First and foremost, I would like to get out of the way that Rate Marketplace Mortgage is not a direct lender. Rate Marketplace’s sole priorities are to match you with lenders from their pool of nationwide originators, whether you’re looking to refinance your mortgage or take out other types of mortgages. They offer competitive rates and products with their reputable selection of lenders. Lending matches are completely free, there’s no credit check and there’s no SSN required. Matched lenders will contact you to calculate your new payment. Now, Rate Marketplace is essentially a means of having lenders fend for your business instead of making you do all the work of researching for the best loan options.
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Rate Marketplace Mortgage Summary:
- Apply Now
- Maximum Loan: Varies by lender.
- Account Type: Mortgage Loans
- Availability: Nationwide
- Expiration Date: None
- Additional Advise: Have the necessary documents and validation information ready to make your process as smooth as possible.
- Monthly Fee: No maintenance fees
- Closing Loan: Varies
Rate Marketplace Mortgage Basic Requirements:
You’ll have a better chance of qualifying with a wider range of lenders if you have a credit score ranging from 660 to over 700. Rate Market does have lenders who accepts credit scores that are lower than that, however, you should expect higher interest attached. The preferred down-payment is around 20 percent, if you do not have 20 percent saved, you may be able to apply for an FHA loan where the down-payment requirement is low at 3.5 percent. What do lenders look at:
- Credit Score
- Household income
- Job History
- Cash Reserve
- Down Payment amount
Income Documents:
- Pay Stubs covering the customer’s most recent two pay periods for each applicant.
- W-2 Forms for the previous two years.
- Two most recent years’ federal tax returns (e.g. for a loan in 2015, the customer need to submit the customer’s 2014 and 2013 federal tax returns). All the pages and all schedules.
- If the customer is self-employed, the two most recent years’ business tax returns are also needed.
- For self–employed or investment income, the two most recent years’ 1099’s and K-1 forms are also needed
- For self–employed business income,year-to-date profit and loss statement and balance sheet.
- For retired customers, copy of Social Security and/or Pension “award letters” detailing the amount of retirement income.
Asset Documents:
- Two most recent months’ bank statements. All of the pages.
Other Documents:
- Homeowner’s Insurance statement(s) for all properties owned showing the customer’s coverage and the annual premium.
- Mortgage statements for all properties owned that have liens.
- Copy of driver’s license or State I.D.card for all customers.
- If divorced, the customer’s fully executed divorce decree.
Rate Marketplace Features:
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30-year fixed-rate mortgages
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No credit check required
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Personal info (SSN) not required to get rates
How to Get Loan:
- Make your loan request. You would need to select the type of loan and complete the online request form. Be sure to also use the mortgage calculator if you need any help determining realistic figures.
- Wait for lenders to get in touch with you. Once you have submitted the loan request, your information will be sold to direct lenders. They usually flood in 5 minutes after Rate Market sends them your information (exaggeration). They’d contact you via email and phone calls prompting their loan offer.
- Take your pick from the loans offered. Like I said, this is supposed to offer you more competitive loans since banks are practically fighting for your business.
Conclusion:
Now, Rate Marketplace Mortgage would be a great option for you to compare from a wide selection of lenders with no surreal upfront fees for their service. There’s no credit check, no SSN required to check rates. You’ll have a better chance of qualifying with a wider range of lenders if you have a credit score ranging from 660 to over 700. Get your hands on competitive rates as low as 3.13%. Some pros, the monthly payments are absolutely reasonable and there’s a wider selection of loan options suitable to your financial lifestyle. Also, be sure to check out our Best Mortgage Rates!