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Guaranteed Rate Mortgage
Overall Satisfaction Rating
1.59/5
  • 5 stars
    6
  • 4 stars
    0
  • 3 stars
    1
  • 2 stars
    2
  • 1 stars
    24
Based on 33 ratings submitted in the last year
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    Guaranteed Rate Mortgage

    Concord, NC

    ConsumerAffairs Unaccredited Brand

    Guaranteed Rate is one of the largest retail mortgage lenders in the United States. Headquartered in Chicago, the company has approximately 210 offices across the U.S. and Washington, D.C., and is licensed in all 50 states. Since its founding in 2000, Guaranteed Rate has helped hundreds of thousands of homeowners with home purchase loans and refinances and funded nearly $19 billion in loans in 2017 alone. The company has become the Home Purchase Experts® by introducing the world's first Digital Mortgage technology and offering low rate, low fee mortgages through an easy-to-understand process and unparalleled customer service.

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    99 Guaranteed Rate Mortgage Consumer Reviews and Complaints

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    Page 1 Reviews 1 - 30
    Rated with 1 starResolution In Progress
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    Verified Reviewer
    Original review: Feb. 25, 2019

    My wife and I started looking to purchase a home early in September of this year. My wife has known someone with Coldwell Banker for over 3 years and trusted this person to be our realtor for this transaction. She met with her in person and explained that since we were both in school full time and that I work full time and we are raising our family still that a low down payment option would be best. She recommended, from her brokerage office, Cathy ** with Guaranteed Rate Affinity. She said that she would know more about the GSFA Grant for a low down payment option for us instead of the initial USDA Loan we were interested in. We were so happy to move forward on September 26th to finding the home of our dreams with this team.

    We also consulted with a couple of other lenders simultaneously but they both said they would need more than 3% down and the other lenders were not knowledgeable of the grant that Cathy talked us into. We moved forward with applying for a loan online through the website Cathy sent us to. We uploaded all our documents. There was 1 new line of credit loan that we had applied for with Wells Fargo 1 week prior to applying with Guaranteed Rate Affinity. We made sure to mention to Cathy that we had this line and make sure this was not a problem with Cathy in moving forward in purchasing our home and in the price she stated we were qualified for. She assured us that there was no problem with this. With Cathy ** sending us a Loan Summarization form by email shortly after with our total closing being around $3000, we were very happy they had lower fees than the other two lenders.

    We were told to pay off some of our debts which totaled $5800 (stated on our loan summarization form) prior to closing We moved forward with looking at homes in the price range that Cathy said we were pre approved and prequalified for. This was $230,000. We found the home of our dreams after 2 weeks of searching. We put down our earnest money and started the process of the loan which included paying down the debts requested prior to closing (per the request of Cathy to pay outside of escrow). It took a total of 3 weeks for an appraisal to be completed which was promised to be completed within 10 days due to Cathy being out of town. This should have been our first sign with Guaranteed Rate Affinity and their false promises. At this time, we requested a manager or other person we can contact if we had problems or questions and she stated she does not have a manager.

    We paid a total of $400 for appraisal and $200 for a rush fee along with the initial application fee of $150 immediately upon moving forward with the loan process. When the appraisal was ordered we received our first Lending Estimate. It had a fee of $25,222 as the cash to close. We were in shock, we emailed and called along with texted Cathy ** to ask about the extremely high fees that were over triple and some quadruple the costs sent over to us in the initial Loan Summarization Form back in early October. We were told repeatedly that these are just estimates and not to worry that the fees will be fixed and adjusted back to the original loan summarization form but it may have to be switched to 5% down instead but we were told not to worry because we have the grant to cover it and that to leave her be and let her do her job.

    December 13th, we were told by Cathy ** that she is not able to clear the flags on her screen for the loan in order to finish up for the closing of this loan, which was set for the 21st of December. This was brand new information and we had no idea what this meant. We called and emailed for 2 straight days including texts of what does this mean with no reply back from Cathy **. We were told by Cathy to leave her alone that she is trying to figure it out and to not contact her and that she will get back to us. You could imagine the frustration at this point of shelling out all this money and being 1 week to the scheduled closing that we could not get answers regarding our loan process. Each and every time we were asked to provide information on our part, we were very prompt in providing it. Many times we provided back the information within minutes! So for us to receive way less than respectable service back was frustrating.

    We needed answers and we needed them now. This is where we called around to find out if there was someone higher up in charge than Cathy. We reached Curt **. He was very prompt to answer and called another manager named David **. He asked David if he is able to take care of this and he said he had no problem. He took over the loan process December 15th. He assured us left and right that he can handle this. He stated the loan scored just fine and isn’t sure why there were issues on the loan. He stated that he has access to underwriting directly along with ways to get this approved for us and not to worry. We were sent a second “corrected” lending estimate of over $10,000 for our cash to close on closing morning which did not include our down payment on the day we were supposed to close.

    He stated that he needs to remove the grant to get this loan closed but that he could do it to close the loan. He told us to let him do his job and he will close this loan for us. Friday the 21st, closing day, we get a call from Curt ** stating that they can’t do the loan for us unless we put 5% down and pay full closing costs on top of this. He stated that for him to do this, he will need more time to close. This was the same as the other lenders. We feel we were bait and switched by Guaranteed Rate along with they intentionally allowed the clock to run out so we could not use another lender. Each time we brought up our loan process we were told it is being worked on when in reality it was not. In the end we are left with lost time and money to now re-coup along with no home for our family to live in because of this referral. Sincerely, Very Disappointed and Frustrated

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    Guaranteed Rate Mortgage response

    Hi Matthew,

    The Customer Success Manager replied to the email you sent in yesterday afternoon. We are looking into this situation and will be in contact with you.

