The Home Finance Process: A step-by-step guide to the Home Finance Process from application through moving day. And, Chase Home Finance is with you every step of the way, guiding you with an easy application process and smooth processing so that you can enjoy your home purchase experience. A fast and easy approval process and peace of mind are yours when you choose Chase Home Finance.


Step #1: Processing Starts Instantly.

Once your application is taken, Chase immediately begins processing your loan and prepares a package specifically for you that includes:

* A Good Faith Estimate detailing the estimated fees and costs you will pay at or prior to closing based upon the specifics of your loans.

* The Truth-In-Lending Disclosure estimating your APR, finance charges and payment schedule.

* A copy of Chase's Privacy Policy describing how your personal financial information is protected and detailing your right to tell us your privacy preferences.


Chase will order an appraisal and survey (see mortgage terms) on your property. The appraisal makes sure the amount you borrow does not exceed a given percentage of the value of the property (loan-to-value ratio "LTV").


Now it's time to shop for insurance. Depending on the loan program, location and type of property you are financing, several types of insurance may be required. Homeowner's insurance covers property loss or damage due to theft, fire or certain weather related hazards. Flood insurance is required for properties in areas deemed flood zones and is separate from your homeowner's insurance policy.


Step #2: Final Loan Decision is Made.

The underwriter will analyze all the information you provided at application such as pay stubs, bank statements, etc., along with the appraisal and credit report to issue Chase's final decision on your loan. Your Home Loan Analyst will contact you to discuss any outstanding conditions that must be met prior to scheduling your closing.


Step #3: Cleared to Close Congratulations!

After all the conditions of approval have been met, it's time to finalize the loan. A Chase Closer will prepare your loan documents, detailing the Chase loan fees to be collected, and provide that information to the settlement agent which is usually a title company or attorney.


An escrow account is a convenient way to pay items such as homeowner's and flood insurance, real estate taxes, and mortgage insurance when applicable. These costs are spread out over the course of the year by incorporating them into your total mortgage payment. The escrow account is established at closing and Chase will pay these charges as they come due each year, so you don't have to. The settlement agent or their representative will conduct the actual closing (signing of the loan documents), review the title insurance and issue the proceeds of your loan. They will also prepare the final HUD1 Settlement Statement, the financial summary of your transaction and advise you of the amount you will need to bring (or will be receiving) at closing.


Step #4 Moving Day!

Now that the search is over and all the legalities are done, it's a great time to focus on how to start making your beautiful new house your home. And remember, getting to this point will be simple because Chase Home Finance will be with you every step of the way.