Chase: 2022 Home Equity Review

The biggest bank in the US isn't currently accepting new HELOC applications, but you can still apply for a cash-out refinance.

Editor's note: Due to "current market conditions," Chase says it has temporarily suspended new HELOC applications and has "reallocated resources to support purchase and refinance transactions." The information below reflects Chase's previous offerings and current alternatives.

Chase, the banking arm of JPMorgan Chase & Co., is the biggest bank in the US based on total assets owned, with branches in 49 states (all except Alaska) and the District of Columbia. Chase serves nearly half of all US households through a broad range of financial services including savings and checking accounts, credit cards, auto loans, investment accounts, and mortgage and home equity loans. It also provides online banking services through Chase Online with mobile banking via the Chase app. 

Chase Bank Logo
JPMorgan Chase & Co.

The New York-based banking giant also services home equity lines of credit, or HELOCs, to existing customers and offers cash-out refinances for homeowners. 

Chase: At a glance

Types of home equity loans HELOC (applications are currently on hold), cash-out refinance
APR range From 3.75% to 6.23% (HELOC)
Loan amounts Starts at $25,000
Credit score requirements N/A
Repayment terms Up to 20 years
Average time for approval N/A

What we like

  • Fixed-Rate Lock Option: Chase offers this Fixed-Rate Lock Option on your HELOC rate, enabling you to lock the interest rate on part, or all, of your payment so the rate won't change during a specified period of time (at least 12 months).
  • Option of using checks: Chase lets you draw from your HELOC account using checks. You can also draw funds from your HELOC by withdrawing cash or transferring money online to your personal bank account. 
  • In-person branches: Chase has branches in nearly every state and the District of Columbia. The only state where you won't find a branch is in Alaska. That means easy access to in-person services for most US residents.

What we don't like

  • Not currently accepting new HELOC applications: While Chase currently offers its cash-out refinance option, it's suspending new HELOC applications indefinitely, "due to current market conditions," says Chase. 
  • HELOCs are only available for specific property types: To qualify for a HELOC account, the property must meet Chase's qualifications. For example, you must live at the property for most of the year and it must be a single-family home, two-family unit, cooperative share or condo. Any other type of property is ineligible.
  • Customer service options are limited for noncustomers: Chase has a variety of customer service access options for its current customers -- be it by phone, email, online and mail. But if you're not a Chase customer and have questions, you can contact a local branch to get your questions answered. Check the Chase website for specific branch hours. 

Home equity loan product options

Chase offers a HELOC option to access home equity, but it's currently not accepting new applications. Current customers, however, can access their accounts. Its website notes that applications will reopen "once market conditions improve."

If you want to access your home's equity right now through Chase, consider its cash-out refinance product. This option enables you to refinance your current mortgage and withdraw the cash using your home equity. 

Chase offers fixed-rate mortgages, too. Rates vary by location, but you can check your rate by using Chase's website. Contact your local branch or the Chase customer service team to discuss any other options that might be available to you. 


Chase HELOCs both have an origination fee and a recurring annual fee. The origination fee is $50, but it's waived for anyone who is already a Chase Home Equity customer. 

The annual fee is also $50 but can be waived in certain cases. The fee is charged every year on the anniversary of your account. You can qualify for a fee waiver if you have a Chase Premier Checking account, Premier Plus Checking account, Sapphire Checking account or Chase Private Client relationship. 

In certain states, you must also pay a mortgage recording tax. This tax could be anywhere from 0.115% to 2.175% of your credit limit amount. 

How to qualify

For HELOCs, Chase isn't accepting new applications, but check its website for updates as to when applications will reopen. If you're looking to apply for a HELOC now, look at options with other lenders. 

You can still get a cash-out refinance at Chase, but doing so requires applying for a new home loan. You may need to get a home appraisal just like you would when applying for a home loan. Talk to a Chase Home Lending Adviser to see if you're required to get an appraisal. A Chase adviser can answer any other questions you have about the process.

Getting started

You can get prequalified for a cash-out refinance with Chase. Current customers can use the Chase Mobile app, while new customers can apply via the Chase website. The prequalification application will require you to fill out information about your property, your current home loan and your finances. 

Once you complete the application, you'll find the rates you're eligible for and if you qualify for the cash-out refinance with Chase. Once you know the rate, contact a Home Lending Adviser at your local branch to lock it in. Chase can also help you finalize the application process. 

If you need help with anything along the way, you can always contact your local branch or reach out to Chase's Customer Service division.

Customer service

Current Chase home equity customers can reach customer service by phone, fax, email or mail. Customers can call 800-836-5656 Monday through Friday between 5 a.m. and 5 p.m. PT, and Saturday between 6 a.m. and 3 p.m. PT. New York customers should call 800-848-9136. To send a fax, use 614-422-7171. 

Emails can be sent by logging on to your Chase Online account. Navigate to the "Customer Center" tab and choose "Send a new message." 

To send a letter or request materials via mail, write to:

Attn: Home Equity Servicing
Mail Code OH4-7304
3415 Vision Drive
Columbus, OH 43219-6009