    Thank you,

    3 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: Jan. 31, 2019

    This is a terrible company. Leslie ** is incredibly rude. She hangs up on insurance agents and clients. She doesn't have the time of day to give to the clients and their respective needs. When someone is financing a new home purchase they should feel respected and cared for, not be hung up on because she has another call on hold. At the very least she could offer to make an appointment or schedule a callback.

    First-time home buyers beware! ANY-time home buyers beware! Stay away from Leslie ** and her team. Some people forget that we are all on the same playing field regardless of how much money we make and everyone deserves decency and respect. Very sad experience. Maybe others in this mortgage lender company are kind, but she is not. Very cold. Very unfriendly. It would do her well to take a class in customer service, etiquette, empathy, and respect

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    Guaranteed Rate Mortgage response

    Hi Joseph,

    Thank you for taking the time to leave a review. We are sorry to hear about the experience you had with us. We would appreciate the opportunity to look into the situation you described. At your convenience, please give our Customer Success Team a call.

    -Cassandra W.

    Customer Success Ambassador

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    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 25, 2019

    3 years ago when I was looking to move an buy my current condo, GR was the first place I went to. Spent a couple weeks doing all the paperwork, due diligence, etc. Then on Thurs (I was closing the upcoming Monday) they said there was a glitch/mistake and I needed a co-signer because after all that, it was 4 days before closing they said I wasn't eligible for a loan. So luckily my dad was able to co-sign without a problem. Then Friday GR calls back and says I need more assets and dollars.

    Here's the kicker... The condo cost $411k, I had +$1.5mil in liquid assets, 50% being cash. Then I was told to add a co-signer which increased my assets to ~$2.5mil. Friday they come back and said I need to have more! Really!?! for a $410k condo. I went all the way up to 75% down payment, they said I need to show +$3mil in liquid assets. What's the point of a mortgage. So the following Monday I came in with cash. Sucked I couldn't get a mortgage so as to use leverage for other business investments. Loved how they waited throughout whole process up until the Friday before a Monday closing to say I needed +$3mil in liquid assets to purchase a $410k condo. Thanks GR! Will never do business with GR again, and adamantly tell people to avoid them at all costs. Not worth the hassle. Much better lenders out there that won't jerk you around.

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    Guaranteed Rate Mortgage response

    Hi Eric,

    Thank you for taking the time to leave a review. We are sorry to hear about the experience you have had with us a few years ago. We would appreciate the opportunity to look into this situation further. At your convenience, please give our Customer Success Team a call.

    -Cassandra W.

    Customer Success Ambassador

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    Rated with 1 star
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    Verified Reviewer
    Original review: Jan. 23, 2019

    We had an awful experience at Guaranteed Rate. Their Agent, Andrew ** was as lousy as they come. He was not straightforward from the very beginning, was not helpful and failed to deliver in a timely manner. We told him that we did not want points and he arbitrarily added a point (over $2,000) charge to our estimate and didn't even bother telling us about it. We then went thru a few weeks of back and forth emails and phone calls and he kept promising to fix his mistake but never did. Finally, we had to get his manager Shaunt involved to resolve this issue. Andrew then promised us it was fixed.

    At this point, we already realized he's not the sharpest tool in the shed and emailed his co-worker to confirm the problem was fixed only to find out it wasn't. Our lawyer also reported a similar experience of this guy being unresponsive and failing to deliver on time. Overall, dealing with Andrew and having to fix the problems he created was a frustrating experience. We will give credit to his manager, Shaunt who was apologetic when we spoke to him and helped clean up Andrew's mess.

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    Guaranteed Rate Mortgage response

    Hi Dave,

    Thank you for taking the time to leave a review. We are sorry to hear about the experience you have had with us. We would appreciate the opportunity to look into this situation further. At your convenience, please give our Customer Success Team a call.

    -Cassandra W.

    Customer Success Ambassador

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    Rated with 5 stars
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    Verified Reviewer
    Original review: Jan. 17, 2019

    I just closed my second residential loan with Guaranteed Rate. I was recommended to a specific broker team by someone whom I trust very much & I was not let down. In both cases I was clear to close early. I’m someone who submits all docs ASAP and consistently updates stubs and statements as they come in, so maybe that helped. Personally, I work in commercial lending at another bank, so I know that underwriting is a crucial process where the borrower and lender have to be an efficient team that communicates well. It takes both sides to get the deal done, so the more proactive you can be as a borrower, the better off you’ll likely be. Build a strong relationship with your underwriters and your originator, because it helps - especially down the road when the loan has closed and you need help from someone for whatever reason.

    Now, the most recent loan was actually kept with GR, who is now the loan servicer. First time I’ve had them as a servicer. Our loan is a joint account and my other half keyed in his checking account number wrong for autopay. We weren’t notified by the system AT ALL that the payment was rejected. I didn’t know until I got an email saying the payment was late. So, I have an email for autodraft set up, an email for autodraft payment initiated, then 10 days later an email notifying me that no payment has been made. Soooo... the system seems to have the ability to generate emails - why no email for a rejected payment? So, the late payment email came after our grace period and now we have a fee, a stained borrowing relationship and potentially a ding on our credit reports.

