Credible is a financial marketplace that connects customers to top lenders from around the country. Credible itself is not a direct lender. Instead, it provides would-be borrowers with multiple quotes from different lenders. This streamlined comparison process can help customers find the rate they’re looking for without unnecessary legwork.

Credible originally started as a student loan comparison tool. In 2018, the platform unveiled its new home refinancing comparison tool. Eventually, the company began offering both mortgages and home refinancing comparisons via its platform.

At present, the company is headquartered in San Francisco.

Our Review of Credible Mortgages

Credible offers a unique opportunity to compare multiple rates without the need to contact separate lenders. Moreover, you won’t have to worry about paying any commissions. They only charge fees to lenders. With a strong customer support team and a world-class reputation, it’s easy to see why this platform is growing in popularity.

So, should you use the marketplace to find your next home loan? Let’s explore the finer details to find out.

Credible’s Mortgage Process

If you want to apply for a loan using Credible’s marketplace, all you have to do is head to the company’s website. Here, you can submit some basic information to get a pre-approval from multiple lenders. You will then be redirected to a panel that displays interest rate information and loan details from numerous financial institutions.

It’s up to you to decide which lender is best suited to your financial situation. After you select a lender (and a rate), you will submit your online identification and verification documents to begin the process of finalizing the loan.

As you can see, you can complete the entire process online. This streamlined process is what makes Credible one of the most attractive lenders in the industry.

Credible’s Pros & Cons

If you’re trying to determine if you want to use Credible, it’s essential to understand the platform’s strengths and weaknesses. Below, let’s explore its advantages and disadvantages:

  • An online marketplace that offers access to multiple lenders
  • Instantly compare rates
  • Multiple loan options
  • Both refinancing and traditional mortgages are available
  • Excellent online resources
  • An easy-to-contact customer service team
  • No ‘Credible’ commissions
  • The company is not a direct lender
  • The quality of your experience will mostly depend on the lender that you work with
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What States Does Credible Offer Mortgage Services?

Not every lender can provide loans in all 50 states. You need to make sure that the lender you’re interested in can provide you with financing before you waste time filling out their application. Unfortunately, Credible is not a lending platform that is licensed in every state.

Below are the states where Credible is not licensed:

  • AZ
  • HI
  • MO
  • NV
  • NY
  • UT
  • RI
  • WA
  • WV

Check back regularly to see updates as the company expands its licensing.

Credible’s Available Mortgage Types & Programs

If you want to obtain a mortgage through credible, you can access traditional mortgages and refinancing loans. Additionally, you can access ‘cash out’ refinancing loans that help you pull equity out of your home. This ‘cash out’ option is a popular mortgage product with borrowers who are looking to benefit from the equity in their homes.

You should also be able to access FDA, USDA, VA, and jumbo loans via the platform. Because Credible partners with a broad range of lenders, you will benefit from a full suite of different mortgage product options.

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Credible’s Mortgage Fees & Rates

It’s impossible to tell what mortgage rates and fees you will pay if you use the Credible platform. This is because it is a marketplace, rather than a direct lender. The primary benefit of the platform is that it will provide you with multiple quotes that you can compare instantly.

Credible does not charge any lender fees to borrowers. While the platform does charge a fee to its partner lenders, you won’t need to worry about paying any additional costs.

Credible’s Customer Service

Credible has an online chat portal, email, and social media channel that you can use to contact the company’s customer support team. Additionally, you can call Credible at 855-413-9441.

It’s nice to know you have multiple channels at your disposal if you want to get in touch with their team.

Credible’s Borrower Qualifications & Requirements

If you apply for a loan through Credible, you’ll find that most of its partner lenders require a credit score of at least 620. While this is a fairly common minimal threshold, if you’re seeking an FHA loan, you might be able to obtain a loan with a credit score as low as 500.

Additionally, you’ll most likely need a debt-to-income ratio of below 45%. Also, the required down payment varies depending on the type of loan you’re applying for: conventional loans might need a 20% down payment, while government-backed loans require significantly less.

Credible’s Online Reputation

Customer satisfaction is critical for any business. If you want to ensure that you’re working with a reputable lender, you need to do your own research on the company. In many ways, this is the first step you should take to determine if you want to apply for a loan with a particular provider.

Credible has been given the Better Business Bureau’s (BBB) highest rating — an A+. The BBB is perhaps the most trusted consumer watchdog group in the country, so this rating is a strong indication of the company’s integrity.

This being said, it’s important to note that Credible is a marketplace. Your experience with this platform will be mostly dependent on the lender that you partner with. Make sure to perform thorough research on your lender before you commit.

More From Be sure to check out our other mortgage company reviews!

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