When you’re planning to make a large purchase — something like a car, a new refrigerator or a new sofa — you shop around for the best deal, right? You compare prices to save money.

For most of us, a home is the largest purchase we’ll ever make. So shopping around for the best mortgage rates only makes sense. Trimming just a fraction of a percent off your interest rate can save thousands of dollars over the life of the loan.

But as the saying goes, hindsight is 20/20. If you didn’t comparison shop for mortgage rates when you bought your current home, you might be kicking yourself now.

Here’s the good news: it’s not too late to compare rates and get a better deal by refinancing your current loan. That’s where Credible comes in. If you want to save money fast, Credible can help.

Credible is an online marketplace for comparing mortgage refinance rates from different lenders all in one place. Credible isn’t a bank and it doesn’t make loans — it’s a platform that helps people find the right lender with the best terms for their particular situation.

At Credible, you can fill out a simple online form and get prequalified rates from multiple lenders in just three minutes without pulling your credit report (which means there’s no impact on your credit score).

This Credible mortgage review will explain how Credible works so that you can decide if it’s right for you (and get the absolute lowest rate possible on a new home loan).

Credible Mortgage Products

Borrowers can shop for three mortgage refinancing options on Credible: fixed-rate, adjustable-rate, and cash-out refinances.

Fixed Rates: The interest rate on a fixed-rate mortgage — and therefore, the monthly loan payment — stays the same for the full lifetime of the loan. A fixed-rate refinance is best for those who value consistency in their monthly expenses.

Adjustable Rates: The interest rate on an adjustable-rate loan (sometimes referred to as a variable rate loan) changes over the lifetime of the loan, based on the prime rate (or after a certain period of time). When the rate changes, the monthly payment amount changes as well. Adjustable rates can be a gamble, but one worth taking for those who are either planning to pay off their mortgage ahead of schedule or to sell the property in the relatively near future.

And since there’s no limit to the number of times you can refinance a mortgage, you can always refinance an adjustable-rate loan into a fixed-rate loan.

(In full disclosure: this is what I did when I took out my mortgage. It’s certainly not for everyone, but by going with a 7/1 ARM — i.e., a rate that will stay fixed for seven years then adjust based on current interest rates every year thereafter — I was able to get a rate of 3.125%. My goal is to pay off the mortgage inside of 10 years, which will save a substantial amount of money in interest compared to a 30-year fixed loan.)

Cash-Out Refinance: This option is for people who need cash — typically to pay off high-interest debt like credit card debt. A cash-out refinance lets you borrow cash based on the equity you’ve built up in your home. For instance, if your home is valued at $400,000 and you still owe $200,000, you’ve built up $200,000 in home equity. The remaining $200,000 mortgage can be refinanced into a bigger mortgage. Think of it like a large-scale cash advance.

How Does the Application Process Work?

If you’ve ever applied online for a student loan refinance or a personal loan, you’re probably expecting to answer dozens and dozens of questions when shopping for a mortgage refinance. But that’s not the experience you’ll have with Credible.

Credible has designed a process that uses smart technology to drastically reduce the number of questions required to generate your offers. The questions are tailored to your specific circumstances, so you don’t have to waste time on generic questions that aren’t relevant to your application.

Here’s what the process looks like:

  • Create an account using your email address, and choose a password.
  • Provide some top-level information about the property you want to refinance, such as the address; whether it’s your primary home, secondary residence or an investment property; its estimated value; and its remaining mortgage balance.
  • Answer a few questions about your income and assets. (This information is used to calculate your debt-to-income ratio.)

That’s it! Next, you’ll see a list of offers from a variety of top lenders.

After entering my details, I had loan options from five lenders. These pre-qualification rates aren’t estimates (which is what a lot of comparison sites show). They’re actual, personalized rates based on the information you provided. At this point in the process, there’s no impact on your credit score (because no credit check has been run), and you’ll see these offers without having to share your personal information with the lenders.

Then, you’ll choose your loan terms:

  • Loan amount
  • 30, 25, 20, or 10-year fixed
  • 10/1, 7/1, 5/1 or 3/1 ARM (adjustable rate mortgage)

You can sort the offers by:

  • Closing costs
  • Monthly payment
  • Interest rate
  • APR

Click on each offer to see the full details and repayment terms. If at any time you need help or have a question, Credible has mortgage specialists standing by via phone or chat.

Once you’ve chosen an offer, Credible handles the process all the way up to the closing. (You’ll upload the required documents via your Credible account.)

This is what’s required:

  • Employer information
  • Recent paystubs
  • Two to three months of bank statements
  • Prior two years’ W-2s and tax returns
  • Investment account statements
  • Documents relating to debt (e.g., student loan debt, credit cards, auto loans, etc.)

Depending on the lender, you may need to obtain an appraisal to verify your property’s value. You may also need to show that you have homeowner’s insurance, and may need new title insurance.

Credible will keep you updated on the status of your application throughout the process, and you can reach out to one of their licensed loan offers along the way.

Credible Rates

Since Credible isn’t a mortgage lender, it doesn’t set the loan rates. But when lenders partner with Credible, they can offer lower rates than you might find with more traditional lenders. That’s because Credible does so much of the work, handling the process from the initial questionnaire all the way up to the closing.

This saves the partner lenders a lot of time and money, and they’re able to pass those savings on to borrowers. Keep in mind that any loan you take on will have the normal lender-assessed fees, including origination fees.

Credible Fees

Credible.com does not charge fees to check prequalified rates. When you choose to move forward with an application and close your loan, Credible charges a broker fee (which is typically lender paid). This is disclosed up-front.

Fees from each lender (such as the origination fee) will vary depending on a number of factors, and are also disclosed every step of the way.

Credible Review — Final Thoughts

The bottom line is that Credible is the easiest-to-use and most advanced online platform for finding the lowest rates and best repayment options for your particular situation. The fact that you can see actual offers from different lenders without a hard credit check makes the site a no-brainer when you’re ready to start your home loan refinance shopping.

Credible has an A+ rating from the Better Business Bureau and 4.8/5 stars on TrustPilot, and partners with some of the top lenders in the industry. And it also provides great options for refinancing your federal student loans, private student loans, and high-interest credit card debt.