that you must be able to purchase a mortgage insurance with this loan.
Secondly, Chase offers a DreaMaker mortgage which constitutes 5% down if and only if your credit score is 620 or better with a 3% down option if your credit score is 680+. The DreaMaker loan comes with an attached lower mortgage insurance requirement and monthly payments and is available for up to a 30-years term. Chase’s Home Affordable Refinance Program loan may be a better option for you if you’re struggling to make payments or owe more than your house is worth.
Chase’s home equity line of credit comes with a fixed-rate option that can cover up to 20 years of the repayment period. Keep in mind that since you’re using your home as collateral, make sure that you’re taking out a HELOC justifiably such as remodeling or home repair.
Customers who have an acquired personal deposit or investment account with Chase can benefit greatly from closing cost and rate discounts, on top of rate discounts on a HELOC. Lastly, keep in mind that Chase follows agency guidelines on property requirement if the loans are backed by government sponsored enterprises. Manufactured or mobile homes does not qualify for Chase loans.
JP Morgan Mortgage Summary:
- Apply Now
- Account Type: Mortgage Loans
- Availability: Nationwide
- Expiration Date: None
- Additional Advise: Have the necessary documents and validation information ready to make your process as smooth as possible.
JP Morgan Mortgage Basic Requirements:
Income Documents:
- Pay Stubs covering the customer’s most recent two pay periods for each applicant.
- W-2 Forms for the previous two years.
- Two most recent years’ federal tax returns (e.g. for a loan in 2015, the customer need to submit the customer’s 2014 and 2013 federal tax returns). All the pages and all schedules.
- If the customer is self-employed, the two most recent years’ business tax returns are also needed.
- For self–employed or investment income, the two most recent years’ 1099’s and K-1 forms are also needed
- For self–employed business income,year-to-date profit and loss statement and balance sheet.
- For retired customers, copy of Social Security and/or Pension “award letters” detailing the amount of retirement income.
Asset Documents:
- Two most recent months’ bank statements. All of the pages.
Other Documents:
- Homeowner’s Insurance statement(s) for all properties owned showing the customer’s coverage and the annual premium.
- Mortgage statements for all properties owned that have liens.
- Copy of driver’s license or State I.D.card for all customers.
- If divorced, the customer’s fully executed divorce decree.
JP Morgan Mortgage Features:
- Buy a home – Get the tools and advice for the journey to your new front door.
- Refinance your mortgage – Learn about what is needed to refinance your mortgage.
- Tap into your home’s equity – Help finance what’s important with a home equity line of credit.
- Manage your mortgage – Explore tools to help manage your existing Chase mortgage.
- Offers fixed- and adjustable-rate loans for purchase and refinance, jumbo, FHA, VA and HARP loans.
- Services all 50 states, with offices in 22 states.
- Minimum credit score: 620, higher on certain loan products.
- Discounts for existing Chase customers.
- Broad selection of purchase and refinance loans.
JP Morgan Mortgage Fees:
- Appraisal fee—For the estimate of your home’s market value
- Attorney fees—For any legal representation to prepare and record documents
- Inspection fee—For examining for structural problems; also for termites, lead paint in older homes and your roof
- Origination fee—For processing and administering your loan
- Underwriting fee—For reviewing your mortgage application
- Title fees—For the search to verify there are no tax liens on the property and for insurance to protect you if a problem is discovered
There are also fees you may have to pay for applying for your loan, running your credit report, recording your purchase with the local government and surveying your property.
Conclusion:
Before I wrap things up on this post, I want to point out that there’s been quite the melting pot of mixed reviews when it comes to JP Morgan Mortgages. Frankly speaking with regards of changing rate lock, origination and underwriting fees. Seems to me that either the location or preference in customers with prior banking relationship may have played a factor. I’ve written my fair share of mortgage loan reviews, but switching up on a rate is definitely a red flag and could cost you significantly more money in the process. Be sure to check out our Best Mortgage Rates for all your home-buying needs!
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