Bankrate Mortgages Review
Bankrate is a highly trusted marketplace for all sorts of personal finance products. This includes mortgage purchase loans, mortgage refinancing, and home equity loans. It has been around since 1976 and has a good track record over the years of helping consumers to make informed decisions.
It highlights all of the main lenders in each respective area and makes sure that all information is kept fresh and up to date. This Bankrate review will look at all aspects of this marketplace offering.
In a Nutshell
|Mortgage types offered||Home Purchase, Mortgage Refinancing, Home Equity Loans|
|Mortgage amount||Depends on the chosen lender|
|Repayment terms||Depends on the chosen lender|
|APR||Depends on the chosen lender|
|Minimum credit score||Depends on the chosen lender|
|NMLS||#1427381 & #1743443|
People who want to consider all of the best lending options, tailored to their specific situation
Pros & Cons
- Powerful comparison tools
- Showcases the best lenders
- Wide range of different mortgage loan options
- Trusted company
- Deals with people in most states
- Doesn’t have any direct customer support
- Not a broker or lender
Bankrate allows prospective borrowers to use some in-depth comparison tools in order to identify the best lenders for their specific needs. You’ll be able to enter in key information in order to narrow down the options, such as your credit score, the sum you are looking to borrow, and so on. There will then be a list of different lenders that could fit the criteria of a mortgage loan that you are looking for. There will be no hard credit check completed at this stage.
As soon as you see a lender that fits the bill, you will then need to submit an official application with that lender. This usually requires you to enter all relevant personal info and details about the home that you are looking to purchase, refinance, or tap into the equity. You’ll need to provide some documents to verify key info like your identity and income. A hard credit check will usually be conducted at this stage of the process.
The exact time in which it takes to get approval for your application and to get your hands on the funds depends completely on the lender that you have gone for.
Terms & Requirements
There are always going to be terms and requirements related to a loan. This will dictate if you are eligible to get a loan in the first place, as well as key details about any fees, charges, and repayment terms.
As Bankrate is a marketplace, the exact terms and requirements will vary depending on which lender you choose to go with. Here is a look at some of the general terms and requirements you will likely come across:
Mortgage Purchase Requirements
Most lenders will require you to either be a US citizen or to hold some sort of relevant visa. Borrowers will usually need to be at least 18 years old and show a verifiable source of income. Certain lenders will only work with people who are living in certain states, while credit scores can come into the equation.
The APRs that you will be looking at will vary from lender to lender. You will often have the choice between fixed-rate and variable-rate loans. The term lengths also vary, with 15, 20, and 30 years being the typical term lengths you’ll come across.
Bankrate does not charge any sort of fees for using its service, with everything being absolutely free. There might be costs associated with your chosen lender, such as origination fees, and closing costs.
The repayment term lengths will usually be 15, 20, or 30 years for a home mortgage or refinancing loan. Some lenders will charge late fees and early repayment penalties, while some won’t.
Privacy and Security
Bankrate doesn’t ask for a whole lot of personal information from you, so there isn’t too much concern about privacy in that regard. However, Bankrate still has strong encryption technology in place to protect your info when it is shared.
It also only deals with reputable lenders, with a lot of time has gone into reviewing the different lenders to make sure that they offer above-board loans.
There is not much customer support on offer at Bankrate. You won’t be able to speak with mortgage professionals directly through Bankrate, but the actual lenders will often have someone on hand that can help you in this regard. If you have a more general type of question, you can send Bankrate an email or get in touch through one of their social media channels.
Bankrate has a reputation as being one of the best mortgage lender comparison platforms around. It allows you to really find the best lenders for your specific needs.
It also covers a lot of bases, including mortgage purchase loans, mortgage refinancing, and home equity loans. Therefore, Bankrate can be a great starting point for people who are looking to get some sort of mortgage-related financing.
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