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Credible | 2024 Review

Known for its user-friendly and transparent services, Credible simplifies the process of securing a home loan for both purchasing and refinancing needs. You can compare and shop for the best mortgage rates online all in one place with Credible’s modern, digital-first approach to the mortgage process.

Who is Credible Best for?

Credible Home Loans is best suited for borrowers who want a no-fuss, online approach to mortgage shopping. The platform provides tools to help keep you informed with information like 'Today's Mortgage Rates,' letting you compare updated mortgage rates in real-time, side-by-side.

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Credible Operations, Inc., NMLS ID #1681276

Pros and Cons

+   Quick, 3-minute form

+   Checking prequalified rates won't affect credit

+   Strong privacy and anti-spam polices

-   You may receive calls and emails from multiple lenders

-   A more independent process than other sites

What Loans Does Credible Offer?

Credible is an efficient way for borrowers to access prequalified mortgage rates from leading lenders without risking their credit score. The platform offers various types of loans for home buyers and homeowners:

  • Fixed-Rate Home Loans
  • Adjustable-Rate Home Loans
  • Refinance Loans

How Does Credible Work?

Credible mortgages come with competitive terms and are designed to meet the needs of borrowers of all credit levels. Terms include 10-, 15-, 20-, and 30-year loan periods.

Please note: A credit check will be required to guarantee your final rate, which could impact your credit score.

What is the Application Process like with Credible?

The application process with Credible is a smooth experience from start to finish. To begin, you are prompted to fill out a quick form, (about 3 minutes in total), to collect all the essential details about your financial situation and the type of home you’re looking to buy or refinance.

Once the form is completed, the next step is to choose a prequalified rate. Compare mortgage rates from a variety of top lenders, and filter rates by terms that best fit your financial goals and housing needs.

After selecting a rate, the final step is to confirm your choice and Credible will help finalize the details of your mortgage directly with the lender you choose.

What Do I Need to Apply for a Mortgage Online?

When applying for a mortgage with AmeriSave online, you can expect to receive expert support from start to finish. The application process is quick and simple. You will need this information on hand:

  1. Basic personal and financial information
    • Social Security number, details about your income)
  2. Proof of income/employment documents
    • To prove your financial stability and earning capacity
  3. Banking credentials for accessing online banking
    • Which can help to verify financial status
  4. Details about your housing needs
    • To ensure the loan is suited for your home/purchase

Credible Highlights

  • Personalized Rates – Tailored to meet individual financial situations, promoting a bias-free selection process
  • Security and Privacy – Strong commitments to data protection mean users can check rates worry-free
  • User-Friendly Interface – Designed for ease, the platform can be navigated quickly from any device

The Bottom Line

Using Credible Home Loans, you can shop for mortgages online in a modern, efficient way. With a transparent rate comparison tool and a focus on user privacy, you'll be able to navigate the mortgage process with confidence and ease. Credible Home Loans might be a good place to check out if you're looking to streamline your home buying or refinancing journey

Visit Credible ➜

Credible Operations, Inc., NMLS ID #1681276

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Frequently Asked Questions (FAQ)

A mortgage loan is used to purchase a home or real estate property. It involves an agreement where the borrower repays the loan over a set term, typically 15 to 30 years. The loan is secured by the property, which means the lender holds it as collateral until the mortgage is fully paid off. The borrower repays the loan through monthly payments, which include both principal (the loan amount) and interest.
Securing a mortgage loan typically takes between 30 to 45 days from start to finish. The process includes pre-approval, application submission, underwriting, appraisal, and closing. If you need to secure a mortgage loan as fast as possible, online lenders are a great option. Online lenders can process and approve loans in as little as 15 to 30 days, thanks to streamlined digital applications and quicker approval processes.
Your credit score plays a key role in determining both your mortgage eligibility and the interest rate you'll receive, accounting for roughly 34% to 40% of the decision-making process. Generally, higher credit scores result in more favorable terms and lower interest rates. If your credit score is on the lower side (around 620 or less), there are still plenty of options available. Many online lenders offer more flexible credit requirements, and applying with a co-signer who has a strong credit score can also improve your chances of securing better loan terms.
To improve your chances of getting approved for a mortgage loan, focus on raising your credit score by making timely payments and reducing any unpaid balances on your card(s). Lenders also prefer a lower debt-to-income (DTI) ratio, typically below 43%, as it shows financial stability. Saving for a larger down payment and maintaining stable employment can further strengthen your application. To speed up the approval process, ensure that all documents you submit are accurate and up to date.
To secure the lowest mortgage rates, it's important to maintain a high credit score and keep your debt-to-income (DTI) ratio low, as these factors demonstrate financial responsibility to lenders. Lenders also assess your income, employment history, and the size of your down payment when determining your eligibility. If your financial profile is lacking in one or more areas, applying with a co-signer who will share responsibility for the loan can help boost your chances of approval and possibly lead to better terms.
Pre-approval is a process where you self-report your financial details, such as income and debt, to get an estimate of how much you might qualify for without a hard credit check. It provides a personalized loan estimate and potential interest rate, helping you compare offers from different lenders and determine what you can afford. Pre-approval is a great first step before fully applying for a mortgage, as it allows you to shop around and better understand your options without impacting your credit score.
When applying for a mortgage loan, lenders will use the following documents to assess your financial health and determine your eligibility for a mortgage loan: PROOF OF INCOME (pay stubs, tax returns W-2s or 1099s) • EMPLOYMENT VERIFICATION (a letter or workplace contact) • BANK STATEMENTS (savings and/or checking account balances and other assets) • CREDIT INFORMATION (lender will conduct a credit report check) • DEBT INFORMATION (current debts and/or other outstanding loans) • PROOF OF IDENTITY (driver's license or passport and your Social Security number).
Start by researching online and reading reviews to check the lender's reputation. Then, shop around by getting preapproved with multiple lenders to compare rates. (Preapproval should not impact your credit score, it's simply a preliminary loan and rate estimate). Don't hesitate to ask questions about the loan process and fees. Local real estate agents can also provide recommendations based on their personal experience with mortgage lenders.
If you're facing challenges with your mortgage payments, there are options to explore. Many homeowners refinance their mortgage to modify their loan terms or secure a lower rate if the market has changed (though there's typically a 6 month waiting period from after you close to when you can refinance). Additionally, you can contact your lender to discuss assistance programs like forbearance and loan modification.
You should consider refinancing your mortgage when it can help you achieve a financial goal, such as lowering your monthly payments, reducing your interest rate, switching from an adjustable-rate to a fixed-rate loan, or accessing your home’s equity. It's generally worth considering refinancing if current interest rates are significantly lower than your existing rate (around 0.5% to 1% or more) or if your credit score or financial situation has improved since you took out the loan. You should always factor in the closing costs associated with refinancing before signing any paperwork to ensure it’s a cost-effective move.