How to find the best mortgage rate app
When you’re looking to buy or refinance a home, there are online resources that offer monthly payment estimates. Since today’s consumer demands mobility, tools are moving from the desktop to smartphones in the form of apps.
These apps can be used anytime or anywhere. However, only one offers mortgage tools and physical health resources. In fact, we have developed a new mobile app designed to support your financial and physical wellness. Built with tools that help you get approved for a mortgage in as little as one day* and free wellness courses from experts, the new Rate app is created to support you. You can download the Rate app today!
You can also continue reading to learn more about which questions to ask when choosing a mortgage app.
Are there built-in assumptions to the mortgage app?
Some apps base their results on assumptions. These can include loan-to-value and debt-to-income ratio, minimum credit score and residence type. Since people from all walks of life are looking to buy a home or refinance, these criteria only apply to certain borrowers. It's possible that some apps ignore the economic situations of many others. There are folks who don’t have 740 credit scores and can’t put down 20% who still qualify for great mortgages. The new Rate app doesn't come with these assumptions built in.
Does the Rate app provide current rates?
Mortgage rates can actually change throughout the day. Relevant factors include stock market ups and downs here at home and overseas, local housing market trends, long-term treasury yields, and inflation, to name a few. It’s important that the app you use is updated with the most recent mortgage rates. A small rate difference can affect your mortgage payment. A $450K loan at 6.1% is roughly $100 less per month than the same mortgage at 6.5%. **
How can I connect with a loan officer?
Shopping for the perfect mortgage is just the first step in making your refinance or home purchase a reality. The loan application still remains, and it is far more involved than the shopping phase. Talking to an expert about the product you like is reassuring, so the mortgage app that identifies a specific loan officer you can contact immediately for advice and rate confirmation may be the one to go with.
Are there any obligations?
Some apps are only available to you if you sign up to receive notifications or register to use the company’s products. Finding the right home loan should be as stress-free and obligation-free as possible. When you’re just looking to see what rates are available and what your payment will be, you don't want to get extra notifications if you don't want them. During the shop-and-compare stage, you want an app that gives you the most accurate and up-to-date information without strings attached.
Are there other features available with the new Rate App?
Most financial wellness apps are only focused on providing mortgage-related content. The Rate App provide the financial tools and ability to connect to get support, but it also does a lot more. Developed to also support your physical wellness, the Rate App also includes wellness courses. You'll courses from experts that cover strength, nutrition, meditation, and yoga.
Rate’s Mobile App
Are there built-in assumptions?
No, the Mobile App asks you questions from the beginning that apply to your specific situation. It doesn't use someone’s idea of who deserves a mortgage.
Are the rates real time?
Yes, the Mobile App updates mortgage rates throughout the day.
Is there a loan officer referral feature?
Yes, the Mobile App identifies a local loan officer, with full contact information. This way you can connect with a real person to answer any questions you may have.
Is there accessibility without obligation?
Yes, the Rate App lets you shop for your perfect home loan without having to sign up, register, or receive future email notifications.
Do you have to do math?
No, the the Rate app asks simple, straightforward questions and gives you fast, easy-to-understand results.
Download the Rate App today!
Whether you have an Apple device or an Android smartphone, the new Rate app can provide the financial and physical wellness support you need. Download the app today to take advantage of our mortgage resources and free wellness courses today.
This content was created by Rate, Inc. to promote and advertise its Mobile App. Not all applicants will be approved. Receipt of application does not represent an approval for financing or interest rate guarantee.
* Rate’s Same Day Mortgage promotion offers qualified customers who provide certain required financial information/documentation to Rate within 24 hours of locking a rate on a mortgage loan the opportunity to receive a loan approval within 1 business day of timely submission of documentation and does not suggest that the borrower will receive funding on the same day as their application submission. For purposes of this offer, documents provided after 1 pm local time or on a weekend or company holiday will be deemed submitted the next business day. Rate cannot guarantee that a loan will be approved or that a closing will occur within a specific timeframe. Rate reserves the right to revoke this approval at any time if there is a change in your financial condition or credit history which would impair your ability to repay this obligation. Read and understand your Loan Commitment before waiving any mortgage contingencies. Borrower documentation and Intent to Proceed must be signed within 24 business hours of receipt. Not eligible for all loan types or residence types. Minimum down payment requirements apply. Self-employed borrowers are not eligible. Not all borrowers will be approved. Borrower's interest rate will depend upon the specific characteristics of borrower's loan transaction, credit profile and other criteria. Not available in all states. Restrictions apply. Visit Rate .com/same-day-mortgage for terms and conditions.
** Sample rate provided for illustration purposes only and is not intended to provide mortgage or other financial advice specific to the circumstances of any individual and should not be relied upon in that regard. Rate cannot predict where rates will be in the future
*** Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google Inc.Android