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Rate Mortgage Review 2024

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At a glance

Rate
Editor's take

Guaranteed Rate offers a large variety of loans, ranging from conventional and FHA loans to less common loans such as physician mortgages and renovation loans. The online lender was the 14th-largest mortgage originator in 2023, and continues to market its speedy approvals to residents in all 50 states.

Bankrate Score
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3.8
Rating: 3.8 stars out of 5
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Bankrate Score

Customer Rating
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4.8
Rating: 4.84 stars out of 5

230 ratings

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Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

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Min. credit score required

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

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Nationwide availability

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

Rate overview

Chicago-based Rate is one of the biggest names in the mortgage market, offering loans to qualified borrowers nationwide, as well as various types of insurance, through partners like Allstate and Liberty Mutual. Other key highlights: If you’re eligible for a mortgage, you can download the Rate app to get a fast approval, check on your loan status and more, and the lender offers a $250 credit on closing costs if you submit your paperwork within eight hours.

Pros and cons of Guaranteed Rate Mortgage

Pros

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    Advertises rates online for easy comparison

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    Branch locations in the majority of states

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    Extras including homeowners, auto, life and pet insurance, personal loans and service for Spanish-speaking borrowers

Cons

  • Higher credit score requirements on some loans

How Bankrate scored Rate

  • Affordability: True to its name, Rate offers competitive rates compared to Bankrate’s averages (at the time of this review). It charges lender fees on most loans.
  • Availability: Rate is a national lender with mortgage solutions for borrowers with varying credit scores and other qualifying factors.
  • Borrower experience: J.D. Power scored Rate unfavorably for customer satisfaction, and the lender maintains average ratings from customers with the Better Business Bureau.

Affordability: 3.6/10

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. Where the lender gets dinged on affordability: above-average APRs compared to Bankrate’s averages. 

Availability: 10/10

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

Borrower experience: 9.1/10

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 Rate

You can apply for a mortgage with 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 Rate

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 the 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.

Special homebuying programs from Rate

OneDown low down payment program

Rate’s OneDown program gives eligible borrowers $2,000 or 2 percent of the home’s purchase price (whichever is lowest) as a grant toward a 3 percent down payment on a conventional loan. They can also qualify for a $1,000 closing cost credit. To qualify, occupying borrowers must make at or below 80 percent of their area’s median income. 

Rate customer ratings and reviews

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4.8

Rating: 4.84 stars out of 5

230 ratings

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This lender has 4 recent reviews.

Knowledge
Rating: 4.9 stars out of 5
Level of service
Rating: 4.9 stars out of 5
Professionalism
Rating: 4.9 stars out of 5
Responsiveness
Rating: 4.9 stars out of 5
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96% of customers would recommend this lender.

of 4 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.

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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.

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