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Bankrate Review

Founded in 1976 as “Bank Rate Monitor,” Bankrate has helped over 100 million people make informed financial decisions each year. It's is an excellent online resource for anyone looking to tap into home equity, purchase a mortgage loan, or refinance an existing mortgage. 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.


Who Is Bankrate Best for?

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

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Bankrate LLC, NMLS ID #1427381
BR Tech Services Inc. NMLS ID #1743443

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


Bankrate Highlights

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

What Loans Does Bankrate Offer?

Bankrate offers a wide variety of home loans and other financial resources. Loan options include mortgage home purchase loans (15- and 30-year terms), VA loans (eligible veterans and active-duty military members only), mortgage home refinance loans, and home equity and HELOC loans.

Beyond home loan products, Bankrate also offers financial tools such as personal loans, high-yield savings accounts, certificates of deposit (CDs), short-term investments, and credit cards, making it a comprehensive platform for various financial needs.


How Does Bankrate Work?

Bankrate allows you to compare various home loan products side-by-side, providing access to detailed rate information, loan terms, and lender options tailored to your financial situation.

To be approved for a loan through Bankrate, it’s recommended that your credit score is over 620 to qualify you for better rates and terms. However, some lenders within the Bankrate network may accept lower credit scores, sometimes as low as 500, though this might result in higher interest rates and stricter loan terms.

To view a personalized rate and loan estimate without affecting your credit score, get prequalified for a loan on Banrate's site by entering some basic financial information. This can help you learn what rates you might qualify for and understand your borrowing power.

In addition to helping you find the best mortgage rates, Bankrate also offers a range of tools and resources, such as mortgage calculators and expert advice, to help you make informed decisions.


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’ll need to gather several key pieces of information. First, ensure you have proof of income, such as recent pay stubs or tax returns, which will help demonstrate your ability to repay the loan. Next, your credit history will be reviewed, so be prepared to provide authorization for a credit check. You’ll also need to supply detailed employment information, including your current employer's name, address, and contact details.

Additionally, have your personal identification ready, such as a driver’s license or passport, to verify your identity. Finally, if you’re purchasing or refinancing a property, you’ll need to provide specific details about the property, including its address, estimated value, and any relevant documentation. Collecting all of these documents beforehand will help streamline the application process and increase your chances of a smooth approval.


The Bottom Line

Bankrate stands out for it's user-friendly site, variety of loan options, and full suite of tools designed to help you compare loan rates with ease. Whether you’re a first-time homebuyer, looking to refinance, or someone wanting to tap into their home equity, Bankrate’s extensive resources and quick application process make it a great choice for managing home loan needs.

Visit Bankrate ➜
Bankrate LLC, NMLS ID #1427381
BR Tech Services Inc. NMLS ID #1743443

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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.