Video transcript: Chase explains types of mortgages

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This video uses text and animated illustrations to reinforce spoken content. Soft music plays.

On screen:

Logo: The Chase octagon symbol.

On screen:

Types of Mortgages.

On screen:

A man passes different types of houses as he rides his bike down a suburban street.

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A bicycle bell rings.

Narrator:

When it comes to mortgages, there's no one-size-fits-all option. Here are a few different types of mortgages you may encounter.

On screen:

A two-story brick house appears.

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Conventional Mortgage. Not backed by a government agency

30-year fixed rate.
15-year fixed rate.
Adjustable rate.

Narrator:

A conventional mortgage is a loan that's not backed by a government agency, such as the Federal Housing Administration or Veteran's Affairs.

On screen:

Different styles and sizes of houses line a neighborhood block.

Narrator:

There are a number of conventional mortgage options available, such as a 30-year fixed rate, a 15-year fixed rate, and adjustable-rate mortgages. Then there are loans with lower down payments that help make home ownership possible for many more people, such as Chase DreaMaker, FHA, and VA. You'll need to meet certain income requirements for a DreaMaker mortgage. Monthly insurance payments will be added to an FHA loan. VA loans are exclusive to veterans and active-duty service members.

On screen:

Chase DreaMaker (service mark) – Must meet income requirements. FHA Loans – May need monthly insurance payments. VA Loans – Exclusive to veterans, active-duty service members, and their spouses.

Narrator:

For larger home purchases, jumbo mortgages can be a good option, especially where costs can be higher, such as in big cities.

On screen:

Jumbo Mortgages – For larger home purchases or contracts.

Narrator:

The good news is: which so much variety, there's bound to be a mortgage type that is perfect for you.

On screen:

Neighbors wave to each other on the block with a variety of home styles.

On screen:

Logo: The Chase octagon symbol.

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Legal disclosures appear.

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Make more of what's yours®

All home lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply. Home lending products provided by JPMorgan Chase Bank, N.A.