Overall
Homeowners looking for a streamlined, low-cost, no-fuss refinance experience need to apply with Rate Rabbit. While we always recommend checking rates with multiple lenders, Rate Rabbit's guaranteed rate and fee system, along with their quick and convenient application process, makes them a great option for any homeowner.
Loan Variety
Loans Offered Include: Fixed, ARM, interest-only ARM, conventional, jumbo
As far as loan variety goes, Rate Rabbit scores fairly well. They have multiple fixed and ARM loan options, including an interest-only ARM that can work well for homeowners looking for a way to pay less and save more for a set period of time. They do not seem to service government loans including VA, FHA, or USDA loans, however, so homeowners hoping for those options may need to look elsewhere.
Fees
Through our research, we've found that Rate Rabbit offers lower rates and lower fees when compared to other lenders. On top of that, they have greater transparency when it comes to cost than most competitors -- while other lenders only offer price estimates, homeowners working with Rate Rabbit can lock in rates and receive a guaranteed fee that covers all closing and lender costs. This cost clarity is why Rate Rabbit is one of our top picks when it comes to fees.
Customer Service
As a smaller, fully online company, Rate Rabbit may not have the brick-and-mortar level of customer service that some homeowners are looking for. However, customer reviews and our own research indicates that overall their customer service is great -- and those hoping for a more personalized experience are always welcome to call their non-commissioned loan consultants for direct, unbiased guidance.
Company Reputation
Although they are less well-known than some of the bigger names in lending, Rate Rabbit more than holds its own when it comes to customer reviews online. As a smaller company, they don't have the thousands of reviews that others might, but all of the reviews we've found are overwhelmingly positive (which is rare when it comes to lending companies). Customer reviews for Rate Rabbit typically highlight the company's low rates, straightforward process and fees, and helpful customer service.
Ease of Application Process
When it comes to their application, Rate Rabbit has one of the best we've seen among mortgage and refinance lenders. Applications are fully online and can be completed within minutes due to their innovative loan technology. For customers still interested in more personalized assistance, Rate Rabbit also has non-commissioned loan consultants available by phone to assist. Compared to other lenders, this is one of the most convenient and refreshing application processes we've tried.
For Lower Credit Scores
Minimum Credit Score: 620
While Rate Rabbit does not post an exact credit score requirement on their site, our research indicates that homeowners typically need a score of 620 or higher, particularly because they don't offer government loans. Even with this limit, however, most homeowners are likely still eligible to work with this company and would do well to apply -- their rates are generally lower than what other lenders have to offer.
For Higher Credit Scores
With such low costs, no hidden fees, and guaranteed rates, Rate Rabbit has some of the best pricing around. This, along with the fact that their application process is notably faster and simpler than most, makes it a fantastic option for homeowners with higher credit scores -- assuming they offer the loan type you're interested in.
