The JP Morgan Chase and Company of today is actually a combination of 1200 different financial institutions dating back to a bank started by Aaron Burr, Alexander Hamilton’s political enemy, in New York in 1799. Today, it is a combination of three large institutions. JP Morgan is the banking wing of the former J.P. Morgan and Company banking empire, while Chase was a large New York-based bank which swallowed up a number of other large banks. JP Morgan Chase’s mortgage business comes from the remnants of Washington Mutual. Washington Mutual was an innovator in mortgage lending and retail banking that JP bought out of bankruptcy in 2008. Today, JP Morgan Chase continues WaMu’s tradition of aggressive mortgage lending with a range of different refinance options.
Chase Jumbo Mortgage Rates
Befitting a bank that comes from the high-cost East Coast, JP Morgan Chase has many fixed rate jumbo mortgage products, all at very competitive interest rates. Unlike other lenders that offer adjustable rate or balloon-payment jumbo loans, Chase’s large-balance refinance loans carry fixed rates for extended terms. In fact, they make jumbo loans of up to $2,000,000 for 10-, 15-, 20-, 25-, and 30-year fixed terms.
Borrowers seeking a traditional “conforming” refinance of up to $417,000 can also turn to JP Morgan Chase for extremely competitive rates. If you do not expect to remain in your home for a long time, they offer adjustable rate mortgages which can save you a lot of money. These loans are fixed for their first five, seven or ten years then have an interest rate which will float once a year. If you know that you will be moving in six years, for instance, a seven-year adjustable loan will give you the same security as a fixed rate loan at a lower rate.
If, on the other hand, you plan to stay in your home for an extended period, Chase’s regular fixed-rate mortgage refinance loans would be perfect for you. Like many lenders, they offer standard 10-, 15-, 20-, 25- and 30-year terms, but with two benefits. The first is that Chase offers very low rates without requiring you to pay discount points to buy the rate down — they are just inexpensive mortgages. The second is that Chase may be able to offer you a loan with a 40-year amortization period. While these loans have a higher interest cost than a 30-year loan, they also have a lower payment. If you are right on the line of being able to afford a refinance, the Chase 40-year fixed rate loan might be the best option for you.
Chase Refinance Rates for Low-Down Mortgages
Homeowners looking to refinance a low-down mortgage or buy a home with a very small down payment can take advantage of two different types of Chase loans. The first is the well-known FHA loan. These loans offer down payments as low as 3.5 percent and relaxed credit qualification standards. You can take out an FHA mortgage loan or refinance with a fixed term of 10-, 15-, 20-, 25- or 30-years or an FHA ARM with a 30-year term and a fixed period of five or seven years.
If you do not want to take out an FHA loan, you may be eligible to take advantage of Chase’s “DreaMaker Mortgage” program. This program is available as a fixed or adjustable rate mortgage with a term of up to 40 years. It is aimed at lower income first time homebuyers and is easier to qualify for than a traditional mortgage while letting you put as little as five percent down.
HARP Refinance Rates
If you already have a Chase mortgage which you have more or less paid on time, consider refinancing through their HARP program. Chase’s HARP loans let you refinance even if you owe more than your home is worth. While you will have to fill out a new mortgage application and go through Chase’s underwriting process, you will not have to have your home appraised. Given that Chase loans are available at some of the lowest interest rates in the market, they let just about any one of their customers take advantage of refinancing opportunities.
Home Equity Rates
If you are happy with your current loan, have equity but need to pull some cash out of your house, Chase has lending products for you as well. You can pull out a lump sum of cash with a traditional home equity loan or have access to cash when you need it through a home equity line of credit. Their HELOC product not only offers very competitive rates but also the opportunity to fix its rate to protect yourself from future interest rate increases. They will even allow you to make interest-only payments on your HELOC balance, helping you save money every month.
With a history that goes back almost as far as the United States, JP Morgan Chase has a great deal of experience in serving their customer’s needs. Today, their package of mortgage, refinancing and home equity loan options can help you to achieve your financial goals.