    Shame on us for keying in the info wrong, but why no notification that the payment failed?! Even the online payment system didn’t show anything rejected or have an alert - it just said next autodraft in X days. I called in to the number on the missed payment email and was treated like an animal. Like I am the scum of the earth, a delinquent borrower.

    You see, this issue could have been easily corrected if I had proper notification via an email, phone call, or alert when I log in. I didn’t have a fair opportunity to fix my mistake. The CSR told me they can’t call about rejected payments (huh?) and that I can’t set up alerts. Feels like dirty business to me. She told me she’d apply my one time fee waiver. NOT GOOD ENOUGH. Why should I use my only fee waiver for something that could have been prevented by normal and reasonable customer service. Then I remembered - my originator & our relationship.

    Sent him an email detailing the issue & he waived the fee no questions, I still have my one time fee waiver, and most important - I got an apology. The only reason I’m not spending thousands to refinance to get out of GR is because of my amazing relationship with my originator. He is my only contact going forward as far as I’m concerned. So, make sure you build a relationship with your loan officers/originators. They know what customer service is & will take care of you.

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    Guaranteed Rate Mortgage response

    Hi Lauren,

    Thank you for taking the time to leave a review. We are sorry to hear about the experience you had with our Servicing Department, but we are so glad to hear that you have such a great working relationship with your originator! We would appreciate the opportunity to look into the situation you described. At your convenience, please give our Customer Success Team a call.

    -Cassandra W.

    Customer Success Ambassador

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    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 10, 2018

    Currently working with this company. I also advise RUN the other way if you are considering this company. We have had nothing but problems. We began with them in JUNE 2018, it is December 10, 2018 and still do not have a new closing date. We found a home, put in an offer, were set to close Oct 29, 2018 originally. Been charged hundreds in rate lock fees and I'm sure there will be more because we are still waiting on them. I could go on forever, really. There are a million things they don't care to do in a timely manner.

    They have completely RUINED the experience of buying our first home. I've had to cancel a family vacation, paying utilities in a home we can't even live in because we don't want the pipes to freeze before we move in. Every person I've explained the constant headaches to tell me how sorry they are for me. It's just downright embarrassing at this point. I trusted them to help us, new, first time homebuyers, and have been let down time and time again.

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    Guaranteed Rate Mortgage response

    Hi Samantha,

    Thank you for taking the time to leave a review. We are sorry to hear about the experience you had with us. We would appreciate the opportunity to look into the situation you described. At your convenience, please give our Customer Success Team a call at: 773-328-6467.

    -Cassandra W.

    Customer Success Ambassador

    3 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: Dec. 7, 2018

    Can never get Amber ** or her team by phone or email. After 3 weeks with our documents requested more at the 11th hour when the due date for underwriting in our contract was about to pass, did not close on time.

    Guaranteed Rate Mortgage response

    Hi Steven,

    Thank you for taking the time to leave a review. We are sorry to hear about the experience you had with us. We would appreciate the opportunity to look into the situation you described. At your convenience, please give our Customer Success Team a call at: 773-328-6467.

    -Cassandra W.

    Customer Success Ambassador

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 6, 2018

    Regarding Guaranteed Rate as a mortgage broker, I am extremely disappointed. I strongly advise that you run -- don’t walk -- run away from Guaranteed Rate as quickly as you can before you get taken as we were. The name of their company means nothing, as they will quote you one rate at the start, and then find some reason, no matter how skimpy, to eventually get you a higher rate. They find any way they can to slow the process down so that you can’t close within the time that the rate lock is in place, then tell you that the “underwriters” won't lend at the lower rate. Or they’ll tell you (after you have already invested considerable money in fees) that your home doesn’t qualify at the lower rate because of its construction method, even though they knew at the outset which home you were purchasing.

    Then, as they did in our case, find that they made a “mistake” and have to withdraw the loan, even after everything was approved, and re-originate the loan. Then you have to sign more documents, produce more statements, and take yet another hit on your FICO score because they initiate another hard inquiry into your credit. Then they have the unmitigated gall to make you sign another form explaining why there was another credit inquiry. They told us the fee for the appraisal would be $550.00, and they had to have that up front (not charged at closing) which we paid, then charged us another $350.00 for the appraisal fee again, without explanation. It wasn’t until I asked why we were being charged twice that they told me “that’s what the appraiser charges”. Did they not know this beforehand? And then the $900.00 charge for the appraisal was included on our fees at closing, so we’d essentially be paying it twice.

    I caught them on it, and they told me I’d get a credit for the $900.00. That is just BS as far as I’m concerned. And really… $900.00 for an appraisal? Appraisals don’t take more than 30-40 minutes usually, and a little bit of paperwork on a standardized form. $900.00 is excessive by any standards I’ve heard of, after talking with numerous people involved in real estate procedures. Perhaps Guaranteed Rate should find new appraisers if that is the norm for them.

    The interest rate eventually went up .75% higher than what we were quoted originally, and by this time we had almost $1300.00 invested in non-refundable charges (that includes the ridiculous appraisal fee), and if we backed out we’d lose all that, and possibly the house too, and have to start all over. Guaranteed Rate knows this, of course, and takes advantage of us because of it. So I would NOT recommend Guaranteed Rate for anyone. Please stay away from this company any way you can! You would be better off going directly to the lending company and skipping the mortgage broker altogether if this is the way they work.

