Rate Marketplace Mortgage Refinance Review
ConsumersAdvocate.org Rating: 8 / 10 (Very good)
Looking to save money by reducing your monthly mortgage payments? Need to take cash out of your home? Want to reduce the term of your mortgage loan? RateMarketplace is your solution.
RateMarketplace is an online resource for homeowners searching for the best mortgage refinancing rates. It matches homeowners with its national and regional mortgage lender partners to find a mortgage refinancing solution designed to meet their unique needs. The entire process is done online and get multiple quotes in as little as a few minutes. The service is free and does not require any credit checks or SSN submission.
Types of Home Refinancing Mortgages
- Fixed Rate Mortgages (30 year and 15 year)
- Adjustable Rate Mortgages (5/1 ARM)
- FHA Loans (Streamline FHA loans for consumers currently in an FHA loan)
- VA Loans (Streamline VA loans for consumers currently in a VA loan)
Other home loan options
- Cash-out refinance
- Debt consolidation
- Home equity
- Home refinance
Qualifying for Mortgage Refinance
Generally, qualifying for mortgage refinancing at RateMarketplace requires fair credit scores and at least two years employment. Qualifying with a lower credit score is still possible because the site makes it possible for multiple lenders to compete for your business.
620 or better
Income to Debt Ratio
50% or more
Up to 30 years
Things you will need
- Current mortgage information
- Homeowners insurance
- Property tax bill
- Prior closing documents
- Latest payroll stubs
- W-2 forms
- Most recent bank statements
Refinance Mortgage Rates
On average, mortgage rates were a few percentage points higher compared to national averages. This of course is influenced by a variety of factors including a homeowner’s credit worthiness or history. The possibility of getting multiple quotes however allows homeowners to choose a mortgage lender that offers the best mortgage rate.
Why Mortgage Refinance at RateMarketplace
RateMarketplace makes it easy to find the right lender for your mortage refi needs. Their site is not a direct mortgage lender but a mortgage refinancing matching service. It makes searching for a lender easier with its online submission form. Completing the form can be done in a matter of minutes and instantly get 5 free quotes. Positives includes no hidden fees, no credit checks and no SSN submission. Other home loan-related services are also available to give homeowners more option when addressing their mortgage payment needs.