Applying for your loan
Applying for your refinance is easy. Our Mortgage Bankers are here to guide you through the entire process and answer any questions you may have. Here’s what you’ll need to know.
How to Start Your Application
- Choose a lender.
Determine which lender and loan program work best for you. Consider your current relationship, the level of service, the variety of loan options and origination fees.
- Lock in your loan rate.
When you lock in your rate, you’re guaranteed to get that rate at closing, regardless of whether market rates are higher or lower at that time. You can decide to lock in anytime — from the day you choose your loan, up to five days before closing. Although if you wait, you run the risk that rates could go up.
- Complete your loan application.
Once we have a complete application, your Chase Mortgage Banker will provide an estimated closing date.
It's Easy to Apply with Chase
- Interested in working with a local Chase Mortgage Banker? Search for a Mortgage Banker in your area to request a consultation.
- You can also work with our national Chase Mortgage Bankers, who assist you online or by phone. Getting started is easy. You can start the prequalification process online or call us at 1-800-873-6577. Once we have a complete application, your Chase Mortgage Banker will provide an estimated closing date.
What happens when you apply
- We’ll ask your permission to review your credit history.
Credit scores play an important role in your ability to get a loan and determine what interest rate you'd qualify for.
- We’ll review your current mortgage.
What is the market value of your home? What is your loan-to-value ratio?
- We'll ask you to collect your financial information.
We’ll need to know about your household income, your debts, personal loans and assets — like CDs, checking, savings, 401(k)s or other retirement plans, and cash you have on hand.
- We’ll tell you how much you’re qualified to borrow.
We’ll help you consider whether you’re better off with a fixed-rate loan or an adjustable-rate; and whether a 15-year or a 30-year loan term makes more sense for your budget. We’ll even help you estimate any upfront fees and closing costs you should expect.
Taking the next step
When you're ready to move forward with your loan application, just contact your Chase Mortgage Banker and he or she will create a full Mortgage Application Package for you.
The package contains information to read, a few forms to sign — and some paperwork you’ll need to start gathering.
First, carefully read these key items in your Mortgage Application Package:
- Loan estimate
Look for the Loan Estimate and read it carefully to make sure you fully understand the loan terms and fees.
The loan estimate shows an itemized list of loan fees and estimated settlement charges. It also contains important information about interest rate, APR, payments, loan terms and other important disclosures. You’ll receive a final statement of charges and loan information at closing, called a "closing disclosure". But for now, the loan estimate lets you know what to expect.
Be sure to review all documents in your package. If you’re satisfied, give your Mortgage Banker your "Intent to Proceed" with the application. Your Mortgage Banker will help make sure you sign and return any required forms promptly.
- Conditional approval letter
You may receive a conditional approval letter, a summary of your loan’s details, such as interest rate, loan size and terms. The “conditional” approval simply means the information you’ve provided on your application still needs to be verified and sent to an underwriter for final review.
Be sure to review all the documents in your package — your Mortgage Banker will help make sure you sign and return any required forms promptly.