Bankrate | 2024 Review

Bankrate is an excellent resource for anyone looking to tap into home equity or secure/refinance a mortgage loan. Its easy-to-use affordability tools, daily rate updates, and comprehensive loan options make it a top choice for first-time buyers and seasoned homeowners alike.

Founded in 1976 as “Bank Rate Monitor,” Bankrate has helped over 100 million people make informed financial decisions each year.

Who Is Bankrate Best For?

Bankrate is an ideal choice for both first-time homebuyers looking for guidance and easy comparisons, as well as homeowners considering refinancing or home equity loans.

Visit Bankrate ➜

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Pros and Cons

+   Personalized offers from top lenders

+   200+ free financial calculator tools

+   Rates updated at the end of each business day

-   Online-first service with restricted in-person support

-   You may receive calls and emails from multiple lenders

What Loans Does Bankrate Offer?

Bankrate offers a wide variety of home loans, as well as other financial resources. Loan types include:

• Mortgage home purchase loans (15- and 30-year mortgage loans)
• VA loans
• Mortgage home refinance loans
• Home equity and HELOC loans
• Additional financial tools
  • Personal loans, high-yield savings accounts and CDs, short-term investments, credit cards

How Does Bankrate Work?

To be approved for a conventional mortgage loan with Bankrate, your credit score should be over 620, but lenders may accept scores as low as 500.

Bankrate offers rates comparable to other big-name lenders. Get pre-qualified with a personalized rate here.

What is the Application Process Like with Bankrate?

The application process with Bankrate is designed to be straightforward and quick. Use their tools to determine how much you can afford and get ‘pre-qualified’ for loans. This means you can input your credit score and loan needs to determine what rates you qualify for without Bankrate running any sort of credit check.

From here, browse through personalized offers and compare lenders with guided advice (optional) from Bankrate experts. If you choose to go forward with one of Bankrate's lenders, the average mortgage application takes 45 minutes or less. When you submit your documents and await approval, the lender will then run a hard credit check as part of the approval process.

What Do I Need to Apply for a Loan Online?

To apply for a loan online, you will need:

• Proof of income
• Credit history
• Employment details
• Personal identification (such as a driver's license or passport)
• Information about the property you intend to purchase or refinance

Bankrate Highlights

• Home Affordability Calculator – Helps set a realistic budget
• Daily Rate Updates – Monitor the movement of rates day-to-day
• Loan Comparison Tools – Find the perfect mortgage match
• Privacy Protection – Safeguard your personal information and credit score
• Quick Approval – Get approved for a mortgage in 45 minutes or less

The Bottom Line

Bankrate stands out in the crowded marketplace of financial services by offering a user-friendly platform, a variety of mortgage options, and a suite of tools to help you make informed decisions.

Whether you’re a first-time homebuyer or looking to refinance, Bankrate’s extensive resources and quick application process make it a top choice for managing your mortgage needs.

Visit Bankrate ➜

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Not ready to commit? Find more lenders with great loan variety, competitive rates, and solid customer support. View 2024 home lender comparisons here.