What Does FreeRateUpdate Do, and What Doesn't It Do?
FreeRateUpdate helps you shop for a mortgage, a refinance or a home equity loan. It connects you with licensed lenders and brokers in its network, and the rate service is free to you. FreeRateUpdate is a licensed mortgage broker, but it doesn't make loans, issue loan commitments or set the rate a lender offers you. For rentals, personal loans or housing assistance, the resources below are a better fit.
Last updated November 1, 2026Is FreeRateUpdate a lender or a broker?
FreeRateUpdate.com LLC is a licensed mortgage broker, as the law requires, under NMLS #1154338. It isn't the lender. When you use a rate finder or form on the site, the details you share are used to connect you with lenders and brokers in the network. Those lenders and brokers pay FreeRateUpdate for that advertising and marketing, which is why the service costs you nothing. The lender you choose reviews your situation, handles your application and credit check, and quotes the rate and terms that apply to you.
What can I shop for here?
Home purchase loans, refinances and cash-out refinances, home equity loans and lines of credit, FHA, VA and jumbo loans, investment property loans, and reverse mortgages for homeowners 62 and older. Lenders are licensed state by state, so the lenders and programs available to you depend on where the property is. The site also publishes rate information, calculators, answers to common questions, and profiles of the lenders and brokers in the network.
What if I need something FreeRateUpdate doesn't offer?
There's a good place to start for each of these.
It depends on your situation:
- You're looking for a rental or an apartment: FreeRateUpdate isn't a listing service. If buying might work for you, it can show you what a mortgage could look like.
- You need rental help or a housing voucher: HUD explains Housing Choice Vouchers (Section 8) and other assistance, which you apply for through your local housing agency. Some agencies also help voucher holders buy a home.
- You want a personal, auto or student loan: those aren't offered here. If you own a home, a home equity loan or HELOC can sometimes cover the same need, generally at a lower rate than a personal loan, with your home securing the debt.
- You're not sure you're ready to buy: a HUD-approved housing counselor can talk through buying, renting and credit, often at little or no cost.
| Does it cost me anything? | No. The rate service is free to you |
|---|---|
| Who pays FreeRateUpdate? | Lenders and brokers in its network, for advertising and marketing |
| Does it make loans or set rates? | No. The lender you choose does |
| License | Licensed mortgage broker, NMLS #1154338 |
| Rentals, vouchers, personal loans | Not offered; HUD and housing counselors can help |
Related questions
- Is This Company a Direct Lender, a Bank, or a Broker Connecting Me to Outside Lenders
- Is Getting a Mortgage Quote Free, With No Obligation
- Why Do Multiple Lenders Call Me After One Rate Inquiry
- If a Home Equity Loan or HELOC Isn't Available or Fast Enough, Is a Personal Loan a Better Alternative
- How Does a Reverse Mortgage Work
Sources
Sourced from licensed loan officers and brokers in the FreeRateUpdate network.
Educational information only, not individualized financial or legal advice. Program details and rates change; verify current terms with a licensed loan officer before making a decision.