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Credible is a lender marketplace that takes your basic financial information and provides quotes from a standard range of home mortgage options. The site offers a free, fully online mortgage broker service to homebuyers but only allows you to get quotes from a handful of online lenders.
Mid-600s (varies by lender)
Minimum credit score
3%
Minimum down payment (Conventional)
Not available in: NY
State availability
Type | Marketplace/Broker |
---|---|
Loan products offered | Conventional, Jumbo, Refinance |
Minimum credit score | Mid-600s (varies by lender) |
Minimum down payment (Conventional) | 3% |
State availability | Not available in: NY |
NMLS # | 1681276 |
Credible is not currently available on Finder
Have you considered Rocket Mortgage?
Apply online for free and lock in your rate for 90 days.
As a mortgage broker, 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 where other marketplaces give you access to a wide variety of lenders, Credible can only offer four, at most. And its loan programs are limited compared to other lenders.
You won’t find government-backed loans, like FHA, VA or USDA loans, or special programs for construction, renovation or first-time homebuyers. Rather than a one-stop marketplace, Credible only saves you a little time as you research and compare to find the lender right for you.
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:
If you choose to move forward with a home loan option through Credible, you’ll need to provide the following documentation:
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:
To get started with a home loan, sign up for preapproval in 8 steps:
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. Credible works with the following four lenders:
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.
As of August 2022, Credible has a 4.6 out of 5 rating on Trustpilot from over 5,100 customers and 1.29 out of 5 rating with the Better Business Bureau (BBB) from 14 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.
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.
Credible isn’t the only lender marketplace available, but it’s pretty limited in its scope. If you’d like to get offers from more than the four lenders Credible works with, consider a marketplace like LendingTree, which works with over 1,500 lenders.
And if you’re concerned about the fees Credible’s lenders may charge, Costco offers a lender marketplace that caps the lender fees Gold members pay to $650 and Executive members pay to $350.
Comparison shopping is vital to making sure you get the best mortgage, and using the table below is a good start. Select See rates to provide the lender with basic property and financial details for personalized rates.
Credible is not currently available on Finder
Have you considered Rocket Mortgage?
Apply online for free and lock in your rate for 90 days.