Guaranteed Rate Mortgage Review 2024

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Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate mortgages to write unbiased product reviews.

Guaranteed Rate is a very strong mortgage lender. It offers a wide variety of mortgages, including more niche types like interest-only mortgages and non-QM loans. Borrowers eligible for the lender's OneDown program could also get up to $3,500 in down payment and closing cost assistance, in the form of a grant and a lender credit.

Guaranteed Rate Mortgage On Bankrate's website Insider’s Rating A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Icon of check mark inside a promo stamp It indicates a confirmed selection. Perks If you don't have a credit score, you may be able to apply with alternative forms of credit Recommended Credit Minimum Down Payment Types of Loans Offered Conforming, jumbo, FHA, VA, renovation, interest-only, non-QM, physician, reverse, HELOC Insider’s Take

Guaranteed Rate is a very strong mortgage lender, offering a wide variety of mortgages, including more niche types of mortgages like interest-only mortgages and non-QM loans.

Guaranteed Rate Basics

Nationwide Lender With Physical Locations Throughout the U.S.

Guaranteed Rate is an online lender that offers mortgages in all 50 U.S. states and Washington, DC. It also has in-person branches in 47 states; it has no branches in Delaware or Vermont.

Loan Varieties

You can get the following types of home loans from Guaranteed Rate:

Guaranteed Rate is a good choice for borrowers who don't have a credit score. You can use non-traditional credit, like your rent or utility payment history, to qualify for a conventional or government-backed loan with this lender. If you do have a credit score, it'll need to be at least 620 to qualify for a conforming loan.

Put Just 1% Down With Guaranteed Rate's OneDown Program

Guaranteed Rate has a program called OneDown that gives eligible borrowers a down payment grant. This grant enables borrowers to put just 1% toward their home purchase using their own funds. Guaranteed Rate will provide the other 2% in the form of a grant. You'll also get a $1,000 closing cost credit from the lender.

However, the maximum grant you can receive is $2,000, or $2,500 if you earn 50% or less of your area median income. So you'll likely need to bring more than 1% to the table to make the minimum 3% down payment. Still, this grant can make a significant dent in the overall amount you'll need to close on a home, and it doesn't need to be repaid.

To be eligible for this program, your income can't be above 80% of your area median income. At least 1% of your down payment must come from your own funds, but you can use other sources (such as a gift from family or friends) to cover the rest of your down payment.

Guaranteed Rate Mortgage Interest Rates and Fees

In our review of Home Mortgage Disclosure Act data, we found that Guaranteed Rate's interest rates are around average.

On its mortgage rates page, Guaranteed Rate will let you explore mortgage rates and monthly payments based on your purchase price, down payment, ZIP code, and other factors.

In 2022, the average borrower who got a conventional mortgage from Guaranteed Rate paid $2,969 in origination charges, according to HMDA data. This is on the low end compared to other lenders.

Guaranteed Rate Overall Lender Rating

Loan Types: 5 out of 5

Guaranteed Rate offers many different types of mortgages, and most borrowers should be able to find the loan they're looking for with this lender. It has conventional and government-backed options as well as less common types of mortgages. You can get non-QM loans from this lender, including mortgages for non-US citizens and bank statement loans.

Affordability: 4.5 out of 5

This lender has low average fees, down payment assistance, and a variety of affordable mortgages (including FHA loans and low-down-payment conventional options).

Customer Satisfaction: 2.98 out of 5

In J.D. Power's 2023 US Mortgage Origination Satisfaction Study, Guaranteed Rate ranked below the industry average in customer satisfaction. However, on its Zillow lender page, it has a 4.96 out of 5-star rating, based on over 21,000 customer reviews.

Trustworthiness: 5 out of 5

The Better Business Bureau gives Guaranteed Rate an A+ rating. A strong BBB score indicates that a company responds effectively to customer complaints, is transparent about business practices, and advertises honestly. The lender also doesn't have any recent public scandals.

