Mortgage Refinance General Disclosures
Prequalified rates are not offers of credit: Credible’s prequalification process is intended to provide you with preliminary information regarding potential options for a loan with one or more of our Lender Partners. A prequalification inquiry is not an application for credit and the displayed prequalified rates, if any, are not offers of credit. Credible is not a lender and does not employ its own credit criteria.
Displayed costs: The displayed costs are estimates. Your actual rate, payment, and costs could be higher. Once you see a loan option that best fits your needs, you will be prompted to fill out an application. Within a few days of completing your application, if approved, you will be presented with a Loan Estimate. The Loan Estimate will include the costs associated with the loan. The final costs will be provided with the Closing Documents.
Displayed monthly payment: The displayed monthly payment does not include amounts for taxes and insurance, and actual payment obligation may be higher.
No guarantees: Credible makes no representations, warranties or guarantees about your eligibility for credit or for a particular loan. Credible and its Lender Partners do not have prequalified rate information for all circumstances and may be unable to provide a prequalified rate in response to every inquiry. Lender Partners reserve the right to change or withdraw the prequalified rates at any time. Additionally, receiving a prequalified rate does not guarantee that your chosen Lender Partner will extend you an offer of credit. All credit decisions, including loan approval, if any, are determined by our Lender Partners, in their sole discretion.
Application/hard credit inquiry: If you are provided with prequalified rates and you choose an option on your Credible Dashboard, you will be prompted to complete your application. Either Credible, the Lender Partner, or both, will conduct a hard credit inquiry. Hard credit inquiries will have an impact on your credit score, but hard credit pulls are necessary whenever you submit an application for credit. Your credit report for this inquiry will be valid for 90 days. If the home buying process takes longer than 90 days, it will be necessary to refresh your credit report at that time. Lenders reserve the right to approve or decline individual credit applications.
Until you “lock” your rate, rates are subject to change: Changes may be the result of one or more of the following reasons: (i) changes in your personal credit circumstances; (ii) additional information you provide (or are unable to provide) during the application process; and/or (iii) changes in market conditions. You will be given an opportunity to lock your rate following the submission of your application. This means that once you chose a loan product and rate you will be asked by your designated Loan Officer if you want to lock your rate. Once you choose to lock your rate, the rate will not change for a given time period (usually 30 days).
For an Adjustable Rate Mortgage (ARM): the APR does not reflect the maximum interest rate of the loan.
Errors in information displayed or provided to you: Neither Credible nor its Lender Partners assume responsibility for typographical or other errors or omissions in the information provided to you.
When making a decision on the options provided to you by our Lender Partners, Credible encourages you to seek professional advice before making a decision to ensure that you are making an informed decision based on your personal financial circumstances. Your decision to move forward with a particular Lender Partner and loan product is solely your decision and your responsibility. While Credible seeks to provide you with information on a wide choice of potential loan options, remember that there may be additional borrowing and/or refinancing options available. Credible receives lender paid compensation when a user selects a product and completes a loan with a Lender Partner.