Products

	Home Equity Loans Scroll this page to study the details regarding Chase Home Equity Loans. You can refer back to this page whenever you need, or print the product information sheet.
DEFINITION	A fixed rate, fixed term loan secured by the borrower's primary or secondary/vacation residence. The customer receives a one-time lump sum of money to be paid back in regular monthly installments during the life of the loan.
ACCESS	Proceeds are paid to the customer by an official check. Funds can also be wired (most common in EASYCLOSE transactions).
TERMS	The customer typically will have a choice between a 10-year or 20-year product. The availability of terms is based upon state/location and tier/amount. Additionally, a customer has the option of selecting the 30/15 Balloon product. This is also a fixed rate product that is amortized over 30 years. At the end of 15 years, the outstanding balance or "balloon" is due. When entering the application, the term used is 180 months (15 years).
PAYMENTS	The rate and term are fixed, therefore the monthly payment will not change for the customer, except in two situations: The last payment may be slightly different based upon the amortization of the loan. If the customer chooses to pay an amount above the required monthly payment, that may alter the loan term (paid off early) or the final payment amount (it may be less).
RATES	The rate is fixed for the life of the loan.
ANNUAL FEES	At this time, there are no annual fees for loans.
PREPAYMENT PENALTY	At this time, there are no prepayment penalties for loans.
INSURANCE	Credit Life Insurance is not available at this time.