1 Loan amounts up to $1 million on investment property. Loans up to 85% of a primary home's value are available on a purchase or refinance with no cash back. For example, a 30-year, fixed-rate loan of $850,000 with an interest rate of 4%/4.022% APR will have 360 monthly principal and interest payments of $4,058.03. This payment does not include taxes and insurance. Actual payment will be higher. Subject to property type, a minimum credit score of 680 and a minimum of 18-24 months of reserves, depending on loan size. (i.e. you must have at least enough money in reserve in your bank account to make 18-24 monthly mortgage payments [principal, interest, taxes and insurance] after your loan closes.)
For the Adjustable-Rate Mortgage (ARM) product, interest is fixed for a set period of time, and adjusts periodically thereafter. At the end of the fixed-rate period, the interest and payments may increase. The APR may increase after the loan consummation. Deposit products and services are offered by JPMorgan Chase Bank, N.A.Member FDIC.
Interest-Only Mortgage: Depending upon the customer’s credit profile, interest-only loans are available and provide for the payment of interest only for a set period of time, and payments of principal and interest thereafter for the remainder of the loan term. While making interest-only payments, principal is not reduced. At the end of this period, the monthly payment will increase, possibly substantially, because the customer will be required to pay down the outstanding principal plus any remaining interest. The customer should always consider paying more than the minimum payment to pay down the principal.
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.