Credible Mortgage Refinancing Review – Pros, Cons and Steps to Apply

Credible helps borrowers get the cash they need for major life purchases, with rates that they deserve.

In the world of home loan refinancing, the market is fairly crowded with lenders and banks competing for your business. Although the initial offers might sound appealing, how can you be sure that you’re getting the best deal or highest savings? Services like Credible allow you to compare options without extra pressure.

In this Credible mortgage refinancing review, we’re helping you take the guesswork out of the comparison process. You’ll get a bird’s-eye view of the entire Credible refinancing process, from start to finish. We’ll also help you learn more about the company, including customer testimonials, so that you can hear the experiences of real clients.

When it comes to a major life decision like refinancing, we know how important it is to see and understand every last detail.

Credible Mortgage Refinance: What You Need to Know

On Credible’s ‘About Us’ page, customers can quickly spot the company’s mission statement.

This mission is to help customers gain “simplicity, choice, and unbiased support for all of life’s important financial decisions.” Whether that means student loans, personal loans, or mortgages, Credible is there to make the process easier.

As an organization, Credible is proud of its focus on putting customers in better control of their financial futures. This is accomplished by allowing customers to compare loan and rate options from a list of vetted lenders. With this level of visibility, Credible believes that it can help borrowers reclaim responsibility for their finances.

Additionally, Credible offers customers important benefits like:

• No fees for using the website or financial services
• Risk-free comparison options that won’t affect an individual’s credit score
• The ability to shop with confidence in privacy standards

Credible’s Press page reveals that the company has been featured by news outlets such as Forbes, CNBC, USA Today, and the Wall Street Journal.

**To learn more about Credible’s promises to consumers, check out this story featured on NBC Nightly News: **https://www.credible.com/about/

How Does Mortgage Loan Refinancing Work?

Mortgage loan refinancing is an option for customers who want to lower their monthly mortgage payment, shorten the length of a repayment term, or secure a better interest rate. Typically, homeowners apply for refinancing if they have lived in a home for over two years and when market conditions are favorable. As interest rates drop across the board, refinancing applications tend to increase.

According to Credible, most buyers only apply to one lender when they pursue refinancing. This can severely limit choices and lead to a decrease in savings. When buyers seek out additional quotes, they have an ability to save an average of $1,435 on a $200,000 mortgage.

If you’re brand new to the process of refinancing, Credible provides several helpful resources to help you navigate terms and common phrases. Check out:

• The True Cost of Refinancing Your Mortgage
• How to Refinance Your Mortgage in 4 Easy Steps
• How to Get the Best Mortgage Rate

Apply, Get Rates, Choose the Best Option

On the company’s Refinancing page, Credible makes it clear that their team is set up to do the heavy lifting on your behalf. The easy 3-step process is designed to eliminate stress while increasing transparency and choice. These steps include:

• Apply for pre-qualified rates. Credible will request standard information, but the painless process takes only 3 minutes. You can expect to share information about your current home and existing loan. The application process does not affect a buyer’s credit score.
• Compare rates from several lenders. When you receive your results, you’ll be able to compare rates and see cost breakdowns for each option. Credible provides information on lenders and loan products in a way that’s easy to navigate and interpret. Credible’s in-house mortgage team receives no kickback or commission, so you can trust that you’re receiving the best advice.
• Upload the necessary loan documents. Once you decide which new product is right for you, you’ll need to submit a few important documents. Luckily, Credible helps by automating the document collection process. Customers will receive regular updates and status checks so that there’s no confusion at different points in the process.

Where is Credible Mortgage Refinance Available?

Credible was founded in 2012, and the company’s home base is in San Francisco, CA. Currently, Credible is licensed to operate and work with customers in the United States. You can learn more about the company’s consumer contact standards on the Privacy Policy page.

How Much Does Credible Cost?

Many customers have questions about the refinancing process and how much it costs. It’s important to note that while Credible’s services are free, refinancing in general comes with closing costs and other associated fees. For mortgage home refinancing, Credible estimates that the total amount of these costs will be between $4,000 and $12,000, depending on the state of residence.

If you’re curious about the reason for these refinancing costs, they come from a variety of sources. These include:

• Origination fees– including loan discounts, lender applications, and underwriting
• Third party fees– title insurance, appraisal costs, surveys, and inspections
• Miscellaneous fees– mortgage and homeowners insurance, HOA charges

Borrowers may be able to save money by shopping around and securing lower rates for third party fees, such as title insurance.

What Type of Mortgage Loan Refinancing Does Credible Offer?

Credible is more savvy than standard comparison websites. In contrast, the company offers a mortgage marketplace that’s integrated with qualified lenders. This marketplace uses advanced logic to eliminate tedious processes and provide customers with updated, transparent information for comparing refinancing products.

Credible is also a mortgage broker, which means that there are licensed loan officers on staff. These officers provide concierge service to borrowers all the way to closing.

Below are two of the options that borrowers have for refinancing. These choices may differ based on the specific lender a customer chooses to work with.

Standard Refinancing

If you have good equity in your home and a strong credit score, you may benefit from the standard refinancing process. In this option, you take out a new loan to pay for and replace the original loan. Many times, borrowers can improve their loan terms, lock in a fixed rate, and even stop paying mortgage insurance.

Cash-out Refinancing

With cash-out refinancing, borrowers can actually secure cash assets against the value of the home. This is possible when the home’s value exceeds the amount left on the life of the loan. Cash-out refinancing is completely dependent on a home’s equity, so it’s important to know this amount before moving forward.

