RateMarketplace Mortgage Review

RateMarketplace is a San Francisco-based mortgage refinancing service. It was launched in 2013 and currently maintains a rating of A from the BBB. This online resource helps homeowners find the best mortgage refinancing rates, by matching them with national and regional mortgage lenders. The entire process is done online.

Pros

RateMarketplace’s mortgage refinancing matching service is free. The entire process is done online and takes just a few minutes. It does not require any credit checks or SSN submission and there are no hidden fees.

After completing the online form, the user gets five free quotes. RateMarketplace works with numerous mortgage lenders and brokers across the United States. This helps the service find the best mortgage refinancing solution that meets the user’s unique needs. RateMarketplace also works with HARP lenders.

Types of loans found at RateMarketplace include:

• Fixed Rate Mortgages (30 year and 15 year)
• Adjustable Rate Mortgages (5/1 ARM)
• FHA Loans (Streamline FHA loans for consumers currently in an FHA loan)
• VA Loans (Streamline VA loans for consumers currently in a VA loan)
• Cash-out refinance
• Debt consolidation
• Home equity
• Home refinance

The company also offers insurance:

• Homeowners Insurance
• Auto Insurance
• Life Insurance
• Health Insurance

Additionally, the website features free financial tools, including a mortgage calculator, APR calculator, savings calculator, and home value estimator.

In order to qualify for mortgage refinancing at RateMarketplace, you need a fair credit score and at least two years of employment. But, because multiple lenders compete for your business, qualifying with a lower credit score is still possible.

What you need:

• Current mortgage information
• Homeowners insurance
• Property tax bill
• Prior closing documents
• Latest payroll stubs
• W-2 forms
• Most recent bank statements

Cons

The mortgage rates offered by RateMarketplace were, on average, a few percentage points higher than national averages. But getting multiple quotes can help you find the best mortgage for you.