Bankrate Review

Bankrate is a leading online marketplace that links people with banks and lenders offering great deals on home purchase loans, home equity loans, and 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 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 secure a mortgage, tap into your home equity, or refinance your mortgage.

Pros and Cons of Bankrate

Pros:

Cons:

What Does Bankrate Offer?

Bankrate doesn’t provide 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 of rates listed on Bankrate’s website as of November 2021:

Additionally, Bankrate can help people in the market for other financial products, including:

What To Expect on the Site

When you visit the Bankrate homepage, the first thing to do is select a financial service. For instance, click on “Mortgage refinance” if that’s the type of loan you want. Bankrate immediately displays a detailed list of sample offers, which is notable since it means you can see sample rates without entering personal information. 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 pertinent details. If you select “Mortgage refinance,” for example, you’ll be asked for the following information:

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. Additionally, Bankrate’s 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.

Pricing

You don’t need to pay anything to find 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 lenders, mortgage refinance lenders, or home equity lenders.