Chase Home mortgage rates are competitive. However, they are affected by several different factors which vary by case.
Chase Mortgage is a leading mortgage lending company in the industry for years. As expected, since it comes from a financial institution with long standing history. Many people prefer to obtain mortgage loan from it since Chase Home mortgage rates are competitive. What to know about the mortgage rates offered by this company?
What are the Factors Affecting Mortgage Rates at Chase Home?
Although Chase’s mortgage rates are very competitive, they also fluctuate often. Each mortgage loan case will also have specific rate. The following list is going to elaborate factors affecting mortgage rates.
1. Housing Market
Mortgage rates are heavily influence by the latest housing market trend. When there are less properties and being sold or built in the market, you will see that people are less inclined to purchase properties. That way, the demand for mortgage loans also decreased. In this case, the mortgage rates will be significantly lower. This also works in different direction. If many properties are offered in the market then demand for mortgage loans will be higher. The mortgage rates will go up.
2. The Location of Property
Where your property is located is also going to heavily impact the mortgage rates. Housing market condition will likely to vary from one state to another. This causes different numbers of demands between states. In addition to that, each state has different economic situation. People in certain states (the developed ones) will have significantly higher income if compared to those who live in less developed states. This affects the financial capability when paying mortgage. Understandably, states where people will be more likely to default from mortgage loan get higher Chase Home mortgage rates.
3. Type of Loan
The type of loan you are taking will also impact the mortgage rates. This lending company offers various types of loan which are categorized into three main groups: house purchase, house refinance, and home equity access. Each group has its own list of specific loan programs that are designed to cater mortgagor’s needs. Every program will have its own rate. There are two kinds of mortgage rates available: fixed and adjustable rates. They have their own perks and disadvantages.
4. Property Type
Mortgage rates are also affected by the property type. Housing market recognizes various types of property, however there are property types that are more common than others. The most known property type in mortgage market is definitely Single Family Residence (SFR). There are also manufactured houses, condominium, Planned Urban Development (PUD), and mobile home. Chase Home mortgage rates will be lower for property that has lower risk.
5. Applicant’s Credit Score
Applicant’s credit score at the time of mortgage application is also going to affect mortgage rate that they will get. People who have excellent credit history will have bigger chance to receive competitive mortgage rates. On the other hand, applicant with less than average credit score will receive higher rates. The lending company would not want to risk their investment in a mortgage case where the applicant has history of not making their loan payment on time.
6. The Amount of Loan
The amount of loan taken by mortgagor also affects the Chase Home mortgage rates. You will hardly find very small amount of mortgage in the market. If there is one, the interest rate is probably going to be high. At Chase (and other mortgage companies), the amount of deposit money paid up front determines the mortgage rates. If you manage to pay the deposit money up to maximum amount allowed, you will likely to receive lower mortgage rate.
7. Mortgage Term Length
At Chase Home, you will find two loan term options: 15 years and 30 years. The shorter your term length is the lower mortgage rate that you will be getting. When you are taking on the shorter term, you will be paying less interest in total if compared to taking on the longer term. However, you must know that the monthly installments will be significantly higher if you choose shorter mortgage term.
How to Get My Own Mortgage Rates?
Now that you have known the factors affection your mortgage rates, you may want to know how you can get your own. Here are the steps to get Chase’s mortgage loan rates.
- Contacting the company’s lending advisor to get the latest information on mortgage market and approximation of your own program by calling (800) 550-2684.
- Request for mortgage prequalification by filling form at https://apply.chase.com/Mortgage/gettingstarted.aspx.
- Request for specific home lending advisor who lives nearby your area by looking for the list at https://homelendingadvisor.chase.com/.
- Tailoring your own mortgage loan program.
- Loan closing within 30 days after application.
There are various factors that are affecting the Chase Home mortgage rates you will be getting. The mortgage loan for each case will be different. Instead of trying to compare what you get, you have to learn to negotiate your financial standing by working together closely with local mortgage lending advisor.