Free Rate Update - Reviewed & Compared

Summary

While loan aggregators have become quite common, they all have something to call their own. In this regard, Free Rate Update, like their name implies, seeks to give up-to-the-minute information on mortgage rates, while also giving access to the lenders who provide them. Is it enough to shine in this competitive industry? Let’s find out:

Company Overview

In business since 2009, Free Rate Update has been around for almost a decade, meaning they are a veteran in the online loan aggregator space. And being that they’ve been around awhile, they seem to have honed down what their core customer wants: rate information.

Indeed, the website is almost no-nonsense about supplying rate information. “Today’s Rate” is right there on the top page – you can’t miss it. There are also links to refinance or purchase a home, a place for lender reviews and more rate information, and a number to call to get started (with no SS# needed.)

They also don’t skimp on the types of mortgages and refinances their partners offer: FHA loans, HARP refinancing, 15 and 30-year fixed rates, 5 year ARM mortgages, VA Mortgages, and Jumbo mortgages all have a place here. So it’s pretty safe to say that no matter what type of mortgage or refinance you need, Free Rate Update can help you.

MORE: Calculate your monthly mortgage payment

What Free Rate Update Does Best

They get you rate information, and give you the lenders that offer these rates. Which are likely the reasons visitors came.

Free Rate Update doesn’t fool around. As stated, today’s rate is right on the front page, and clicking almost anywhere will get you rate information regarding the type of mortgage you want and/or the area you live in. In fact, they have an excellent map feature that first has you click on your state, and the website then breaks it down by city/county. The neat part is they give you statistics for each area – refinancing vs buying, etc. It’s pretty neat, and lets you know these folks are at the top of their game.

They also make it easy to contact them, with a phone number and all kinds of options to get more information. You can also go to their contact page and get names and extension numbers of company executives. So that’s always good – the company is confident enough to say “here’s who we are and who you can talk to”.

MORE: Calculate your monthly mortgage payment

Any Negatives?

Two things I can mention: the first is they don’t have a whole lot of written information regarding mortgages and lending and the industry in general. Maybe they feel it gets in the way of just getting you the best rate (which, again, is why you came there), but is not a place where you’re going to pour coffee and read blog posts about the industry. So it’s a little devoid of information.

The second negative I found was a link that went nowhere. Now, in all fairness, this is a huge website – their map feature is whittled down by city/county/etc., and multiplying that by 50 states gives an incalculable number of web pages. So I can somewhat forgive the database server being a little wonky in dealing with the thousands of pages this site is (and yes, that’s where I found the broken link – deep into New York’s towns.) This isn’t a big deal, but it’s worth mentioning.

What Others Are Saying

The A+ Rating with the BBB is always nice to see, as is being featured in the Los Angeles Times. They don’t have much else written about them, but what I did find is good, so there’s no problem here.

Our Final Verdict: 8.2/10

I liked this website/company. They give you what you are looking for, without a lot of fluff. Now, some people may want that fluff (blog posts about moving, buying, etc.), and some competitors offer it, so I’ll ding them a bit for that. But otherwise, FreeRateUpdate.com gives people exactly what they came for – current rates and the lenders that offer them.

FAST FACTS
  • Excellent, up-to-the-minute mortgage rate information
  • Can get started without giving a SS#
  • Easy to talk to a live person
  • Graphical interactive map feature is fun to use
  • All manner of mortgage types – 15 and 30 year fixed, ARM’s, HARP, VA, FHA, and more
TOP MORTGAGE SITES
Review
Review