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Credible mortgage review
This online loan marketplace lets you compare multiple lenders and interest rates without lowering your credit score.
- Choose this lender for multiple rate quotes.
- Choose another lender for government-backed loans
- A good option for borrowers who want a 100% online process
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Details
| Type | Marketplace/Broker |
|---|---|
| Loan products offered | Conventional, FHA, VA, Jumbo, Refinance |
| Minimum credit score | Mid-600s (varies by lender) |
| Minimum down payment (Conventional) | 3% |
| State availability | Not available in: NY |
| NMLS # | 1681276 |
Credible requirements
To find out if you’re eligible for a Credible home loan, visit the company’s website. Basic eligibility for a mortgage with the company includes:
- Two years’ history of employment
- A FICO credit score of 620 or higher
- No history of bankruptcy in the past two years
Documentation
If you choose to move forward with a home loan option through Credible, you’ll need to provide the following documentation:
- Drivers license and Social Security card
- W-2 forms for the past two years
- Tax returns for the past two years
- Two most recent bank statements
- A documented estimate of your home value
- Documentation showing the source of your down payment
- A purchase contract (for home purchase loans)
Costs and fees
Credible doesn’t charge borrowers fees for using its service. Instead, its partners pay Credible a fee, but that doesn’t impact your loan terms, rate or amount. Instead, the fees you pay depend on what your loan provider charges.
Most lenders charge origination fees of .5% to 1% of the total loan cost. Additionally, expect to pay closing costs running anywhere from 2% to 5% of your home loan’s total value.
Closing costs typically include:
- Appraisal
- Credit report
- Document preparation
- Home inspection
- Private mortgage insurance
- State taxes
- Title charges
- Taxes
How to apply for a mortgage with Credible
To get started with a home loan, sign up for preapproval in 8 steps:
- Go to Credible’s site and select “home loans” from the Compare drop-down at top right.
- Select Let’s get started.
- Enter your email address and create a password you’ll use to access your Credible account. Select Let’s get started.
- Enter the ZIP code of the property you’d like to purchase or refinance. Select the property type and purpose of the property, and indicate whether you’ll have a coborrower. Select Save & Continue.
- Tell Credible more about your finances, including your employment income. Disclose any additional interest, dividends or capital gains. Select Save & Continue.
- Enter your assets, including checking, savings and retirement accounts and any stocks or bonds. Add your anticipated down payment amount. Hit Save & Continue.
- Enter your current residential address and any monthly housing payments. Disclose any additional properties you own. Choose Save & Continue.
- Enter your name and personal contact information. Indicate your citizenship status and review Credible’s Electronic Disclosure Policy. Select See my results.
If you decide to move ahead with a home loan from Credible, the entire home loan process — from application to closing — can be completed on the company’s website.
Depending on your financial situation, you may not receive rates through Credible’s partners. If that happens, you’ll get some alternative loan options to pursue. Or try directly applying with the lender.
What types of mortgages can I get through Credible?
- Conventional
- FHA
- VA
- USDA
- Jumbo
Other mortgage products offered by Credible
Credible also offers these specialized types of mortgages.
- Mortgage refinancing. By replacing your existing mortgage with a new one with better terms, mortgage refinancing can help reduce your interest rate, lower your monthly mortgage payment and eliminate private mortgage insurance.
How Credible’s mortgage products compare to other lenders
Compared to other lenders, Credible offers a basic range of home mortgage options — only conventional, FHA, VA and jumbo loans — from four different lenders:
If you’re looking for a specialty loan, like a construction, renovation or home equity loan or HELOC, you’ll need to find another lender.
Compare mortgage lenders and brokers
Compare these lenders and lender marketplaces by the type of home loan you're searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates.Credible reviews and complaints
As of May 2021, Credible has a 4.7 out of 5 rating on Trustpilot from over 4,500 customers and 1 out of 5 rating with the Better Business Bureau (BBB) from four customers. Credible has been accredited with the BBB since 2015 and has an A+ business rating with 12 complaints closed in the last three years.
Credible’s reviews on Trustpilot are overwhelmingly positive, with customers reporting being happy with the service and interest rates provided. However, the reviews on Trustpilot are for a variety of loan products rather than only mortgages. Complaints about Credible mention bad service and a lack of communication from the mortgage team, resulting in delayed closings, rate locks expiring and unexpected costs at closing.
Pros and cons of Credible
Pros
- Rates listed online. Credible mortgage advertises rates online and offers a quick prequalification for you to see your available rates.
- Soft credit check. Your credit score won’t be affected when comparing loan options through Credible since it doesn’t do a hard credit pull for a loan prequalification.
- No calls from lenders. After filling out the form, you won’t be pestered by calls and emails from multiple lenders — a common complaint about other marketplace lenders.
Cons
- Limited loan types. Credible only offers conventional, jumbo, FHA and VA loans. You won’t find any specialty loans here.
- No in-person support. Credible is an online loan provider, and customer support from your loan officer is limited to text, email and phone weekdays from 9 a.m. to 6 p.m. ET.
- Not available in NY. While Credible has wide coverage, it doesn’t offer mortgage loans in New York state.
What is Credible?
Founded in San Francisco, CA in 2012, Credible started out as a platform for borrowers to compare student loans. It now functions as an online marketplace that connects consumers with a wide range of loan products, including conventional purchase and refinance mortgages. In 2019, Rupert Murdoch’s Fox Corporation agreed to buy Credible Labs Inc. for $397 million.
Review by
Shannon Terrell
shannon.terrell@finder.comShannon Terrell is a senior writer for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.
Expert review
As a mortgage broker that works with four different lenders, Credible may be a good option to compare multiple rates in one place. The site allows you to compare your options and upload documents electronically when you’re ready to apply.
But its loan programs are limited compared to other lenders, and you won’t find USDA loans or special programs for first-time homebuyers. If Credible doesn’t have the loan options you’re after, compare more lenders to find the right one for you.