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Published: Aug 21, 2023 15 min read

As the largest bank by assets and the 8th largest mortgage lender in the U.S., Chase Bank is a heavy hitter in the industry. Its status as the largest bank in the U.S. not only provides customers with assurances of financial strength and trustworthiness but allows Chase to offer very competitive rates and terms on mortgage refinance products.

In this detailed review of Chase’s mortgage refinance program, we look at how the bank's lineup of refinancing products, pricing, customer satisfaction, user experience and accessibility stack up against its competitors.

Read on to learn if Chase is the right lender for your mortgage refinance needs.

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Best for competitive mortgage interest rates

One of the most alluring aspects of Chase Bank's mortgage refinance loans are the competitive interest rates they offer. The financial institution's website features a page dedicated to current home refinance rates that conveniently displays sample annual percentage rates (APRs) for a variety of its loans based on your ZIP Code. These samples demonstrate how Chase's rates — for all of the refinance products it offers — are consistently lower than national averages.

Chase's website also features a highly customizable mortgage calculator that allows you to enter in your credit score, property use and type (e.g., single-family primary home), ZIP Code, loan purpose (e.g., purchase, rate-and-term refinance, cash-out refinance), mortgage balance and estimated property value. The bank uses this information to generate estimates that are tailored to your specific situation.

While many other lenders feature online mortgage calculators, Chase's tools stand out for their level of detail and accuracy. These unique features make it easy for you to accurately determine what your loan would cost and then compare it against other lenders.

Chase mortgage refinance pros and cons

  • Competitive interest rates
  • Ranks second on J.D. Power customer satisfaction survey
  • Highly customizable mortgage calculator with detailed breakdowns
  • Doesn't offer USDA loan refinancing
  • Doesn't list eligibility criteria for loan refinancing
  • Home lending advisors only based in 36 states

Pros explained

Competitive interest rates

Interest rates on Chase Bank's refinance loans are consistently well below the national average. The bank also offers a mortgage rate lock to help borrowers secure the best possible rate at the time of their application.

Ranks second on J.D. Power customer satisfaction survey

Chase Bank received a score of 736 out of 1,000 points on the 2022 J.D Power U.S. Mortgage Origination Satisfaction Study, ranking it second only behind Rocket Mortgage. This suggests customers are generally satisfied with the services they receive.

Highly customizable mortgage calculator with detailed breakdowns

Chase Bank has a sophisticated online mortgage refinance calculator that allows customers to easily create a highly customized loan estimate that is specifically tailored to their individual situation. For each loan estimate, Chase provides a detailed breakdown of estimated lender fees, insurance expenses, property taxes and monthly payments. This helps customers accurately determine what their loan would cost and then compare it against other lenders.

Cons explained

Doesn't offer USDA loan refinancing

Chase Bank doesn’t provide loan refinancing through the U.S. Department of Agriculture (USDA), which supports homeowners in rural areas. These loans often have more lenient eligibility requirements compared to traditional mortgage refinances.

Doesn't list eligibility criteria for loan refinancing

Chase Bank doesn't provide a detailed list of loan refinancing eligibility requirements on its website. This makes it difficult to determine whether or not you’ll qualify without applying for a loan or speaking directly with a home lending advisor.

Home lending advisors only based in 36 states

Chase Bank's home lending advisors are only physically present in 36 states and Washington, D.C. This may make it difficult for customers in the remaining 14 states to have direct, in-person access to an expert mortgage refinance advisor. However, customers from all 50 states can contact Chase's customer service by phone or email.

Chase mortgage refinance offerings

Chase offers both cash-out refinance and rate-and-term loan solutions. These loans are available for its conventional, jumbo, FHA and VA loans as both adjustable-rate mortgages and fixed-rate mortgages. All of these loans allow refinancing for your primary residence, while only conventional and jumbo refinancing is available for secondary residences and investment properties.

Aside from any already known eligibility information related to government loans (e.g., FHA and VA loans), very little is listed about the exact eligibility criteria for Chase Bank's loan refinancing program. You'll either need to contact a Chase home lending advisor or directly apply for the loan to determine your eligibility for a specific mortgage refinancing solution.

