
Ally Bank
4.9 Bankrate ScoreAlly Bank began offering direct-to-consumer home...
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Guaranteed Rate is a good fit for borrowers with strong credit who prefer a speedy, all-digital experience.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Loans offered
Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; interest-only
Min. credit score required
620 for conventional loans, 620 for FHA loans, 580 for VA loans
Nationwide availability
Available in all U.S. states
Min. down payment
3% for conventional, 3.5% for FHA loans, none for VA loans and USDA loans
4.6
Bankrate Score
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
Min. credit score required
620 for conventional loans, 620 for FHA loans, 580 for VA loans
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.
Advertises rates online for easy comparison
Advanced digital capabilities streamline the application process
Extras including personal loans and service for Spanish-speaking borrowers
Higher credit score requirements not ideal for some borrowers
Guaranteed Rate is a good fit for borrowers with strong credit who prefer a speedy, all-digital experience.
To determine Guaranteed Rate’s Bankrate Score, Bankrate’s editorial team rated it and other 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.) We derived its overall score by considering three basic factors.
Loan expensiveness is a deciding factor for many borrowers. The affordability nature of loans differ from lender to lender, so comparing costs is key. 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, though these are waived on VA loans.
Availability factors can make the overall mortgage-application process smoother or more challenging. Guaranteed Rate provides the complete slate of standard mortgage options, from conventional to government-insured loans. The lender works with borrowers nationwide.
Customer experience factors can help you know what to expect when you work with a specific lender. 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. Little perks like a $250 credit towards closing costs, for applicants who submit paperwork within eight hours, are a nice touch.
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 set a budget. The new Same Day Mortgage program offers full approval within a business day, plus a $250 lender credit, to applicants who provide the requested paperwork within eight hours of locking in their rate. The lender offers a mobile app and an online tool to help you apply for a mortgage from home.
Here’s how the application process works in general.
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 break-even point. The lender also regularly updates rates for refinancing.
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Rating: 4.6 stars out of 5
4.6
Bankrate Score
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Loans offered Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; interest-only |
Loans offered Purchase, refinance, fixed-rate, adjustable-rate, FHA, VA and bridge loans |
Loans offered Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing; construction and renovation loans; investment property |
Min. credit score required 620 for conventional loans, 620 for FHA loans, 580 for VA loans |
Min. credit score required 620 for conventional loans |
Min. credit score required 580 for conventional loans, 550 for FHA loans, 550 for VA loans, 580 for USDA loans |
Down payment 3% for conventional, 3.5% for FHA loans, none for VA loans and USDA loans |
Down payment 3.5% for FHA loans, none for VA loans |
Down payment 3% for conventional loans; 3.5% percent for FHA loans; none for VA loans and USDA loans |
Nationwide availability Available in all U.S. states |
Nationwide availability Available in all U.S. states |
Nationwide availability All U.S. states |
4.9
226 ratings
This lender has 1 reviews.
97% of customers would recommend this lender.
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.
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To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
Terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?
Terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?