Chase Home Mortgage pre approval step is very important in mortgage application. This article discusses its usage and methods.
If you are thinking about setting up a mortgage loan with Chase, you should get pre approval first. Chase Home Mortgage pre approval does not bind applicant into making loan agreement with the lending company. There are several uses of pre-approval for applicant. Let’s learn about them and how to get pre-approved.
What are the Uses of Mortgage Pre Approval?
Some people do not take Chase Home’s mortgage preapproval too seriously. They do not realize that is plenty information that can be gained from this process. It will help them going through the next steps.
1. Loan Amount
The main reason to get pre approval before obtaining mortgage loan is to know the loan amount which you are qualified for. Unfortunately, you can easily encounter new mortgagor who already has their eyes set on a property but ends up being disappointed since the loan amount that they can receive preventing them from getting the property.
There are several factors that are affecting the result of someone’s Chase Home Mortgage pre approval. The first reason is applicant’s credit score. Applicant with higher FICO credit score is likely to receive higher loan amount since they have positive credit history. Employment status of the applicant affects the loan amount as well. Current debt-to-income ratio is also taken into consideration since it influences the ability of borrower to make monthly installments. The mortgage lending company is also going to check applicant’s bank account information.
2. Mortgage Loan Programs
The preapproval step is going to introduce you to programs that are offered by this mortgage lender. Chase’s mortgage program is categorized into three categories.
- Property Purchase; this category is reserved to mortgage loans for purchasing a property. There are varied property types that Chase Home accommodates. It also offers several kinds of programs based on the length of a term and the type of interest rates.
- Property Refinance; refinancing category is chosen by people who already have mortgage loans but wanting to change to new mortgage loan for better deal. It can be applied to many kinds of property, including family home and condominium.
- Home Equity Line of Credit; this type of loan is provided to property owner who wants to get a hold onto their home equity. When you apply for this type of loan, you will be able to access large sum of cash.
3. Learning the Interest Rates Offered
Chase Home Mortgage pre approval also introduces the interest rates offered in this company. The rates are affected by a number of factors. Location of the property will determine how much loan ant that he can obtain. After that, there is also length of term. If borrower opts to choose longer term, the interest rate will go up. Market condition also has heavy impact toward the rate. Here are the steps to check on your mortgage interest at Chase.
- Go to the company’s mortgage webpage at https://www.chase.com/personal/mortgage/.
- Click “Mortgage Rates” or “Refinance Rates” which is located at the top part of webpage. Mortgage Rates will show rates for property purchasing, while Refinance Rates shows interest rates for refinancing.
- Enter the ZIP code for your property.
4. Estimating Monthly Payments
The preapproval process also enables you to make estimation on monthly payments and the total cost at closing period. The Chase’s website is equipped with sophisticated mortgage calculator with updated interest rates. You can use this calculator after getting the result of Chase Home Mortgage pre approval. Here are the steps to utilize the calculator.
- Go to https://apply.chase.com/mortgage/CRQ/CustomRateQuote.aspx
- Enter information such as loan type, property type, property location, the property’s value, and down payment that you are able to make.
- Enter your credit score.
- Click “Get Rate and Payment”.
How to Get Preapproved by Chase Home Mortgage?
Now that you have known the importance of getting preapproval before obtaining the mortgage loan, you should learn the way to do that. Mainly, there are two methods to do it.
The first method is by making a phone call to the company. You will be connected with lending advisor that will help you getting through the Chase Home Mortgage prequalification. For property purchasing, the number to call is (800) 550-2684. Meanwhile, refinancing applicants should call (866) 489-5484. The numbers are available from Monday to Friday at 8 a.m. to 10 p.m. ET, on Saturday at 9 a.m. to 7 p.m. ET, and on Sunday at 10 a.m. to 6 p.m. ET.
You can get preapproved online too. It is definitely a lot simpler than making a call to an advisor since there is no time constraint. Here are the steps for that.
- Go to preapproval page at https://apply.chase.com/Mortgage/gettingstarted.aspx.
- Enter information in required fields which are related to personal information, financial information, as well as property and loan programs.
- Verify the preapproval process.
- Submit the preapproval form.
The mortgage lending company provides methods that are easy to do. Because of that, you should not pass Chase Home Mortgage pre approval step. There are plenty details that you are going to understand after doing this process. It will be beneficial to you once your mortgage term has started.