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    Guaranteed Rate Mortgage response

    Hi Joseph,

    Thank you for taking the time to leave a review. We are sorry to hear about the experience you had with us. We would appreciate the opportunity to look into the situation you described. At your convenience, please give our Customer Success Team a call at: 773-328-6467.

    -Cassandra W.

    Customer Success Ambassador

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 4, 2018

    On October 10th 2018 I received an email from Guaranteed Rate saying our loan will be transferred to a new company November 1st 2018. It listed the name of the company and stated if November payment was made they would transfer it with loan if not mail it to the new company which was listed along with the address. On October 17th I wrote a check and sent it out to new company. After several weeks the check was not cashed, so I called new company. I was then informed that they had no record of me, my loan or check. I was then told that once loan is uploaded they would apply the payment then.

    Now I'm being told loan was not transferred until November 16th. Now they cannot find the check and to stop payment on it and issue a new one or make payment online. So now I have stopped payment which cost me $30 dollars, and feel Guaranteed Rate should reimburse me for it as the direction in their initial email was incorrect. I have purchased several homes and have never experienced such a nightmare transition. Current lender said they should of stated not to send payment until loan transfer was complete and in system. But again all it said was if November payment has not been made to send it to new company.

    They had no way of applying payment as Guaranteed Rate did not transfer until November 16th. I did try to locate email that was sent and called Guaranteed Rate to discuss issue and request copy of email. And was told they could not locate it and it must of said December 1st (felt like I was being called a liar). I was able to locate the email and it clearly states November 1st. The email also states I will receive additional info from them and a welcome letter from the new company. I still have received nothing from either of them. Stay Away from Guaranteed Rate!

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    Guaranteed Rate Mortgage response

    Hi Louis,

    Thank you for taking the time to leave a review. We are sorry to hear about the experience you had with us. We would appreciate the opportunity to look into the situation you described. At your convenience, please give our Customer Success Team a call at: 773-328-6467.

    -Cassandra W.

    Customer Success Ambassador

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 1, 2018

    So I wrote a bad review about Guaranteed rate a few months ago and they responded back to it and wasted my time yet again. I talked to someone from there for several days and nobody ever called me back from the state I was in like they claimed. I honestly think they are discriminating against me because I am disabled and keep giving me the runaround to make it seem like they are doing something when in fact they don't want to.

    Guaranteed Rate Mortgage response

    Hello Reese,

    We are sorry to hear about the experience you've had with us. We would appreciate an opportunity to speak with you further regarding your experience. Please call into our Customer Success Department at: 773-328-6467 at your earliest convenience and ask for either Cassandra or Erika.

    -Cassandra W.

    Customer Success Ambassador

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 28, 2018

    We were commended to them by our realtor. The communication was terrible. Our closing was a nightmare and we could have lost the house. We had to pay out thousands of dollars in arrangements with sellers for endless delayed in closing - which could and should have been anticipated. Our agent simply vanished and we never heard from him in spite of promises to the contrary. When we brought this to management they offered all kinds of help and sympathy and actually did nothing. After weeks of inaction their customer team offered us $500. Our actual costs were closer to $5,000 and enormous stress to our family. They seem to be interested in volume of business and churning - and to care nothing for the wellbeing of their clients. This applies to local agent and three levels of management. We will be pursuing this in the press and with regulatory authorities. We believe that they were negligent in their fiduciary responsibilities.

    15 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: Aug. 25, 2018

    Guaranteed Rate initially quickly approved us for a refinancing through a government guaranteed loan. However, later they informed us that they had made an error and we were later told we didn't qualify for. Was then approved and provided requested documents, and signed disclosures for deal they had allegedly brokered. We paid for and got appraisal, thinking the deal was done.and then heard nothing from Guaranteed Rate for weeks. After contacting them, were told closing was imminent only to discover that in actuality the loan hadn't even been processed. Over the next few months we spoke to numerous people at the company to no avail. It was always much the same story, they were ready to close just waiting on the lender, only to find out that the lender (Bank of California) hadn't even started underwriting the loan.

    Finally after everything had processed, what started as a simple refinancing became anything but simple. 90 days had passed due to Guaranteed Rate in about to process the loan, and the loan had changed to the point where the terms and conditions were unacceptable. I would not recommend Guaranteed Rate, there are too many mortgage bankers, wholesale lenders, mortgage brokers, credit unions, and banks out there, that will deal with you in an open, honest, and execute your mortgage properly, than to deal with a larger yet ineffective company like Guaranteed Rate. My advice is this, if you do try Guaranteed Rate because they are cheap, remember to go to another option the second they don't execute on what they've promised. Be careful, they approved us quickly but didn't execute. They might be fine on easy government guaranteed loans, but my experience with them is that they will approve you, but not execute properly after the approval.

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    Guaranteed Rate Mortgage response

    Hi Michael,

    We are sorry to hear about the experience you've had with us. We would appreciate the opportunity to speak with you further about your experience. Please give our Customer Success Department a call at your convenience at: 773-328-6467.

    -Cassandra W.

