Rate Mortgage Review 2026

Rate overview

Chicago-based Rate — formerly known as Guaranteed Rate — has been in business for 25 years. In addition to offering mortgage applications online and via its mobile app, Rate has hundreds of branches across most U.S. states.

Pros and cons of Guaranteed Rate Mortgage

How Bankrate scored Rate

Affordability: 4.2 stars

Because of its competitive rates and low-down-payment options, Rate earned high marks for affordability. 

• Interest rates: Rate’s mortgage rates are similar to Bankrate’s averages as of this writing. If you’re comparing rates on the company’s website, keep in mind that conventional loans assume a 760 credit score, while FHA and VA loans assume a 680 credit score. 
• Down payment: In addition to offering government-backed low-down-payment loans, Rate offers 3% down conventional options, like Fannie Mae’s HomeReady loan, and a proprietary program called OneDown that lets low-income buyers put just 1 percent down on a home, with lender credits covering the other 2 percent.
• Fees: Rate doesn’t share an itemized list of lender fees, but most loans appear to have a lender fee of $2,000, as noted on the lender's closing costs calculator tool.

Availability: 5 stars

Rate gets a perfect score for availability because of its range of mortgage options and nationwide footprint.

• Home loans offered: Rate offers a loan program that can fit almost any type of buying need. In addition to common options such as FHA loans, VA loans and conventional loans, the company offers non-QM loans for borrowers who may have trouble meeting qualification standards, interest-only mortgages and programs for low-income borrowers. 
• Footprint: Rate is licensed to lend in all 50 states.
• Where to find: The company offers applicants the best of both worlds: a digital application process paired with hundreds of branch locations for anyone who prefers in-person assistance.

Borrower experience: 3.8 stars

While Rate’s application process is fast and easy, the company’s lack of transparency about fees and weekend customer support dings its score.

• Application and preapproval process: Rate prides itself on a fast application process. You can get preapproved in as little as five minutes online or via the mobile app, and you can receive full mortgage approval in as little as one day, with closings in as little as 10 days, according to the company. This is significantly faster than the industry average. 
• Transparency: Rate publishes sample rates online, but to get a personalized rate, you’ll need to share your contact information.
• Customer service: The company offers customer support Monday through Friday between 8:30 a.m. and 5:30 p.m. CT. It does not offer weekend phone support. If you want to speak to a loan officer, you can schedule an appointment. Note that there is an option to request help in Spanish. 

Rate reputation

Rate is accredited by the Better Business Bureau and has an A+ rating from the organization. However, it also has an average rating of 2.94 stars on the BBB website. The company scored below the industry average in the 2024 J.D. Power mortgage origination satisfaction study.

What Bankrate users say about Rate

On Bankrate, borrowers gave mostly positive reviews of Rate, with many describing their experience with the lender as “fast," “easy” and “professional.” Many also cited that the lender honored its loan terms and that loan officers were “friendly” and “knowledgeable” throughout the process. However, a few borrowers expressed frustration with the lender conducting more than one credit check and poor communication with their loan officers.