Chase makes it easy to refinance your home loan with its streamlined online mortgage application process. Whether you’re seeking relief from your hefty monthly mortgage payment or want to tap into your home’s equity, a refinance mortgage from Chase may be a viable solution.
But is it a smart financial move and will you truly save more money over time or only in the short term?
Current Chase Refinance Rates
Chase offers many flexible options to refinance your loan. We’ve listed the current refinance rates by loan type — they’re updated daily. It’s best to retrieve a rate quote when you’re ready to apply so you’ll have more accurate figures.
| Loan Type | Rate | APR |
|---|---|---|
| 30-year fixed | 7.750% | 7.833% |
| 15-year fixed | 7.000% | 7.294% |
| 7/6 month ARM | 7.000% | 7.650% |
| 5/6 month ARM | 6.750% | 7.716% |
| 10/6 Interest only Jumbo ARM | 7.750% | 8.014% |
Refinance Eligibility
There’s no surefire way to know whether you’re eligible for a refinance through Chase Bank unless you apply. The good news is that you can use Chase’s online tool to check your rate.
Your credit score will also be considered during the application process. A few blemishes won’t necessarily disqualify you from refinancing, but you could receive a steep interest rate. It’s a good idea to know where you stand before applying. You may find that your credit profile needs work before you can secure a lower interest rate.
On the contrary, if your credit is solid and you’re ready to move forward, be prepared to provide the following:
- Identifying information: Full name and Social Security number
- Address history: Provide a comprehensive list for the past 2 years
- Proof of income: Pay stubs, W-2 statements from the past 2 years, tax returns from the past 2 years, IRS Form 4506T
- Proof of assets: Bank statements from the past 3 months (and stock, bond and life insurance statements if needed)
- Proof of debts: Information regarding your credit card accounts, auto loans, student loans, mortgages, home equity lines of credit and other debts
Learn more detailed information about the mortgage refinance documents Chase requires — if you’re self-employed, the requirements for a refinance loan will differ.
It’s easy to apply for refinancing through Chase Bank. Complete the online application or call 1-866-489-5484. Chase Home Lending Advisors are available to assist on weekdays, 8 a.m. to 10 p.m. EST; Saturdays, 9 a.m. to 7 p.m. EST or Sundays, 10 a.m. to 6 p.m. EST.
Pros of Refinancing with Chase
Check out the benefits of refinancing your home loan with Chase.
Change Your Loan Type
Were you only able to qualify for an adjustable-rate mortgage when you initially applied? While these loan products are more affordable for the first few years, the payments could skyrocket over time as the market changes. But you may be able to secure a fixed-rate mortgage by refinancing with Chase.
Get a More Competitive Interest Rate
Chase mortgage rates are some of the best in the industry for qualified applicants. If your credit rating is much stronger than it was when you initially applied for a home loan, you may be able to save by securing a more competitive interest rate.
Reduce Your Monthly Payment
As mentioned earlier, you can reduce your monthly mortgage payment through refinancing if you’re able to secure a lower interest rate. But you can also reduce your monthly mortgage payment by extending the loan term.
Get Easy Access to Cash
Have equity in your home? You may be able to access it through a cash-out refinance, which allows you to borrow more than you currently owe and use the extra cash for a project around the house. Another perk is that the new loan may grant a lower rate than you had beforehand.
Axe FHA Mortgage Insurance
You chose an FHA loan because it was the best option when you applied, despite the mortgage insurance you have to keep for the life of the loan. But if you’re able to refinance into a conventional loan, you could get rid of FHA mortgage insurance and save a nice sum of cash each month.
Accelerated Loan Payoff
Not sold on the idea of making a mortgage payment for 30 years? Refinance into a loan with a shorter loan term.
Cons of Refinancing with Chase
Before you apply for a refinance, keep these tips in mind.
Loan Fees
A new loan means more expenses — origination fees and closing costs, which vary by loan product. If you’re not comfortable covering these expenses out of pocket, ask the lender to roll them into the loan.
Interest Paid
Refinancing means you’ll pay more in interest over the life of the loan. Why? You’re taking out a new loan, which means the clock resets. Unless you request a loan term that’s equivalent to what you had remaining on the loan, the lender has more time to collect interest from you. Or you can make additional principal-only payments each month to pay off the loan faster.
Other Mortgage Lenders for Refinancing
Want to explore other options? Here are some of the best refinance mortgage companies in the industry.
| Mortgage Lender | Current Refinance Rate (30-Year Fixed) | Minimum Credit Score |
|---|---|---|
| Quicken Loans® | 7.75% | 620 |
| better.com | 7.375% | 620 |
| Bank of America | 8.500% | 620 |
| Veterans United | 7.990% | n/a |
Other Mortgage Lender Reviews
As you search for the best mortgage company for your financial situation, it’s not uncommon to explore multiple lenders to see what they have to offer. You’ll find reviews of 3 additional lenders that may be a good fit.
