Ally Bank
3.5 Bankrate ScoreAlly Bank began offering direct-to-consumer home...
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
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 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, refinancing and more
Min. credit score required
3% for conventional, 3.5% for FHA loans, none for VA loans and USDA loans
Nationwide availability
All U.S. states
Min. down payment
3% for conventional, 3.5% for FHA loans, none for VA loans and USDA loans
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.
Advertises rates online for easy comparison
Branch locations in the majority of states
Extras including homeowners, auto, life and pet insurance, personal loans and service for Spanish-speaking borrowers
Higher credit score requirements on some loans
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.
Rate provides the complete slate of standard mortgage options, from conventional to government-backed loans. The lender works with borrowers nationwide.
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:
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.
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.
4.8
230 ratings
This lender has 4 recent reviews.
96% 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.
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.
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?