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This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website. These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

Credible Mortgage Review

Rachel Morey Rachel Morey Last update:
NMLS#
1681276
Min Credit Score
620
Repayment Terms
96 - 360

Credible is a marketplace where borrowers can find a vetted mortgage lender that meets their needs. With one three-minute pre-approval application, you can compare rates and terms among multiple lenders. Even though you’ll work with a licensed loan officer, you won’t pay them a commission. There are no fees for working with Credible to find a mortgage lender. If you choose to finish your mortgage with a Credible marketplace lender, Credible’s client success team sticks with you throughout the entire process.

This marketplace lender also facilitates private student loans, student loan refinancing, personal loans, and helps consumers find the perfect credit card.

 

Mortgage types Jumbo, conventional, refinance
Mortgage amount Set by lender
Repayment terms Traditional fixed and adjustable-rate mortgage options
APR Set by lender
Minimum credit score 620
Lender type marketplace

 

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Credible Mortgage Loans: Pros

  • No fees to use Credible’s services
  • Find out your actual rate without a hard credit check
  • E-verification for many financial documents

Credible Loans: Cons

  • Credible doesn’t operate in several large states
  • No face-to-face support from Credible loan experts

Application Process

Credible requires all applicants to create a profile so you can access your rates and move through the application process. You’ll need your estimated property value, annual income, and your current monthly mortgage or rent payment.

Start by clicking “Get My Mortgage” or “Find My Refi Rate” on the credible website. Choose your product, mortgage or mortgage refinance. You can get your rate in just a few minutes with only a soft credit check, which won’t negatively affect your credit scores.

You’ll answer some basic questions about where you are in the process of getting or refinancing your mortgage loan. Here’s the other information you’ll need:

  • Your income sources and amount of money you get
  • The amount of money you have in various assets
  • How much equity you have in the property you want to refinance or the size of your down payment
  • Address of your current home, if you own it
  • Your citizenship status
  • Your date of birth

If approved, you’ll receive an instant pre-approval letter with rates offered by various lenders participating in the Credible marketplace. Compare those rates and decide if you’d like to proceed with a formal application for a mortgage refinance or mortgage loan.

Submitting a pre-approval application doesn’t mean you are committed to accepting one of the marketplace lender’s offers. Pre-qualification rates aren’t guaranteed. If interest rates change, the interest rate you’ll get after receiving final approval with a full application may be different than your pre-approval rate estimate.

To get a mortgage or mortgage loan to refinance through Credible, you’ll have to submit the following documentation:

  • Pay stubs
  • W-2 forms or 1099 forms
  • Tax returns for at least the past two years
  • Self-employed applicants need their profit and loss statements from the past two years
  • List of assets and value of each
  • List of debts, monthly payments, and the total amount owed

While Credible helps streamline the application and approval process for mortgages and mortgage refinance loans, you’ll still have to meet the requirements of the individual lender you choose. Their underwriters may ask for additional information. You can e-verify many parts of the application, eliminating the need to upload documents manually.

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Terms & Requirements

Mortgage Requirements

To get a mortgage, you’ll have to be a citizen of the United States with a valid social security number. Some lenders may allow applications from permanent or non-permanent resident aliens, as well.

Each lender has their own credit requirements. In general, you’ll need a credit score of 620 to get a conventional mortgage. Lenders offering certain government-backed loans may accept lower credit scores.

Conventional and jumbo loans require a maximum debt to income ratio of 43% to 50%. Again, these limits depend on the lender you choose.

Conventional loans in most areas of the country are less than $484,350. If you want a larger mortgage, you’ll need to qualify for a jumbo loan. Down payment requirements may differ between the two loan types. For a mortgage refinance, most lenders want at least 10% equity in the home, although lender requirements vary on this topic, as well.

Mortgage Terms 

Individual lenders inside Credible’s marketplace set the mortgage terms. They decide what interest rate they’ll offer after you submit the pre-qualification application. They also determine whether they’ll include points with their interest rate.

The best way to learn more about the terms of a mortgage you could get through Credible’s lending partners is to fill out the pre-approval application on their website.

You may pay fees during the home loan process for document preparation, home inspection, appraisal, taxes, title charges, and private mortgage insurance, depending on the lender’s requirements.

Repayment Terms 

Jumbo and conventional mortgages typically come with a choice between fixed and adjustable-rate terms. With a fixed-rate mortgage, you’ll choose between a 10-year, 15-year, or 30-year term. Although the APR may be lower with a shorter term, monthly payments are higher because you’ll pay off the total amount of the loan in a much shorter time period. The interest rate and total payment amount (interest + principal) won’t change from month to month.

If you choose an adjustable-rate mortgage, you may have the same interest rate for five or seven years. After that initial time period, the rate adjusts at the interval set by the lender in the original mortgage terms. For example, if you have a 5/1 ARM loan, your interest rate remains the same for the first five years of the loan term. After that, it adjusts according to the marketplace conditions a maximum of one time each year.

Your monthly payment with an ARM loan may change since interest rates are always changing. Most people who choose an ARM loan plan to sell the property or refinance the loan before the initial term expires, which prevents them from experiencing an increase in their monthly mortgage payment when the rate adjusts to match the marketplace.

Privacy & Security

Credible has an A+ rating with the Better Business Bureau (BBB).

The privacy and security policy includes language indicating that Credible may share your information with third-party advertisers. They may also share information you provide about co-signers who apply for financing with you.

The Credible website includes 256-bit data encryption to keep your personal information safe from hackers. You’ll complete the entire mortgage or mortgage refinance process through Credible, even though you use one of their partner lenders.

Customer Support

Mortgage and mortgage refinance applicants can access customer service via phone or chat function embedded in the Credible website. Even after you choose a lender, you’ll have access to a Credible customer success expert to help with the process.

While customer service stands by ready to help, they don’t require any interaction from applicants. You can complete the entire process online with minimal interruption from Credible representatives, which is helpful for people who want to minimize interaction. The Credible site states that their applicants never receive “annoying calls or emails from lenders.”

Final Thoughts

Credible offers an easy and fast way to find out if you qualify for a mortgage with their lenders in just a few minutes. The marketplace streamlines the entire process of getting a mortgage or refinancing your current mortgage. Credible can’t offer mortgages or mortgage refinance loans in every state. Still, for those in the right geographical area, this marketplace lender provides a great way to research your options quickly.

Address

318 Blackwell Street Ste 120A, Durham, NC 27701

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Credible Disclaimer:Credible Operations, Inc. does not act as a lender or credit provider. Credible Operations, Inc. will forward your loan request to participating Lenders and one or more Lenders may provide you with their loan product offers. Credible Operations, Inc. does not have relationships with all lenders in the market and cannot guarantee the lowest price or best terms available in the market. Credible Operations, Inc. receives fees from participating Providers and may be paid for services performed or provided by us to the Provider.

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website. These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Rachel Morey Rachel Morey
Rachel Morey is a journalist specializing in finance content. She has written for some of the major lenders in the online personal and business finance industry. She has been writing professionally for nearly a decade and has projects in print and broadcasting. A native Iowan, Rachel has a special fondness for the open roads of rural America.
This review is based on the writer's personal opinion.