No stored Google rating available.
GoRascal is a mortgage lender offering home purchase and refinance loans with rate comparison tools, pre-qualification, and 24/7 customer support across 49 states.
Data compiled from public sources
GoRascal positions itself as a modern mortgage lender focused on simplifying the home loan process. The company was founded with the mission to make mortgage hunting "as easy and personal as it should be," differentiating itself through technology-enabled rate shopping and listed communication throughout the lending journey.
GoRascal offers mortgage services for both home purchases and refinancing. Core services include free rate quotes with no credit impact, pre-qualification assessments, rate comparison tools, rate lock-in options, and full loan processing through underwriting and closing. The company maintains an NMLS license (#2072896) and operates across 49 states, employing multiple loan officers with individual NMLS certifications. They feature a rate alert subscription service that notifies customers when mortgage rates drop, positioning this as a competitive advantage for rate-conscious borrowers.
The company distinguishes itself through several operational features: 24/7 availability, an emphasis on listed communication at each process step, no hidden costs or required upfront documents for initial quotes, and a listed team of mortgage professionals available for personalized guidance. They highlight customer reviews (4.9 stars with 350+ and 440+ reviews across categories) and maintain a structured six-step process from pre-qualification through closing. Their headquarters in Brooklyn, NY and toll-free support suggest a regional or national operation with accessible customer service.
While GoRascal presents itself as customer-friendly with strong ratings, potential borrowers should note that the website contains disclaimer language stating all rates are "subject to change and dependent on borrower approval, creditworthiness, and lender terms." The company's loan officer directory indicates ongoing updates, and customers are directed to NMLS Consumer Access for verification. As with all mortgage lenders, actual rates and terms will vary significantly based on individual financial profiles, credit scores, and market conditions.
This is state-level context for Mortgages & Home Loans consumers in Brooklyn, NY. It does not confirm that GoRascal or this specific location is licensed.
State regulator
New York Department of Financial Services
Consumer protection
New York mortgages are subject to judicial foreclosure requirements. Mortgages must comply with the Truth in Lending Act (TILA) and Regulation Z at the federal level. The New York Department of Financial Services supervises mortgage lenders and servicers. Homeowners have strong protections under the Foreclosure Prevention Act and must be offered loss mitigation options before foreclosure. A court judgment is required before foreclosure sale.
Source: CreditDoc state-law summary and listed public regulator resources. Verify licensing directly with the listed state regulator before relying on a provider.
GoRascal offers 12 services including Free mortgage rate quotes with no credit impact, Pre-qualification assessment to determine borrowing capacity, Rate comparison shopping across loan products, Rate alert subscription service for rate drop notifications, Rate lock-in services to secure fixed interest rates, and 7 more.
GoRascal has profile signals associated with First-time homebuyers seeking simplified pre-qualification and rate comparison, Homeowners interested in refinancing who want rate drop alerts and 24/7 support, Borrowers in the 49 licensed states preferring personalized loan officer guidance, Rate-conscious consumers wanting to monitor and compare mortgage rates without credit impact.
Key strengths: Licensed in 49 states with NMLS #2072896 and individual loan officer NMLS certifications; 24/7 customer support availability with dedicated loan officers for personalized service; Free rate quotes with no credit score impact and no documents required initially. Areas to consider: Website shows incomplete loan officer directory with note that not all officers are currently listed; Rates displayed are examples only and heavily subject to borrower creditworthiness and approval.
In the Mortgages & Home Loans category, comparable providers include AAFE Community Development Fund, Barry Koven at CrossCountry Mortgage, Block Financial Resources. Each company has different strengths, so compare services, pricing, and consumer complaint records before deciding what to do next.
CreditDoc Profile Note
GoRascal is profile signals for borrowers across 49 states seeking a streamlined mortgage application with rate transparency, personalized support, and rate monitoring tools—particularly those valuing 24/7 accessibility and simple upfront processes. The main caveat is that final rates and terms depend heavily on individual creditworthiness and approval, and the website lacks specific disclosure about loan product types, fees, and competitive positioning on actual rates.
AAFE Community Development Fund is a HUD-certified housing counselor and CDFI offering free homebuyer education, down payment assistance loans, and homeowner repair financing for low- to moderate-income New Yorkers.
Profile signals: First-time homebuyers in NYC with low-to-moderate income seeking education and down payment help, Asian American and immigrant communities in NY seeking bilingual housing counseling
Barry Koven is a mortgage loan officer at CrossCountry Mortgage serving the Brooklyn, NY area, offering residential mortgage solutions for home purchase and refinancing.
