Today we are reviewing Chase Bank and the Chase Bank Mortgage division.  Chase Bank is the 3rd largest mortgage company in the United States.  In 2010, Chase financed 716,411 home loans in the United States or 11% of the entire US home loan market.  Chase Bank is headquartered in Iselin, New Jersey and Chase Bank is part of a larger company called JP Morgan Chase that offers a variety of different products for consumers, commercial banking, and asset and wealth management services.  Frank J. Bisignano is the Chief Administrative Officer and leader of the Chase Home Lending Group as well as a member of Chase’s executive committee.  Chase Bank is a well-diversified company and this is just one of it divisions.

Chase Offers A Variety of Chase Bank Mortgage Loans

Chase offers a variety of products for it’s mortgage consumers.  These products include Fixed Rate, Jumbo, Adjustable Rate Mortgage, DreaMaker, and FHA Mortgages.  The Fixed Rate Mortgages include predictable monthly payments and the ability to spread payments out over a long period of time such as 10, 15, 20, 25, 30, and 40 years.  The Jumbo (not Jambalaya gumbo soup), Mortgage product allows home purchases the ability to spread payments out over a long period of time, with financing available up to $2 million dollars.  These loans can be either Fixed or ARM loans and are available for up to 40 years with 10, 15, 20, 25, 30, 40 year terms.  The ARMs are 5/1, 7/1, 10/1 upto 40 years as well.

Adjustable Rate For A Chase Bank Mortgage

The Chase Bank ARM or Adjustable Rate Mortgage is advantageous for having lower early payments than fixed mortgages, and the ability to take advantage of lower rates in the future. ARMs are ideal for borrowers anticipating moving in a fixed payment period or with shorter term ownership plans.  The ARMS work as follows: the interest rate is fixed for 5, 7 or 10 years (based on the chosen ARM product), and becomes variable for the remaining loan term, adjusting every year thereafter, based on the movement of the index. For example, a 5/1 ARM would have a fixed interest rate for the first five years and then convert to an adjustable rate, with annual adjustments for the remaining term of the loan.

DreaMaker and FHA Mortgage Loans

Chase also offers two other products including the DreaMaker Mortgage and FHA Mortgage.  The DreaMaker advantages allow for credit flexibility, even if you don’t have perfect credit; closing cost assistance may also be available.  Chase DreaMaker products are  Fixed and ARM loans are available for up to 40 year terms and are used to purchase a 1-4 unit primary residence. Up to 95% financing is available on 1-unit residences, and term limits of up to 40 years.  The Chase FHA Mortgage includes a low down payment and flexibility, if you have “less than perfect” credit.  The FHA Fixed and ARMS are loans that are insured by the government and are used to purchase or refinance 1-4 unit properties.  Chase FHA products are available as FHA Fixed (10, 15, 20, 25 & 30 year terms available) or FHA Fixed (10, 15, 20, 25 & 30 year terms available)

Chase Website Offers Effective Mortgage Tools

Chase Home Loans offers a variety of product options for the home buyer.  Some other unique features of Chase include useful tools on their website.  These tools include the Home Value Calculator, a video series on the home buying process, quick and easy rate calculators.  Many of these features are self-service and will allow mortgage shoppers to make informed decisions even before speaking to a loan officer.  Chase also has over 14,000 ATMS and nationwide branch locations.  Another unique product that Chase is offering is the 1% Cash Back Mortgage Program.  Chase 1% Cash Back Program offers customers the choice of either either 1% cash back or a 1% payment against your principal balance annually when you sign up for automatic payments on a new Chase Mortgage.

To learn more about Chase Home Mortgages visit www.chase.com or call 1-800-873-6577.

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