Guaranteed Rate Pros and Cons

Down Payment and Closing Cost Assistance With OneDown

Guaranteed Rate's OneDown program offers up to $2,500 in down payment assistance, which comes in the form of a grant, plus a $1,000 closing cost credit. Saving to buy a home can take a while, but this program significantly reduces the amount you'll need to close on a home.

Doesn't Have Branches in Every State

If you want to work with your mortgage professional in person, you might like the fact that Guaranteed Rate has many physical branches. But it doesn't have branches in Delaware or Vermont, and the number of branches in a given state varies. You can check online to see if there's a location near you.

What Borrowers Are Saying About Guaranteed Rate

Business Insider looked at positive and negative customer reviews, online forums, BBB complaints, and other sources to understand what borrowers think about Guaranteed Rate.

Simple Process With Knowledgeable and Communicative Mortgage Pros

We saw a lot of reviews and comments from previous borrowers praising the lender's convenient mortgage process and its helpful loan officers. Many borrowers said that the professionals they worked with were easy to get ahold of to answer questions and regularly reached out with updates on their loans.

How Guaranteed Rate Compares

Guaranteed Rate vs. Rocket Mortgage

Rocket Mortgage is one of the best mortgage refinance lenders out there, and it's a good choice if customer service is important to you. The lender ranked No. 2 in J.D. Power's 2023 mortgage origination satisfaction study.

Rocket has a similar program to Guaranteed Rate's OneDown, called the ONE+ mortgage, which allows a down payment of just 1%. Rocket's maximum grant is $7,000, which is higher than Guaranteed Rate's.

But Guaranteed Rate has lower average fees than Rocket Mortgage and a wider range of mortgage options to choose from. If you're looking to save money, Guaranteed Rate could be the better option.

Guaranteed Rate vs. Fairway Independent Mortgage Corporation

Fairway Independent Mortgage Corporation is an affordable mortgage lender. It's another good option if you're looking for a smooth customer service experience.

Guaranteed Rate and Fairway Independent have similar mortgage offerings, but Fairway ranks much higher in customer satisfaction. In J.D. Power's 2023 study, Fairway ranked No. 1 in mortgage origination satisfaction, while Guaranteed Rate ranked near the bottom, well below the study average.

You might consider applying with both to see which one can offer you the better overall deal.

Guaranteed Rate FAQs

Is Guaranteed Rate a legitimate company? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Yes, Guaranteed Rate is a legitimate mortgage lender that's been in business for over two decades.

What credit score do you need for Guaranteed Rate? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

To get a conforming loan from Guaranteed Rate, you'll need at least a 620 credit score.

Is Guaranteed Rate a direct lender or broker? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Guaranteed Rate is a direct lender. This means it originates its own loans, as opposed to a mortgage broker, which connects borrowers with multiple lenders to find the best fit.

How long does Guaranteed Rate take to close? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Once the seller accepts your offer and Guaranteed Rate approves you for a mortgage, you'll probably close within 30 to 45 days.

What is Guaranteed Rate known for? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Guaranteed Rate offers a wide variety of conventional and government-backed mortgages and a streamlined application process.

How are Guaranteed Rate's mortgage rates compared to others? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Guaranteed Rate's mortgage rates are around average compared to other lenders, according to the latest HMDA data.

Is Guaranteed Rate's customer service good? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Though the lender ranked low in J.D. Power's customer satisfaction study, it has great customer reviews on its Zillow profile. Previous borrowers said that the lender offers great customer service, and that its loan officers are helpful and communicative.

Can I get prequalified with Guaranteed Rate? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

You can get preapproved (sometimes referred to as prequalified) with Guaranteed Rate using its quick online preapproval application, or in person at a Guaranteed Rate branch.

What are some alternatives to Guaranteed Rate? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Guaranteed Rate is one of the largest mortgage lenders in the U.S., so if you're considering this lender, you may also want to get some quotes from some smaller, local lenders, to see if they can offer you a better rate.

Why You Should Trust Us: How We Reviewed Guaranteed Rate

We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a high number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.

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