The following sections examine Chase Bank's cash-out refinance and rate-and-term loan offerings in more detail.

Cash-out refinance loan

Cash-out refinance loans allow you to tap into your home's equity by refinancing with a new loan that is larger than the existing one. You'll then receive the difference between your original mortgage balance and the new amount borrowed as a lump sum payment. In general, you can cash out up to 80% of your home's appraised value.

Cash-out refinancing is attractive for homeowners who need to access some of their home's equity in order to finance home improvements or pay off other debts like medical bills and credit cards. Borrowers should be aware that cash-out refinance loans tend to have higher interest rates than rate-and-term refinancing options, as the increased loan amounts mean lenders are taking on more risk.

Chase provides cash-out refinance loans for all of the same types of mortgages and term lengths it offers for its rate-and-term refinance loans. Note that Chase Bank doesn't list a max loan-to-value (LTV) ratio for its conventional and jumbo mortgage cash-out refinances. The LTV ratio determines what percentage of your home's value can be refinanced and is typically between 80% and 90% for most non-government-backed loans.

An exception to this is the VA cash-out refinance loan, where the LTV ratio is capped at 100%. FHA cash-out refinance loans have a max LTV ratio of 80% and include the following additional requirements:

  • You must have made the past 12 months of payments on time.
  • You must meet a minimum credit score (at least 580 by current FHA requirements).
  • You must meet minimum debt-to-income (DTI) ratio standards.

Chase states that cash-out refinance borrowers will receive their lump-sum payment three days after closing.

Rate-and-term refinance loan

Rate-and-term refinance loans allow borrowers to reduce their interest rate, change their loan term and/or change their monthly payment amount. The new loan replaces your current mortgage and doesn't alter the total loan balance. Borrowers typically refinance in order to reduce their monthly mortgage payments, shorten the loan term or take advantage of falling interest rates.

Chase Bank offers fixed-rate refinancing in 15-, 20- and 30-year terms for conventional loans. It also offers adjustable-rate refinance loans for conventional mortgages in 5/6, 7/6 and 10/6 terms. This means that your interest rate will remain fixed for a period of time (i.e., five, seven or 10 years) before entering into a variable rate period in which the interest rate will adjust every six months. Jumbo loan refinances are available with fixed-rate terms of up to 30 years and adjustable-rate terms of up to 10/6.

As for government-backed mortgages, Chase Bank provides refinancing for both its FHA and VA loans. FHA loans are backed by the Federal Housing Administration and VA loans are backed by the U.S. Department of Veterans Affairs. Both of these types of loans provide favorable terms to eligible borrowers, like more flexible credit score requirements, lower or no down payment options and reduced closing costs.

FHA borrowers can opt for a simple refinance or a streamline refinance. While a simple refinance requires credit qualification and a home appraisal, the streamline refinance typically doesn't require either. However, in both instances, you would have to pay closing costs upfront, as opposed to an original FHA loan, which allows you to add closing costs to the loan amount.

Chase Bank's VA streamline refinance loans are available to veterans, active-duty military personnel and eligible surviving spouses that have an existing VA loan. These loans typically come with significantly looser credit requirements and lower interest rates than conventional mortgages and FHA loans. In order to qualify for a VA streamline refinance loan, applicants must have made timely payments six months in a row on their existing VA loan and certify that they currently live in or used to live in the home covered by the loan.

Chase mortgage refinance pricing

Interest rates for Chase Bank's refinance loans are significantly and consistently lower than national averages. Aside from an abundant and customizable selection of sample interest rates, much of Chase Bank's pricing is not clearly disclosed on its website (e.g., loan origination fees, application fees, appraisal or inspection fees). The company does state that overall loan costs tend to range between 2%–6% of the loan amount. However, that is a wide range and is likely to vary based on numerous factors.

Chase mortgage refinance financial stability

As the largest U.S. bank by assets, it's no surprise to learn that Chase has received strong marks related to its overall financial stability. The following are the ratings from the three major business credit rating agencies:

  • Standard & Poor's: A- with stable outlook
  • Moody's: A1 with stable outlook
  • Fitch Ratings: AA- with stable outlook

These ratings indicate that Chase is a financially stable lender that’s likely to remain so for the foreseeable future.

