Guaranteed Rate Review

BySarah BadaniNov. 17, 2020

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In a Nutshell

Guaranteed Rate is the country's seventh-largest mortgage lender, and that's even more impressive when you realize that it was a fresh startup just 10 years ago. Guaranteed Rate is dedicated to giving homeowners a fair, honest, and enjoyable mortgage experience, and the reviews confirm that it's doing a great job. Guaranteed Rate has a wide variety of loan products, flexible repayment terms, and low rates, making it a great choice for anyone.


  • Very willing to work with borrowers
  • Has a huge customer satisfaction rate
  • Totally digital process


  • Lenders fee is charged
  • No live chat support

Guaranteed Rate at a Glance

Direct lender or marketplaceDirect lender
Loan TypesPurchase, refinance, jumbo, fixed, adjustable, VA, FHA, USDA
Featured LoansVA, FHA, USDA
Repayment Terms5, 7, 15, 30 years
Suitable ForPeople who can’t afford a high down payment

Guaranteed Rate Guaranteed Rate Visit Site


Guaranteed Rate is not your typical mortgage lender. Unlike generic brands looking only at their bottom line, Guaranteed Rate has a truly customer-centric approach to mortgage lending. The entire process is user-friendly, everything is clearly explained, and the rates are reasonable.

Guaranteed Rate also offers some real benefits to homebuyers. Things like real-time neighborhood data, including housing cost trends, taxes, and school ratings, are updated every week. So, you have the most accurate information. This is a huge help for families trying to figure out which neighborhood is right for them and an impressive perk from a mortgage lender.

Suitable For?

While Guaranteed Rate is a really great choice for just about any homebuyer, it’s particularly well suited for people who can’t afford a high down payment. Guaranteed Rate is willing to work with you even if you can’t swing the average 20%. If you qualify on other terms, but the down payment is the issue, Guaranteed Rate will let that slide.

Guaranteed Rate also has an excellent digital platform. You can do the entire loan process online, without ever having to speak to a person or go down to an office. From an easy and secure document uploader to digital signatures, Guaranteed Rate has totally embraced the 21st century.

At the same time, Guaranteed Rate also has 350 local offices. That’s just in case you’re interested in speaking to someone directly. It’s a nice, friendly, a personable touch in an otherwise increasingly disconnected digital world.

Types of Loans/Products

Guaranteed Rate offers several different types of loans. Here are a few of them:

  • 30-year fixed-rate mortgage
  • 15-year fixed-rate mortgage
  • Adjustable-rate mortgages (ARMs)
  • Jumbo loans
  • FHA loan
  • VA home loans
  • Interest-only mortgages

Officially, Guaranteed Rate requires a 620 credit score or higher. But that’s not really the case. Guaranteed Rate has worked with people frequently who have lower credit scores. Basically, if everything else checks out, and you just have a low credit score, Guaranteed Rate will work with you. It’s one of the ways this lender shows impressive flexibility.

Down payments and loan terms will vary from one borrower to the next.

The Application Process

Guaranteed Rate has a totally digital application process, so you can get your entire mortgage loan taken care of over the internet. Don’t you love the digital era? While we’ve reviewed many lenders that offer online applications, Guaranteed Rate has a particularly smooth process. There is a secure document uploader that lets you safely send all of your necessary documents along with your application (pay stubs, bank statements, etc.).

It even gives you a free credit score view from the 3 major credit bureaus. What’s more, Guaranteed Rate has a digital signature capture, so you don’t even have to print anything out to sign and scan back in. It’s all really simple and fast. The entire form can be filled out in less than 15 minutes if you have all of your documentation ready.

Rates and Fees – The Bare Basics

Loan terms will vary depending on several factors, including your credit history, the location of the home you’re buying, the purchase price of the home, and how much of a down payment you’ll be making. Here’s a look at the current rates on average for various home loans:

Repayment Terms

Guaranteed Rate has several repayment options to choose from, including ARMs for 5 or 7 years, and fixed-rate mortgages for 15 and 30 years. How long you take to repay your loan will determine your monthly payments, so keep that in mind.

