Finding a Home
Financing a Home
Closing on a Home
Choosing a type of mortgage
You can choose from various types of mortgage loans to finance your home purchase. These come with various benefits, and your Mortgage Banker can help you understand the differences so you find one that best suits your financial situation.
Use our mortgage calculator to determine your payment based on the current interest rates in your area.
You can save thousands in interest over the life of your loan by choosing a 15-year term over a 30-year term. Your monthly payment, though, will be higher. Use our 30-year versus 15-year mortgage calculator to compare the two terms and see which makes the most sense for you.
In addition to the type of mortgages, we offer various options to help you finance your home. These are a few options you can consider and see if you may qualify:
|Loan Type||The Benefits||The Details|
|Fixed–Rate Mortgage||With a fixed–rate mortgage, you'll always know what your monthly principal and interest payments will be. You can also lower your monthly payments by spreading them out over a long period of time.||Your interest rate is guaranteed to remain fixed for the length of the loan. You can choose a 10–, 15–, 20–, 25– or 30–year term. Low down payment options are available.|
|Adjustable–Rate Mortgage (ARM)||ARMs offer lower early payments than a fixed–rate mortgage. If you're planning on owning your home for a short period of time, an ARM may be a good option.||Your interest rate is fixed for 5, 7 or 10 years (based on the chosen product), and becomes variable for the remaining loan term, adjusting every year thereafter. 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. You can choose a 5/1, 7/1 or 10/1 ARMs with a 30–year term.|
|Jumbo Mortgage||Jumbo Mortgages are available for loan amounts generally greater than $417,000 up to $3 million.||These fixed–rate and ARM loans are available for up to 30–year terms and amounts greater than conventional limits. You can choose a jumbo fixed (15–, 20– and 30–year terms available) or a jumbo ARM (5/1, 7/1 and 10/1 with a 30–year term).|
|DreaMaker® Mortgage||If you meet the required income limits, you may be able to take advantage of Chase’s DreaMaker mortgages. They require only 5% for a down payment (all of which can come from an eligible gift or grant), flexible funding options for closing costs, reduced mortgage insurance requirements and lower monthly payments compared to other options.||These fixed–rate loans are available for up to 30–year terms and are used to purchase a 1– to 4–unit primary residence. You can finance up to 95% on 1–unit residences and get a term up to 30 years.|
|FHA Mortgage||FHA mortgages offer down payments as low as 3.5%, which can include the use of gift funds.||An FHA Mortgage is a loan insured by the government. It can be used to buy or refinance 1– to 4–unit properties. You can choose a fixed 10–, 15–, 20–, 25– or 30–year term.|
|Home Affordable Refinance Program (HARP)||Created by the federal government, HARP makes it easier for eligible homeowners to refinance their homes to a lower mortgage rate. You can refinance even if you owe more than your home is worth. You may not need to provide as much documentation, and the approval time may be faster than a traditional refinance.||This program is available for eligible homeowners with fixed-rate or adjustable–rate mortgages.
|Veterans Affairs (VA)||VA loans have little or no down payment requirements, no monthly mortgage insurance and provide up to 100% financing.||You can get a fixed-rate term of 10, 15, 20, 25 or 30 years. Learn more about VA benefits or call 1-800-827-1000.|
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