- Online Mortgages
1. Best Overall: Rocket Mortgage®
Rocket Mortgage® by Quicken Loans® makes it easy to purchase a new home or refinance your existing home loan. Rocket Mortgage® streamlined the entire mortgage process by going digital so you can close on your loan fast.
You can get started when it’s convenient for you using the online tool that’s accessible 24/7. There’s no need to spend hours gathering the necessary paperwork — its system syncs with most financial institutions to retrieve the information you need in a jiffy.
Approvals are issued in minutes, and you can start shopping for a new home right away. The same approval also grants you the permission needed to proceed with the loan process.
Don’t like the numbers you see? Simply adjust the figures until the quoted interest rates and monthly payments suit your needs and budget. And you can close the transaction by checking off all the items on the Rocket Mortgage® to-do list.
Worried about the quoted rate going up? Don’t be — RateShield Approval allows you to secure your rate for up to 90 days.
Get a home loan purchase or refinance quote from Rocket Mortgage® today. It only takes a few minutes of your time to find the perfect loan product for you.
- Current Service Members
2. Best for Military Families: Veterans United
If you’re searching for a lender that offers VA loans at a competitive rate, consider Veterans United. It’s a VA-approved lender and has been the top originator of VA loans since 2016.
Whether you’re looking to buy or refinance a home, you may be eligible for a VA Loan with Veterans United if you have:
- Served 181 consecutive days or more during peacetime
- Served at least 6 years in the Natural Guard or Reserves
- Served 90 consecutive days or more during wartime
- Been married to a service member who died due to a related-disability or in the line of duty
You can check your rate online or by calling a Home Loan Specialist at 1-800-884-5560.
- Self-employed Borrowers
3. Best for Self-Employed: CrossCountry Mortgage
CrossCountry Mortgage takes the hassle out of securing a home loan when you’re self-employed with its Bank Statement Qualifier program.
No need to stress over tax returns or scramble to gather a load of financial documents. It uses the deposit information in your business and personal accounts to qualify you for a home loan for up to 80% of the property value. Mortgage rates are competitive, which means you’ll keep more of your hard-earned money in your pocket each month.
The lender will consider a few key factors:
- Your credit score, which should be at least 580 to have a chance at qualifying for a home loan product
- The last 12 to 24 months of personal bank statements and 3 months of business bank statements. Deposit activity will be heavily scrutinized to determine how much you can afford to remit in mortgage payments each month
You can inquire about a Bank Statement Mortgage in minutes. Just complete the Quick Start Form online.
4. Best for Innovative Technology: New American Funding
- Refinancing
A family-owned business, New American Funding helps other families and individuals as a Fannie Mae, Freddie Mac and Ginnie Mae direct lender, seller and servicer. New American Funding offers a variety of home financing options at competitive rates and highlights a few major traits: authenticity, community, ingenuity, diversity and education offerings.
The mortgage company uses innovative technology such as a suite of mobile apps, featuring GoGo LO, an on-the-go version of New American Funding’s proprietary CRM software. GoGo LO increases productivity for processors, underwriters and production assistants.
Find out how low your payments can go with New American Funding.
Refinance Your Home Loan with Chase Bank
Refinancing your mortgage with Chase Bank may be a wise financial decision that can benefit you for years to come. Before you make a decision, retrieve a quote to see if it’s a good maneuver. It’s also a good idea to tap into other reputable lenders — they may offer more competitive refinance terms.
Frequently Asked Questions
How do I get preapproved?
First, you need to fill out an application and submit it to the lender of your choice. For the application you need 2 previous years of tax returns including your W-2’s, your pay stub for past month, 2 months worth of bank statements and the lender will run your credit report. Once the application is submitted and processed it takes anywhere from 2-7 days to be approved or denied. Check out our top lenders and lock in your rate today.
How much interest will I pay?
Interest that you’ll pay is based on the interest rate that you received at the time of loan origination, how much you borrowed and the term of the loan. If you borrow $208,800 at 3.62% then over the course of a 30-year loan you will pay $133,793.14 in interest, assuming you make the monthly payment of $951.65. For a purchase mortgage rate get a quote here. If you are looking to refinance you can get started quickly here.
How much should I save for a down payment?
Most lenders will recommend that you save at least 20% of the cost of the home for a down payment. It is wise to save at least 20% because the more you put down, the lower your monthly payment will be and ultimately you will save on interest costs as well. In the event that you are unable to save 20% there are several home buyer programs and assistance, especially for first time buyers. Check out the lenders that specialize in making the home buying experience a breeze.