At Credible, there are a few different types of cash-out refinancing available to customers. For instance, limited cash-out refinancing may award customers a cash sum, but that money can only be spent on approved purposes. Some Fannie Mae loans will allow borrowers to take out up to 2% cash for any purpose.

Pros and Cons of Using Credible for Mortgage Loan Refinancing

Choosing the right mortgage refinancing option can prove to be a challenge, especially if you’re not an expert in home loans. That’s why it’s so important to rely on trusted service providers and brokers who can help. Below are some of the pros and cons that customers can expect when working with Credible.

Pros:

• There is significant transparency and visibility involved with rate comparison.
• The platform compiles the rates from many vetted lenders so that customers can see personalized options based on their information.
• Customer support is available to assist with technical and financial questions.
• The company has a solid reputation with many positive customer testimonials.
• Credible works with 280+ trusted partners and service providers.

Cons:

• There is no in-person branch or representative, so customers must be comfortable working exclusively online.
• Although Credible’s financial offerings are diverse, they may not be right for everyone (particularly customers with a more challenging credit history).
• Credible is still a marketplace for lenders and other financial providers, which means the company receives payment based on referrals. Credible reports that this payment collection does not affect the choices they offer.

Any Discounts on Credible Products?

Using Credible’s services is free of charge. Customers can apply without commitment and will not be billed for using the service. Since rates and terms are set by individual lenders, discounts are given through the lender rather than Credible. Even so, most customers will save money by refinancing and comparing rates.

Credible Reviews from Satisfied Customers

Any time you turn over personal financial information to a company, you should be sure that the organization has a long-standing history and reputation.

Fortunately, Credible maintains an A+ rating by the Better Business Bureau and has over 3,600 reviews on the customer review site, TrustPilot. Below are some of the testimonials from real Credible customers.

“Absolutely worked as advertised. Reviewed all opportunities and set everything into motion.

_Highly recommended!” _– John, reviewer from May 2020

_“Very easy process. I applied for a $100K loan for a home remodeling project. From start to finish, I had money in the bank 3 days later. Thank you!” _– Frank, reviewer from March 2020

_“Credible was very easy to use. It gets overwhelming to go to each loan companies website and enter your personal information over and over again. This is usually followed by phone calls from each of these companies trying to push their products. I really liked the one stop shop of Credible. They showed accurate options for my specific situation. That made my choice quick [and] simple and I only had to enter my information once!” _– Brett, reviewer from March 2020

How to Apply for a Credible Mortgage Loan Refinance

Applying for a mortgage loan refinancing option with Credible is quick and easy. In as little as 3 minutes, borrowers can start comparing rates. Below are instructions for applying.

On the Web

1. Visit the homepage at https://www.credible.com/.

2. You can select the logo for Home Refinancing, or hover over the top menu bar to compare different products.

3. Select the option for Mortgage Refinancing, or head to https://www.credible.com/mortgage-refinance

4. Click on the orange “Find My Loan” button at the top of the page.

5. From there, you can sign up with an existing Google account or email address.

6. Hit “Let’s Get Started” to begin submitting your personal information.

7. Receive your rate comparisons and start looking over relevant lenders!

8. Once you’ve selected the best product, you can finalize your new loan through Credible.

9. After finalizing, you can also log in to Credible to check out your status and terms.

By App

There is currently no application available via mobile app. Customers wishing to apply to Credible should do so on the website.

By Phone

Credible does offer phone support if you have questions or need assistance. However, the easiest way to apply and receive a rate comparison is through the online application.

How to Contact Credible

Address: 22 4th St., 8th floor San Francisco, CA 94103 **Customer Service: **866-540-6005 **Email Support: **[email protected] **Website: **https://www.credible.com/ **Blog: **https://www.credible.com/blog/ **Facebook: **https://www.facebook.com/crediblelabs **Twitter: **https://twitter.com/credible

More information about how to contact Credible can be located from the homepage by clicking the ‘Contact Us’ at the bottom of the page.

Does Credible Offer Other Financial Products?

Mortgage refinancing is only one of the many products that Credible offers. When it comes to saving money and lowering rates, Credible has several choices for different types of loans. Below is a brief summary of each of the different products customers can find with Credible.

Student Loan Refinancing

Credible also offers impressive student loan refinancing options for borrowers looking to consolidate student loan debt. Credible has been featured in Forbes, NBC Nightly News, and the Wall Street Journal for the ways it helps former students regain financial control.

Private Student Loans

Once students reach federal student loan limits, they may need additional financing options. Credible can help students secure private loans with interest rates that range from 1.47% (variable) to 3.95% (fixed). Students at over 2,200 schools are eligible for these loans.

Home Loans

Credible also offers mortgage brokerage services. Customers can process rates from notable lenders like Caliber Home Loans, Loan Depot, Quicken Loans, and many more. Credible offers a modern approach to mortgages that respects consumer privacy and makes the process quick and simple.

Personal Loans

When you compare personal loan rates through Credible, interest rates usually start around 4.99%. Borrowers may be eligible for loans that range from $1,000 to $100,000. Comparison shopping can help customers save interest over the life of a personal loan.

Credit Cards

Credible is also an excellent way to compare popular credit cards and interest rates. With Credible, you can view a variety of popular card terms and see which incentives (cash rewards, travel points, balance transfers, and more) are the perfect fit. Credible also offers a library of resources to help consumers spend wisely and learn more about the credit process in general.

Credible Mortgage Refinancing Review – Summary

In this Credible mortgage refinancing review, you’ve hopefully received more information on how the process works and why customers enjoy using this service. Since Credible is known for removing the bothersome steps out of the loan process (such as receiving lots of contact from different lenders), it’s a popular choice for personal financial services.

Start your refinancing process with Credible today!