Frequently Asked Questions
What is RateGravity?
RateGravity is a modern mortgage services that uses technology to save consumers tens of thousands of dollars when financing their home. RateGravity collects prospective borrower’s information in the most efficient and least invasive manner possible, allowing consumers to learn whether they will be approved for financing, and if so, exactly how much they can afford to borrow.
RateGravity provides complete transparency into the range of interest rates available for the consumer’s particular needs and exclusive access to a network of fully vetted lenders that offer preferential terms because of the savings that come from partnering with RateGravity. All RateGravity customers are assigned a non-commissioned personal mortgage expert from our on-demand mortgage concierge.
Is RateGravity a Lender?
No. We are an on-demand mortgage service that uses technology to help borrowers secure financing from fully vetted, local lenders. Because we assist with the mortgage qualification process, we are licensed in every state we do business.
Will using RateGravity affect my credit?
To check the rates and terms you qualify for, RateGravity utilizes a soft credit inquiry that does NOT affect your credit score. We do NOT require you to provide your Social Security Number (SSN) to use our service.
Which types of properties are eligible?
RateGravity supports primary residences, second homes and investment properties, including single-family and multi-family homes, condos, and townhomes.
How much of a down-payment is required?
RateGravity supports down-payments as low as 3%.
How much does RateGravity cost?
RateGravity is completely free to use. We are paid a placement fee by lenders should you elect to close your loan through RateGravity. Because this fee is a fraction of what lenders typically pay a traditional loan officer, they are able to return the difference to you in the form of lower rates. Depending on your loan selection, lenders may charge customary third-party closing costs.
What are third party closing costs?
Closing costs are the fees associated with closing your new mortgage. These typically include fees for an appraisal, title insurance, title search, transfer taxes, attorney, property taxes, homeowners insurance, and government recording fees. These fees vary depending on the transaction type and the location of the property. RateGravity will provide you with a Loan Estimate for your particular transaction.
Is my personal information secure?
The security of your data is RateGravity’s highest priority. All information transmitted to and from our website is encrypted in accordance with industry standards while in transit and at rest on our servers. In addition, we do not collect sensitive personal information such as your social security number or your personal financial documents. We never share any of your personal information without your express consent and lenders with whom you do elect to share information can only access your data through our secure environment.
Who are RateGravity’s participating lenders?
RateGravity works with reputable and financially secure local mortgage lenders. Each of our participating lenders undergoes a rigorous screening process and agrees to RateGravity’s service level standards. In addition, we share all customer feedback and reviews with our lenders.
How are my savings calculated?
The estimated payment savings is based on a 30 year fixed rate loan on a single family, primary residence of your chosen loan amount. The estimated monthly payment does not include taxes and insurance premiums; actual payment may be greater. APR = Annual Percentage Rate. The APR includes 1.25% in loan closing costs and no “points”. Actual closing costs may vary. All payment savings are net of RateGravity’s fee. RateGravity is paid a fee for its services by lenders, not borrowers. The fee is one quarter of one percent.