CHASE Mortgage - HORRENDOUS experience.

[Safire]

Is something wrong with Chase? Are they not interested in making mortgage loans anymore?

I tried to contact two Chase mortgage "home advisors" (or whatever). I am a current Chase customer and have been a credit card user since 1996. The first "home loan advisor" dropped off the radar after I told him - upfront - that I am shopping around for a loan. He simply ignored my emails after that. Oh, well.

The second guy initially pretended he had NEVER received my email about a mortgage loan, so I f/wed the original email. He said he would call me "right back", then sent me an email 2 mins later saying that he's sorry, he's unavailable and palming me off to a third mortgage "home advisor".

Got it. Chase simply does not want to make mortgage loans. Good bye!

 

[Another Reader]

They don't want to bother because you will get better rates and terms from a good broker. They will expend effort only to lose the sale. Ask around your friends and shop online. Get a couple of quotes from the most competitive people. Then call Chase and ask what they can do.

 

[Safire]

They don't want to bother because you will get better rates and terms from a good broker. They will expend effort only to lose the sale. Ask around your friends and shop online. Get a couple of quotes from the most competitive people. Then call Chase and ask what they can do.

Thank you. Could you recommend a good broker, please?

 

[Catawba Chuck]

I have two mortgages with Third Federal Savings. Excellent company.

 

[athena53]

Get a couple of quotes from the most competitive people. Then call Chase and ask what they can do.

I don't even know if I'd call Chase at that point- the OP would be doing all the legwork and handing over market intelligence to people who can't be bothered to do it themselves.

 

[COcheesehead]

Thank you. Could you recommend a good broker, please?

Do a Google search in your area and read the reviews.

 

[Another Reader]

Thank you. Could you recommend a good broker, please?

Brokers are location specific. Ask around friends and family. Get quotes from several.

 

[erkevin]

Nah, not a horrendous experience. A horrendous experience would be something like receiving a letter of foreclosure stating that you haven't made a payment in 5 years (and your records show 60 payments made on-time).

 

[teej1985]

Thank you. Could you recommend a good broker, please?

findamortgagebroker.com


UWM has historically had competitive rates and close fast.

 

[JBTX]

It has been quite a long time, a decade or more, but I bailed on a chase mortgage refinance after a couple of months that they just didn’t seem to be able to get it done. Went to quicken loans and got it done in about 10 days

I’d look at the Bogleheads refinance mega thread to see the best options there. Last refinance we did was Loan Depot - it was generally pretty good.

 

[Teacher Terry]

The longest and worst experience of my life was with loan depot and it should have been an easy refinance.

 

[W2R]

My last mortgage was with Chase, but I paid it off back in 2006 (after 4 years of a 30 year mortgage). Would have paid it off in 2005, but Hurricane Katrina slowed me down a bit.

I thought they were terrific. Every month I would skim off every extra penny from checking, and add it to my mortgage payment. They never objected to getting those weird irregular odd sums from me each month and their computations of how I was doing were exactly the same as mine.

I got my Chase mortgage through a local mortgage broker of good repute, recommended to me by my realtor. I don't know if that was entirely ethical for him to do that, or not, but he was a good man and hooked me up with the very best. I would recommend Chase Mortgage to anybody.

 

[LateToFIRE]

I've had a couple of mortgages with Chase in the distant past - no major issues other than they tend to lose the loan docs (would find out every time I'd refi). That, however, didn't seem to be as big of a problem as you'd think.

In terms of originating a new mortgage with them, I found working thru a reputable local mortgage broker was 10x easier and streamlined than working directly with one of their in-house reps - and would get better rates too.

 

[jazz4cash]

I have two mortgages with Third Federal Savings. Excellent company.

+1

 

[jazz4cash]

findamortgagebroker.com


UWM has historically had competitive rates and close fast.

United Wholesale Mortgage-Never heard of these guys but I drove by their MASSIVE office complex in MI plastered with #1 banners just last week. I was surprised a mortgage company would need so much space. Maybe they operate under various brand names?

 

[cyber888]

The longest and worst experience of my life was with loan depot and it should have been an easy refinance.

Same. Never go with Loan Depot. They took my money for my application processing, then rejected the loan, even if my credit score was 800+.
They are crooks.

 

[harley]

I had a similar experience with Chase. A couple, actually. First, when I was trying to refinance, they pretty much ghosted me. I finally ended up recasting it, lowering my payment which helped me qualify for another mortgage on a second home. Then, when I was mid-process of getting the second mortgage, they just quit responding to my emails. I'm still paying the one mortgage with them, but I'll never use them for anything mortgage related again. I ended up going with Caliber Home Loans, and have been pretty satisfied with them.

 

[jazz4cash]

My nightmare was a refi at Andrews FCU. They use 3rd parties for everything. The preliminary documentation I received had me receiving >100k at closing because they didn’t consider the payoff for the current loan. The loan officer scoffed when I told her the dollar figures in parenthesis meant money I would receive.

 

[teej1985]

United Wholesale Mortgage-Never heard of these guys but I drove by their MASSIVE office complex in MI plastered with #1 banners just last week. I was surprised a mortgage company would need so much space. Maybe they operate under various brand names?

Highly recommend. They close FAST. They don't mess around.

 

[Badger]

I don't know if I had Chase for a mortgage or not. After my loan was bought then sold by two other companies I lost track. It was a couple of decades ago and I got tired of the confusion and paid the mortgage off early, saved a bit of interest, and had less stress trying to keep track payments to the mortgage company of the month.

Cheers!

 

[MarieIG]

Perhaps Safire would be best served by a very knowledgeable mortgage broker who has access to multiple lenders and is aware of all available programs in her area (i.e. program for first time buyers).

The issue is how to find one?

Safire, are you working with a particular real estate agent who maybe could recommend a broker to you?

 

[madatrub]

findamortgagebroker.com


UWM has historically had competitive rates and close fast.

I learned yesterday that the CEO of UWM is the owner of the Phoenix Suns. Until this week, I never heard of the company. Now I've heard about it like 5 times since.

 

[jazz4cash]

I learned yesterday that the CEO of UWM is the owner of the Phoenix Suns. Until this week, I never heard of the company. Now I've heard about it like 5 times since.

I’ve had a similar experience and I didn’t know about him owning a mortgage company.

 

[wildsun]

15-20 years ago I walked away from several refinances with Chase because they couldn't figure out how to consumate approved loans. Sounds like things have not improved.

But their credit card department has its act together.

 

[Mansderm]

I don't know if I had Chase for a mortgage or not. After my loan was bought then sold by two other companies I lost track. It was a couple of decades ago and I got tired of the confusion and paid the mortgage off early, saved a bit of interest, and had less stress trying to keep track payments to the mortgage company of the month.

Cheers!

Agree. Most banks sell the loan as soon as they close on the loan. And in transition, payments aren't always posted correctly so you have to keep track. I recently got a mortgage thru my credit union. I had no earned income, retired, and they don't sell the loan. I did apply with 2 banks, but my credit union gave me the biggest loan amount and no prepayment penalties. I've always paid off early. I pay just slightly higher interest rate than best rate at the time, but in return, I can physically talk to someone if I need to, see how each payment is posted on line, and not have to worry about anything changing during the life of the loan unless I initiate it.