    Customer Success Ambassador

    8 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 21, 2018

    I was buying a home with a special program. I asked no less than 6 times verbally and written and each time the agent Brian ** told me yes they accept the program. I went over the program. The price of the house was verified. Got down to the last days before underwriting and he finally says, “You misrepresented the program and we don’t accept that.” When I showed him the exact emails that matched everything he was saying they don’t do and where he said they do it he claims he was confused by my wording. When I showed him where he explained the program he said, "Well... we can’t help you." My deal almost fell through. Luckily I had a back up mortgager who the entire time was sure they didn’t take the program which is the only reason I asked so many times. I reported his behavior to superiors with proof and they said they would handle it. Come to find out nothing happened as he is sending me marketing materials.

    Guaranteed Rate Mortgage response

    Hello Alexandria,

    Thank you for taking the time to leave a review. We are sorry to hear about the experience you've had with us. We would appreciate the opportunity to look into the situation you described. At your convenience, please give our Customer Success Team a call at: 773-328-6467.

    -Cassandra W.

    Customer Success Ambassador

    7 people found this review helpful
    Rated with 1 star
    Original review: Aug. 16, 2018

    I mortgaged my vacation home in Ocean City, New Jersey through Guaranteed Rate. Initially the process went very smoothly. One month after making settlement they sold my mortgage to a company called CMC. They have since changed their name to SLS. The company has an "F" rating with the Better Business Bureau. You cannot pay your mortgage online but instead they ask you to wire them the money through Western Union. They have charged me for insurance through them even though I am fully insured.

    After investigating I found that they deal mostly with mortgages in default and are essentially a collection agency. I have perfect credit and could have gotten a mortgage anywhere. There is no one who knows anything when you call their office. I deal with an issue every other month that needs to be addressed and no one can help me. I cannot understand why Guaranteed Rate would do business with a company of such little quality. I blame all of this on Guaranteed Rate because they willingly sold my mortgage to this incompetent company.

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    Guaranteed Rate Mortgage response

    Hi Nancy,

    Thank you for taking the time to provide your feedback! We are sorry to hear about the poor experience you've had with the company servicing your mortgage. Please give our Customer Success team a call at:773-328-6467 or the Servicing Department at: 800-263-4159 directly to see if there is any way that we can assist.

    -Cassandra W.

    Customer Success Ambassador

    8 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: Aug. 7, 2018

    We recently sold our small condo for our first ever dream home. A actual home that is large enough for us to be a foster family and keep custody of our legal guardian son. As it goes they selling of our condo was delayed a month and we needed that money from the sale as an down payment for the house. Guaranteed rate PROMISED us in numerous phone discussions that we would recast the loan and not have to pay the inflated mortgage payment we were given until the condo’s escrow closed.

    After closing of both homes guaranteed rate sent us a letter once again ASSURING the recasting of the loan and providing a wire number to use to send the monies from the condo sale to. Once we wired them over 200,000$ they called to say they would NOT recast the loan as promised. Now they took our money and we face to lose almost 10,000$ with the inflated mortgage. We can not afford this mortgage payment as it is above what we make monthly. It is putting our family in jeopardy as we watch our money disappear. We now face possibly selling our home because we can not afford this loan. Guaranteed rate lied and after we gave them 200,000$ refused to provide the service they stated they would. Stay far away - not a good company at all in my opinion.

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    Guaranteed Rate Mortgage response

    Hi Kaitlin,

    We are sorry for the experience you've had. Thank you for bringing this to our attention. We would like the opportunity to speak with you further about your experience. At your convenience, please call our Customer Success Department at: 773-328-6467.

    -Cassandra W.

    Customer Success Ambassador

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: July 19, 2018

    I wish I had known this company was this big before working with them. My agent was recommended by my realtor who said they specialized in home renovation loans and that was all they did. They sounded like a small company which I felt comfortable dealing with. Since I needed a home renovation loan and the seller wanted a 60 day closing it seemed like a good option. So I swapped to this company from another one and I am greatly regretting said decision. I have to close in 10 days or I lose my good faith deposit. I had all my stuff submitted within the first 3 weeks on a 60 day closing and was told repeatedly that it would only take 45 days for this loan. Now I am going to lose my deposit and probably the house and no one at this company can even be bothered to respond to me.

    I had submitted all my paperwork and was told they could order the appraisal immediately after that. After being given the runaround for 2 weeks after that (5 weeks in) it was finally ordered. I was nervous but told it should only take 9 days and we had plenty of time to close. I found out 7 days later (6 weeks in) from the SELLER that the appraiser had asked what kind of appraisal they needed (because they didn’t tell him) and that they had never responded and he had put the appraisal on hold.

    I contacted my processor and was given the run around for 2 days before they finally responded that they had answered his questions and I was promised that the appraisal would still come in on the same day. That day came and I found out that my processor (the same one who hadn't bothered to answer questions for 9 days) was on vacation for the next 4 days! I contacted her boss who told me the appraisal had also been delayed for 4 days (big surprise). At that point it was going to be down the wire but still potentially salvageable.

    Yesterday was the day they claimed the appraisal was due (would be week 7). I emailed and got no response. At this point I was sick and tired of this and called the appraiser directly. I found out that at the earliest the appraisal would come in 5 days before I had to close. I knew at that point I would lose my good faith deposit as it was part of the contract that I forfeit it at 60 days if I hadn't closed. I only agreed to this term from the seller because I was assured repeatedly that this would close in 45 days. I did everything, turned in every form, had all my contractors do all their stuff. Repeatedly asked if there was anything else I needed to do. I spoke to my appraiser again today and it came out that after waiting 9 days for answers from my processor she had told him all the wrong answers! He is now totally confused as to what he is supposed to be doing and requested to speak to my mortgage company directly to clear it up.

