When you are planning to find out a mortgage loan in order to finance your house purchase, you need to look for various options. Mortgage loans from Chase Bank come in various types and provide various benefits. With the help of Mortgage Banker, you can understand various differences of the mortgage loans to suit your situation of finances. You can also use the mortgage calculator of Chase Bank on the Chase login site to determine the monthly payment on the basis of current rate of interest in your region.
Fixed rate mortgage
For a fixed rate mortgage, you can always be aware of your monthly interest and principle payments. You can reduce your monthly installments if you can afford them for a long time period. Chase Bank guarantees to keep the interest rate fixed for the total tenure of your mortgage loan such as 10, 15, 20, 25, and 30 years. You can also ask for lower down payments.
Adjustable rate mortgage
The adjustable rate mortgage offers lower payments in the early phase than the fixed rate mortgage. In case you are planning to own a house for a shorter duration, this kind of mortgage can be a great option. The rate of interest is fixed for a period of 5, 7, or 10 years. Then, the rate of interest becomes variable after the fixed period is over, varying every year afterwards.
If you want to have a mortgage loan for an amount more than $417,000 to $3 million, you can choose the Jumbo Mortgage. You can have this ARM and fixed rate loan for a period of 30 years and for unconventionally high amounts.
The DreaMaker mortgage by Chase Bank is available for people who meet the requisite income limits. The bank requires a down payment of 5%, which can be taken from an eligible grant or gift, flexible funding alternatives for closing costs, lowered requirements for mortgage insurance, and reduced monthly payments compared to the other alternatives. You can have the fixed rate loan for period of 30 years and is used to buy a one to four unit primary accommodation. You can take the mortgage loan to finance a residence up to 95% for a period of 30 years.
An FHA mortgage can be used for making down payments for the low amounts such as 3.5% that includes using eligible grants and gifts. The FHA mortgage is a government insured loan that can be used to refinance or buy one to four unit properties for a term of 10, 15, 20, 25, and 30 years.
HARP or Home Affordable Refinance Program
The federal government has created this plan of Home Affordable Refinance Program, which makes it simpler for the homeowners to lower rate of mortgage to refinance their house. It allows you to refinance even if the amount owed by you is more than the worth of your home. In addition, you are not required to provide much documentation. The time of approval is much lesser than the traditional refinance. The HARP program is available to eligible homeowners with adjustable rate mortgage or fixed rate mortgage.