Check My Rate Frequently Asked Questions | First Tech Federal Credit Union

First Tech’s Check My Rate feature is an informational resource for prospective loan applicants. With Check My Rate, potential applicants like you can get an idea of what your interest rate may be if you were to complete a full application. Check My Rate helps pre-applicants like you get an idea of pricing before they decide to apply.

In this instance, an “informational resource” is a good faith estimate of an interest rate based on the limited information obtained through a soft inquiry of your credit report. The soft inquiry has no impact on your credit score. An informational resource is not an application. A formal application will require additional information and review in order to make a credit decision.

There are a number of reasons why a rate may have failed to be returned to you when using the Check My Rate tool. More often than not, if a rate is not returned, it is a result of insufficient credit information being available. This could mean that you simply do not qualify at this time, or it could be a system or input error. If you have reason to suspect the latter, feel free to try again.

No, but more often than not, we’re pretty close. When we check your rate, we’re making a soft inquiry to the credit bureau with no harm to your credit score and presenting the best possible rate you’d qualify for at this time with the information currently available.

There are a number of variables which can affect a final rate. These can include loan amount, loan term, income, and even state of residence and collateral, if applicable, depending on product. Also, if there are any material changes to your credit report from the time you check your rate to the time you actually apply, this can affect your rate as well.

Nothing can guarantee you get the rate. However, you are far more likely to get the rate presented if you apply shortly after checking your rate, if you choose a shorter term and if your income is sufficient for the loan amount.

Yes, assuming you accept the loan terms when they are presented to you, the rate you receive when you formally apply is guaranteed at the loan amount and term presented.

No, you’re not guaranteed a loan approval. The same variables that affect your rate can affect your approval. Your loan amount, your loan term, your income, the collateral and the time that passes between checking your rate and formally applying are all important. That said, assuming you apply shortly after checking your rate, and assuming no material changes to your qualifying criteria, you should be approved if we returned a rate to you with Check my Rate.

You can proceed to the formal application by clicking the Start My Application button on the Check My Rate screen. Alternatively, you can visit the Check My Rate center to get started, or head to www.firsttechfed.com and browse to the product you’re looking to apply for.