How does Chase use my credit report?

Chase uses your credit report to evaluate your mortgage request and determine how you have handled your credit obligations in the past.

Which is better: a fixed or adjustable interest rate?

If you plan to be in your home for more than seven years, you may want to consider a fixed-rate mortgage, which offers predictable payments and long-term protection against rising mortgage interest rates. If you plan to be in your home for seven years or less, an adjustable-rate mortgage (ARM) could be attractive. Keep in mind that with an ARM, your monthly payments have the potential to go up each time your interest rate adjusts.

Should I pay discount points?

When you pay a discount point, you are essentially paying part of your interest to the lender up front. This will lower your interest rateâ€”as well as your monthly paymentâ€”over the life of the loan. One discount point is always equal to 1% of the loan amount. For example, one point on a $100,000 loan would require payment of $1,000 at closing. Generally speaking, the longer you plan to remain in a property or hold your mortgage, the more advantageous it is to pay points. There is no requirement to pay discount points; whether or not you decide to pay points is completely up to you.

What documents will I need to apply for a mortgage?

Traditional loans usually require documents that verify your employment, income and assets, and may include: Your Social Security number Pay stubs for the last two months W-2 forms for the past two years Bank statements for the past two or three months One to two years of federal tax returns A signed contract of sale (if you've already chosen your new home) Information on current debt, including car loans, student loans and credit cards

Which mortgage and homeowners costs are tax-deductible?

Some types of mortgage and homeowners costs may be tax-deductible: discount points, interest paid on a home loan and property taxes. Consult your tax advisor for advice about your situation.

What are the benefits of refinancing?

You may want to consider refinancing if you are interested in paying off high-interest-rate debt, shortening the length of your repayment term for your mortgage or lowering your monthly mortgage payment.

When does it make sense to refinance?

Generally speaking, one or more of the following conditions needs to be present before you should consider refinancing your mortgage: Mortgage interest rates are falling Your home has significantly appreciated in market value You've been making payments on your original 30-year mortgage for less than ten years

Can I refinance to take cash out of my house?

Yes. Chase offers a variety of options that allow you to tap into your home's equity and take cash out. Consult your Mortgage Banker for the best cash-out refinancing option for you.

How can I consolidate debt when refinancing my mortgage?

Cash-out refinancing can help homeowners who want to consolidate high-interest debt. Because your mortgage interest rate is likely to be lower than rates on credit cards or other types of bank loans, consolidating debt may reduce your overall monthly debt payments.

Do I need to have my house appraised in order to refinance?

Yes, in most cases. However, depending on the circumstances, an appraisal may not be required.

Mortgage First Time Homebuyer Frequently Asked Questions: Help

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Frequently Asked Questions

Answers to your common questions to help you buy a home.

When debating between renting vs. buying, you need to think about your lifestyle and finances. While renting can provide more flexibility, owning a home enables you to build equity in the property and may provide tax benefits.

Buying a home is a huge step, especially when you’re moving from renting to owning.

Here are some steps to help you prepare to buy your first home:

Pay attention to (and improve) your credit score
Use our Affordability Calculator to see how much home you can afford
Save money for a down payment
Save for additional home buying costs (inspections, insurance, deposits, etc.)
Get preapproved for a mortgage loan
Find a Home Lending Advisor
Find a real estate agent
Start looking for homes!

A preapproval gives you an estimate of how much you can borrow based on your income, employment, credit and bank account information. To be sure you’re getting the best deal, talk with multiple lenders and compare their mortgage rates and loan options.

Get preapproved with Chase!

Whether you're looking for a single-family home or a penthouse apartment, understanding your wants and needs is essential.

Once you know what you want out of a home, determining your housing budget is crucial. After working up a loose housing budget, you'll need to decide how much you'll be comfortable paying each month. Your real estate agent will help you find the right home based on all of these factors. Looking for more information? Read our guide on "How to Find the Perfect Home!"

Buying a home is a major decision, so take time to find a real estate agent that's best for you. An experienced real estate agent can make your homebuying process a smooth one by helping you find the right house and negotiating the right price. You can ask for recommendations from family, friends, your Home Lending Advisor or other people whose opinions you value. Be sure to interview several agents and research them online before choosing one.

At Chase, you can choose from several types of mortgage loans to finance your home purchase. A Home Lending Advisor can help you understand the differences between the various loan options so you find one that suits your financial situation.

Our Affordability Calculator was created to help you discover how much home you can afford.

There is no set amount. In fact, you might be surprised to learn that many first-time homebuyer programs require as little as 3.0% down. Today, there are many loan programs that can be tailored to fit your needs and financial resources. Keep in mind that for down payments of less than 20% on conventional loans, private mortgage insurance (PMI) will be required. Go to Chase Affordable Lending to learn more.

Traditional loans usually require documents that verify your employment, income and assets, and may include:

Your Social Security number
Pay stubs for the last two months
W-2 forms for the past two years
Bank statements for the past two or three months
One to two years of federal tax returns
A signed contract of sale (if you've already chosen your new home)
Information on current debt, including car loans, student loans and credit cards

To find a Home Lending Advisor (HLA) for you:

Find a Chase Home Lending Advisor to start the process. Search by last name (if you have an HLA in mind), by city, or by zip code.
Once you enter your location or a specific last name, you'll get a list of Home Lending Advisors in your area. Every HLA listing includes their location, NMLS ID#, phone number, and a link to their profile page.
If you're interested in learning more about a specific HLA, click "go to (name)'s page".
Each HLA’s profile page will tell you how many years of experience they have, full contact information, and, oftentimes, a short bio. This information should give you a good sense of each advisor so you can easily make your decision.

Your Home Lending Advisor can help you find providers that offer online homebuyer education courses. You can also get a list of HUD Approved Housing Counseling Agencies in your area by calling 1-800-569-4287. Or, to search online, go to HUD.gov, enter "counseling agencies" in the search bar, then sort by your city, state or zip code and choose "Send."

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Mortgage First Time Homebuyer Frequently Asked Questions: Help

Frequently Asked Questions

When is it time to stop renting and buy a home?

How do I start the homebuying process?

Why should I consider obtaining a preapproval for a mortgage?

How do I find the right home?

How do I find a great real estate agent?

How can I get information on mortgage loan options?

How do I determine how much I can afford?

How much do I need for a down payment?

What documents will I need to apply for a mortgage?

How do I find a Home Lending Advisor?

How do I find the right Homebuyer Education Provider?

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