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Credible mortgage review
Compare mortgage rates and no-fee options without lowering your credit score.
Credible helps you easily compare mortgage rates from multiple lenders with personalized prequalified rates. But it’s not a direct lender and it’s not available in every state.
Details
| Loan types | Conventional, Refinance, Jumbo |
|---|---|
| Minimum credit | 620 |
| Origination fee | Depends |
| Other fees |
Credible doesn’t charge any fees for using its service. Its partners pay Credible a fee, but that doesn’t impact your loan terms, rate or amount.
|
| Available States | Not available in: AZ, HI, MO, NV, NY, RI, UT, WA, WV |
Pros
- No fees
- Soft credit check
- Positive reputation
Cons
- Not a direct lender
- No in-person support
- Not available in every state
As of October 2019, Credible has an excellent reputation on TrustPilot with a TrustScore of 4.8 out of 5 based on 2,728 reviews. Credible is also an accredited business with the Better Business Bureau (BBB), which awards it an A+ rating.
What types of loans does Credible offer?
Credible offers access to conventional loans, jumbo loans and mortgage refinancing. But since Credible is a marketplace — not a direct lender — the loan provider you’re matched with may have different loan options.
- Conventional. Both fixed- and adjustable-rate mortgages are available with terms that typically range between 10 and 30 years.
- Jumbo. Jumbo loans offer home financing options that typically start at $484,350. Borrower eligibility tends to be strict for this type of mortgage, with high minimum credit score and low debt-to-income ratio requirements.
- Other loans
- Mortgage refinancing. Refinancing options are available to those looking for a lower rate, better term or access home equity as cash.
Credible fees
Credible doesn’t charge any fees for using its service. Its partners pay Credible a fee, but that doesn’t impact your loan terms, rate or amount.
The actual fees you pay depend on your loan provider. But most lenders charge origination fees of .5% to 6% of the total loan cost.
During the home loan process, expect to encounter the following closing costs:
- Appraisal
- Credit report
- Document preparation
- Home inspection
- Private mortgage insurance
- State taxes
- Title charges
- Taxes
Documentation
To create a Credible profile, you’ll need to enter some basic information like:
- Your name and address.
- Estimated property value.
- Your annual income.
- Your current rent or mortgage payment.
If you choose to move forward with a home loan option presented to you through Credible, you’ll need to provide additional documentation.
Most lenders ask for the following:
- Driver’s license, state ID or US passport
- Pay stubs, W-2 forms and/or 1099 forms
- Social Security number
- Personal tax returns from the past two years
- Profit and loss statements, if self-employed
- List of your assets including savings, real estate, car titles, retirement accounts and other investment records
- List of your debts including student loans, credit cards and car loans
Compare Credible loans
How to get a home loan with Credible
- Go to Credible’s website and click Let’s get started.
- Enter your email address and select the state you plan to purchase or refinance property in. Then, create a password you’ll use to access your Credible account. Click 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 there will be a co-borrower on the loan. Click Save & Continue.
- Tell Credible more about your finances, including your employment income. Disclose any additional interest, dividends or capital gains. Click Save & Continue.
- Enter your asset information, including checking and savings accounts, retirement accounts and any stocks or bonds you may have. Then, enter your anticipated down payment amount. Click Save & Continue.
- Enter your current residential address and any applicable monthly housing payments. Disclose any additional properties you own. Click Save & Continue.
- Enter your full name, date of birth and phone number. Indicate your citizenship status and review Credible’s Electronic Disclosure Policy. Click See My Results.
Pros and cons of Credible
Pros
- No fees. Credible never charges users a fee for its comparison services.
- Soft credit check. Your credit score will not be affected when comparing loan options through Credible, since it doesn’t perform a hard credit pull.
- Positive reputation. Credible’s online reputation is nothing short of impressive, with an A+ BBB rating and a 4.7 out of 5 TrustScore.
Cons
- Not a direct lender. Credible connects you with potential lenders but isn’t a lender itself, which means it can’t negotiate terms or mortgage rates.
- No in-person support. Since Credible is an online loan marketplace, its customer support is limited to telephone, email and live chat inquiries during the following times:
Monday–Thursday: 6 a.m.–6 p.m. PT
Friday: 6 a.m.–4 p.m. PT
Saturday/Sunday: 7 a.m.–4 p.m. PT - Limited availability. Credible is not licensed in the following states: Arizona, Hawaii, Missouri, Nevada, New York, Rhode Island, Utah, Washington and West Virginia.
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What is Credible?
Credible was founded in San Francisco, California in 2012. It functions as an online marketplace that connects borrowers with potential lenders.
After you submit your Credible profile, you can compare your potential loan options and select the lending product that works best for you. The entire home loan process, from application to closing, can be completed on Credible’s website.
Frequently asked questions
Expert review
Review by
Shannon Terrell
shannon.terrell@finder.comShannon Terrell is a writer for finder.com who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.
Expert review
Credible is a good lender if you’re looking to easily compare lenders. It has a solid reputation on the Better Business Bureau and Trustpilot for being quick, convenient and honest. But there’s no in-person support, and it’s not available in Arizona, Hawaii, Missouri, Nevada, New York, Rhode Island, Utah, Washington and West Virginia.