    He is also talking about handing off this appraisal to someone else because he is more than frustrated. There is now 0 chance of my loan closing on time. I am losing my good faith deposit because of just complete ineptitude. There was MORE than enough time for this all to go through just fine if the processor had just answered the questions in a reasonable time and correctly. If the appraiser passes this off to someone else it resets the appraisal time to another 10 days and the seller has made it clear if I don't close on or near the 28th that they will completely back out, at which point I am out the inspectors fees I paid, the appraisal fees I paid, and my good faith deposit.

    I don't even know how this company makes any money if they never close any loans! To top it all off despite the fact that this whole thing is on the verge of collapse. No one is responding to me, I haven't even been slightly rude to anyone or complained. I have done my best to not harass them and only emailed when things were due to see if they arrived. But now the appraiser NEEDS TO TALK TO THEM and even though they have said they will speak to him, they have not, and they won't respond to me when I ask if they contacted him and if it's been resolved. Don't use this company, ever.

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    Guaranteed Rate Mortgage response

    Hi Whitney,

    Please give our Customer Success Department a call at: 773-328-6467. I would appreciate the opportunity to look into the situation described below to help close your loan!

    -Cassandra W.

    Customer Success Ambassador

    9 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: July 14, 2018

    Guaranteed rate is a waste of time. Why have me pay nearly $1500 of my debt just to say I can't be approved? Shouldn't they have told me this before I wasted my time and money? I told them what price range I was looking at and I need a loan on the smaller side. They knew this before I even proceeded with the requirements for loan approval. They knew how much income I made and everything but to drag me through this and then tell me I can't be approved. They should've known if I was going to be approved or not before doing all of this. That is the problem here!

    My credit score has dropped WASTING MY TIME with these stupid people. They are unprofessional and don't seem to know wtf they are doing. It took nearly a week for a decision after a few months on improving my debt because every time I talked to someone there was always some excuse such as their system wasn't working blah blah blah. If you need a smaller loan do not waste your time with them go to a local bank. I was pre approved somewhere else within the same day. It just went so easy.

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    Guaranteed Rate Mortgage response

    Hi Reese,

    We are sorry to hear about the experience you had with us. We would like to look into the situation further, but we need a little bit more information to do so. At your convenience, please call our Customer Success Department at: 773-328-6467.

    -Cassandra W.

    Customer Success Ambassador

    4 people found this review helpful
    Rated with 2 stars
    profile pic of the author
    Verified Reviewer
    Original review: July 13, 2018

    The closing was not clearly explained. They collected the money for homeowner insurance at the closing, did not make the payment. The policy was canceled due to this. Calling them, they said the money collected is for the next year policy. This is a big confusion. They started to withdraw the monthly premium on the 1st statement plus the money at closing, but not making the payment until next year. I did email to the company, requested the follow-up. No response! This made me very disappointed. The process of refinancing was good until this point. Why did the company let things like this ruin their reputation?

    Guaranteed Rate Mortgage response

    Hi Susan,

    We are sorry to hear that your experience with us was not what you expected. We would appreciate the opportunity to look into the situation you described below. Please call our Customer Success Department at: 773-328-6467.

    -Cassandra W.

    Customer Success Ambassador

    3 people found this review helpful
    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: July 5, 2018

    Rick **. Where do I even start. This guy was a complete and total JOKE! First he gave me a contract to sign with an interest rate and after signing it the next day I get a phone call saying it is all wrong that my rate will be higher...um ok. I get a phone call from the company saying I'm buying a condo...um no. It's a house so wait...what the heck are they doing? Then we have to do everything all over again. And then 1 week away from signing after everything financially has been approved all of the sudden he can't do the loan. Yes, I'm pissed after going doing everything for the loan that they did not do it because he is an IDIOT, However on a general review this guy was unorganized, unresponsive and knew little about purchasing homes. Just go with a different company.

    Guaranteed Rate Mortgage response

    Hi Sonya,

    We are sorry to hear about the experience you had with us. We would like to look into the situation you described below. Please give us a call at your earliest convenience at: 773-328-6467.

    -Cassandra W.

    Customer Success Ambassador

    8 people found this review helpful
    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: July 2, 2018

    I started the home buying process with Guaranteed Rate's Jesse **. My husband and I were wanting to get a USDA loan. We got almost completely through the process, submitted every piece of information Jesse requested from us and when it got to the underwriter, found out that our income was too much to qualify for the USDA loan. This was AFTER I asked Jesse specifically how he felt about the chances of anything going wrong in underwriting and him assuring me that himself and his team went over our file multiple times and that he would not have submitted it to underwriting had he felt it wouldn't be approved.

    Once it was denied due to the income requirement (which is a major requirement for a USDA loan and should have been caught by Jesse and his team immediately), they suggested we take the FHA route. After looking back at my paperwork, I noticed our home cost was $180,900 but Guaranteed had us financing over $182,000 for some reason and our closing costs estimated at $11,000.