Profile signals: Brooklyn-area homebuyers seeking local mortgage origination support, New York borrowers preferring to work with a named loan officer rather than automated systems
Block Financial Resources is a New York-based mortgage broker offering pre-qualification, pre-approval, and refinancing services with access to 50+ wholesale lenders.
Profile signals: New York-based homebuyers and refinancers seeking faster processing timelines, Borrowers with non-standard loan needs (co-ops, foreign nationals, bank statement income, DSCR)
Answer 3 quick questions to review category, service, and profile context.
1. What's your primary financial goal?
A plain-English breakdown of every credit score range — what each number actually means for your loans, cards, and daily life, plus exactly what to do about yours.
Read guide →A plain-English breakdown of what credit products, loans, and cards you can realistically get at every credit score level — from deep subprime to excellent.
Read guide →Learn exactly how to check your credit score for free using legitimate sources, understand the difference between soft and hard inquiries, and know your rights under federal law.
Read guide →New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.
Lenders are required to show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the lower-cost loan.
Example
You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.
An interest rate that stays the same for the entire life of the loan. Your monthly payment never changes.
Fixed rates protect you from market changes. If rates go up, your payment stays the same. The tradeoff: fixed rates are usually slightly higher than starting variable rates.
Example
You get a 30-year mortgage at 6.5% fixed. Whether rates rise to 9% or drop to 4% over the next 30 years, your payment stays at $1,264/month on a $200,000 loan.
The percentage a lender charges you for borrowing their money, calculated on the amount you still owe. It's the lender's profit for taking the risk of lending to you.
Even a 1% difference in interest rate can cost you thousands over a loan's life. Lower rates mean less money out of your pocket.
Example
On a $20,000 car loan for 5 years: at 5% you pay $2,645 in interest. At 8% you pay $4,332. That 3% difference costs you $1,687 extra.
An interest rate that can go up or down over time, usually tied to a benchmark like the prime rate. Your monthly payment changes when the rate changes.
Variable rates often start lower than fixed rates to attract borrowers, but they can increase significantly. Many people who got hurt in the 2008 crisis had adjustable-rate mortgages.
Example
You start with a 5/1 ARM mortgage at 5.5%. For the first 5 years you pay $1,136/month on $200,000. Then the rate adjusts to 7.5%, and your payment jumps to $1,398/month.
The process of paying off a loan through regular payments that cover both principal and interest. Early payments are mostly interest; later payments are mostly principal.
Understanding amortization explains why paying extra early in a loan saves the most money — you're reducing the principal that interest is calculated on.
Example
Month 1 of a $200,000 mortgage at 6%: your $1,199 payment splits as $1,000 interest + $199 principal. By month 300: only $47 goes to interest and $1,152 goes to principal.
How long you have to repay the loan, measured in months or years. A shorter term means higher monthly payments but less total interest paid.
Longer terms feel more affordable monthly but cost much more overall. A 30-year mortgage costs almost double in interest compared to a 15-year mortgage on the same amount.
Example
Borrowing $200,000 at 6.5%: A 15-year term costs $1,742/month ($113,561 total interest). A 30-year term costs $1,264/month ($255,088 total interest). You save $141,527 with the shorter term.
A fee some lenders charge if you pay off your loan early. The lender loses the interest they expected to earn, so they penalize you for leaving early.
Always ask about prepayment penalties before signing. They can trap you in a high-rate loan even if you find a better deal to refinance into.
Example
Your mortgage has a 2% prepayment penalty for the first 3 years. If you refinance after year 2 on a $200,000 balance, you'd owe a $4,000 penalty fee.
Replacing your current loan with a new one, usually at a lower interest rate or with different terms. The new loan pays off the old one.
Refinancing can save thousands if rates drop or your credit improves. But watch for fees — a $3,000 refinancing cost needs to be offset by monthly savings.
Example
You have a $180,000 mortgage at 7.5% ($1,259/month). You refinance to 6% ($1,079/month), saving $180/month. With $3,000 in closing costs, you break even in 17 months.
The process where a lender evaluates your finances — income, debts, credit history, assets — to decide whether to approve your loan and at what rate.
Understanding what underwriters look for helps you prepare a stronger application. They check your DTI ratio, employment stability, credit score, and the asset's value.
Example
You apply for a mortgage. The underwriter reviews your pay stubs (income), bank statements (savings), credit report (history), and orders an appraisal (home value). This takes 2-4 weeks.
