Applying for Chase mortgage is easy with its online preapproval process. You can either call 1-800-873-6577 or choose to prequalify online at its official website. In either way, you have to go through a step-by-step procedure to realize your dream of homeownership.
Types of Mortgages at Chase Bank
As a major provider of mortgage loans in the nation, JPMorgan Chase has to offer a wide range of loan options at attractive rates. The following are some of the usual types of home loans at the bank.
- 30 Year Fixed Rate: With a sample rate and APR of 3.875% and 3.978% respectively, you might pay $1,011.01 for a loan amount of $215,000. Note that this payment does not include taxes and insurance, and you must also pay for 1.250 points.
- 15 Year Fixed Rate: With a slightly lower interest rate and just half the loan terms, you will pay off your debt in just 15 years. The payments won’t double as you might expect, but remain just $1,510.74 if you buy 1 discount point to obtain a rate of 3.250% and APR of 3.394%. These figures are only for illustration purposes and are subject to change at any time without prior notice.
- 7/1 ARM: If you can take the risk, an adjustable-rate mortgage can be a more affordable option to buy a home. With 7/1 ARM, you have a fixed-rate period for 7 years and a rate adjustment every year afterwards. The payment during the fixed-rate period can go as low as $935.69 with a rate of 3.250% and an APR of 3.117%.
- 5/1 ARM: Another variable rate mortgage option is 5/1 ARM, which means a 5-year period of fixed payment. Afterwards the rate and APR will change as per LIBOR standards. The monthly payment during initial period of the loan will be $906.45 at an interest rate of 3.000% and an APR of 2.996%. Please note that all these are hypothetical figures to illustrate the payment difference between the different types of Chase mortgage.
What it takes to Prequalify for a Mortgage
Here are some of the questions you need to answer before beginning to proceed with Chase Bank prequalification.
- Are you ready to take the responsibility of homeownership?
- How much house can you afford?
- Do you have enough income and savings to pay for the down payment and closing costs?
- Is your credit score good enough to qualify for a new loan?
- Do you pay all your bills on time every month?
It is a good idea to get prequalified first and then begin hunting for your dream home. You will have a budget in this case, which will make things easier for you and can also boost your confidence. Take the assistance of a real estate agent to search for the home and obtain Purchase and Sales Agreement, which you will need while applying for the mortgage of your choice at Chase Bank.
How Chase Bank Mortgage is different from others?
Chase Bank offers a cash back program for its existing mortgage borrowers who choose to have their monthly payments automatically deducted from a Chase personal checking account. You can save up to $500 every year with this innovative scheme of the bank.