In a Nutshell
- Compare rates and fees across lenders
- Digital application process
- Complete the entire origination process through Credible
- Only available in 41 states
- Not a direct lender
Credible at a Glance
Home refinance, Purchase
Fee transparency, streamlined digital process
10-, 15-, 20-, 25- and 30-year terms available
Credible.com’s mortgage marketplace builds on the success of the company's marketplaces for student loans, student loan refinancing, and personal loans, which have facilitated more than $1.6 billion in loans. Credible’s integrations with lenders and credit bureaus make it a snap to compare actual, prequalified rates across multiple lenders without impacting your credit score, and you don’t have to worry that your personal information will be shared with any lender other than the one you choose to work with. Once you see an option you like, Credible’s streamlined process and licensed loan officers provide a seamless experience all the way to closing.
Credible is a good choice for consumers who want peace of mind coupled with the ease of a digital application process that takes you all the way through closing. You’re only asked questions that are based on your specific situation, and Credible automates the required documentation.
Credible brought its marketplace model to mortgage lending because consumers often get rates from only one lender and end up paying too much. Unlike rate comparison sites that often provide misleading teaser rates or ballpark estimates, Credible provides you with actual prequalified rates and never sells your data for marketing purposes.
As a licensed, technology-enabled mortgage broker, Credible currently works with half a dozen wholesale lenders, including 4 of the nation’s top 10 mortgage lenders: Quicken Loans, LoanDepot, Caliber Home Loans, and United Wholesale. Credible’s partner lenders offer a wide range of products, from conforming fixed-rate and adjustable-rate mortgage (ARM) loans to jumbo loans.
Because it doesn’t work with mortgage brokers, retail banks aren’t currently competing for business on the Credible mortgage marketplace. But the wholesale lenders Credible works with offer competitive rates, making them great options for many consumers.
- Rates from multiple lenders in 3 minutes
- No impact on credit score when comparing prequalified rates
- Personal information is never sold
- Complete entire origination process on Credible.com
- Digital process streamlines and automates collection of your documents
- Licensed loan officers available for those who need additional support
The Application Process
It takes about 3 minutes to fill out Credible’s rate request form. Eligible borrowers get a dashboard with actual rates, terms, and fees available to them from multiple lenders, thanks to Credible’s integrations with lenders and credit bureaus.
If you see an option you like, Credible will take you through the rest of the application process, asking only questions that are relevant to you and your loan. Credible has automated the collection of required documentation, such as pay records, bank statements and tax documents directly from providers. The entire process is nearly paperless—the only required paper documents are a few disclosures, and documents required at closing.
Loan Terms—The Bare Basics
As a marketplace working with several lenders, Credible provides access to a wide variety of loans and loan terms. Terms are not set by Credible, but by the lenders who compete through its marketplace. However, the Credible marketplace makes it easier for you to compare loans, because it offers transparency into rates, fees, terms and other conditions.
The lenders competing for your business through the Credible mortgage marketplace offer a wide range of repayment terms. Conforming fixed-rate mortgages with 10-, 15-, 20-, 25- and 30-year terms are available, as are 3/1, 5/1, 7/1 and 10/1 ARM loans. Jumbo loans with 15- and 30-year terms are also popular, and 5/1, 7/1 and 10/1 jumbo ARMs are available to qualified borrowers.
Help & Support
As a licensed mortgage broker, Credible’s loan officers are available to assist borrowers shopping for a mortgage by phone, email and online chat. You can also call Credible’s customer support line, or reach the company’s client success team by email.
If you want the peace of mind that comes from comparing your mortgage options without the hassle, Credible is worth looking into. It’s the first marketplace to not only provide actual rates from multiple lenders but take you all the way to closing with your lender of choice using a digital application process.
Although there aren’t as many lenders in the Credible marketplace as on some rate comparison sites, the ability to get actual rates and close on a loan without exposing yourself to a barrage of marketing is very appealing.
Credible Operations, Inc. NMLS ID# 1681276
318 Blackwell Street Ste 120A
Durham, NC 27701
*Credible Operations, Inc., NMLS #168276, not available in all states
This content is not provided by Credible or any of the Providers on the Credible website. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by Credible.