FAQ

Q: How is Lender Rate Match different than other online mortgage shopping websites?
Lender Rate Match uses a highly sophisticated search engine that, until now, has only been used by loan professionals to find and compare real time rates for their customers. This technology is now available to you to shop for a rate.
Learn more here.

Q: How many loan programs are available?
Thousands of loan programs offered are included in our search engine. Your qualifications may meet a few lenders' programs, or they may meet many of them. We show you the best rates for a variety of loan options, including loans with fixed rates and adjustable rates.

Q: What do you mean by no hidden mark-up?
The rates we show are "par rates." These are the rates lenders publish for loan officers, with no back-end commission to the loan officer. Traditionally, however, a loan officer can earn a commission by charging a higher interest rate to the borrower. (This is called a Yield Spread Premium or "YSP") YSPs are very common and may not be disclosed until closing, when they may be buried in the closing papers. According to the Center for Responsible Lending, consumers pay anywhere from $300 -- $3000 or more for these often hidden commissions.

Q: Am I guaranteed the rate you show me?
No rate is guaranteed until the rate is locked and you are approved for that loan by the lender. The information you supplied must be verified and the lender must lock your rate. Rates can change daily, so if you see a rate you like, we recommend you ask our lender partner to match it!

Q: Will you check my credit?
No. Because we are not a lender, we cannot access your credit reports or scores. That's why we strongly recommend you obtain your three-bureau credit score from myFICO. Not only will it give you the scores you need for the most accurate rate match, if you are serious about getting the best mortgage you will want to review your credit report and allow time to correct mistakes.

Q: Why should I pay to get all three credit scores from myFICO first?
Classic FICO scores are the credit scores most commonly used in the mortgage industry. Most lenders programs will require them. The lender will often use the "middle" of your three credit scores to determine which program and rate you qualify for. Unless you have applied for a mortgage in the last 30 days and received your scores from a three-bureau residential mortgage credit reporting agency, we recommend you purchase your three-bureau credit report and scores from myFICO. Think about it ? your mortgage will be one of the most expensive purchases you ever make. Doesn't it make sense to spend a little money upfront to help ensure your credit is accurate so you can qualify for the best possible rate?

Q: I subscribe to a credit monitoring service/my credit card issuer gives me a credit score. Can't I use that?
No. Unless you are obtaining your credit scores directly from myFICO, they are not likely the scores that mortgage lenders use, and your search results may not be accurate.

Q: Why do you require personal information from me?
We ask you to provide your personal information because we are not a lender or broker and are not allowed to answer questions about loan options available to you. Our lending partners are able to do that for you.
Remember, your quote will only be as accurate as the information you provide. If you estimate, your results will only be estimates. We protect your personal information as outlined in our privacy policy.

Q: How often can I use the system?
This system is designed to be free to consumers who want to use it for their own home loans. You may use it as many times as you like, and try different scenarios for your loan needs.

Start searching and find the best home loan now.