Guaranteed Rate Mortgage Review 2021
Guaranteed Rate, founded in 2000 based in Chicago, offers mortgage options including conventional loans, Federal Housing Administration loans, jumbo loans interest-only loans to customers in all 50 states Washington, D.C. Borrowers can take advantage of specialized loan products Guaranteed Rate’s online application, documentation loan payment options.
- Provides qualifying borrowers with a fully or partially digital closing process
- Offers several mortgage loan products
- No home equity loans
- No home equity lines of credit
Guaranteed Rate offers a variety of mortgage loan products, including:
- Conventional loans
- Fixed-rate loans
- Adjustable-rate loans
- FHA loans
- Department of Veterans Affairs loans
- U.S. Department of Agriculture loans
- Jumbo loans
- Interest-only loans
Borrowers can receive preapproval with automated underwriting from Guaranteed Rate. The digital mortgage application should take about 15 minutes to complete, you will need to provide information including details about your income, assets credit. You can e-sign most of your closing documents with a service called FlashClose, making closing appointments as short as 30 minutes.
“Mortgage fees can vary depending on a few variables such as your home’s purchase price, product location,” says Michael Gatti, Guaranteed Rate senior vice president of secondary marketing. “At Guaranteed Rate, we provide full transparency on those fees, prefer a flat fee rather than charging for every item.”
You can use Guaranteed Rate’s GRaffordable mortgage calculator to check possible loan options, rates fees without providing any contact information. Your closing costs with Guaranteed Rate may include an origination fee.
Guaranteed Rate provides benefits to employees of corporate partners, including savings on lender fees. You can also purchase discount points on your Guaranteed Rate mortgage, making a higher down payment in exchange for a lower interest rate.
To qualify for a Guaranteed Rate mortgage, you can complete an online loan application that asks for financial information including details about your income, assets credit. Borrowers may also obtain a preapproval letter from Guaranteed Rate after filling out the online application. Guaranteed Rate’s website says your debt-to-income ratio should generally not exceed 45% for prequalification or preapproval.
Guaranteed Rate requires a FICO score of at least 620 to qualify for a mortgage. If you are applying for a jumbo mortgage worth up to $1 million, your credit score may need to be at least 700. Guaranteed Rate also considers factors such as your income assets.
Guaranteed Rate offers mortgages in Washington, D.C., all 50 states.
Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.
Guaranteed Rate is accredited by the Better Business Bureau, has an A- rating.
In 2020, the Consumer Financial Protection Bureau received 80 mortgage-related complaints for Guaranteed Rate. The most common complaints involved:
- Problems during the payment process
- Applying for a mortgage or refinancing a mortgage
- Closing on a mortgage
The lender provided a timely response to all but four complaints. It closed 76 with an explanation four with monetary relief.
In April 2020, Guaranteed Rate settled with the U.S. Department of Justice paid $15.06 million in a whistleblower lawsuit alleging it knowingly broke government rules on FHA VA loans.
Guaranteed Rate has an overall 3.7-star rating out of 5 from U.S. News, with 4 stars for affordability, 2.5 stars for customer service 4 stars for eligibility. The average for mortgage lenders in U.S. News’ ratings is 4.3.
You can contact Guaranteed Rate for loan advice Monday through Friday from 8:30 a.m. to 6:30 p.m. Central Time by phone at 866-934-7283 or by email at [email protected] Existing customers with questions can call 800-263-4157 or email [email protected] from 8:30 a.m. to 6 p.m. Central Time, Monday through Friday. You can also send a message by submitting a form on the lender’s website. Borrowers can also meet with a loan officer in a branch office.
Almost all of Guaranteed Rate’s mortgage process can be completed online, including application loan documentation. The closing process is done in person, but closing appointments can take as little as 30 minutes if borrowers review electronically sign documents in advance. Guaranteed Rate also offers a mobile app where you can apply for a loan contact a loan officer, among other features.