The fees paid when finalizing a home purchase or refinance — typically 2-5% of the loan amount. They include appraisal, title insurance, attorney fees, and lender fees.
Closing costs can add $6,000-$15,000 to a home purchase that buyers don't always budget for. Some can be negotiated or rolled into the loan.
Example
You buy a $300,000 home. Closing costs at 3% = $9,000. That includes: appraisal $500, title insurance $1,500, attorney $800, origination fee $3,000, taxes/escrow $3,200.
Upfront fees you pay to the lender at closing to buy a lower interest rate. One point = 1% of the loan amount and typically reduces your rate by 0.25%.
Points make sense if you plan to stay in the home long enough for the monthly savings to exceed the upfront cost. That breakeven point is usually 4-6 years.
Example
On a $250,000 mortgage at 6.5%: you pay 1 point ($2,500) to get 6.25%. Monthly payment drops from $1,580 to $1,539 — saving $41/month. Breakeven in 61 months (5 years).
The percentage of your monthly gross income that goes toward paying debts. Lenders use it to judge whether you can afford another loan payment.
Most lenders want DTI below 36% for personal loans and below 43% for mortgages. Above that, you're considered overextended and likely to be denied.
Example
You earn $5,000/month gross. Your debts: $1,200 mortgage + $300 car + $200 student loans = $1,700/month. DTI = 34%. A new $400/month loan would push you to 42% — risky for lenders.
An account managed by your mortgage lender that holds money for property taxes and homeowners insurance. A portion of each mortgage payment goes into escrow, and the lender pays these bills for you.
Escrow ensures taxes and insurance are always paid on time (protecting the lender's investment). Your monthly payment may go up if taxes or insurance increase.
Example
Your mortgage payment is $1,400: $1,050 principal+interest + $250 property taxes + $100 insurance. The $350 for taxes/insurance goes into escrow. The lender pays your tax bill in December from escrow.
A government-insured mortgage that allows lower down payments (as low as 3.5%) and lower credit score requirements (580+). The FHA insures the loan, reducing risk for lenders.
FHA loans make homeownership accessible for first-time buyers and those with imperfect credit. The tradeoff: borrowers are required to pay Mortgage Insurance Premium (MIP) for the life of the loan.
Example
You have a 620 credit score and $10,500 saved. On a $300,000 home: FHA lets you put 3.5% down ($10,500) vs. conventional requiring 5-20% down ($15,000-$60,000).
The ratio of your loan amount to the property's appraised value, expressed as a percentage. It tells the lender how much of the home's value they're financing.
LTV above 80% usually requires Private Mortgage Insurance (PMI), which adds $100-300/month. Lower LTV can mean lower lender risk and different rate context.
Example
Home value: $300,000. Down payment: $60,000. Loan: $240,000. LTV = 80%. You avoid PMI. If you only put $30,000 down (90% LTV), you'd pay PMI until you reach 80%.
Replacing your current mortgage with a new one, usually to get a lower rate, change the loan term, or pull cash out of your home equity.
A 1% rate reduction on a $250,000 mortgage saves ~$150/month ($54,000 over 30 years). But closing costs of 2-5% mean it can be useful to stay long enough to break even.
Example
You have a $300,000 mortgage at 7.5% ($2,098/month). Rates drop to 6%. Refinancing costs $8,000 in closing. New payment: $1,799/month. Monthly savings: $299. Breakeven: 27 months.
Insurance that protects the LENDER (not you) if you default on a mortgage with less than 20% down payment. You pay the premium, but it only covers the lender's loss.
PMI typically costs 0.5-1.5% of the loan per year and adds nothing to your equity. Once you reach 20% equity, you can request it be removed.
Example
On a $250,000 loan with 10% down, PMI at 0.8% = $2,000/year ($167/month). After 5 years, your home's value rises and your equity reaches 20%. You request PMI removal and save $167/month.
A mortgage backed by the Department of Veterans Affairs for eligible military members, veterans, and surviving spouses. Key benefits: no down payment required and no PMI.
VA loans are among the mortgage options with notable listed benefits — 0% down, no PMI, and rate claims to verify. They're earned through military service and can be used multiple times.
Example
A veteran buys a $350,000 home with a VA loan: $0 down, no PMI, 5.8% rate ($2,054/month). A comparable conventional loan with 5% down would require $17,500 down plus $175/month PMI.
Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.
Affiliate Disclosure: CreditDoc may earn a commission when you click links to GoRascal and other services. These commissions help us maintain our free research. Compensation does not determine whether a provider can be covered; visible star ratings use stored Google review ratings when available. Learn more.