Guaranteed Rate Mortgage Review

ByBestmoney StaffJul.15, 2021
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In a Nutshell

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

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

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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

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AboutGuaranteed Rate
Industry: FS
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