Rate Mortgage Reviews
Guaranteed Rate
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About Rate Mortgage
Rate (NMLS #2611) is a mortgage company that operates online and in person. It offers a wide variety of financial products to customers all over the country, including conforming conventional mortgages, nonconforming conventional mortgages, government loans, home renovation loans and home equity lines of credit (HELOCs).
- Available nationwide
- Offers multiple types of financing
- Competitive average rates
- Online application process
- Gives preapproval decisions in about 15 minutes
- Doesn't have physical branches in every state
- No home equity loans
Helpful Reviews
Rates
From 2019 to 2021, Rate generally offered a lower average rate for home purchase loans than the national average.
Just keep in mind that interest rates depend on a number of economic and personal factors, including the borrower’s credit history and debt-to-income (DTI) ratio. Typically, borrowers with a higher credit score and lower DTI secure better rates.
Rate Mortgage average home purchase rate vs. national average
| Year | Difference from national average |
|---|---|
| 2021 | -0.11% |
| 2020 | -0.15% |
| 2019 | -0.06% |
Rate offers both fixed-rate and adjustable-rate mortgages (ARMs). Fixed interest rates won’t change over the course of the loan term, so some borrowers prefer the predictable payments these mortgages offer. However, an ARM usually offers a low introductory rate that’s fixed for a period of time. Later, the rate will reset occasionally based on market conditions.
Rate offers ARMs with introductory periods of five, seven or 10 years. If you have a five-year ARM, your rate will reset after five years and change again either biannually or annually, depending on your terms.
An ARM could be a good option if you expect your financial situation to improve during the introductory period. Some borrowers use ARMs as a way to obtain a lower interest rate when their credit isn't great but they expect to improve it. Once their credit score improves, they refinance the loan and lock in a better fixed rate.
Application process
To get a mortgage with Rate, click on the “Apply” button on the company’s website where you’ll be asked to enter personal and financial information to determine your loan eligibility, such as:
- Estimated credit score
- Where you plan to purchase a home
- The estimated purchase price
- Employment history
- Annual income
- Bank account balances
You should also be prepared to upload documentation for the loan application, including W-2s, bank statements and payroll stubs. Once you’ve completed your application, you should receive a preapproval decision in about 15 minutes.
Noel, a ConsumerAffairs reviewer from Illinois, had this to say about their experience with Rate:
“I got the lowest rate possible and shopped around to be sure. Jay waived the lender fee and I pretty much paid nothing to refi. My prior mortgage was paid off within three days of closing and I got excess money paid back to me via direct deposit. ...This was the cleanest and most easy experience.”
Rate Mortgage application features
| Features | Availability |
|---|---|
| Online application | |
| Mobile document upload | |
| Physical branches | 48 states |
| Publishes minimum rate on website | |
| Rate lock | 60, 75 or 90 days |
| Pre-qualification (no hard credit pull) | |
| Certified approval letter |
Loan types
Like most mortgage lenders, Rate offers an assortment of loan options, including conventional loans, jumbo loans, FHA loans and VA loans. Its fixed-rate loans come in 15-year or 30-year loan terms, while its ARMs have five-, seven- or 10-year fixed-rate periods.
The company also offers interest-only mortgages for borrowers who may need a more flexible loan option. With this type of mortgage, you delay repaying the principal debt for a short period of time (for example, five years) while making lower, interest-only payments monthly.
In addition to mortgage products, the company also offers HELOCs, home renovation loans and personal loans.
In 2021, Rate received 116,164 home purchase loan applications. Most of these applications made it through to closing (about 72%), and only about 4% were denied.
Loan applications for home purchases only by year
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| Home purchase applications | 116,164 | 95,752 | 73,171 |
| Home purchase loans closed | 83,205 | 69,282 | 52,786 |
| Home purchase applications denied | 4,207 | 3,644 | 2,674 |
| Home purchase preapprovals denied | 104 | 67 | 133 |
Refinancing
In 2021, a little over half of the loans Rate originated were for refinancing (roughly 54% with rate-and-term and cash-out refinances combined). That means less than half of the loans it originated were for home purchases (about 46%).
