This review of Chase loans will disclose three types of the loans: mortgages, auto loans, and personal loans. You will learn about the interest rates, pros and cons of applying for a loan from this bank, and the minimum requirements. At the end of this page, you will find links to useful tools and calculators, which will help you estimate the cost of your loans.
Types of Chase Loans
As we have just pointed out above, we are going to disclose three types of Chase loans: mortgages, loans, and personal loans. If you are seeking a personal loan from the Chase Bank, we have got bad news: this bank doesn’t offer personal loans. On the other hand, we have selected a few decent alternatives, where you can get financing for personal purposes.
Chase Mortgage Loans: Rates and Review
Interest rate (APR): starting at 4%.
Required credit score: not known.
Required minimal monthly income: it may start at $2,500, but there is no specified figure.
Where the loans are available: In every American state, but the locations are mostly limited to major metropolitan areas.
Most suitable for: customers seeking transparent mortgage rates and lower fees.
When it comes to all loans that are offered by Chase Bank, mortgage loans tend to be the best choice among other ones. This bank actually offers products with very competitive fees, while it is clearly transparent about the closing costs. But let’s review this type of Chase loans in detail.
First of all, one has to mention that the interest rates of Chase mortgage loans are quite similar to the ones offered by other major banks, such as Bank of America or Citi Bank. On the other hand, the mortgage loans from Chase Bank come with far lower processing fees. Besides, the number of mortgage products at this bank is large enough to choose something that suits your needs more, but is, for example, similar to the ones offered by Capital One.
To begin with, we will show the 5 types of Chase mortgage loans:
- 30-year fixed rate mortgage loan (interest rate of 4.00%, 4.27% APR).
- 20-year fixed rate mortgage loan (interest rate of 3.75%, 3.98% APR).
- 15-year fixed rate mortgage loan (interest rate of 3.38%, 3.63% APR).
- 5/1 adjustable rate mortgage (interest rate of 3.63%, 4.24% APR).
- 7/1 adjustable rate mortgage (interest rate of 3.63%, 4.19% APR).
Indeed, some other banks offer a far larger number of loans. Yet, 3 of the loans offered by Chase make up more than 50% of the U.S. mortgage market: 30-year fixed rate mortgage loan, 15-year fixed rate mortgage loan, and 5/1 adjustable rate mortgage. Besides, the bank allows the customers to get some flexibility with the interest rates by purchasing mortgage points or adding lending credits. Basically, that allows you to lower your interest rate by paying more upfront.
As we have pointed out above, the interest rate of Chase mortgages is around the same level as of the other big banks, such as BoA or Wells Fargo. However, lower processing fees allow customers to save a good share of the money. For instance, the lender fees at Chase Bank for a 30-year fixed rate mortgage are equal to $1,158, while that figure would reach $1,792 and $1,642 at Bank of America and Wells Fargo respectively.
Taxes and third-party fees are also slightly lower at Chase Bank. While they reach $7,230 at Chase Bank on the average, these fees may amount to $7,565 at Wells Fargo and $8,076 at Bank of America. Such an advantage gives the customers an opportunity to save money on the things they have really zero control over.
Even though the number of mortgage products from Chase Bank is not that impressive and there are no many Federal Housing Administration loans, you can find offers for customers who need something more than that. Chase Bank came up with a mortgage offer called DreaMaker, which allows the customers with low down payments to get a mortgage. Basically, the requirement of down payments drops to a figure as low as 3% – which is even lower than what some other banks offer.
The number of mortgages originated at Chase Bank between 2013 and 2017 was far lower than the ones of Wells Fargo and Bank of America: 948,000 against 2,155,222 and 1,172,113 respectively. It also received the least number of complaints, though in ratio terms Wells Fargo has a lower percentage of complaints: 1.56% for Chase, 1.17% for Wells Fargo, and 2.40% for BoA.
One of the main problems of the Chase Bank is that it offers the best access to the products exactly in the large metropolitan areas. But customers who tend to live in rural areas will find it inconvenient to use the services of this bank without having access to its physical branches. And while the bank offers a smooth user experience via its website and apps, many customers stick to the opinion that a life-long product like a mortgage should be consulted in a physical branch – not just over a phone or a website.
