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Guaranteed Rate Mortgage Review 2023

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At a glance

Guaranteed Rate


Rating: 4.6 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; interest-only


Nationwide Availability

Available in all U.S. states

Credit Good

Min. credit score required

620 for conventional loans; 620 for FHA loans; 580 for VA loans

Pros and cons

Checkmark Pros

  • Advertises rates online for easy comparison
  • Advanced digital capabilities streamline the application process
  • Extras including personal loans and service for Spanish-speaking borrowers

Close X Cons

  • Higher credit score requirements not ideal for some borrowers

Guaranteed Rate overview

Guaranteed Rate is one of the biggest names in the mortgage market. The Chicago-based lender was founded in 2000 and today has more than 10,000 employees spread across all 50 states. In 2021, Guaranteed Rate — along with its subsidiaries, which include Guaranteed Rate Affinity and Proper Rate — funded over $116 billion in loans. Notably, the lender can issue a preapproval in as quickly as 15 minutes.

Guaranteed Rate is good for

Borrowers with strong credit who prefer an all-digital experience

Breakdown of Guaranteed Rate overall score

  • Affordability: True to its name, Guaranteed Rate offers competitive rates compared to Bankrate’s averages. It charges lender fees on most loans. 

  • Availability: Guaranteed Rate is a national lender with mortgage solutions for borrowers with varying credit scores and other qualifying factors.

  • Borrower experience: J.D. Power scored Guaranteed Rate highly for customer satisfaction, but the lender maintains average ratings from customers with the Better Business Bureau.


To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.

Affordability: 5/5

Guaranteed Rate regularly updates its mortgage rates online with real-time estimates based on credit score, location and type of property. These include estimates of closing costs and monthly mortgage payments. It’s a relatively painless process that doesn’t require handing over your information or reaching out to a loan officer.Guaranteed Rate’s GRaffordable calculator also allows you to see a full snapshot of loans available with a line item for lender fees. In most cases, the lender appears to charge between $1,290 and $1,440 in fees. Those fees are waived on VA loans.

Availability: 4.5/5

Guaranteed Rate provides the complete slate of standard mortgage options, from conventional to government-insured loans. The lender works with borrowers nationwide.

Borrower experience: 4.6/5

Guaranteed Rate has been in business for more than 20 years, having established a well-known brand with over 1 million customers to date. The lender is a Better Business Bureau-accredited company with an A+ rating, and J.D. Power ranked it above average for mortgage origination customer satisfaction in 2022.

Guaranteed Rate’s online loan process is designed to appeal to tech-savvy homebuyers. You can receive a preapproval letter in around 15 minutes online, and the lender’s website features plenty of handy calculators to help you determine how much you can afford to spend, estimate your closing costs or figure out whether refinancing would be a smart financial move.

If you want to apply for a mortgage from your phone, the lender’s mobile app includes real-time rate updates, comparison tools and the capability to instantly connect with a loan officer via email. The online approach continues all the way to the time you become a homeowner, too: Its FlashClose tool helps some borrowers handle all the closing duties of signing paperwork from home.

Refinancing with Guaranteed Rate

Guaranteed Rate does not share a detailed list of costs for refinancing, as these will vary based on borrower. However, there is a helpful calculator tool on its website to help you estimate your new payments and breakeven point. The lender also regularly updates rates for refinancing.

Alternatives to Guaranteed Rate 

Guaranteed Rate consumer reviews



Rating: 4.9 stars out of 5

225 reviews

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About consumer ratings

Customer service rating

Rating: 4.9 stars out of 5
Level of service
Rating: 5 stars out of 5
Rating: 4.9 stars out of 5
Rating: 4.9 stars out of 5

98% of reviews would recommend this lender

0 of 0 rates honored

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Written by

David McMillin

Contributing writer

David McMillin is a contributing writer for Bankrate and covers topics like credit cards, mortgages, banking, taxes and travel. David’s goal is to help readers figure out how to save more and stress less.

Edited by

Suzanne De Vita

Arrow Right

Mortgage editor