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Guaranteed Rate Mortgage Review 2023

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At a glance

Guaranteed Rate
Editor's take

Guaranteed Rate is a good fit for borrowers with strong credit who prefer a speedy, all-digital experience.

Bankrate Score
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4.6
Rating: 4.6 stars out of 5
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Customer Rating
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4.9
Rating: 4 stars out of 5

226 ratings

Mortgage Percent

Loans offered

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

Credit Good

Min. credit score required

620 for conventional loans, 620 for FHA loans, 580 for VA loans

Location

Nationwide availability

Available in all U.S. states

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Min. down payment

3% for conventional, 3.5% for FHA loans, none for VA loans and USDA loans

At a glance

Guaranteed Rate

4.6

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

Location

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

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.

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Bankrate insight

In March 2023, Guaranteed Rate did a nationwide rollout of its Same Day Mortgage, a program that provides qualified borrowers with the opportunity to receive approval for either purchase loans or refinances within one business day of submitting documentation.

Pros and cons of Guaranteed Rate Mortgage

Pros
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    Advertises rates online for easy comparison

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    Advanced digital capabilities streamline the application process

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    Extras including personal loans and service for Spanish-speaking borrowers

Cons
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    Higher credit score requirements not ideal for some borrowers

Our Editor’s Take on Guaranteed Rate

Guaranteed Rate is a good fit for borrowers with strong credit who prefer a speedy, all-digital experience.

How Bankrate scored Guaranteed Rate

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.

  • 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.

Affordability: 5/5

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: 4.5/5

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.

Borrower experience: 4.6/5

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.

How to apply for a mortgage with Guaranteed Rate

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.

  1. Run the numbers. Make sure that your credit score, debt-to-income ratio, and savings are in good shape. A strong credit score can help you to secure a competitive interest rate, saving you thousands over the life of your loan.
  2. Secure your preapproval letter. To get pre-approved with Guaranteed Rate, you’ll complete an application detailing your income and assets. Guaranteed Rate will then conduct a credit check. The process takes 10-15 minutes. If you pass muster, you can contact your loan officer to get the preapproval letter.
  3. Shop for a home. Work with a local realtor to compare homes and make an offer to purchase when you’re ready.
  4. Book an inspection and appraisal. Even if your new home looks flawless, it’s important to arrange a home inspection to check for safety and quality issues as well as an appraisal to confirm the market value of the house. Guaranteed Rate will work with you and your Realtor to coordinate this latter step.
  5. Complete underwriting and final approval. During the underwriting process, Guaranteed Rate will verify your financial information as well as the property details. An underwriter will issue a final approval. Guaranteed Rate offers a Same-Day Mortgage that can approve you in just one day.
  6. Close on the loan. At this stage — which could be in as little as 10 days after you’re approved — you’ll pay your down payment and closing costs and sign the remaining papers. Guaranteed Rate offers FlashClose, which allows you to sign most of your documents online and finish your closing process in as little as 30 minutes.

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 break-even point. The lender also regularly updates rates for refinancing.

Compare Guaranteed Rate to other lenders

Guaranteed Rate
Rating: 4.6 stars out of 5
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4.6

Bankrate Score
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Better Mortgage
Rating: 5 stars out of 5
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5.0

Bankrate Score
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Read full review

Cardinal Financial

Rating: 4.8 stars out of 5
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4.8

Bankrate Score
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Read full review

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

Guaranteed Rate customer ratings and reviews

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4.9

Rating: 4 stars out of 5

226 ratings

Info

This lender has 1 reviews.

Knowledge
Rating: 4.9 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 4.9 stars out of 5
Responsiveness
Rating: 4.9 stars out of 5
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97%
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97% of customers would recommend this lender.

of 1 reviews

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.

Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

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.

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