Financing With Chase

Your lending resource John Rop with Chase Bank

Making Your Dream of Homeownership a Reality


The Chase DreaMaker mortgage is an affordable lending option that can open more doors as you search for a home.

Depending on your situation, the unique features of this type of mortgage are designed to fit your needs:

  • Only 5% required for down payment — just 3% required from your own funds (flexible gift options are available)
  • Flexible funding options for closing costs
  • Reduced mortgage insurance requirements
  • Lower monthly payments compared to most other financing options

John Rop, Mortgage Banker

T: 602-589-1485
C: 602-910-7098

NMLS ID: 870071

“If you are thinking about a mortgage, let me show you the next step. I’ll guide you every step of the way, from application through closing.”


Mortgage Banking | Chase  | 3502 W Bell Road, Glendale, AZ 85308 | Office: 602-589-1485 | Cell: 602-910-7098 | Fax: 855-887-5945

Discover how a Veterans Affairs Loan can help you achieve homeownership


VA loans with multiple benefits for eligible borrowers:

  • No down payment required — 100% financing available up to the maximum county loan limit
  • No monthly mortgage insurance (MI) required
  • FICO credit scores as low as 620 accepted
  • Loans are assumable by qualified buyers

Benefits that go beyond Service Members Civil Relief Act (SCRA) protection:

  • Interest reates 2% lower than SCRA requires
  • Mortgage assistance options and foreclosure protection, even if you’re behind on your mortgage payments and regardless of when your mortgage began

Refinancing benefits with Chase:

  • A streamlined refinancing process through an Interest Rate Reduction Refinance Loan (IRRRL)
  • Existing customers can take advantage of low rates with no appraisal, no minimum credit score, no occupancy requirement and significantly reduced documentation


Here are some of the most common terms you'll hear while you're finding and financing your new home.

Adjustable-Rate Mortgage

An adjustable-rate mortgage has an interest rate that is generally lower than a fixed-rate mortgage in the beginning, but as the market index goes up or down, the interest rate and payment will change. “Rate caps” limit the amount of fluctuation. An adjustable-rate mortgage may save you money early on and help you qualify for a more expensive home.

Credit Rating

A score or rating from a credit bureau that helps a bank determine how likely you are to repay a new loan. To calculate your score, a credit reporting agency considers how you pay your bills, your outstanding debt, how long you’ve had credit, the types of credit you’ve had and how many times you’ve applied for credit.

Annual Percentage Rate (APR)

APR measures the interest charged and other costs like discount points or origination fees. APR shows you the total cost of a loan on an annual basis, so it can be useful for comparing loans from different lenders.

Down Payment

The amount of money a borrower puts down toward the cost of the home to secure a mortgage. Banks will generally require a down payment of 20% to avoid private mortgage insurance. The amount of the down payment may also affect your interest rate.

Buyer's Agent/Seller's Agent

A buyer’s agent is a real estate professional who represents only the buyer in the purchase of a home, and a seller’s agent represents the seller. Typically, a buyer’s agent — like the seller’s agent — will receive part of the commission paid by the seller when the house is sold.


An escrow account is managed by your lender to pay your property taxes and insurance. You pay a portion (about 1/12th) of your total annual tax and insurance fees each month as part of your mortgage payment. When your taxes and insurance premiums are due, your lender pays them with funds from your escrow account.

Closing Costs

Fees paid to the bank or third parties for services provided during the application and closing process. These fees vary, but typically range from 2% to 6% of the total loan amount.

Fixed-Rate Mortgage

The most common type of home loan. The interest rate remains the same for the life of the loan so your monthly principal and interest payments never change.

Conditional Approval

The bank reviews and verifies your personal and financial information and tells you how much it would lend you to buy a home. This process is more in-depth than prequalification.

Home Equity Lines of Credit

A home equity line of credit (HELOC) is a form of revolving credit that uses your home as collateral. You may access your approved credit line as you need it, giving you maximum flexibility. The amount is determined by your credit and the available equity in your home.

Home Inspection

A visual examination of the readily accessible areas of a home by a certified professional to provide an accurate evaluation of the home’s condition at the time of purchase.

Points/Discount Points

A portion of your interest that you pay to the lender up front in exchange for a lower interest rate. One discount point is equal to 1% of the loan amount, paid at closing. There is no requirement to pay discount points. Generally, the longer you plan to hold your mortgage, the more you’ll benefit from paying points.

Homeowners Insurance

This type of insurance, also known as hazard insurance, protects your property against loss from theft, liability and most common disasters. Lenders often require borrowers to have an amount of homeowners insurance equal to the amount of the mortgage loan or insurable value of improvements.


The process a lender uses to determine how much you are qualified to borrow based on information that you volunteer. The lender does not verify the information. Prequalification is different from a conditional approval.

Interest Rate

The money you pay a lender in exchange for a loan, expressed as a percentage.

Principal Balance

The amount you owe on your mortgage, without interest and minus any principal payments you’ve already made.

Jumbo Loan

A loan that is for a larger dollar amount than the limits set by the Federal National Mortgage Association (Fannie Mae) or Federal Home Loan Mortgage Corporation (Freddie Mac) guidelines.

Private Mortgage Insurance (PMI)

An insurance policy that covers the bank if you can’t pay your loan payments, and the bank can’t recoup the entire value of the loan on the house in foreclosure. Banks generally require this insurance if you make a down payment of less than 20%

Loan Origination Fee

The amount charged by a lender or broker to begin a mortgage loan. The fee is often one point, which is 1% of the loan amount. Example: a one-point loan origination fee on a $100,000 mortgage = $1,000.

Rate Lock

The guarantee of a specific interest rate for a specific period of time. Some banks may charge a fee for locking in an interest rate.

Contact John Rop today to get started on finding a mortgage that's right for you.