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  3. FreeRateUpdate Review

Rating: 8.7 / 10 (Excellent)
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Founded in 2008, FreeRateUpdate is an online aggregator that matches mortgage loan lenders to applicants according to individual needs. In addition to mortgage purchases, the company offers refinancing services and daily updates on mortgage rates across the USA. FreeRateUpdate is based in Chadds Ford, Pennsylvania.
 
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How is FreeRateUpdate rated?

Breakdown

4.5/5
Lender Types
4.5/5
Available Mortgage Types
4.5/5
Customer Experience
4.5/5
Reputation & Transparency

Overall Rating: 4.4 / 5 (Excellent)

FreeRateUpdate is an easy-to-use online aggregator that requires you to fill an online application that will match you to the mortgage loan lenders that best fit your needs. It’s a great way to begin or complete your new home purchase without having to provide any sensitive information before you are matched with a suitable lender. They offer a wide variety of loan types from an extensive list of approved lenders that is updated daily. They also provide daily updates on mortgage rates across the USA and have one of the highest lead conversion rates in the industry, offering their services to brokers and lenders around the country.

FreeRateUpdate Loan Specifics

Available Mortgage Types - 4.5 / 5

The company offers a range of loan types that include, but are not limited to, fixed-rate, adjustable-rate, FHA, VA, and HARP loans. According to their up-to-date mortgage rate map and list of approved lenders, potential buyers can choose between their list of advertised loan types or the one the buyer thinks is best. It is important to note that FreeRateUpdate works with and provides estimates for mortgage rates and loans. To get precise rates, buyers will have to contact lenders directly.

Types of Mortgage Loans Offered

  • Fixed Rate 15 Year
  • Fixed Rate 30 Year
  • 5/5 ARM
  • Jumbo Fixed Rate
  • FHA Fixed Rate

FreeRateUpdate Customer Experience

Customer Experience - 4.5 / 5

FreeRateUpdate’s website is very easy to navigate and provides buyers with a simple application process that finds suitable matches instantly. Buyers are able to get an online quote from any one of the company’s approved lenders at their leisure without having to provide personal information besides name, address, and phone number. The website itself is mainly focused on the mortgage roadmap, lender reviews, and daily rates but does offer their lead services to brokers and lenders. They offer 24-hour customer support via telephone and e-mail.

Online Features

Online Application
Yes
Online Quote
Yes
Additional Tools and Resources
Help Articles
Check Today's Rates
SSN Required for Quote
No

FreeRateUpdate Qualification Requirements

Qualification Requirements - 4.5 / 5

To qualify for a rate quote on FreeRateUpdate, only an estimate of your credit score and the aforementioned personal information is needed. Buyers with no credit history may also submit an application. FreeRateUpdate does have a required minimum down payment, but it is the same as the industry standard.

Key Requirements at a Glance

Minimum FICO Score
0
Minimum Down Payment
3.5%

FreeRateUpdate Lender Reputation

Reputation & Transparency - 4.5 / 5

FreeRateUpdate has high marks in TrustPilot and the Better Business Bureau, though it is important to note that some customers have complained about unfair business practices by some of their approved lenders. The company is registered on the Nationwide Mortgage Licensing System and has no complaints filed against it on the database. By all accounts, FreeRateUpdate is a reputable company.

Key Facts

BBB Rating
A+
BBB Positive Reviews
1
BBB Negative Reviews
4
Trustpilot Rating
4.0 out of 5
Collection Date
2019-12-19

Complaints & Regulatory Actions

Nationwide Mortgage Licensing System ID
1154338
The Nationwide Mortgage Regulatory Actions
0
Consumer Financial Protection Bureau Complaints
0

Company Profile

Full Name
FreeRateUpdate.com Mortgage Rates
Company Website
https://www.freerateupdate.com/index
Headquarters
5 Christy Drive, Suite 204, Chadds Ford, PA, 19317
Mailing Address
5 Christy Drive, Suite 204, Chadds Ford, PA, 19317

Disclosure

FreeRateUpdate offers disclosure information that is updated daily.
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