Chase: 2022 Home Equity Review

Note: Due to “current market conditions,” Chase says it has temporarily suspended new HELOC applications and has “reallocated resources to support purchase and refinance transactions.” The information below reflects Chase’s past offerings and current alternatives.

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With branches in 49 states (except Alaska) and the District of Columbia, Chase, the banking arm of JPMorgan Chase & Co., is the largest bank in the US based on total assets owned. Half of all US households are served by a wide range of financial services, including Chase saving And Checking accounts, Credit cardsAuto loans, investment accounts, and mortgages and Home equity Loans. It also provides Online banking Services through Chase Online with Mobile Banking through the Chase App.

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Chase Bank logo

JPMorgan Chase & Co.

The New York-based banking giant also offers home equity loan services, or HELOCs, for existing customers and offers Cash-out refinances For home owners.

Chase: At a glance

Types of home equity loans

HELOC (applications currently on hold), cash-out refinance

APR range

3.75% to 6.23% (HELOC)

Loan amounts

Starting at $25,000

Credit score requirements

N / A

Terms of refund

For 20 years

Average time to approval

N / A

What we like

  • Fixed rate lock option: Chase offers this fixed rate lock option on you HELOC rateAllows you to lock in an interest rate on part or all of your payment so the rate doesn’t change over a specified period of time (minimum 12 months).
  • Option to use checks: Chase allows you to draw from your HELOC account using checks. You can draw money from your HELOC by making a withdrawal or by transferring funds online to your personal bank account.
  • Individual Branches: Chase has branches in every state and the District of Columbia. The only state where you won’t find a branch is Alaska. That means easier access to in-person services for more US residents.

What we don’t like

  • Currently not accepting new HELOC applications: While Chase currently offers its cash-out refinance option, Chase says it is suspending new HELOC applications indefinitely “due to current market conditions.”
  • HELOCs are only available for certain asset types: To qualify for a HELOC account, the property must meet Chase’s qualifications. For example, you must live in the property most of the year and it must be a single-family home, two-family unit, cooperative share or condo. Any other type of property is ineligible.
  • Customer service options for non-customers are limited: Chase has a variety of customer service access options for its current customers — by phone, email, online and mail. But if you are not a Chase customer and have questions, you can contact a local branch to get your questions answered. Check the Chase website for specific branch hours.

Home Equity Loan Product Options

Chase offers a HELOC option for accessing home equity, but it is not currently accepting new applications. However, current customers can access their accounts. Chase cites current market conditions as the reason for the lull in HELOC applications. Its website notes that applications will reopen “once market conditions improve.”

If you want to access your home equity now through Chase, consider its cash-finance product. This option allows you to refinance your current mortgage and withdraw money using your home equity.

Chase also offers fixed-rate mortgages. Rates vary by location, but you can check your rate using Chase’s website. Contact your local branch or Chase customer service team to discuss any other options available to you.

Charges

Chase HELOCs have an origination fee and a recurring annual fee. The original fee is $50, but is waived for anyone who is already a Chase Home Equity customer.

The annual fee is also $50 but may be waived in certain circumstances. Fees are charged each year on your account anniversary. You may qualify for a fee waiver if you have a Chase Premier Checking Account, Premier Plus Checking Account, Sapphire Checking Account, or Chase Private Client Relationship.

In some states, you must also pay a mortgage recording tax. This tax can range from 0.115% to 2.175% of your credit limit amount.

How to qualify

For HELOCs, Chase is not accepting new applications, but check its website for updates on when applications will reopen. If you want to apply for a HELOC now, look into options with other lenders.

You can still get a cash-out refinance at Chase, but doing so requires applying for a new home loan. You may need to get a home appraisal while applying for a home loan. Talk to a Chase Home Lending advisor to see if you need to get an appraisal. A Chase advisor can answer any other questions you may have about the process.

It’s starting

You can pre-qualify for a cash-out refinance with Chase. Current customers can use the Chase mobile app, while new customers can apply through the Chase website. The pre-qualification application requires you to fill in information about your property, current home loan and your finances.

Once you complete the application, you’ll find out the rates you qualify for and if you qualify for a cash-out refinance with Chase. Once you know the rate, contact a home lending advisor at your local branch to lock it in. Chase will help you finalize the application process.

If you need any help along the way, you can always contact your local branch or contact Chase’s customer service department.

Customer service

Current Chase Home Equity customers can reach customer service by phone, fax, email or mail. Customers can call 800-836-5656 Monday through Friday between 5 am and 5 pm PT and Saturday between 6 am and 3 pm PT. New York customers should call 800-848-9136. To send a fax, call 614-422-7171.

Emails can be sent by logging into your Chase Online account. Navigate to the “Customer Center” tab and select “Send New Message”.

To send a letter or request materials by mail, write:

Chase

Attention: Home Equity Service

Mail code OH4-7304

3415 Vision Drive

Columbus, OH 43219-6009

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