The short version
If you read nothing else, read these four lines.
We are a licensed broker, not a lender.
Rates on this site are examples and change daily.
We tell you how we are paid before you apply.
We follow fair lending laws for every client.
Template note: this is sample text for a US loan broker. Replace it with your own and have a lawyer review it before you publish.
01
Licenses
Plainrate Lending LLC is a licensed mortgage and loan broker, license PR-0418. Every advisor is licensed in their own name in the states where they work.
State
License
New York
PR-0418-NY
Texas
PR-0418-TX
Colorado
PR-0418-CO
02
How we show rates
Rates on this site are averages from our lender panel, updated every weekday at 9:00 AM ET.
They assume a borrower with a 740 credit score, a 20% down payment on a single family home they will live in, and no discount points unless shown. Your rate may be higher or lower.
03
A loan cost example
Here is what a typical 30 year fixed mortgage costs, so the rate and the APR make sense side by side.
Loan detail
Example
Loan amount
$300,000
Term
30 years, fixed rate
Interest rate
6.25%
Prepaid finance charges
$5,000
APR
6.41%
Monthly payment
$1,847.15
Total interest over 30 years
$364,974.58
The payment shown is principal and interest only. Property taxes and insurance will make the real monthly payment higher.
04
How we are paid
Most of the time, the lender pays our fee, usually 1% to 2% of the loan amount. Sometimes you pay it instead, and then it shows on your Loan Estimate.
Either way, we tell you the amount before you apply. We are paid the same way no matter which lender you pick, so our fee never steers our advice.
05
Calculators and eligibility
Loan Studio tools and the eligibility check give estimates only. They don’t pull your credit, and they are not an offer of credit.
Real rates and payments depend on your credit, income, property and the lender’s review.
06
Credit checks
Our eligibility check and first review use a soft credit check, which does not affect your credit score.
A lender runs a hard credit check only after you choose to apply with them.
07
Equal housing and fair lending
Plainrate is an Equal Housing Opportunity company. We review every application the same way.
We do not discriminate based on race, color, religion, national origin, sex, sexual orientation, gender identity, marital status, family status, disability or age, or because you receive public assistance.
08
Questions or complaints
Talk to your advisor first. If that does not solve it, email our compliance team and we will reply within five business days.
You can also contact the financial regulator in your state or the Consumer Financial Protection Bureau.
Questions or a complaint?
Our compliance team reads every message and replies within five business days.