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Guaranteed Rate Mortgage Review

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Reviews 10

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Bestmoney Staff
Bestmoney Staff
Jul. 15, 20214 min read

GuaranteedRate summary

Guaranteed Rate is an online mortgage lender that supports jumbo mortgages, VA and FHA mortgages, and more. The platform offers a fully online application process, or you can visit one of 350 nationwide offices. Guaranteed Rate has very competitive mortgage rates for borrowers with good to excellent credit, and the lender offers points that you can purchase to reduce your interest rate.


  • Fully online application
  • Supports jumbo mortgages
  • Offers points to reduce interest rate


  • Low rates require good credit
  • Above-average closing costs
GuaranteedRateat a glance

Editorial score

Guaranteed Rate at a Glance 

Direct lender or marketplace?  Direct lender
Loan Types Purchase, refinance
Featured Loans Jumbo, FHA, VA, USDA
Repayment Terms: 15, 20, or 30 years
Minimum Down Payment: 3%
Minimum Credit Score: 620
Suitable For First-time home buyers with good credit

GuaranteedRate GuaranteedRate Visit Guaranteed Rate


Guaranteed Rate is the seventh-largest mortgage lender in the US. The company provides a fully online application experience and is transparent about its mortgage rates.

Suitable For?

Guaranteed Rate is suitable for first-time home buyers with good credit. The company offers competitive interest rates, and you can use a simple online tool to see what your mortgage offer will look like. Guaranteed Rate stands out for its entirely online application process, which is well-suited to digital-savvy buyers who want to keep all the paperwork virtual.

Types of Loans/Products

Guaranteed Rate offers mortgages for a new home purchase as well as refinancing for existing mortgages. The company works with jumbo mortgages and government-backed FHA, VA, and USDA mortgages. Most new borrowers have the option to choose between a fixed-rate or adjustable-rate mortgage.

  • Minimum 620 credit score
  • APR as low as
    2.43% APR
  • 3% minimum down payment
  • 15-, 20-, or 30-year mortgage terms
  • Fixed-rate or adjustable mortgages

The Application Process

Guaranteed Rate’s application process is entirely online. To get started, you can get a personalized rate quote without having to fill out a complete application or enter your contact details. If you like what you see, the online application only takes a few minutes and you can be pre-approved for a mortgage in minutes.

When finalizing your mortgage offer, all the paperwork is filled out through Guaranteed Rate’s online portal. If you do need in-person help during the process, the company also has 350 nationwide branches where you can drop in anytime during business hours.

Rates and Fees– The Bare Basics

Guaranteed Rate doesn’t publicize a minimum or maximum interest rate. However, we were offered rates as low as 2.43% APR when using the online quote tool. You can also reduce your interest rate by up to 0.25% by paying for a point at closing.

Guaranteed Rate does charge an origination fee and closing costs. These typically add up to around 1.5-2% of the value of your mortgage.

Repayment Terms

Guaranteed Rate offers loan terms of 15, 20, or 30 years. You can choose between a fixed interest rate or an adjustable interest rate.

Help & Support

Guaranteed Rate offers customer service by phone and email from 9:30 AM to 8:30 PM ET, Monday to Friday. You can also get in touch on Saturdays from 10 AM to 3 PM ET. We found the company’s loan officers to be very knowledgeable about Guaranteed Rate’s application process and rate offerings.

Phone: 1-(866) 934-7283


How This Company Compares

Guaranteed Rate
Repayment Terms 15-30 years 15-30 years
Minimum Down Payment 3% 3.5% for FHA, 20% for conventional loans
Minimum Credit score 620 620
Fees 1.5% None
Suitable For First-time home buyers No origination fees


Guaranteed Rate makes the process of getting a mortgage easier thanks to its simple personalized quote tool and fully online application process. The company offers customer support at every stage and handles a wide range of mortgages, including jumbo and government-backed mortgages.


What are points?

Points are credits that you can purchase at closing to lower your mortgage interest rate.

Do I have to apply for a Guaranteed Rate mortgage online?

No, Guaranteed Rate has over 350 offices nationwide where you can apply in-person.

Can I get a home equity line of credit with Guaranteed Rate?

Guaranteed Rate only offers mortgages for new home purchases and mortgage refinancing.

What is the minimum credit score for a mortgage with Guaranteed Rate?

Guaranteed Rate requires borrowers to have a credit score of 620 or higher.


