Online loan marketplace Credible.com has introduced a mortgage marketplace through which borrowers can shop actual rates from top lenders in three minutes and also close on a loan.
The mortgage marketplace builds on Credible.com’s marketplaces for student loans, student loan refinancing, and personal loans, which have facilitated more than $1.6 billion in loans to date.
The mortgage marketplace is initially offering mortgage refinancing across 20 states.
"From the beginning, Credible’s mission has been to help people make better borrowing decisions by simplifying the shopping and origination experience,” Credible founder and CEO Stephen Dash said. “We set the standard in the student loan industry, saving borrowers tens of millions of dollars and many hours of frustration. Today, we are proud to announce that we are leveraging that same technology to help people make better borrowing decisions when it comes to their largest borrowing obligation, their mortgage.”
Credible.com’s mortgage marketplace provides actual rates – not rate ranges or estimates – from multiple lenders without impacting a borrower’s credit score. Additionally, the platform automates much of the origination process so borrowers can close their loan without leaving the marketplace.
For the launch, Credible has partnered with five lenders, including Quicken Loans and United Wholesale Mortgage, to offer a diverse range of mortgage products.
The mortgage marketplace is available in the California, Colorado, Florida, Georgia, Illinois, Iowa, Kansas, Maine, Maryland, Minnesota, New Jersey, North Carolina, North Dakota, Oregon, Pennsylvania, Tennessee, Vermont, Virginia, Wisconsin, and Washington D.C.