    Now with the FHA loan we would need to put 3.5% down on top of that so we were looking at around $17,000 to close. I called Jesse about this because it didn't sound right, seeing as how a family member of mine just closed a month ago in the same general area on a much more expensive home and her closing costs were $6,000. While on the phone Jesse became rude, disrespectful and unprofessional because I was questioning his closing costs numbers and told him I was considering changing lenders.

    My realtor called to talk to Jesse about what was going on and he lied and told her I didn't send him all of my income information, despite him just reassuring me that it would go through with no problem because him and his team went over it back and forth. After dealing with Jesse my decision on whether or not to switch had been made due to the way he spoke to me and due to the fact that I KNOW the amount he had listed wasn't correct. After starting over with a new lender I now have a loan set up with closing costs TOTAL, escrow, fees, cash to close... everything at $6,000. Exactly as I knew it should be. Also, when my new lender requested Guaranteed Rate to transfer my appraisal, Jeff ** at Guaranteed, would give a different reason as to why they couldn't transfer it. First they could, then they couldn't because a USDA loan is considered a conventional loan so the appraisal could not be used on an FHA loan.

    Once my new lender and I decided to go conventional I called Jeff back to let him know what we were going conventional so he could send the appraisal now. He then lied and told me it was against company policy to transfer any appraisals outside of government jobs. I asked him why wasn't that the reason he gave me 10 minutes ago when we were on the phone if that's the case and he couldn't stumble over his words fast enough to cover his lie. I can't speak for the whole company but I can say from my experience with these two guys, Jesse ** and Jeff **, I will never ever do business with Guaranteed Rate again and I will make sure everyone I know knows not to as well. They are slimeballs and crooks.

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    Guaranteed Rate Mortgage response

    Hi Shannon,

    We are so sorry about the experience you had with us. We would like to look into this situation further. Please give our Customer Success Department a call at: 773-328-6467.

    -Cassandra W.

    Customer Success Ambassador

    4 people found this review helpful
    Customer increased Rating by 4 stars!
    Verified Reviewer
    Resolution response: June 18, 2018

    I am writing this in response to my previous rant. After much research into the new banking laws and talking with my personal bank I learned that Guaranteed rate was not being ridiculous in their request after all and that this is the norm in todays mortgage lending. If I could remove my previous complaint I would and here's why. My banker whom I was dealing with on this deal remained engaged with us & made every attempt to resolve any concerns or issues we may have had. I said things in my review about the underwriting staff for this company without properly understanding the underwriting laws as they now are. We were frustrated and wanted the deal to be closed asap. After working with my banker and Guaranteed Rate customer service agents we were able to ease our minds and resolve our concerns. After all of this they had us ready to close only 5 business days past the original scheduled closing date, which was quite remarkable when you understand the stringent underwriting rules that exist today. We did not lose the property we were purchasing and were very impressed with how these people stepped up to ensure our complete satisfaction. I would highly recommend anyone getting a mortgage to be patient and understand it's not the bank as much as it is the rules and guideline they have to follow.

    Original review: May 30, 2018

    My wife & I were excited to be buying an investment property in Myrtle Beach, SC. We have purchased several homes in the past & have always used our personal bank but this time we chose to try Guaranteed Rate. Out of the gate everything was great. Our broker was a great salesman & made the process seem effortless & easy. He made many promises & said he’d be there for us to make it go smooth.

    Shortly after the process began we recognized this to be different than any of our previous experiences with our normal lender. We have excellent credit & excellent income but they struggled to understand how to read our tax returns. Then they started requesting info that we had never heard of only to later learn, these items did not exist for our circumstance. One person would request info & we would send it, then another rep would contact us asking for the same info we had previously sent. The request got more & more ridiculous the further we went. The further we went into it the less we were hearing from our broker. Their famous words are “hang in there we’re almost there.”

    Then closing day came but we hadn’t heard from them. We went past our closing day & 2 days past & they hadn’t uttered a word to us. My wife finally contacted our broker and he said they were hoping to receive a clear to close that week, the week after we were supposed to close. Then we received an email hoping it would say we’re soon to close but instead asked for MORE DOCUMENTS. Every time we’d try to back out to go to our bank they’d say hang in there, “we’ve worked too hard for your leave us now.” They tried to make us believe that we were holding up closing by a letter we needed to provide & also did the same with our insurance agent. In fact, our insurance agent said Guaranteed Rate reps were making impossible request from them & were making them feel as though the insurance co was holding up closing. Once these items were addressed they started requesting info that had been submitted twice before.

    To really push our buttons, they sent us new disclosures to sign & when I asked why we were signing them again we were told because we missed the closing date they had to charge a $500.00 rate lock ext fee. We finally decided enough was enough. This “lender” costed us thousands of dollars & we wouldn’t allow them to cost us anymore. We lost the house we were purchasing & have moved forward to purchase something using our bank this time.

    Beware & enter in with this company at your own risk. Beware of the great salesmanship & their eagerness to do business with you because once they feel you’re on the hook the nightmare begins. I encourage anyone planning to use this company to research them & read the reviews. It’s amazing how everyone has the same horrible experiences. Very unprofessional, extremely lacking knowledge & every time you think you’re over a hurdle they go back & present another. THE WORST BANKING EXPERIENCE EVER!!! Extremely upset that we are forced to give them a 1 star.

