Both Chase Mortgage and Navy Federal Credit Union Mortgage offer a range of loan options and benefits. Chase stands out with its Homebuyer Grant and on-time closing guarantee, while Navy Federal excels with potentially lower origination fees and 0% down payment options for eligible borrowers. Navy Federal also has a good reputation for customer service. Borrowers should compare interest rates and consider their eligibility for specific programs when making a decision.
| Attribute | Chase Mortgage | Navy Federal Credit Union Mortgage |
|---|---|---|
| Interest Rates (APR) | Chase doesn't list exact current rates but you can see the current Chase mortgage rates in your area by entering your ZIP code. | Conventional fixed mortgages start at 6.250% interest and 6.394% APR for a 30-year loan and 5.375% interest and 5.569% APR for a 15-year loan as of June 27, 2025. VA loan rates start at 5.875% interest and 6.327% APR for a 30-year loan. Military Choice loans have rates starting at 7.000% interest and 7.331% APR. Homebuyers Choice loans have rates starting at 7.125% interest and 7.458% APR. Rates include a 1.00% loan origination fee, which can be waived for a 0.25% increase in the interest rate. Navy Federal's APRs were, on average, 1.11% higher than the average prime offer rate (APOR) in 2023. |
| Loan Options (Fixed-Rate, ARM, FHA, VA, Jumbo) | Conventional mortgages (Conforming loans); FHA loans; VA loans; Jumbo loans; DreaMaker loans; Mortgage refinance loans. | Conventional (fixed-rate and adjustable-rate mortgages (ARMs)), VA loans, Jumbo loans, Home equity loans and HELOCs, Military Choice loans, Homebuyers Choice loans |
| Down Payment Requirements | DreaMaker loan: 3%; Standard Agency loan: 3% (for first-time homebuyers); Conventional loans: 3% to 20%; FHA loans: As low as 3.5%; VA loans: Little to no down payment. | VA, Military Choice, and Homebuyers Choice loans: 0% down payment options. Conventional loans: May require a minimum 5% down payment. |
| Closing Costs | Details on specific closing costs are not provided. | Origination fees are lower than average. In 2023, the average borrower paid an origination fee of $771. Closing costs can range from 2% to 6% of the purchase price, typically around 3%. |
| Credit Score Requirements | Generally, a minimum credit score of 620 is needed for conventional and VA loans, though exceptions may apply. FHA loans typically require a credit score of 580 or higher, or 500 with a 10% down payment. | Generally, a minimum credit score of 620 is required for most mortgage products, including conventional and VA loans. Some sources suggest a minimum of 660. Internal points and payment history are also considered. |
| Debt-to-Income Ratio Limits | Chase doesn't disclose specific DTI limits. | Typically requires a DTI of no more than 43%. The maximum DTI ratio for a VA loan is typically 41%. |
| Pre-Approval Process | You can get prequalified online. An advisor will then contact you to continue the process. | Navy Federal doesn't offer prequalification but does offer pre-approval. The pre-approval process can be done online, over the phone, or in person. Required documents include: Social Security Number, W-2 statements and federal income tax returns from the past two years, Pay stubs from the most recent 30 days. |
| Online Application Availability | Yes, online application is available. | Yes, through the HomeSquad online mortgage portal. |
| Customer Service (Phone, Online Chat, In-Person) | Chase offers home loans in all 50 states, and you can meet with a Chase home lending advisor in person. | Digital or in-person service is available. Phone: 1-877-573-2324 |
| Loan Servicing Experience | Not detailed in the provided context. | Navy Federal has a good reputation for customer service. |
| First-Time Homebuyer Programs | DreaMaker loan: Requires just 3% down and includes income limits; Standard Agency loan: Requires 3% down but has no income cap, as long as one borrower is a first-time home buyer; Chase Homebuyer Grant: Offers qualified homebuyers a maximum award of $7,500. | Homebuyers Choice loan: Aims to help first-time buyers, with no down payment required. |
| Refinancing Options | Chase offers both fixed-rate and adjustable-rate mortgage refinancing options. | Offers both rate-and-term and cash-out refinancing options for conventional loans. VA Interest Rate Reduction Refinance Loan (IRRRL, or streamline refinance). Homebuyers Choice refinance: Allows cash-out refinance for up to 97% loan-to-value (LTV) for newer homeowners. Reasons to refinance: lower interest rate, shorter term, cash equity, change loan type, or adjust loan ownership. |