Guaranteed Rate Mortgage Review 2024

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Min. Down Payment

Min. Credit Score

Min. Down Payment

Min. Credit Score

Min. Down Payment

Min. Credit Score

What Types of Mortgage Loans Does Guaranteed Rate Offer?

Guaranteed Rate offers a variety of mortgage loan products, including:

Conventional loans
Fixed-rate loans
Adjustable-rate loans
FHA loans
Department of Veterans Affairs loans
U.S. Department of Agriculture loans
Jumbo loans
Interest-only loans
Refinancing

How Does Guaranteed Rate Work?

Borrowers can receive preapproval with automated underwriting from Guaranteed Rate. The digital mortgage application should take about 15 minutes to complete, and you will need to provide information including details about your income, assets and credit. You can e-sign most of your closing documents with a service called FlashClose, making closing appointments as short as 30 minutes.

What Are Guaranteed Rate’s Terms, Fees and Conditions?

“Mortgage fees can vary depending on a few variables such as your home’s purchase price, product and location,” says Michael Gatti, Guaranteed Rate senior vice president of secondary marketing. “At Guaranteed Rate, we provide full transparency on those fees, and prefer a flat fee rather than charging for every item.”

You can use Guaranteed Rate’s GRaffordable mortgage calculator to check possible loan options, rates and fees without providing any contact information. Your closing costs with Guaranteed Rate may include an origination fee.

What Discounts Does Guaranteed Rate Offer?

Guaranteed Rate provides benefits to employees of corporate partners, including savings on lender fees. You can also purchase discount points on your Guaranteed Rate mortgage, making a higher down payment in exchange for a lower interest rate.

How Can You Qualify?

To qualify for a Guaranteed Rate mortgage, you can complete an online loan application that asks for financial information including details about your income, assets and credit. Borrowers may also obtain a preapproval letter from Guaranteed Rate after filling out the online application. Guaranteed Rate’s website says your debt-to-income ratio should generally not exceed 45% for prequalification or preapproval.

What Credit Score Do You Need?

Guaranteed Rate requires a FICO score of at least 620 to qualify for a mortgage. If you are applying for a jumbo mortgage worth up to $1 million, your credit score may need to be at least 700. Guaranteed Rate also considers factors such as your income and assets.

Where Does Guaranteed Rate Operate?

Guaranteed Rate offers mortgages in Washington, D.C., and all 50 states.

Is Guaranteed Rate Reputable?

Guaranteed Rate is accredited by the Better Business Bureau, and has an A- rating.

In 2021, the Consumer Financial Protection Bureau received 109 mortgage-related complaints for Guaranteed Rate. The most common complaints involved:

Problems during the payment process.
Applying for a mortgage or refinancing a mortgage.
Closing on a mortgage.

The lender provided a timely response to all but one complaint. It closed 99 with an explanation, nine with monetary relief and one with nonmonetary relief.
In April 2020, Guaranteed Rate settled with the U.S. Department of Justice and paid $15.06 million in a whistleblower lawsuit alleging it knowingly broke government rules on FHA and VA loans.

Guaranteed Rate has an overall 3.7-star rating out of 5 from U.S. News, with 4 stars for affordability, 2.5 stars for customer service and 4 stars for eligibility. The average for mortgage lenders in U.S. News’ ratings is 4.3.

How Is Guaranteed Rate’s Customer Service?

You can contact Guaranteed Rate for loan advice Monday through Friday from 8:30 a.m. to 6:30 p.m. Central Time by phone at 866-934-7283 or by email at HomeLoanExperts@rate.com. Existing customers with questions can call 800-263-4157 or email servicing@rate.com from 8:30 a.m. to 6 p.m. Central Time, Monday through Friday. You can also send a message by submitting a form on the lender’s website. Borrowers can also meet with a loan officer in a branch office.

What Are Some of Guaranteed Rate’s Online Features?

Almost all of Guaranteed Rate’s mortgage process can be completed online, including application and loan documentation. The closing process is done in person, but closing appointments can take as little as 30 minutes if borrowers review and electronically sign documents in advance. Guaranteed Rate also offers a mobile app where you can apply for a loan and contact a loan officer, among other features.