Understanding Chase Mortgage down payment policy is needed before you try to get a loan from this company. It will help you to get the access of the loan easier.
Chase Mortgage down payment has to be paid by the customers or borrowers if they wish to get fresh money for the mortgage loan. The need to provide some money first at the beginning of the loan will make sure that the entire loan process is going to run smoothly. Find out more about it down below.
Chase Mortgage Down Payment for Each Loan Type
So, how much money you need for Chase Mortgage down payment? It depends on what type of loan you are taking from the company. The full information about that is explained down below.
1. Fixed-Rate Mortgage
One of the most popular loan types at Chase is the fixed-rate mortgage. Whether it is the 30 years or 15 years of term, the mortgage loan is still popular. For the down payment of the loan, in average, Chase has around 3% down payment policy.
2. Adjustable Rate Mortgage (ARM)
When you are trying to make profits of the house, ARM is the type of loan to choose. Choosing this loan means you have to pay 3 to 4.5% down payment at the beginning. It is not a large amount of money, especially when the loan money to take is not that big.
3. Jumbo Mortgage
Jumbo mortgage is often taken by those who need larger amount of money for buying the house. For the Chase Mortgage down payment policy of jumbo mortgage, it should be around 4.5 to 5%. It is a bit larger because the amount of money given is also way larger.
4. FHA Mortgage
FHA mortgage is government-backed loan that has the goal of allowing anyone to own a house. This is why the down payment for the loan is so low. Apparently, the money to pay at the beginning of the loan is no larger than 3% of the total amount of the loan.
5. Veteran Affairs
A veteran affair of VA loan is the type of loan for those who have served the country. Allowing them to have a house easily is a part of honoring them. This is the reason why Chase Mortgage down payment money for the loan is sometimes none. Even when they have to pay for the down payment, the amount won’t be big at all.
Acceptable Sources for Chase Mortgage Down Payment
The company surely accepts down payment out of several sources. Here is the information of the acceptable Chase Mortgage down payment sources for you to consider. It will help you preparing the money as well.
A. Personal Savings
Surely enough, one of the acceptable sources for the Chase Mortgage down payment is personal saving. The company accepts money used for the down payment when it comes right from the money that you have saved. The money legally belongs to you and it won’t be any obstacles to be used as the down payment.
The money from your own savings can be the best source for down payment as you do not have to take care of so many procedures to use it as the money. Personal saving is also easier to access, hence giving you more time to take care of other steps on the mortgage loan. This is why personal saving should be considered as the money source.
B. Money from Selling a House
When people are considering to get a new house by getting the loan, they probably have sold their current house previously. This is why they won’t have any problems providing the down payment. The money from selling a house earlier is one of the most common sources of the down payment.
The money from house selling can be a little bit complicated, though, because it is probably still entitled to the estate agents. That is why the ownership of the money needs to be cleared as soon as possible after selling the house. After that, the money can be used as the down payment and it is totally acceptable at Chase.
C. Gifts and Grants
Gifts and grants from family, organizations, or employers are very common to be used as down payment money. When you are sponsored by someone to get the loan and they give you the money for the down payment, you won’t get any problems using the fund as long as you can mention the legit source.
Chase company is totally accepting down payment sourced from gifts and grants. The paper work should be legal and complete so that the process of the loan will be smooth and fast. The paper work is also going to avoid any possibility of frauds. This is why you should consider getting the money from dependable grants.
Those are some of the important things about Chase Mortgage down payment that people need to know. Indeed, in order to get larger amount of money for buying the house, you need to prepare a down payment first. It cannot be avoided and the policy is applied not only at Chase but also at other mortgage loan companies across the nation.