3940 N Ravenswood,

 Chicago, IL 60613

GuaranteedRate GuaranteedRate Visit Guaranteed Rate

Bestmoney Staff
Written byBestmoney Staff

Our editorial staff consists of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right provider for your needs.

AverageReviews 10
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Trustpilot reviews

See what some costumers are saying about GuaranteedRate
AverageReviews 10
  • author
    Ron Thompson
    Aug 12, 2022
    The process to close my loan took 67…

    The process to close my loan took 67 days, the loan officer was very unprofessional did not communicate the process to me, quoted me a different closing amount which higher than I expected very terrible customer service beware of the Chicago team.


  • author
    Rene U
    Jul 27, 2022
    Total Nightmare!!!

    I'm writing this review in honest hope that it might save another consumer from the nightmare that is "Guaranteed Rate". I was referred to this company via Mechanics Bank, whom I assume would be trustworthy. I was very wrong. I began my refinance with Jim Fett (VP of Sales) in February of 2021, thus began my painful journey with Guaranteed Rate. Initially I was very impressed with the low interest rate but that's where it ended. 5 months later I have faxed and re-faxed multiple duplicate income statements, had 2 credit reports run, appraisals, each time I jumped through hoops for Jim he needed yet another document, or claimed he never received the documents I sent. I wouldn't hear from him for weeks at a time and always had to follow up. The clencher was when the rate was set to expire and he had made no contact. Jim was so disorganized and when asked about the progression of the loan, he always had an excuse and then asked for more documentation. I decided to pull the loan because at this point it wasn't worth my sanity, but the branch manager at Mechanics lured me back in, promising that Jim could seal the deal the deal in 2 weeks. Wrong again! Another month went by before I received docs (Via mail) with no instructions as to how to return them. Again asking for more documentation and now the closing costs have gone from $3,500 to $6,500 in addition to higher origination fact, as another reviewer mentioned, all sorts of hidden fees. Needless to say, I pulled the loan because I would pay to keep these people away from me. I am grateful that I never signed on the dotted line with this company. It sounds like I truly saved myself based on other reviewers who went on to actually finalize their loan. Total nightmare experience with a highly incompetent loan officer and questionable (at best) company.


  • author
    Seth Mcfarry
    May 09, 2022
    Helped me to get a new home

    Helped me to get a new home! Thank you! and thank you to Matt F! I am so happy that this company called me and notably Matt ferree. Diligent, trustworthy, hard working! He did not sell be a pipe dream but helped me understand what I can do. Thank you from the bottom of my heart!


  • author
    Jeffrey Michaud
    Oct 22, 2021
    Another online waste of time

    Chose this company as one of my 3 to get refi quotes. They came back with a loan statement that was full of extremely high fees. They had the same current rate as the other two, but theirs included costs to "buy down" the rate to make it equal to the other two. In addition, they had higher fees like Appraisal fee $600 and then an additional $200 fee for "Rush Appraisal". I never stated that I was in a hurry to get this refi done. The title fees were inline, but $85 for the Recording fee when it's only $50 is just another example of the markup I was seeing. The rep was very kind and said these fees were all negotiable. I agree, they are, but when you're already starting at a higher point, you are going to waste money. The final straw was when I saw that my cash out at settlement was $2K below what I was asking for. Again, they said that was negotiable. Since I would have 60% equity after closing, I didn't think it was even necessary to "negotiate" the amount that was the purpose of the Refi to begin with. They simply didn't listen to what I wanted. I went with a local mortgage refi. Their fees were very competitive. They waived the appraisal fee. Since I own the company (self-employed) I knew the process would require many documents. Yet, from application to closing, the process took 3 1/2 weeks.


  • author
    Jul 17, 2021
    Would give negative stars

    I refinanced with Guaranteed Rate. I made my first payment in Mid April. They cashed it right away. In June I noticed I didn’t get credit for it. provided them with a copy of the back of the check. They accidentally deposited it into the wrong bank account. Now 3 months after my depositing my check and 5 weeks after realizing their error. I still haven’t gotten credit for my payment. I have been forced to make an extra payment to avoid late fees and my credit score getting affected. They are crooks and thieves. NEVER USE THEM.


  • author
    Apr 30, 2021
    If I could do less than one star I…

    If I could do less than one star I would. Our experience was terrible, one error after another! Perhaps this crazy market is too much for this company to handle.


  • 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!


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