This isn’t unique to Rate, though. A large number of borrowers chose to refinance in 2020 and 2021 to take advantage of the low interest rates at the time. Refinancing to a lower rate reduces your monthly payment and helps you save on interest over the loan term. Many borrowers also choose to refinance if they want to turn some of their home equity into cash to fund a project or pay off another debt.
Home purchase vs. refinance loans by year
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| Home purchase loans | 45.79% | 42.23% | 64.99% |
| Refinance loans | 35.49% | 46.84% | 25.29% |
| Cash-out refinance | 18.72% | 10.93% | 9.72% |
HELOC and home equity loans
Rate offers HELOCs to borrowers who need to draw from the equity in their homes over time, but it doesn’t offer home equity loans. With a HELOC from Rate, you can borrow between $25,000 and $400,000, depending on your equity and the loan-to-value (LTV) ratio. Draw periods range from two to five years.
Unlike many HELOCs, Rate’s HELOC has a fixed interest rate, which means your monthly payments won’t fluctuate based on market conditions. You can also receive funding in as little as five to 10 days.
Requirements
Rate doesn’t publish all of its borrower requirements, but the ones it does post generally line up with the industry norms for those loan types. The company says that it requires a 620 credit score for mortgage approval, but this limit appears to be 580 for VA loans. Many of the company's educational materials also refer to lower credit score minimums for FHA loans — but not in the context of its own lending practices.
For context, we’ve included a table of general mortgage qualification guidelines below.
National mortgage requirements by type
| Min. credit score | Min. down payment | Compare with other lenders | |
|---|---|---|---|
| Conventional | Typically 620 | Typically 3% | Mortgage lenders |
| FHA | 500 | 3.5% with 580 credit score | FHA lenders |
| VA | Set by lender (often 580) | 0% | VA lenders |
Rate does a better job disclosing its requirements for HELOCs, which include having a:
- Minimum credit score of 640
- Maximum DTI ratio of 50%
- Maximum LTV of 85%
- Single-family home, townhouse or condominium
Cost and fees
Rate does not publish its lender fees. However, these fees are a portion of your total closing costs, which generally equal 2% to 5% of your loan amount.
In addition to lender fees, closing costs typically include title fees (like title search fees and title insurance), homeowners insurance premiums, appraisal fees and inspection fees. There’s also a $150 application fee for purchase and refinance mortgages.
To help you prepare to pay closing costs, you’ll receive a document called a Loan Estimate after you apply for a loan. This will give you a better idea of the fees associated with your new loan before you commit any further.
FAQ
What is Rate Mortgage?
Rate is a nationwide mortgage lender founded in 2000. The company is headquartered in Chicago, and it offers multiple types of home loan financing, including:
- Conforming conventional loans
- Nonconforming jumbo loans
- Nonconforming interest-only loans
- FHA loans
- VA home loans
- Home equity lines of credit (HELOCs)
- Home renovation loans
If you’re interested in finding out more about Rate mortgage or applying for its programs, visit a local branch or go to the company's website and fill out a loan application.
Is Rate Mortgage legit?
Rate is an established lender that funded over $70 billion in loans in 2021, and it has over 500 branches nationwide. At the time of publishing, Rate has a 4.0 overall satisfaction rating on our site based on 1,482 ratings in the last year.
Where is Rate Mortgage available?
Rate is licensed in all 50 states and Washington, D.C. It also has over 300 branch locations across 48 states nationwide.
What is a good interest rate for a mortgage now?
Mortgage rates fluctuate and several factors go into determining what your individual rate is such as your credit history, DTI, the size of your down payment and market conditions. One way to find out if you’re getting a good rate is to compare quotes from at least three lenders.
Still have questions?
Rate Mortgage Reviews
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- 4,886,447 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
Reviewed April 23, 2026
Karol reached out to me regarding an inquiry I made regarding a 545k refi. I asked for info via text for a rate. When I asked if that was with points she refused to give me a answer and got very rude stating, I need to call her and this is not how business is conducted. I just wanted to know if points were added but she texted back "good luck but if you cannot do business our way we cannot help you". REALLY??? I was looking for some info but she insisted if I did not call her we were done here. DO NOT DO BUSINESS WITH RATE- pushy and rude and there are plenty of good honest lenders to work with.
