Chase has many options available to you if you're considering refinancing your home mortgage. For example, Chase has a cash-out refinance loan available to those who don't have a lot of equity in their homes. There are many types of loans available from Chase, including VA loans that don't require a down payment, standard agency loans and DreaMaker loans that only require 3% down.
Chase offers a Cash-Out Refinance Loan
The best way to pay off high-interest loans is with cash-out mortgage refinance loans. This loan can be used to make home improvements, among other things. This loan can also help consolidate debt. These loans are typically lower in interest than other forms of debt like personal loans. These loans are also able to assist with higher expenses like college tuition and a wedding.
Chase offers HARP. This government-backed program allows borrowers with underwater mortgages to refinance for a lower rate and a shorter term. HARP is available to homeowners who have conforming mortgages and a Chase check account. However, the HARP ends at the end 2013. Chase offers many types of home equity loans in addition to cash-out refinance loan. Several people use home equity loans for college costs, medical expenses, or other major expenses. The amount of your home equity that you are allowed to access will depend on the value and monthly payments of your home as well as your credit score.
You can get a VA loan with 0% down
VA loans are a great option, whether you are a first-time homeowner or an experienced one. VA loans are not like conventional mortgages. They don't require any down payments. For you to qualify, however, there are some conditions. Your credit score must be at least 602. Also, you need to have savings in order to purchase a home.
Consider how much you can afford when considering VA loans. It is tempting to make a low down payment to cover the funding fees, but it may be wise to start saving for unexpected costs. A smart decision is to put money aside for unexpected repairs. If you can afford it you might consider a 5% to 10% downpayment.
It is available with as little down as 3% for a DreaMaker-mortgage
Chase offers the DreaMaker loan to borrowers with limited income who require a lower down payment but still want the freedom of purchasing a home. This program allows borrowers to finance a one to four-unit residence with a down payment of up to 3%. Borrowers who qualify can enjoy reduced mortgage insurance and lower monthly payments. They can also receive a $500 home buyer grant to help them complete a home buyer education course.
DreaMaker is not available for people with incomes below $120,000. In addition to offering a 3% down payment, it offers flexible funding for closing costs, reduced mortgage insurance, and lower monthly payments. However, the DreaMaker mortgage program is only available for 1-4-unit owner-occupied properties. Chase is constantly improving the program. In the near future, Chase plans to expand it.
It offers a standard agency loan with as little as 3% down payment
JPMorgan Chase quietly announced a standard agency loan program, which allows borrowers the ability to purchase a house with as little 3% downpayment. This isn't nearly as innovative as Wells Fargo's yourFirst Mortgage, or BofA's Affordable Loan Solution. Chase's new mortgage program may be an option for those who don't have the funds to make a substantial down payment.
Standard Agency loans are designed for first-time buyers and allow you to purchase a home as low as three percent down. This loan is not based on income but your credit history. Chase Homebuyer Grants can also be applied for, provided that you meet certain requirements. FHA-backed loans are easier to qualify for than conventional loans, and Chase offers fixed FHA rates and loan terms for its customers.
FAQ
How long does it take for a mortgage to be approved?
It depends on many factors like credit score, income, type of loan, etc. It generally takes about 30 days to get your mortgage approved.
Do I need flood insurance
Flood Insurance covers flood damage. Flood insurance helps protect your belongings, and your mortgage payments. Learn more about flood insurance here.
What is the cost of replacing windows?
Window replacement costs range from $1,500 to $3,000 per window. The total cost of replacing all your windows is dependent on the type, size, and brand of windows that you choose.
Statistics
- Private mortgage insurance may be required for conventional loans when the borrower puts less than 20% down.4 FHA loans are mortgage loans issued by private lenders and backed by the federal government. (investopedia.com)
- This means that all of your housing-related expenses each month do not exceed 43% of your monthly income. (fortunebuilders.com)
- Over the past year, mortgage rates have hovered between 3.9 and 4.5 percent—a less significant increase. (fortunebuilders.com)
- Some experts hypothesize that rates will hit five percent by the second half of 2018, but there has been no official confirmation one way or the other. (fortunebuilders.com)
- When it came to buying a home in 2015, experts predicted that mortgage rates would surpass five percent, yet interest rates remained below four percent. (fortunebuilders.com)
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How To
How to be a real-estate broker
The first step in becoming a real estate agent is to attend an introductory course where you learn everything there is to know about the industry.
The next thing you need to do is pass a qualifying exam that tests your knowledge of the subject matter. This requires you to study for at least two hours per day for a period of three months.
Once this is complete, you are ready to take the final exam. In order to become a real estate agent, your score must be at least 80%.
Once you have passed these tests, you are qualified to become a real estate agent.