Rate Mortgage Review
See how often this lender beats the typical offer on 2025 loans.
How Bankrate scores Rate Mortgage
- Price competitiveness
How often this lender's borrowers pay at or below the typical price for a comparable loan.
3 out of 5 - Amount of overpayment
How much extra borrowers ended up paying with this lender compared to the best price for a comparable loan. A higher percentile score is always better.
3 out of 5 - Customer complaints
How often consumers complain about this lender, and whether they get relief.
10%3 out of 5 - Where and what they lend
How many states and loan types this lender serves.
100%5 out of 5
No lender can pay for a higher Bankrate Rating. Every score comes from the same data and criteria.
2025 ratings, across all four measures
A few more details worth knowing
Though these don't affect the star rating, we show them so you have the full picture.
For applicants age 62 and older, we measure two things: whether this lender denies them more often than its own lending patterns would predict after accounting for loan size, income, debt-to-income ratio, and loan type; and whether it lends to them at rates similar to comparable lenders. Both of those measures fell outside the expected range. Credit scores are not available in this dataset, so they are not included in the analysis. Because that variable is held constant across all lenders, it should reduce the extent to which missing credit-score data affects comparisons between them.
We looked at how often a lender's applications end up as closed loans, not counting any that were denied or the applicant withdrew. At this lender, fewer than 90% did, which might mean quoted terms changed before closing, applicants stepped away, or both.
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What Bankrate's editors think
Rate, the rebranded name for Guaranteed Rate, prides itself on moving quickly: its PowerBid program can deliver a fully underwritten approval in under 24 hours, good for 90 days, with closings possible in as few as 10 days. This makes it a solid pick if you’re competing with cash buyers. It has branches in most states for in-person help, plus a Language Access Program that runs the entire mortgage process in Spanish, with free phone interpretation available for other languages too.
Its OneDown program lets eligible buyers put down just 1%. Buyers with incomes under 80% of their area’s median can get up to $4,000 in lender-funded assistance to help cover the rest. Rate’s pricing runs about average, with about 51% of the loans it originated in 2025 priced below comparable loans, and although its CFPB origination-related complaint volume is low, very few complaints ever see resolution. It doesn’t offer USDA loans or weekend phone support, and about 19% of its approved loans don’t reach closing. A closing can fall through for reasons beyond a lender’s control, such as an applicant walking away, but it’s still worth understanding Rate’s closing process before you sign any paperwork.
At a glance
Rate is good for buyers in a fast-moving market who want a fully underwritten approval in under a day, or who need mortgage support in Spanish or another language. It’s not a good fit if you’re chasing the lowest possible price or need weekend phone support, since Rate scores just average on rates and doesn’t staff weekends.
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Figures are drawn from public lending and complaint data and weighted by loan volume.
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