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Credible mortgage review
Compare multiple lenders and interest rates without lowering your credit score.
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.
Details
| 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 |
Our take
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.
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. 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.
What types of mortgages can I get through Credible?
- Conventional
- FHA
- VA
- USDA
- Jumbo
Credible reviews and complaints
As of August 2021, Credible has a 4.7 out of 5 rating on Trustpilot from over 4,500 customers and 1.5 out of 5 rating with the Better Business Bureau (BBB) from eight customers. Credible has been accredited with the BBB since 2015 and has an A business rating with 11 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.
Credible pros and cons
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 brokerage services for conventional, jumbo and refinance loans. You won’t find any specialty or government-backed 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.
Alternatives to Credible
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.