Chemical Bank Mortgage Rates Review

Joseph Meyer
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Chemical Bank Mortgage Highlights

History of Chemical Bank

Chemical Bank was originally started way back in 1868 as the City Bank of New York. The bank’s early history is fairly uneventful until 1907 when it changed its name to Republic National Bank. The bank’s current name was adopted back in 1995 after the bank merged with Chase Manhattan and Chemical Bank.

Easy access to various financial services is one of the great advantages of being a major U.S. bank, and Chemical Bank has certainly capitalized on this. Chemical Bank mortgage rates, for example, are among the most competitive in the country thanks to a wide range of excellent products that can be altered to suit even the most nascent stage of a buyer’s housing and financial plan.

Chemical Bank Loan Specifics

Chemical Bank offers most major loan products to qualified customers. Below is a listed of their most common products. It should be noted that product availability, rates, and terms will vary based on the individual borrower’s creditworthiness, loan value, loan purpose, and several other factors.

APR with 99% LTV

Refinance: 3.750% current rate and 3.650% fixed rate

Fixed-Rate Loans

The interest rate remains fixed for the life of the loan, but be aware that the interest rate may jump significantly when the initial period ends. A three- or five-year fixed rate is common with these loans but this term may be shorter. A 10-, 15-, or 20-year loan is also available.

Another type of loan, an adjustable rate mortgage, offers a fixed rate during a specified period, called the initial rate period. After that point, the rate adjusts annually to a new fixed rate.

An interest-only mortgage allows the borrower to pay interest only on a fixed sum or to pay interest and a low payment based on the required principal automatically amortized over a set period of time. The interest-only period continues until the maturity date of the loan, at which point the borrower makes a final payment that repays the entire principal balance.

A negative amortization mortgage allows the loan to remain in negative amortization status, with the unpaid interest being added to the principal balance. In this way, the borrower may build equity during the life of the loan, rather than see the balance go up on his or her credit report.

The lender does not come directly out-of-pocket as a result of the principal write-off, since the borrower pays interest on the total loan amount. This interest amount is typically adjusted over time to cover the principal write-off.

Adjustable-Rate Loans

When the Rates Change

Interest rates are important to keep track of because they can affect the amount of money you pay on loans and credit cards every month. Interest rates are typically expressed as the annual percentage rate (APR) and they often change based on what the Federal Reserve does.

If you have an adjustable-rate mortgage (ARM) or a credit card with an adjustable interest rate, you need to closely monitor the central bank’s actions. If you come up short in meeting the payments, you could be in for some unexpected expenses.

Variable-rate loans and credit card accounts are tied to the prime interest rate, which is a benchmark rate that is set by the Federal Reserve (at least, until 2013). When that rate changes, so do interest rates for ARMs and adjustable-rate credit cards.

What You Need to Know about Interest Rates, the Federal Reserve, and Adjustable-Rate Loans.

Let’s take a look at how the Federal Reserve and the prime interest rate work together to influence interest rates for adjustable-rate loans and credit cards. We’ll also show you how a market-based index like the prime interest rate can be used in place of the Federal Reserve’s interest rates. And finally, you’ll learn why having an adjustable-rate mortgage isn’t always a bad idea.

Construction Loans

These mortgages have low down payments because the loan is secured by a new construction with no existing finished structure or existing tenant improvements. Terms vary by lender but a typical borrower has 7 months to repay the loan. These loans are also very good for a quick refinance of an existing construction project.

These mortgages have low down payments because the loan is secured by a new construction with no existing finished structure or existing tenant improvements. Terms vary by lender but a typical borrower has 7 months to repay the loan. These loans are also very good for a quick refinance of an existing construction project.

Jumbo Loans

Jumbo loans are the mortgage rates that are applied in home loans that have an amount that exceeds the conventional and conforming rates. In addition to this, for these kinds of loans, down payments are not deferred below the “20%” standard. In the case of jumbo loans, they come with a certain type of loan fee that is considered higher than the charges that are applied to any other loans.

Jumbo loans are a term that was being applied to the loans that had a loan size that is above the standard ceiling. Such loans incorporate a loan size that is above 90% of the FHA loans, and they are above the 80% and 85% loan-to-value ceiling. Jumbo loans are considered as private mortgage insurance, and they do not have a uniformity as the original loans. Also, most jumbo loans are considered to be adjustable according to the loan amount and the down payment on the property.

USDA Loans

VA Loans

If you’re a military veteran looking for a home loan, you might want to check out VA loans … and specifically, the VA loans available from Chemical Bank.

In addition to being available to veterans, VA loans require that you pay no up-front costs. So you can buy a home even if you don’t have thousands of dollars rolled-up into a purchase money mortgage.

Chemical Bank offers veterans many different VA loan options. This bank works with other lenders that can help you to lock your interest rate and help with your home mortgage.

Chemical Bank VA loan requirements are not as stringent as some other banks… which means that they may work with you even if you have a lower credit score or may need a home with a different type of status such as distressed property or property that may need some extensive repairs.