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Reviewed Nov. 26, 2025
I worked with Conor ** on a refinance where I accepted a higher interest rate in exchange for lender credits that were supposed to cover the majority of the closing costs. Instead, I ended up paying $2,020 in fees. By the time I found out about the fees, market rates had risen and I had already paid non-refundable fees, leaving me with no choice but to proceed.
The Details: I brought a competitor’s offer to Conor for a loan at 6.25% where lender credits covered all fees. Conor agreed to match this structure. While he did not explicitly promise "$0 in fees," he stated that lender credits would cover the "majority" of the fees and implied my only out-of-pocket costs would be prepaids (taxes and insurance). Whenever I asked about fees listed on the initial documents, I was told they were just estimates and not to worry about them.
Halfway through the process, I was asked to pay $720 for appraisal and credit report fees. When the final numbers arrived a day before closing, I was required to pay an additional $1,300 in fees. When I asked why the credits didn't cover these costs as implied, Conor explained that he couldn't cover the fees because the interest on my loan payoff was higher than expected. I found this explanation lacking because the "unexpected" amount was simply the interest portion of my standard monthly mortgage payment—a figure that is fixed and could have been easily looked up or calculated at the beginning of the process. I accepted a higher interest rate specifically to avoid these costs, but I still ended up paying about two-thirds of the fees out of pocket. I felt the communication regarding these estimates was inaccurate and led me to a deal I would not have chosen had I known the true costs upfront.
Reviewed Aug. 25, 2025
I have been applying with these idiots since the first week of April 2025! Now it’s the last week of August! They do not know what the hell they’re doing. No organization! Each week I would ask them, is there anything else you need? Or how much more do I have to pay out of pocket? They all lie. I have so much dirt on them right now, they don’t have a chance in defeating me. I have literally been victimized by their tactics. I have already spent just under 20% of the projected payout, which seems will never happen. They messed with the wrong **.
Reviewed Aug. 17, 2025
I can’t say enough great things about my experience with Chase and the team at Guarantee Rate Mortgage. From start to finish, the process was smooth, transparent, and incredibly professional. Chase went above and beyond to ensure I understood every step, answered all my questions with patience and clarity, and truly made me feel like a valued client—not just another transaction. Their attention to detail, responsiveness, and commitment to securing the best possible terms for my mortgage were unmatched. I felt supported throughout the entire journey, and their expertise gave me confidence during what can often be a stressful process.
If you’re looking for a mortgage company that combines top-tier service with genuine care, look no further than Guaranteed Rate Mortgage. I wholeheartedly recommend them and will absolutely be returning for any future home financing needs. Thank you again for making my first time home-buying experience exceptional!
Reviewed July 2, 2025
Don't trust this company. Loans don't close on time. Loan is CTC (clear to close) then goes to closing department and they re-underwrite file the day before closing. Steer clear of this company unless you want major stress and headaches. Right hand doesn't know what the left hand is doing.
Reviewed April 21, 2025
I applied for a pre approval on Friday, site states fast decision within 5 minutes. I received a phone call from Rate stating a loan officer would call me within an hour. No phone call. I received a text asking to set up a time to go over my application. Earliest was Monday. Received a text on Sunday saying “do you have any free time today”. I replied, "Yes. I’ll be available all day." No phone call. I received multiple texts this morning reminding me of our scheduled appointment. Again no phone call. I called Rate requesting a new loan officer. “I have your assigned loan officer on the other line, he’ll call you within a minute." Waited 15 minutes, no phone call. Received a text, "I’ll call you at 1:30." Again no phone call. I called Rate customer service again trying to find out what is going on. Received an apology, phone disconnects, no return phone call. Disappointed.
Reviewed March 6, 2023
I worked as a loan officer for this company for 5 miserable months. No one knows what’s going on. Processors don’t respond. Underwriters and processors don’t know mortgage guidelines. Their leadership is riddled with incompetence and the mortgage knowledge is very low. It’s one thing after another and complete chaos. Always last minute hair on fire. Whatever manner in which this company was built has completely dissolved and it’s a big company going nowhere. I recommend reaching out to someone else. I would not recommend this mortgage company to anyone. Lack of knowledge, poor leadership, stressful and chaotic process and high interest rates with no cohesion in any department. With a company this size you would think with all the resources they have it would be exceptional but it’s like playing on a little league team going against the 27 Yankees compared to other mortgage companies. Very disappointing company.
