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Mortgage rate comparison websites and rate tables from vendors can be generic and hard to compare apples-to-apples. Credible lets you compare personalized prequalified rates from multiple lenders at once.
There's at least one silver lining from the coronavirus pandemic – historically low mortgage rates. To mitigate the economic impact of the pandemic, the Fed enacted policies to push rates down, leading to some borrowers qualifying for rates below three percent. That means now could be the perfect time to buy or refinance, and Credible can help you compare lenders to get the best rate possible.
Why you should refinance
So, why refinance? Because you may be able to get a lower rate. Maybe your credit score went up since you last took out a loan, or maybe you took out a loan when rates were higher across the board. Either way, you may be pleasantly surprised at the rates available today.
A lower mortgage rate could make your monthly payment easier to manage. You may even be able to pay off your principal faster, accruing less interest over time saving some serious cash over the life of your loan.
The hardest part is hunting down the best rates and terms for you. Many comparison websites and vendor rate tables only provide generic estimates. To get estimates based on your financial situation you might have to go to each lender's individual website and fill out a form or two a piece. Credible automates all of that for you. They take the info you provide, plus a soft credit check and run it through mortgage lenders' actual underwriting criteria to get you personalized prequalified rates. It's all on one platform and takes less than three minutes.
How to find great rates
Credible is integrated with lenders and credit bureaus, and it's super easy to use. You answer several questions about yourself and your home while uploading the necessary documents. Credible's automated document collection process will handle the rest. It's so fast, you can get prequalified rates in as little as three minutes.
You'll see the interest rate and cost breakdown of each loan so that you can choose one that's best for you. That way you can determine how long it will take to recoup the closing costs and work out the long-term cost savings. You'll want to think about how long you will be in your home and how your prequalified rates compare to your existing rate when choosing your new loan.
Hunting for the lowest mortgage rate shouldn't be stressful. Credible does the heavy lifting by gathering your prequalified rates in a manner of minutes. With a seamless and secure end-to-end experience, it's no wonder Trustpilot users gave Credible 4.7 out of 5 stars across 4,300 reviews, and one satisfied user says, "Credible offered several loan solutions, and we chose the one best for our situation. I'm very pleased with the experience I had."
Click here to find out how much you can save by refinancing your mortgage.
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