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Credible In-Depth Review

In a nutshell: Credible Mortgage specializes in home refinancing to help current homeowners get better rates on their current loans. Applicants can get started with a short 3-minute online form. With Credible Mortgage, borrowers can choose from a variety of fixed and adjustable-rate refinancing loans.

Credible In-Depth Review

Overview

Credible Mortgage specializes in mortgage refinancing, giving homeowners the opportunity to get better rates than their current loan. As a mortgage broker, Credible connects borrowers to their network of lenders. In this way, customers can shop around and choose a refinancing loan that suits their needs.

The application process takes just minutes thanks to Credible’s smart technology featured on the website. Borrowers can prequalify for free without impacting their credit score. After submitting the online form, Credible Mortgage will respond with loan options. Now, you can shop around to compare offers before choosing the most suitable option for your budget.

Eligibility Process

Credible offers the flexibility for new customers to explore their refinancing options without making any commitments or paying any fees. Start by filling in a short online application. You’ll have to include some basic information regarding your current mortgage, credit score, and income. After submitting the application, Credible Mortgage will respond with a list of loan offers from their network of lenders. This gives you the opportunity to compare rates and terms before deciding on which refinancing option works for you.

Purchasing a home represents a major financial decision. Homeowners who can’t afford their current mortgage or are in search of better rates should consider refinancing with Credible Mortgage. The service doesn’t charge applicants to prequalify. After finding the right option, applicants can easily move forward with the process online. During the process, Credible displays the loan status of their right on the website.

Fees & Rates

One of the typical downsides of working with a mortgage broker is that applicants don’t always see the correct rates until they actually apply. Credible Mortgage displays accurate prequalified rates so you know what you’re getting into upfront. Rates vary between applicants based on their credit score and desired repayment period. According to Freddie Mac, Credible can save homeowners between $2,089 and $3,904 on average through refinancing.

Repayment Terms

Credible is an independent mortgage broker that aims to get its customers low rates and flexible repayment plans. Credible Mortgage has a network of lenders that includes six of the highest-ranked lending institutions listed in the 2016 Home Mortgage Disclosure Act. Lenders compete for rates so applicants can shop around for the most suitable repayment options available. Loans include both fixed and adjustable-rate mortgages for refinancing.

Customer Support

With Credible, customers find the entire application process extremely easy and convenient. Applicants can do everything online including comparing loan rates and submitting all documents. If you need any help, Credible Mortgage has a friendly staff to walk you through the process of refinancing. Customer support is available through an online contact form, email, and phone. In addition, the site has an FAQ section to help you get started.

Physical Address

Credible Operations, Inc. NMLS ID# 1681276

318 Blackwell Street Ste 120A, Durham, NC 27701

Pros

Competitive rates
Network of lenders
Save thousands on payments

Cons

Refinancing only
Not a direct lender

Mortgage Loans FAQs

Looking to purchase a home or refinance an existing mortgage? Online mortgage loans allow you to receive multiple offers and find a loan that suits your needs. Before starting a mortgage or refinancing an existing loan, it's important you understand the mortgage loan process. To get you started, we've answered some of the most commonly asked questions about mortgage loans below.

How do mortgage loan services work?

Many of the top mortgage loan companies function as a middleman between the borrower and lender. As an applicant, you are asked to fill out basic information on the mortgage company's website, then the service will show you what options and rates are available to you. Lenders will make an offer as to how much money they can loan and the repayment conditions.

What kind of information do I need to provide to apply for a mortgage?

As a mortgage applicant, you can fill out basic information on the mortgage company's website. This includes the type of home you plan on purchasing, the location of the home, and details about your current financial situation and anticipated down payment. Some mortgage companies will ask for your Social Security number in order to accurately provide you with personalized rates. The mortgage service will then offer you several mortgage loan options or connect you with a representative over the phone.

Can I refinance an existing mortgage loan?

There are many reasons to refinance and replace an existing mortgage. Many people refinance their mortgages in order to reduce monthly payments, switch from an adjustable-rate to a fixed-rate, or to pay off their mortgage early. Others refinance in order to access cash to pay off other high-interest loans such as car loans and credit card loans. Virtually all online mortgage services offer mortgage refinance options, allowing you to view and compare refinance rates. Be sure to carefully consider your refinance options as it may mean using your home as collateral.

What is APR?

The APR (annual percentage rate) refers to the annualized interest rate charged on your mortgage. Typical APRs range from about 3% to 5% and are very dependent on the amount, length, and eligibility of your mortgage. The APR will also fluctuate depending on the type of mortgage you choose. Lenders may offer you fixed-rate mortgages, two-step mortgages, balloon mortgages, and more.

How much time do I have to repay the loan?

Your repayment agreement depends on the terms negotiated between you and the lender. Mortgage companies such as Quicken Loans, for example, offer 15 and 30-year fixed rates, while other lenders such as J.G. Wentworth offer other options such as 20-year mortgages. Representative Example: If you bought a home for $500,000 with a 25% down payment, at an APR of 3.5% and a 15-year fixed term, you would pay around $2,700 per month.

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