Help & Support

Guaranteed Rate has outstanding customer support. In fact, it’s industry-recognized as being customer-friendly, professional, and knowledgeable across the board. Guaranteed Rate offers several ways to get in touch. Plus, you can read through the helpful articles online, including buying guides and white papers that help explain different types of loans and terms.


Guaranteed Rates is one of the country's leading mortgage lenders and a safe bet for anyone looking to purchase a new home or to refinance an old one. The online process is truly a breeze, taking less than 15 minutes and being totally digital. Guaranteed Rate offers low rates and flexible repayment terms. What's more, it's willing to work with people who have low or no credit as long as they meet other eligibility requirements. Guaranteed Rate comes highly recommended.


Q: What am I paying for each month with my mortgage payment?

A: You're actually paying for a number of things when you send out that payment each month. These charges include the principal (the portion of the mortgage loan you're paying off that month), the interest, your homeowners' insurance, property taxes, and private mortgage insurance (this is if you didn't put down the full 20% initially).

Q: Do interest rates affect my mortgage?

A: Yes! Your monthly payment is a combination of the loan amount broken down into monthly payment amounts and the interest payments for the length of the loan. So, the higher the interest rate, the more you’ll pay each month and over the course of the loan. Look for the lowest interest rate you can find.

Q: What happens at a house closing?

A: At closing, the new house and the mortgage are legally given to you. You will sign any documentation needed to transfer the ownership, pay any closing costs, and finalize any details. Closing costs can average around 3% or 4% of the total cost of purchasing the house.

Q: What is private mortgage insurance, and when do I need it?

A: Private mortgage insurance (PMI) is an added insurance policy for homebuyers. It is a layer of protection for the lender in case you default on your home loan. The cost of PMI depends on the lender, but it can be several thousands of dollars. To save yourself this hassle, you can put down 20% on the house from the beginning. A 20% down payment alleviates the need for PMI.

Physical Address

1990 N California Blvd.

Chicago, IL

Guaranteed Rate Guaranteed Rate Visit Site

Guaranteed Rate customer testimonials

AverageReviews 4
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  • author
    Jenny Pierre
    Nov 06, 2020
    Loan Office Quit in the Middle of my Refi

    My experience with Guaranteed Rates was a horror story. My loan officer frankly lied through his teeth to get the application. I was rate comparing with another company and Guaranteed had a better rate and promised a closing within 30 days. Fast forward 4 months, the loan officer has quit - he texted me I quit call customer service. I escalated to his branch manager who at first sounded like he was there to help me and then a week later said the file was denied. Oh did I mentioned I had final approval a month ago? No word on what happened between final approval and denial, no opportunity for remediation i.e. pay off debt etc. just 4 months of wasting my time and losing out on another opportunity with a reputable bank. I am so disappointed with the service and lack of integrity within Guaranteed Rate.


  • author
    Daniel Jones
    Sep 17, 2020
    Quite possibly the worst mortgage…

    Quite possibly the worst mortgage experience I have had. Over 110 days with over $1500 in added closing fees for their failure to close on a loan within their rate locked period. $500 spent/wasted on an appraisal that would not be refunded "because it was paid to the appraiser" and then a 2nd request for a credit report because the 1st one expired because they took so long. Never once was a closing date given, a reason given for the delay or any attempt to salvage my business. I was left out to dry. In the mean as rates dropped, my costs went up with Garanteed Rate. To Top it all off, I could have closed with numerous other lenders and been saving money with a new lower rate. Stay far away from GR.


  • author
    Ben Harvey
    May 01, 2020
    Solid rates, but TERRIBLE service

    I currently have two loans on two different properties with Guaranteed Rate. My most current is a property in Colorado. I had automatic payments setup which never pulled, so I made a one time payment. THEN the autodraft came out ten days later, so I paid TWICE in a single month which they couldn't refund. This month they sold my loan to a new servicer, cancelled my auto-draft, couldn't tell me if my loan number was the same, and gave me the new bank's 1-800 number to call, which does not recognize my social through the automated system. I never asked for loan to be sold, and they don't appear to give a damn about making reasonable accommodations to pay the with the new servicer.


  • author
    Jul 23, 2019
    We used guaranteed rate to apply for…

    We used guaranteed rate to apply for our first home loan and then again to refi. Their platform is clean, secure, and easy to use. Enjoyed the experience!


Guaranteed Rate