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Friday 07/28/2017 Mortgage Rates

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JP Morgan Chase

JP Morgan's bank offers mortgages from jumbo loans to FHA loans for anyone in any financial situation. Low-income families can take advantage of JP Morgan's FHA mortgages or VA loans - if a close member of the family is a veteran or active military member.

If you plan to stay in your home for less than seven years, an adjustable rate mortgage makes it easier to sell and refinance. If you know that your home is going to be a keeper, a fixed-rate mortgage should be your best course of action. Read on to learn more about JP Morgan's loans.

JP Morgan's Conditions for a Conforming Loan

The rates below are applicable to mortgages which fall under Chase's definition of conforming loans. The requirements that qualify a conforming loan are the following:

  • Loan amounts of $200,000 - $249,999
  • Single family home
  • 20% down payment
  • 60-day interest rate lock period before loan deal commences
  • An "excellent" credit score of 750 - 850
Current JP Morgan Chase Interest Rates for New Borrowers
Loan Type Interest Rate APR Points
 30-Year Fixed-Rate Mortgage 3.625% 3.717% 1.125
 15-Year Fixed-Rate Mortgage 3.000% 3.126% 0.875
 7/1 Adjustable Rate Mortgage 3.250% 3.464% 1.000
 5/1 Adjustable Rate Mortgage 3.000% 3.415% 1.125

 

JP Morgan's Mortgages

The following table explains in detail the types of loans JP Morgan can provide borrowers, what they can benefit from them, and what they need to watch out for.

JP Morgan Chase's Available Loans
Fixed-Rate Mortgage (FRM)

Advantages

  • FRMs are very easy to budget for and make the road to a financial goal much more predictable and manageable.
  • Homeowners willing to stay in the home for as long as the loan term will be more comfortable with FRMs.
  • Monthly payments can be spread out over the entire loan period.
  • Jumbo loans are available.

Disadvantages

  • Interest rates remain as they are in times when others are low and you'll still be making the same monthly payments.
  • Initial interest rates are typically higher than that of ARMs.
  • Must refinance to benefit from varying rates.
  • No customizations exist for specific financial situations.
 Fixed-rate mortgages at JP Morgan Chase come in different loan terms: 10, 15, 20, 25, 30 years. For example, the length of a 30-fixed loan's term is 30 years.
Adjustable-Rate Mortgage (ARM)

Advantages

  • Initial interest rates are lower than that of FRMs.
  • Many hybrids of ARMs exist with different adjustment periods of your choice: 5, 7, or 10 years.
  • The choice of hybrids allows customizations that cater to case-specific financial situations.
  • Easier to refinance
  • Ideal for homeowners planning to relocate in a few years.
  • Caps limit how extreme interest rates fluctuate.

Disadvantages

  • Interest rates are hard to predict.
  • Monthly payments can rise dramatically.
 The rates of the adjustable-rate mortgages are fixed for your choice of either 5, 7, or 10 years until they gradually begin to adjust. After which rates will adjust every year. For example, in a 10/1 ARM, the number "10" stands for the number of years the interest rates are meant to stay fixed. The number "1" stands for how frequently, in years, the interest rates are supposed to adjust.
Jumbo Mortgage

Advantages

  • Loan amounts can be between $417,000 and $2,000,000.
  • Ability to choose between fixed-rate and adjustable rate loans.
  • Unnecessary to take out more than one loan.
  • JP Morgan recently lowered the credit score requirements for single families from 740 to 680.

Disadvantages

  • Higher interest rates than standard mortgages.
  • Higher costs due to huge risk for the lender
  • Substantial income, credit, and assets are required to afford this loan
  • Higher underwriting and processing fees
 These loans are much larger than standard loans with terms of up to 30 years. Borrowers have the option between fixed-rate and adjustable rate mortgages. The same loan terms and variants of both rate types (fixed and adjustable) are applicable here.
DreaMaker Mortgage

Advantages

  • Down payment is as low as 5%
  • Ideal for first-time homeowners
  • Flexibility and assistance are offered for closing costs
  • More affordable monthly payments
  • Less stringent conditions for mortgage insurance
  • No initial payments required for mortgage insurance premiums

Disadvantages

  • Higher interest rates
  • Larger principal amount to be covered
 College graduates and other first-time homeowners can benefit from this mortgage with a loan term of up to 30 years. 
FHA Mortgage

Advantages

  • 3.5% down payment
  • More flexible with low-income borrowers and "less than perfect" credit scorers

Disadvantages

  • Two kinds of insurance premiums need to be paid for 
  • 1.75% upfront mortgage insurance premium (UFMIP)
  • Monthly paid "annual" mortgage insurance premium (MIP) 
  • Monthly payments of the MIP can last the entire term of the loan if the loan-to-value ratio of the home is greater than 90%
 FHA mortgages are insured by the government, relieving homeowners from many obligations. Fixed-rate terms are available between the borrower's choice of 10 and 30 years.
Veterans Affairs (VA) Loan

Advantages

  • Complete financing
  • Exceedingly low down payment requirements

Disadvantages

  • A borrower can't use a VA loan to purchase a second home
  • VA funding fees can be 2.15% of the loan if no down payment is given
 VA loans are available as fixed-rate terms of 10, 15, 20, 25, or 30 years. 
Home Affordability Refinance Program (HARP)

Advantages

  • Ability to refinance even if the borrower owes more than what their house is worth

Disadvantages

  • A borrower's current mortgage needs to be sponsored by Fannie Mae or Freddie Mac in order to be eligible
 The Home Affordable Refinance Program (HARP) is a refinancing program that's run by the federal government to help borrowers struggling with negative home equity. It is available as a fixed-rate mortgage with a loan term of 10, 15, 20, 25, or 30 years.

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