How can online mortgage lenders come up next to your rate if they don't ask for your credit ranking?
Answers:
They can't unless you give your SS number. They are quoting rates base off today's market or the rates at the time. They own no idea if you are actually eligible.
They likely have a catalogue of "assumptions" in the fine print. They are giving you their best rate assuming that you have a correct credit score, down payment, and debt ratio. Look around on the page and you should be capable of find their assumptions link.
They really can't with any accuracy, so they will quote you a rate base on the best possible scenario. In a lot of cases they will even low ball the rate because they know you are "shopping" for the best rate.
The low globe is really easy to cover since the lender can always come pay for and say well your credit is lower so the rate will be superior. Source(s): I'm a mortgage banker/broker
Because they take your score from the credit bureaus.
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