Bankrate is a leading online marketplace that links people with banks and lenders offering great deals on mortgage refinance loans. In addition to acting as a marketplace, it’s also a resource for those who want to learn about the mortgage process. Since Bankrate emphasizes education it has free calculators and articles.
The site can help with a wide range of financial products, including mortgage refinance loans, home purchase loans, credit cards, and banking. This extensive scope makes it a resource for a variety of people. In fact, the site attracts 100 million visitors a year.
So, let’s delve into the details and see how Bankrate could help you refinance your mortgage.
Pros and Cons of Bankrate
- Makes comparing loan quotes easy
- Marketplace with top mortgage lenders
- Extensive library of educational articles
- Range of mortgage and financial calculators
- Not a direct lender
- Recommended for higher credit scores
What Does Bankrate Offer?
Bankrate doesn’t provide mortgages refinance loans itself. Instead, consumers can use the platform to research and compare offers from trustworthy financial institutions. Bankrate offers quotes on both fixed-rate and adjustable-rate mortgages (ARMs). If you find an offer you like, then you can go ahead and arrange your loan directly with the lender.
The specifics of loan offers vary from one lender to the next and depend on your situation. But as a sample of what you can expect, here’s a general snapshot as of April 2021:
- 30-year fixed refinance rate is 3.130% with an APR of 3.270%
- 15-year fixed refinance rate is 2.450% with an APR of 2.630%
- 5/1 ARM refinance rate is 3.060% with an APR of 4.070%
Additionally, Bankrate can help people in the market for other financial products, including:
- Home equity loans
- Home purchase loans
- Personal loans
- Credit cards
- Auto insurance
- Bank accounts
What To Expect on the Site
When you visit the Bankrate homepage, the first thing to do is select a financial service. After clicking on “Mortgage refinance,” Bankrate immediately displays a detailed list of sample offers. Notably, Bankrate doesn’t require you to enter personal information to access sample quotes. So, Bankrate scores major points for being one of the few online marketplaces to adopt this transparent, user-friendly approach.
In order to get quotes based on your situation, Bankrate also has an online form you can submit. It’s a brief questionnaire that asks for a few details, including:
- Enter your ZIP code
- When did you purchase your home?
- Estimate the value of your property
- Would you like to borrow additional cash?
- Estimate your credit score
If you want to borrow additional cash, Bankrate uses a sliding scale that asks you to specify the amount of money you wish to access. There are a variety of reasons that you may want to tap into your home’s equity, including home renovations and debt consolidation.
The credit score inquiry uses ranges, not firm credit scores. As a word of advice, it’s always a good idea to check your credit score before shopping for a major loan. Under federal law, every consumer is entitled to one free credit report per year from Equifax, Experian, and TransUnion.
One additional note: while Bankrate doesn’t ask you to provide incredibly detailed personal information, you can expect that the lender will ask for that type of information if you chose to proceed with an offer.
You don’t need to pay anything to find mortgage refinancing loans through Bankrate. Instead, Bankrate earns commissions from lenders if you finalize a loan discovered on Bankrate’s marketplace. Costs aren’t passed on to users in the form of hidden fees, so you can use Bankrate with confidence.
The Bottom Line
Bankrate’s user-friendly website makes the comparison process super easy. And if you want to find mortgage refinancing offers based on your unique situation, then Bankrate’s quick questionnaire allows you to do so. Additionally, Bankrate’s no-fee, no-obligation service makes the site even more appealing.
Given these points, Bankrate is a handy resource to consider as you compare top mortgage refinance lenders.