If you’re a military veteran in the Cincinnati or Tri-State area, you may want to check out the Chemical Bank VA loan program and the great rates that they are currently offering. Working with Chemical Bank VA loans, home ownership has never been easier … or more affordable.

FHA Loans

If you want to buy a home or refinance your loan, the Department of Housing and Urban Development (HUD) has a range of programs that you can use to help make it more affordable.

The Federal Housing Administration (FHA) works as a type of insurer. They insure lenders against loan losses, allowing those lenders to offer loans with more favorable terms. Some of the loan benefits you may get from an FHA loan include:

Lower down payment requirements “ Instead of being required to put 20 percent down, you may only have to put down as little as 3.5 percent.

Lower closing costs “ Loan fees and premiums have to be paid up front. These fees may be deducted from your loan amount. FHA loan premiums are typically lower than the fees required for conventional loans.

Lower interest rates “ The FHA’s lender insurance programs allow lenders to offer more favorable interest rates.

Income and credit score can be considered “ FHA loans allow borrowers facing challenges with their income or credit to still get a loan. The guidelines determining qualification are more flexible with FHA loans, making them more accessible to a wider range of borrowers.

Cash-out Refinancing

If your credit scores are good and you have equity in your home, you may want to get a cash-out refinance on your mortgage. If you live in an expensive area, you may be able to get a loan for 100 percent of the value of your property. Even if your loan-to-value ratio is slightly higher, high credit scores may enable you to qualify for some extra cash.

If you plan to stay in your house and live there for several years, a cash-out refinance could be a good move to reduce your monthly payment and shorten the term of your mortgage. Just be aware that the cost of a new home loan is greater than the cost of amortization on a mortgage you already have. Unless you make large prepayments, it takes more than one refinancing to make a big impact on the term of your loan.

Chemical Bank Customer Experience

I took out a new mortgage recently and after a month of the mortgage being in place I checked web pages and called some of the companies associated with my mortgage. Some of the calls went unanswered and the company web page said the phone was not available for customer service. I called Chemical Bank and their phone was ringing in my ear. The customer service rep was very helpful, had all the answers to my questions and helped me immediately. I left the conversation with a smile on my face because it was such a great experience.

The representative gave me his name and number and said he would “be sure that if I had any questions or concerns … that I would most likely get his call.” I have found this to be true and there are two ways this could happen—either a call just to say “hi” as he said or direct to the answer to my questions.

Chemical Bank Lender Reputation

Chemical Bank is a commercial bank that was founded in 1823. They currently offer residential, commercial and retail banking services to their customers. Their branches are located in New York state, while their headquarters is located in Midtown Manhattan.

By 2007, they had assets of about 120 billion dollars. In 2013, they were ranked number 83 on the Fortune 1000. The company was established by 1 businessman, Henry Chisholm, who was also the founder of their first financial institution, the Chemical Fund. Chisholm was actually the richest man in the United States at one point, which is part of the reason they are said to be more conservative than other organizations.

Overall, Chemical Bank has been given mostly positive reviews. This is largely attributed to their customer service, which has said to be outstanding. Chemical Bank has established a few different types of accounts, which cater towards people who have varying jobs. If you are banking with the home-equity account, you will likely have the option of a variable interest rate. This is unlike many other savings accounts, which involve a fixed interest rate and a minimum balance requirement.

Mortgage Qualifications

While looking for a new home, you’re probably used to looking for your favorite schools district, a great neighborhood, and a good commute route to work. You’re also probably looking for the lowest interest rate and the best loan terms that fit your financing needs. Once you’ve chosen your bank, you’re ready to look for a loan; however, you’re likely to be faced with stiff competition, especially if you’re looking for a mortgage deal with a low interest rate. Even worse, you may find that the mortgage rates you’re offered are little more than a pipe dream because of your credit history and employment situation. If you’re not careful, you could find yourself facing a higher rate than you expected, especially if you’re new to the process.

The first thing to do is to contact a mortgage broker to explain your home loan needs and to work with you in finding the right mortgage. Some mortgage brokers are free, while others have a fee. The reputable banks and lenders are likely to work with you; however, they will have to follow the rules set by the prudent lender laws. These laws are important for all of us because they regulate the mortgage process to ensure a fair and stable market when it comes to home loans.

Chemical Bank Phone Number & Additional Details

While most people think of a bank as a single location, the truth isn’t far off. Banks can be brick & mortar locations where customers go to make deposits, do transactions, or apply for loans.

But banks today aren’t just about brick & mortar. They can also be online resources that you can use to make transfers, apply for loans, apply for credit cards, handle your checking account or brokerage accounts, and much more.

When you’re searching for a bank, traditional or online, you’ll want to take a close look at a few key factors, including the bank’s rates, the services offered, the convenience of using the bank, and more.

An important factor is the bank’s interest rates. Rates are important because they play a big role in how much you’re paying for a home loan, mortgage, credit card, overdraft protection, or some other product.

In this post, we’re going to look at Chemical Bank and its rates, including the bank’s phone number, address, and reviews.