Additionally, the bank’s parent company, JPMorgan Chase & Co., is publicly traded, has a market cap of $434.2 billion and is the most profitable banking and financial services company in the Fortune 500. JPMorgan Chase & Co. holds a very strong liquidity coverage ratio, which is a measure of the highly liquid assets held by a financial institution to ensure it’s able to meet short-term obligations.

Chase mortgage refinance accessibility


Chase Bank offers refinance options in all 50 states. The only notable limitation in terms of accessibility is that the bank's home lending advisors are physically based in just 36 states. Borrowers outside of those states will need to utilize Chase's online tools or communicate with an advisor via email or phone.

Contact information

Chase Bank's mortgage customer support is available by phone, email or written letter. The company's phone representatives are available Monday through Friday from 8 a.m. to 8 p.m. EST and Saturday from 9 a.m. to 6 p.m. EST. You can reach general customer service at 1-800-848-9136 and mortgage refinance application specialists at 1-800-447-1101.

You can reach support via email through the secure messaging system available in your Chase account and can expect to receive a response within 24 hours. Letters can be mailed to:

Mail Code LA4-6475
700 Kansas Lane
Monroe, LA 71203

User experience

As you would expect from a large and well-established lender like Chase Bank, the user experience is generally quite good. Customers can easily apply for a mortgage refinance online and have access to a variety of helpful refinancing guides, FAQs and refinancing cost calculators. If you have any refinancing questions left unanswered after perusing Chase Bank's online materials, be sure to consult our mortgage refinance steps checklist.

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Chase mortgage refinance customer satisfaction

Although Chase Bank is not accredited by the Better Business Bureau, it has received an A+ rating from the organization. Perhaps the best indication of customer satisfaction can be gleaned from Chase Bank's ranking on J.D. Power's 2022 U.S. Mortgage Origination Satisfaction Study. The lender scored 736 out of 1,000 points in the study and ranked second highest overall. This is a strong sign that customers are generally satisfied with their Chase Bank mortgage experience.

Chase mortgage refinance FAQ

What credit score does Chase use for mortgage refinance?

Aside from certain minimums required with government-backed loans, Chase Bank doesn't list minimum credit score requirements for its mortgage refinance products.

What are Chase Bank's refinance rates?

Chase Bank's mortgage rates depend on the type of loan you're applying for, your credit score and other factors. Generally speaking, Chase Bank charges highly competitive refinance rates for a large variety of mortgage products.

What is needed to refinance a mortgage through Chase?

The exact requirements will vary based on your individual situation. However, some of the most common items required for mortgage refinance applications include proof of income, employment verification, credit reports, home appraisal and other financial documents.

How we evaluated Chase mortgage refinance

From trying to figure out the right time to refinance to searching for the best mortgage refinance companies, there are a variety of important factors to consider when selecting a lender. The following are the most important criteria we used when evaluating Chase Bank:

  • Variety of loan types: We examined the range of refinance products that Chase Bank offers.
  • Loan terms: We looked at the loan terms available and the flexibility of those terms.
  • Rates and fees: We evaluated how competitively priced Chase Bank's refinance rates and fees are compared to other lenders.
  • Application process: We examined the ease of use and speed of the application and refinancing processes.
  • Customer service: We considered the various forms of customer support available.
  • Accessibility: We evaluated the availability of online tools and resources for researching refinance options.

Summary of Money's Chase mortgage refinance review

As one of America's largest banks and mortgage lenders, Chase Bank provides a trustworthy and reliable option for those looking to refinance their homes. Although borrowers with USDA home loans will need to look elsewhere, Chase Bank's wide breadth of refinancing products makes it a strong option for just about everyone else. The company is an especially attractive choice if you're looking for a combination of competitive rates, a reliable customer service experience and the stability of a major financial institution. However, as with any lender, we still recommend shopping around to make sure you're getting the best deal available.

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