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Home » Finance » Home Finance » Chase Home Finance

Chase Home Finance

The Chase Home Finance provides a series of financial services that would help to realize the dream of owning a beautiful house. The JP Morgan Chase & Co. is an ace global financial services firm.

First time homebuyer programs

For the first time homebuyers it provides the following financial services: The Chase Home Finance offers a variety of special programs to ease the process of obtaining home finance by the first time homebuyers.

So that the customer is well aware of his power to afford the mortgage, the Chase Home Finance gives the mortgage affordability estimate. This helps in the selection of right kind of mortgage according to capacity.

Low to moderate income lending programs

The Dream maker programs require very low down payments from the customers who fit in the eligibility criterion. Opportunities are available for closing cost assistance. No cash reserves are required for most programs on single-family residence. If the down payments are less than 20%, then the customers can avail the Mortgage Insurance (MI) program. Mortgage charges are applicable on mortgages, which are insured.

Types of mortgages

The Chase Home Finance offers 4 types of mortgages and they can be discussed in detail under the following heads.

Fixed rate mortgages One can choose the fixed rate mortgage if and only if one has a low-income level, has a preference for a regular payment scheme and needs the security of fixed payments irrespective of the interest rate.

There are different types of fixed rate mortgage programs discussed as under:

1. 30 Years Fixed Rate Mortgages: Since the maturity period is as long as 30 years this scheme is characterized by low monthly payments. If one expects the interest rates to be very high in the future then the 30 years fixed home mortgage is the best available option. One can also risk buying an expensive home under this scheme.

2. 15 Years Fixed rate Mortgages: In this the scheme the customer has to make double monthly payments in comparison with the previous scheme. But overall interest payment is much lower than the previous scheme.

3. Affordable Program: Apart from the 30 years and 15 years fixed rate mortgages, Chase home Finance offers many other affordable programs. Some of them have down payments as low as 3%.

Adjustable Rate Mortgages:

The initial interest rate for the Adjustable Rate Mortgages offered by the Chase Home Finance is much lower than the fixed rate mortgage. After this initial phase id over the interest adjusts to the market situation. The interest rate is tagged with a market index. But limits are fixed to the extent to which the interest rate can fluctuate. “Rate caps” are applied to prevent any abnormal rise or fall in the interest rate. The Adjustable Rate Mortgage caters to individuals who plan to stay at home for a short time span, prefer low initial payments, earn low income but wishes to earn more in the future, are confident about managing high interest rates in future. Chase Home Finance offers the 1, 3, 5, 7 and 10 year ARMs. Here the initial interest rate remains fixed for the mentioned number of years.

FHA and VA Mortgages:

The FHA Mortgage basically insures home mortgage loans. The FHA mortgage is used to buy or refinance their current loans at down payments as low as 3%. Even if the buyer defaults in loan repayment, FHA Mortgages make funds available to the lender. The VA Mortgage does not require any down payment and is used for buying, renovating or refinancing a home. Very low interest levels characterize VA mortgages. Second Home Finance

Different Financial Services are available to the customers who want to avail the Second Home Finance of Chase Home Finance.

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