FreeRateUpdate Review

David BechorByDavid BechorJun. 16, 2019

In a Nutshell

FreeRateUpdate.com offers online access to mortgage rate quotes for various types of loans. The company is not a lender, but rather connects thousands of customers per day that inquire about obtaining a mortgage to lenders.

pros

  • Website offers detailed mortgage rate information
  • Quotes for fixed, adjustable, VA, refinancing, and FHA loans
  • Allows users to compare rates from multiple lenders

cons

  • Getting precise rates requires contacting a lender directly

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FreeRateUpdate at a Glance 

Loan types: Fixed, Adjustable, VA, HARP, FHA

Featured Loans: Fixed, Adjustable, VA, HARP, Refinancing, FHA, New Home Purchases

Repayment terms: 5-30 years 

Minimum Down Payment: ~3.5%        

Minimum Credit Score:  None        

Best for: Those looking to buy a home, refinance their home, or obtain general mortgage-related information

Overview

FreeRateUpdate is not a lender, but rather offers estimates through an online form or by contacting customer service. FreeRateUpdate.com is helpful for new homeowners, and for those who are interested in refinancing their homes at a rate lower than what they currently have.

The company has been in business since 2007, and has a BBB Rating of A+. The website offers a walkthrough-type process with mortgage-related information, along with informational materials posted by brokers, lenders, advertisers and the company’s own staff. 

Best For?

FreeRateUpdate offers a variety of alternatives for mortgage applicants looking to buy a home, refinance a home, or obtain general mortgage-related information.

FreeRateUpdate offers consumers:

  • The ability to get estimates online

  • Connections to a variety of lenders and brokers, based on applicants’ qualifications and other parameters

  • The ability to get information regarding a mortgage to purchase a new home, or refinance an existing home

The company’s straightforward website helps clients walk through an online roadmap to eventually help connect with the right lender or broker. The website helps customers compare deals from lenders—whether for refinancing their mortgage or buying a new one.

Types of Loans

FreeRateUpdate.com offers a variety of options for applicants looking to refinance their home or buy a new one. 

  • Fixed-rate loans
  • Adjustable-rate loans
  • FHA loans
  • VA loans
  • HARP loans

The Application Process

FreeRateUpdate has a website with a basic roadmap for loan applicants to walk through. The site offers detailed information about a variety of lenders and mortgage options, as well as the opportunity for applicants to get online quotes and estimates for a variety of loan types. 

Knowing things like credit scores, what type of home to apply for, and how to use a property will help start the process of getting to the right lender. FreeRateUpdate can help check credit scores and tell consumers how it will affect their ability to get a loan from various lenders. A Social Security number is not required to get started, and it only takes 30 seconds to apply.

Pros and Cons

FreeRateUpdate has a variety of experience and industry knowledge. The company began operations in 2007, and offers a convenient process for prospective applicants to walk through and select various options to be connected to a suitable lender.

The company’s website, however, is quite limited when it comes to any other details, and instead focuses almost entirely on the mortgage roadmap, lender reviews, and daily rates.

The site does offer several ways to speak to someone at FreeRateUpdate for further assistance.

Rates and Fees– The Bare Basics 

FreeRateUpdate offers detailed information on their site—including mortgage rates updated daily and reviews of dozens of lenders along with their terms and conditions for applying for a loan. Applicants can also contact FreeRateUpdate to find out current rates, as well as get information about obtaining a new mortgage or refinancing a home.

Repayment Terms

Repayment terms vary, depending on the lender the applicant is connected to, as well as the applicant’s credit history and other factors.

Help & Support

FreeRateUpdate.com offers detailed mortgage-related information on their site, including articles, rate charts, videos, government updates, surveys, reports, and more. 

Summary

FreeRateUpdate helps consumers connect with qualified lenders for their home mortgage and refinancing needs. FreeRateUpdate.com researches over 2 dozen wholesale mortgage lenders' rate sheets daily, and reports the mortgage rates associated with them.

The company offers a convenient roadmap to get to the right lender and the terms and loans that they offer; however, detailed information about FreeRateUpdate itself is missing from the site. 

The company provides home buyers and existing home owners with a range of mortgage options and information. Operating since 2007, the company provides a great deal of expertise and knowledge about connecting applicants with the lender and mortgage they need.

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FreeRateUpdate F.A.Q.s

Q: Does FreeRateUpdate offer online applications?

A: The company does not offer online applications, but instead provides a mortgage roadmap for applicants to get to the lender they need.

Q: Can I find updated mortgage rates on the site?

A: Yes, FreeRateUpdate.com provides mortgage rates online for various types of loans, and is updated daily.

Q: What if I have bad or limited credit?

A: Bad credit is not necessarily an obstacle. Borrowers with poor or limited credit can be connected to a loan provider who will do whatever they can to help with the application.

Physical Address

6 Dickinson Drive 

STE 300, STE 301A

Chadds Ford, PA 19317-9689

David BechorByDavid BechorJun. 17, 2019
David Bechor is a freelance writer and professional blogger, specializing in content marketing and copywriting. He has produced content for various brands and organizations across the web.
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