Guaranteed Rate Mortgage Review 2024

How Bankrate scored Guaranteed Rate

• Affordability: True to its name, Guaranteed Rate offers competitive rates compared to Bankrate’s averages (at the time of this review). 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 unfavorably for customer satisfaction, and the lender maintains average ratings from customers with the Better Business Bureau.

Affordability: 3.6/10

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. The lender’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: 10/10

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

Borrower experience: 8.2/10

Guaranteed Rate has been in business for more than 20 years. The lender is a Better Business Bureau-accredited company with an A+ rating, but J.D. Power ranked it below average for mortgage origination customer satisfaction in 2023. Most impressively: The lender’s mobile app can help you close in as little as 10 days.

How to apply for a mortgage with Guaranteed Rate

You can apply for a mortgage with Guaranteed Rate in person at branch locations, online or by phone at 866-934-7283. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Guaranteed Rate

Guaranteed Rate offers both rate-and-term and cash-out refinancing options. The lender doesn’t share its refinance fees on its website, as these vary based on borrower. However, there is a helpful calculator tool to help you estimate your new payments and breakeven horizon. The lender also regularly updates its refinance rates

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%
  • Availability: Loan products - 50%; licensing - 40%; credit score - 10%
  • Borrower experience: Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.