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Credible Mortgage Refinance Review
ConsumersAdvocate.org Rating: 4.7 / 5 (Excellent)
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Based in San Francisco and founded in 2012, Credible is an online marketplace that allows consumers to compare competitive financial products side by side.
Credible can provide access to lending partners in the areas of student loans, student loan refinance, personal loans, mortgages, and mortgage refinance. The company has an excellent reputation with an A+ with the BBB and a 4.7/5 score on Trustpilot.
How is Credible rated?
Breakdown
5.0/5
Loan Variety
4.5/5
Ease of Process
4.5/5
Customer Service and Reputation
5.0/5
Discounts and fees
Overall Rating: 4.7 / 5 (Excellent)
Credible scores highly with us because, as a licensed, technology-enabled mortgage broker, the company is able to provide personalized prequalified rates across multiple lenders in as little as three minutes.
This enables Credible to offer a wide variety of loan options through its marketplace. The application process is digital and streamlined -- the collection of required documents is largely paperless and automated.
What's more, Credible is extremely transparent and will not sell your data.
Credible's integrations with lenders and credit bureaus means customers can get prequalified rates without hurting their credit scores. To check the rates and terms you qualify for, Credible or their partner lender(s) conduct a soft credit pull that will not affect your credit score. However, when you apply for credit, your full credit report from one or more consumer reporting agencies will be requested, which is considered a hard credit pull and will affect your credit.
Credible takes customers all the way to closing with their mortgage lender of choice, using a streamlined digital application process.
The company enjoys an excellent reputation as reflected by a Trustpilot Trust Score of 4.7 out of 5 and its A+ rating from the Better Business Bureau.
Loan Options
| Lender Type | Marketplace |
| Loans Offered | Rate & Term Refinance |
| Loan Programs | Conventional Jumbo |
| Fixed Year Terms | 30 Year Fixed 25 Year Fixed 20 Year Fixed 15 Year Fixed 10 Year Fixed |
| Adjustable Rate Mortgage Terms | 10/1 ARM 7/1 ARM 5/1 ARM 3/1 ARM |
Loan Variety - 5 / 5
Credible works with a half dozen lenders, so a wide variety of loan options are available through its mortgage marketplace, from conforming fixed-rate and adjustable-rate mortgage (ARM) loans to jumbo loans.
Four of the nation’s top 10 mortgage lenders compete through the Credible mortgage marketplace: Quicken Loans, loanDepot, Caliber Home Loans, and United Wholesale. Its partner lenders also include Stearns and JMAC.
Application Process
| Maximum LTV | Set by lenders |
| Closing Time | Streamlined application time cuts closing time |
Ease of Process - 4.5 / 5
It takes about 3 minutes to fill out Credible’s rate request form. Qualified borrowers get a dashboard displaying the prequalified rates, terms, and fees available to them from multiple lenders. It's important that customers understand the pre-qualification is not the same as loan approval. You must complete an application process to be approved for a loan.
If you pick an option, Credible will take you through the rest of its streamlined, digital application process, asking only questions that are relevant to your situation.
Required documentation such as pay records, bank statements and tax documents can be collected automatically from providers.
The only required paper documents are a few disclosures, and documents required at closing.
Credible Reputation
Memberships & Regulatory Info.
| Nationwide Mortgage Licensing System ID | 1681276 |
| Nationwide Mortgage Regulatory Actions | 31 |
| NMLS Collection Date | 2021-04-11 |
| CFPB Total Mortgage Complaints | 1 |
| CFPB Collection Date | 2021-04-11 |
Online Reviews
| Trustpilot Trustscore | 4.7 |
| BBB Rating | A+ |
| BBB Positive Reviews | 46 |
| BBB Negative Reviews | 1 |
| Date Collected | 2021-04-11 |
Customer Service and Reputation - 4.5 / 5
Credible’s marketplaces for mortgages, mortgage refinancing, personal loans, student loans and student loan refinancing have facilitated more than $1.6 billion in loans, and have a reputation for transparency throughout the industry.
Credible only partners with lenders that meet its high standards, and provides consumers with unbiased, neutral information they need to choose the lender that’s right for them.
Contact & Additional Information
| Homepage URL | |
| Company Phone | (866) 540-6005 |
| Headquarters Address | 22 4th St. Floor 8, San Francisco, CA, 94103 |
| Mailing Address | 320 Blackwell St. Ste 200, Durham, NC, 27701 |
| Year Founded | 2012 |
Disclosure
Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Lenders will conduct a hard credit pull when you submit your application. Hard credit pulls will have an impact on your credit score. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.
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Information provided by Credible Labs, 22 4th St. 8th Floor, San Francisco, CA 94103
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