Reviewed Oct. 20, 2022
I was told by a Guaranteed loan officer and received follow-up emails that based upon my situation, I qualified for a primary mortgage loan. Thereafter, I put down my earnest money to the seller, paid for an inspection and a variety of other expenses associated with the loan. After supplying them with documents upon documents, I was approved by the underwriters. However, a "few weeks" later after the purchase agreement to refund my earnest money expired, I was informed by Guaranteed that I do not qualify. As a direct result of their incompetence and by misleading me that I was approved, coupled with additional follow-up conversations with them, in which they informed me they were going to make it work, I am going to lose all my earnest money. At that point, my only option was that Guaranteed required me to take a different loan at a much higher rate with extra points.
Yet, "8" weeks later, the underwriters and the loan officer who previously approved me are refusing to close because they now want a 4th inspection of the house after I supplied them with again, additional documents or photos. I have had to deal with a merry-go-round of **. Once I give them one document, they want another. The sellers have had enough are walking away with my $10,000 because of Guaranteed inability to provide trustworthy, timely and straightforward services. Guaranteed, and their agents have continued to lack "any" transparency, or customer service. I have previously purchased 6 homes and have never endured so many lies, misrepresentation, utter incompetence and a lack of customer service. Do yourself a big favor, stay away, far away.
Reviewed July 18, 2022
My husband is a 100% total and permanently disabled veteran. Not only did the underwriters try to charge me for VA funding fees but the loan officer was very disconnected from his customer not giving updates, dragging his feet on the loan process knowing I had a timeframe to get this done. Now they are dragging their feet on transferring our loan to a new lender. Honestly the worst customer service ever.
Reviewed July 6, 2022
I had the worst experience ever with Guaranteed Rate Mortgage Company! Just a little bit about myself first...I am a real estate investor and flip houses regularly. So I have some experience in dealing with banks while buying properties and taking loans. Now the plethora issues that I had to go through and my painful experience in dealing with them below:
When I started with this loan I already worked with the loan officer and made sure that I was vetted with all my documentation and that I qualify for the loan. The debt to income ratio was calculated, my financial situation was reviewed etc. What I have found once I put the offer on the house and started the loan process was nerve-racking, disconcerting and ineffective. They do not seem to have a standard streamlined process internally.
I was in a tight deadline to close the loan in 21 days. The first issue started with one of the two appraisals, which came wrong because of wrong sq. ft of house that was used. What needed to be just a simple correction in one of that wrong appraisal reports, instead resulted in ordering another appraisal, wasting 3 days in the loan process.
Once new appraisal came in, the underwriter then took over and started reviewing my loan. What was supposed to be a straightforward review by that underwriter, my documents were sent to another underwriter who did not understand first underwriter's RSU calculations - two days got wasted here. Meanwhile I got conditions of first underwriter that I needed to satisfy which I did. Then the first underwriter came back and took over my application again and started adding new set of conditions. The problem was that there was no proper communication whatsoever.
On one hand we were getting super frustrated and on the other hand we were worried that we would lose the house because the seller can back out if we don't close the loan in agreed upon 21 days. We ended up paying $$$/day due to extra time it took that I had to give to seller. The only saving grace was the loan officer who helped us to navigate this internally and had to escalate to upper management during each and every step of the process to move to next step. I suggest anyone who wants to apply for a new mortgage loan not to waste their time dealing with Guaranteed Rate and avoid the emotional ordeal that I and my family had to go through apart from spending $$$$$ as a result of the delay in closing the mortgage loan.
Sources
ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
- NMLS Consumer Access, “Guaranteed Rate, Inc.” Accessed August 27, 2022.
- Federal Financial Institutions Examination Council (FFIEC), “HMDA Dataset Filtering.” Accessed September 12, 2022.
Rate Mortgage Company Information
- Company Name:
- Rate
- Company Type:
- Private
- Year Founded:
- 2000
- Formerly Named:
- Guaranteed Rate
- Address:
- 3940 N Ravenswood Ave
- City:
- Chicago
- State/Province:
- IL
- Postal Code:
- 60613
- Country:
- United States
- Website:
- www.rate.com
