Chase Home Loan Rates

 

Chase home loan rates are specially designed keeping in mind the various housing needs of its customers. In order to qualify for a Chase bank home loan you must have to have a stable income for more than three years.

It is always a good idea to check the various Chase bank home loan rates before applying for a home finance. You can also check this out at their online website. The bank helps you out in choosing the best interest rate suiting your budget and requirements. In order to find out the rate of interest choosing your budget, you can either call the bank home loan department on their number 1-800-873-6577 or enter the following mentioned details in the home loan interest rate estimator:

 

1. Price of the home you wish to buy
2. Down payment amount
3. Credit history (Choose from Excellent, good, very good, fair, poor)
4. Type of Property (Single family, multi family, condominiums, villas, apartments, flats)
5. Choose the loan tenure

Depending on the above given information, the Chase bank will let you know the best interest rates suiting your demands. The bank makes sure that the housing loan availed by the bank does not become a burden on you or your family. This is the main reason it asks you to mention the price of the house you wish to buy. The bank gives out an application form which has to be filled duly by the applicant only. All the details mentioned in the form must be true to his/her knowledge. The bank also requires you to mention your monthly income and expenses so that it gets a clearer picture of your financial status.

Types of Interest rate charged by the bank are:

1. Fixed rate of interest
2. Adjustable interest rate

1. Fixed rate of interest: Under this rate of interest, the bank charges an interest rate which remains constant throughout the loan term. Thus, you do not have to worry about any increase in your repayment structure as it will be the same till the very end. The fixed rate of interest applicable for a period of 30 years is 4.125% per annum, for 15 years it is 3.375%.

2. Adjustable interest rate: The adjustable interest rate applied for a period of 7/1 is 3.000% per annum and for 5/1 is 2.625%.For example, a 5/1 ARM means that there will be a fixed interest rate for the first five years and then convert to an adjustable rate, with annual adjustments for the remaining term of the loan.

For more on Chase home loan interest rates you can log on to the link given below:
http://mortgage.chase.com/pages/purchase/crq_p_landing.jsp