Rate Marketplace Review
Rate Marketplace is a mortgage refinancing service that promises to lower your mortgage by finding the best rates in the country. Here’s our Rate Marketplace review.
What Is Rate Marketplace?
Refinancing your mortgage is a popular financial practice that helps some people change the way their mortgage is paid off.
The primary goal with refinancing is to decrease your interest rate. If interest rates are lower today than they were when you first signed up for your mortgage, then you may be able to save money by lowering your interest rate.
Others refinance to increase their monthly payment, meaning they’ll pay off their mortgage more quickly.
What Is The Home Affordable Refinance Program?
One of the key features of Rate Marketplace is that it relies on a federal government program called Home Affordable Refinance Program, or HARP.
HARP claims to be able to lower your mortgage payments by as much as $4,264 each year. The program is set to expire in 2016 but once you’re in the program, you’re in.
HARP is a legitimate program – so Rate Marketplace isn’t trying to trick you into signing up for some scam. As Wikipedia explains,
“The Home Affordable Refinance Program (HARP) is a federal program of the United States, set up by the Federal Housing Finance Agency in March 2009, to help underwater and near-underwater homeowners refinance their mortgages. Unlike the Home Affordable Modification Program (HAMP), which assists homeowners who are in danger of foreclosure, this program benefits homeowners whose mortgage payments are current, but who cannot refinance due to dropping home prices in the wake of the U.S. housing market correction.”
Who Qualifies For Rate Marketplace & HARP?
Whether or not you qualify for Rate Marketplace and HARP varies widely depending on your financial status.
For example, those who have mortgages less than $625,000 have a higher chance of qualifying. The government is encouraging banks to cut rates to these homeowners, which puts more money into your pockets, boosting the economy.
Rate Marketplace basically works as an eligibility testing service: it looks at your financial status to determine if you are eligible for the program.
How Does Rate Marketplace Work?
Rate Marketplace works specifically with HARP lenders. These lenders specialize in taking full advantage of HARP.
Other features offered by Rate Marketplace include:
-Free estimate with no obligation
-Takes 4 minutes to complete
-Can be completed on any internet-connected device
Services Offered by Rate Marketplace
Rate Marketplace is more than just a mortgage refinancing service. The service promises to help anyone find the best rates on a wide variety of financial options. As the name of the site suggests, it’s a “rate” “marketplace”.
With that in mind, you can find the best rates on all of the following using Rate Marketplace:
Mortgages
-Refinancing
-Cash-Out Refinancing
-Debt Consolidation Loans
-Home Equity Loans
-Mortgage Lenders
Personal Loans
-Unsecured Loans
Insurance
-Homeowners Insurance
-Auto Insurance
-Life Insurance
-Health Insurance
Credit
-Credit Reports
The website also features free financial tools you can use, including a mortgage calculator, APR calculator, savings calculator, and home value estimator.
About Rate Marketplace
1875 S Grant St STE 950
San Mateo, CA 94402-7015
The business is BBB-accredited and, according to the BBB, it was launched on August 30, 2013. The company currently maintains a rating of A from the BBB.
The Rate Marketplace brand is owned by Plateau Data Services, LLC, which is also based at the San Francisco address listed above. The company does business under the name Rate Marketplace and Rate Marketplace appears to be the company’s primary product.
Should You Use Rate Marketplace To Refinance Your Mortgage?
Rate Marketplace is a website dedicated to finding you the best rates on mortgages and other financial tools – like insurance and personal loans.
The company doesn’t actually refinance your mortgage. Instead, it connects you with lenders, institutions, and mortgage brokers across America who can do that for you.
The site comes with no obligations and is free to use. When you sign up for the site, the only thing you really have to lose is that your contact information is going out to lenders across America – which is something people may not want to happen if they need to protect their privacy.
Nevertheless, those who wish to refinance their mortgage before the Home Affordable Refinance Program expires in 2016 can do so very easily by using Rate Marketplace.
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