To sum up, Chase Bank does a good job at minimizing the costs of mortgage origination, which allows the customers to drop some of the expenses. The service of this bank is quite good, and you will face inconvenience only if you live in a rural area. In such a case, it would be wiser to look for a mortgage at a local bank.
Chase Auto Loans: Rates and Review
Interest rate (APR): starting at 4.39%.
Required credit score: from 600 to 850.
Required minimal monthly income: starting at $2,000.
Where the loans are available: in any American state, but physical branches are located predominately in metropolitan areas.
Most suitable for: customers with good credit who seek a large auto loan.
If you wish to purchase an expensive car and get a loan for that purpose, Chase Bank may seem like a good place to go. The reason for that is that the Chase Bank offers car loans with sums anywhere from $7,500 up to $100,000. However, there are certain disadvantages too, and we are going to uncover them in this review.
One of the main advantages of Chase auto loans is that this bank doesn’t charge you origination fees, which benefits the applicants quite a lot. On the other hand, Chase auto loans tend to charge higher interest rates, as, for example, Alliant Credit Union offers much better APR on car loans.
Depending on your credit score, the interest rate on a loan for purchasing a new card will start at 4.39%, while that figure will be raised to 4.54% for used cars. If you are going to buy a used car, bear in mind that there is a mileage limit of 120,000 miles and the age limit of 10 years. It takes from 1 to 3 days in order to get approval.
One of the good things is, however, that Chase Bank provides the customers with handy tools. Those tools will help you calculate the possible interest rate and monthly payments. Unfortunately, there is a clear disadvantage of the Chase car loans: the minimum term of a loan is 48 months and the maximum term is 72 months. Unfortunately, the bank excludes customers who may need a short-term auto loan in such a way.
Overall, the car loans from Chase Bank seem to be much worse than the mortgage offers, and there are definitely better alternatives on the market. If you live in an urban area, you should better research and find a good loan at a local bank. This bank may be an option for a car loan only if you need to get a loan on a large sum and buy an expensive car. Otherwise, there are better alternatives.
Chase Personal Loans: Alternatives
Same as Capital One 360, Chase Bank doesn’t provide personal loans for personal purposes. So, you can only take advantage of the auto and mortgage loans that we have just described above. But if you need a personal loan, you can consider some of the alternatives that we have listed at this point of our review.
Chase credit cards. In case you need financing for personal purposes and on average sums, you can apply for a Chase credit card and take advantage of the credit line. Considering that such credit cards like Chase Freedom and Chase Freedom Unlimited offer decent cash back, it may definitely be a good option. Additionally, they offer 0% intro APR period, which means that you basically get financing without paying an interest rate. But keep in mind that you need to have at least a good credit for these cards!
PNC Bank. PNC bank offers one of the best terms and rates on personal loans on the market. This bank offers its customers an opportunity to get a personal loan of up to $100,000 for as long as 15 years, but this is applicable only to secured loans. You can expect only the maximum sum of $35,000 for an unsecured loan. The loan rates of this bank start from 5.99%.
Wells Fargo. Wells Fargo, one of the Big Four Banks in the United States, offers unsecured loans between $2,000 and $50,000. The terms can be as long as 15 years, and the rates start at 6%. This is one of the few big banks that offer personal loans. Besides, you can also consider applying for a Wells Fargo credit card with a credit line.
Citizens Bank. If you have either a good or an excellent credit score, you can get a personal loan at this bank. Citizens Bank offers unsecured loans on a sum of up to $50,000, and there is an option to receive a discount of 0.50% off the loan rate with an autopay discount and a loyalty program. The loan rates are similar to the ones from the banks described above and start at 6%.
Chase Loan Calculators
There are plenty of useful resources and tools from Chase Bank. Certain tools and calculators will help you plan a loan and how to pay it off, and we are going to disclose a few of the tools in this part of our review.
First of all, it is worth to point out the affordability calculator, which allows you to estimate a monthly payment on a mortgage and understand whether you can afford it or not. The other useful tool is the mortgage calculator, which allows you to calculate a loan that you may want to apply for. After all, you can take advantage of the home value estimator tool, which provides you with an opportunity to evaluate the price of a house you own.