they are not available in Hawaii or Alaska. Chase also offers a rate discount of up to 0.25% if you have at least $1 million in deposits and investments there.Ĭhase mortgages are offered in 48 states and Washington, D.C. Borrowers with $500,000 or more will get a $1,500 reduction from the processing fees. For example, customers who have combined assets in Chase deposit and investment accounts totaling between $150,000 and $499,999 will get $500 off the mortgage processing fee. Eligible DreaMaker borrowers may also get $500 after completing a homebuying education course.Ĭhase also offers relationship discounts for eligible existing Chase customers in the form of reduced processing fees and lower rates. The DreaMaker mortgage, a low down payment option with flexible credit and income requirements, is geared toward buyers on a budget who might have lower credit scores. Smaller banks also tend to support local events and charities, thus bolstering the local community.Chase is one of the top mortgage lenders because of its competitive interest rates, loan programs for borrowers with smaller down payments and relatively speedy closing times. Local ties: When you make payments to a nearby bank, there is a good chance it will take that money and lend it to other individuals and businesses in the area.That can make paying your monthly bill easier, too. For example, if you apply for a mortgage at your local bank, you might have the opportunity to manage all your accounts using a single login. Simplicity: Most people lead busy lives, so there is something to be said for eliminating as many hassles as possible.Power’s top spot for client satisfaction for the eighth consecutive year. That is not to say Rocket Mortgage does not do well by its customers. This can put them in a better position to resolve conflicts during the loan approval process. Local expertise and connections: Smaller banks argue that there is an advantage to working with people who know the area and sometimes have an existing relationship with the real estate agent.Of course, some community banks offer these as well, but it is not always the case. In addition to conventional fixed- and adjustable-rate mortgages, the company also offers specialized products such as the Federal Housing Administration (FHA) and Veterans Administration (VA) loans. Selection: Bigger mortgage companies often provide a broader menu of financial products.In fact, many customers like the anonymity of electronic communication, which sometimes makes it easier to open up about one’s financial situation. Anonymity: Some people prefer to meet with their lenders face to face, but that is not true for everyone.There is no need to upload documents manually. Speed: The company once boasted that Rocket Mortgage users can get approved for a loan in as little as eight minutes, after plugging in some personal information on a computer or mobile device.Going with a digital lending solution is especially handy for those who work long hours and have trouble finding time for personal projects during traditional business hours. And by using Rocket Mortgage, you can apply for a loan on the Internet at any time of the day. With lenders like Rocket Mortgage, you can start the process by chatting online or talking on the phone. Convenience: Since the advent of the internet, Americans are used to doing things on their own timetable.
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