Credible Mortgage Review for 2023

Credible is an online mortgage broker (NMLS #1681276) offering mortgage refinancing options through a network of lender partners. By filling out one form, in about 3 minutes, you can see what rates you qualify for from lenders like Rocket Mortgage, nbkc bank, Allied Mortgage Group, and New American Funding.

This makes it easy to compare your different options and save the most money; which is usually the entire point of refinancing your mortgage in the first place.


Check out how the Credible refinancing process works to see if it’s the right pick for your next mortgage move.

Credible Mortgage Refinance Eligibility Requirements

Each mortgage lender in the Credible network will have its own eligibility requirements when it comes time to evaluate your refinance application. Typically, lenders require that your debt-to-income ratio is no more than 43% although some may be higher. That means all of your monthly debts (including your new mortgage amount) account for no more than 43% of your pre-tax income each month.

Lenders also evaluate your home equity, especially if you’re applying for a cash-out refinance. Most lenders may also require that you’ve been with the same employer or in the same professional industry for at least two years.

Types of Refinance Home Loan Options from Credible

Because Credible works with multiple lenders, you can refinance your mortgage with a range of products. Here’s an overview of each one and why it may work for you.

Fixed Rates

A fixed-rate loan has a stationary interest rate so that your principal and interest payment never changes throughout the course of the loan.

Many people choose to refinance into a fixed rate from an existing adjustable-rate mortgage. If the fixed portion of your loan term is wrapping up, you may prefer to switch to a fixed rate so you don’t experience a payment jump if rates go up.

Alternatively, you may simply choose to go from one fixed-rate mortgage to another if rates have dropped since your original loan, if your credit has improved, or if you have enough equity to drop your private mortgage insurance.

Adjustable Rates

Credible also allows you to refinance into an adjustable-rate mortgage. This could be helpful in several situations, such as if you plan on moving in a few years and want to take advantage of lower rates. You may also want to take advantage of those lower rates if you plan on (and are able to) pay off your mortgage during the initial fixed portion of your adjustable mortgage.

Just be sure to have a backup plan. If your financial situation changes or there’s a major shift in the housing market, there’s the potential for getting stuck with your adjustable rate. Be prepared for your worst-case scenario before you jump into any decision.

Cash-out Refinance

Another refinance option from Credible’s network is cashing out some of your home equity. Basically, you pay off the existing mortgage with the proceeds, plus add in some extra money that you receive as cash and pay back as part of your mortgage payments.

For example, say your home is valued at $200,000 and your remaining mortgage is just $125,000. That means you have $75,000 in home equity. You could refinance the $125,000 mortgage into, say, a $150,000 mortgage and walk away with $25,000 in your pocket.

Your monthly mortgage payment will likely be higher if you go this route. However, it can be a cost-effective solution if you need the cash for some reason, especially since mortgage rates are generally much cheaper than personal loan or credit card rates.

Fees and Rates

When refinancing with one of Credible’s partner lenders, as with most lenders, expect your closing costs to range between 2% and 6% of the mortgage amount. For example, if your new loan amount will be $250,000 you can count on closing costs to land somewhere between $5,000 and $15,000.

The fees that compose your closing costs vary by lender and state and typically include things like the following:

  • Origination fees
  • Third party fees, like the appraisal, title insurance, and pest inspection

Some lenders may offer a deal that includes no closing costs. That doesn’t necessarily mean you’re saving the most money; you’ll usually be charged a higher interest rate in these circumstances. You may, however, prefer that route to parting with the cash upfront on closing day.

If you’re refinancing as a way to save money on your monthly payments, do the math to determine how long it will take you to recoup the costs spent on the closing fees.

You can either consider the entire life of the loan if you think you’re in your “forever home,” or use a shorter projection if you plan on moving in the next few years. While predicting the future can never be 100% reliable, it’s smart to look at a few different likely scenarios to make sure you’re really getting a good deal by refinancing.

Credible’s Mortgage Refinance Process

You can start the Credible refinancing process in a risk-free way that is both quick and easy. Prequalification for your refinance rate takes just three minutes to complete, is free, and you’ll be able to compare options from multiple lenders. To fill out the form, you’ll need to provide your name, income, property address, an estimated value of the property, and your desired mortgage amount.

After you submit the prequalification form, there’s no hard pull on your credit report, so you don’t have to worry about your score taking a dip. The prequalification rates are not estimates, but instead are rates based on the information you submitted.

Once you select a loan option, Credible streamlines the application process for you with its smart technology that limits the questions you need to answer based on your specific situation. And, you can upload all of your supporting documentation directly through their website.

Here’s what you’ll need to provide:

  • Employer contact information
  • Copies of recent pay stubs
  • Recent bank statements (last two to three months)
  • Last two years of W-2s and tax returns
  • Records of investments and/or securities
  • Debt information, such as student loans, car loans, and credit cards

Some lenders also require an appraisal to take place to ensure the value of the home. Additionally, you’ll need to provide proof of your homeowner’s insurance, and you may need new title insurance as well.

Credible doesn’t originate loans. However, they do serve as a mortgage broker and have licensed loan officers on staff. So, you have a knowledgeable resource to reach out to if you have any questions leading up to closing.

Credible Special Features

There are several benefits you can take advantage of when choosing to refinance your mortgage with Credible.

Accuracy and Transparency – Credible is unique in that they give you personalized options for both interest rates and fees for each lender you’re eligible to work with. Moreover, they don’t share your personal information with the lenders at this stage, so you know exactly what to expect without having to sacrifice your privacy.

Streamlined Application Process – Credible digitizes the entire refinance application process so that it’s as easy as possible to use. Their marketplace is designed to prompt you with questions and requests that are specific to your actual situation, so you’re not filling out unnecessary information. On top of that, they take out duplicate questions which also helps save you time throughout the process.

Credible Mortgage Reviews

One of the best ways to research mortgage lenders is by reading third-party reviews. You can discover what actual customers are saying about them before you choose to do business with them.

Credible’s Better Business Bureau (BBB) rating is currently A+, which is an indicator of great customer service. They also have very few complaints. You can find more Credible reviews at other review sites as well.

Bottom Line

Credible offers a personalized service that’s inherently designed to make the refinance process as simple and easy as possible. If you’re thinking about refinancing your mortgage and want to get a risk-free idea of what kind of rates and fees you’d qualify for, Credible is an ideal starting point.