Chase Manhattan belongs under the big International umbrella of JP Morgan Chase. Being a brainchild of one of the largest banks in the United States has its benefits. The Lender Mortgage offers a wide range of mortgage loanwith extremely attractive rates. For instance, if you are looking for a home loan, you can select either the 30-year fixed rate plan or the Interest-Only 6/3 Prime ARM. There are many other different types of home loans designed to meet with the different needs of the average American home owner.

Fixed rate loan

The Fixed mortgage ratefrom Chase Manhattan is very attractive and the interest rate among the lowest offered in the country. Selecting a fixed-rate loan means that your interest rate will remain constant throughout a specified period of time. This lender gives you the chance to stabilize the interest rate for the entire period of your loan.

If you choose the 15-year-fixed rate home loan from them, your interest rate will neither go up nor down for the duration of the loan. And should your choice be the 30-year fixed-rate home loan, your interest rate will remain the same for 30 years.

Adjustable rate loan

Chase Manhattan offers adjustable mortgage rateto their customers as well. These are loans that are not convertible and more importantly, does not come with a prepayment penalty (paying early will not cost you). Most banks will charge you a penalty fee for paying early or settling the account sooner than they expected.

With a Chase Manhattan mortgage, a 7/1 ARM means that the interest rate will remain constant throughout the period of 7 years; and then the interest rate will be adjusted every year after that. The lender will adjust the rate accordingly but the increase or decrease will not be more than 5% on the first adjustment. On the second year of adjustment, the rate cannot increase or decrease by more than 2%. There are many other different types of home loans where that came from and if you are interested in finding out more information about the home loans they offer, visit their website at www.chase.com

Other costs

Whether you get your mortgage from Chase Manhattan or other lenders, there are additional costs involved apart from the interest rate that we have our eyes on. There is the down payment (3-30% of the cost of the home), the closing cost (2-6%), home owners Insurance, Flood insurance (only if applicable to your location and type of loan), property taxes, utilities, maintenance.

Generally speaking, we can safely conclude that Chase Manhattan offers one of the best mortgage deals in the country.