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    Guaranteed Rate Mortgage response

    Hi Jay,

    Thank you for your updated review! We appreciate your business and the opportunity to work with you. We look forward to working with you in the future. Congratulations on your home!

    -Cassandra W.

    Customer Success

    -Cassandra W.

    Customer Success

    10 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 27, 2018

    Absolutely the best! The help and assistance I got from everyone was unthinkable. Andres and Jennifer, were always with me, informing, and giving me the best options! Very Glad with this fabulous experience!

    Guaranteed Rate Mortgage response

    Hi Tomasz,

    Thank you so much for taking the time to leave such a stellar review! We are so pleased that your experience with us was the best! We look forward to working with you in the future.

    -Customer Success

    2 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 25, 2018

    I had the best experience getting my first mortgage ever at Guaranteed Rate and everyone I dealt with is so helpful and professional!! They always answered all of my questions (and I had many) promptly and explained everything with great detail. I will definitely refer anyone that is looking to get a mortgage or refinance.

    Guaranteed Rate Mortgage response

    Hey Lindsay,

    Thank you for taking the time to leave a review! We are ecstatic that your experience with us was so fantastic! We look forward to working with you in the future.

    -Customer Success

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 24, 2018

    Great mortgage officer - his team worked seamlessly together to get us approved for our loan 3 weeks early allowing us to focus on other parts of the home buying process. Joel was available whenever I had a question to clarify the process and numbers.

    Guaranteed Rate Mortgage response

    Hello Nik,

    Thank you for taking the time to leave a review! We are so glad that Joel was there for you every step of the way. We pride ourselves on putting the customer first. We look forward to working with you in the future.

    -Customer Success

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 24, 2018

    Robert and Catherine ** have helped my husband and I close on two homes now. They are extremely diligent and thorough with their work. They go above and beyond in doing everything possible to make the closing process go smoothly.

    Guaranteed Rate Mortgage response

    Hi Emily,

    Thank you for taking the time to leave a review! We are so glad that we have been here to assist you over the years. We look forward to continue working with you!

    -Customer Success

    2 people found this review helpful
    Rated with 3 stars
    profile pic of the author
    Verified Reviewer
    Original review: May 22, 2018

    Just days before closing the loan officer quit his job and the next officer somehow applied a lower credit score increasing my interest rates and explained that they had no fault as to why this was happening. As a first time buyer they had no care or compassion for me or my family. I would not likely to recommend this company to anyone.

    Guaranteed Rate Mortgage response

    Hi David,

    We apologize for the experience you had with us! We would appreciate the opportunity to look into this situation further! Please give our Customer Success department a call at your earliest convenience at:773-328-6467.
    -Cassandra W.

    Customer Success Ambassador

    8 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: May 9, 2018

    First off, I just want to say that I fully regret going with Guaranteed Rate. If I knew then what I knew by the end of this process I would have 100% gone with someone else. Everyone was so willing to help to get me on board with their company. Crunching numbers and making everything sound so good and so simple. But then once they had me on board, I rarely talked to my loan agent, even after repeated calls and messages. There were other workers in the office that he had communicate with me and it was obvious that Dave did not communicate the same information with them as he did with me which raised a lot of red flags and questions for me. The process took way longer than it should have.

    This was not my first time buying a house and getting a loan. The experience with Guaranteed Rate took more than months whereas my first experience with a different lender was a piece of cake and basically done in a couple days. When I would ask about closing, I kept being told "oh maybe just another week or two or maybe a few more days". After this went on for weeks and weeks, I was then told by Dave that they were missing a document or piece of paper by someone else but not by me. He said it was something to do with the developer, but was very vague and would not get me give me specifics on what was going on. I was so frustrated I was ready to pull out even a week before the closing date came.

    All the unanswered questions and calls to him and his office staff that took days to get an answer and then it was very vague or they didn't know it would have to get back to me but they wouldn't so I would have to call back. This company is a major headache, poor communication and poor customer service and I also feel being dishonest during the process. I would never ever ever use Guaranteed Rate again and anybody that I know I've also told, "Don't waste your time!" I encourage everybody I know to stay away from Guaranteed Rate and go with a smaller lender or bank where you actually get personal service.

    I am very frustrated even though this was a year-and-a-half ago already and it still makes me very angry even when I just hear the name Guaranteed Rate. One of the biggest regrets in my life. Building a condo should have been a fun and exciting time in my life but Guaranteed Rate stressed me out so much that it was not an enjoyable experience and I was ready to back out of the whole deal, even building, because of Guaranteed Rate.

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    Guaranteed Rate Mortgage response

    Thank you for taking the time to leave a review. We apologize that the experience you had with us when your loan closed was not what you hoped it would be. The feedback you've provided will continue to help our company improve.

    -Customer Success Department

    15 people found this review helpful
    Rated with 2 stars
    Verified Reviewer
    Original review: May 8, 2018

    I worked with Guaranteed Rate to purchase a home. The experience was great until a little challenge just before closing. There were some minor repairs that needed to happen for the deal to close. The seller was advised to put the money in escrow (which they did). When we arrived at closing there was an oversight of for additional closing fees which required me to bring an additional $2000 to closing. The Loan Officer was kind and even stated that they would reimburse a portion of the money. I was excited to be purchasing a home and operated out of trust. Fast forward, even though the money was put into escrow and repairs were not expected to happen until Spring 2018, the Loan Officer begin calling my phone three weeks after closing which was mid February. He stated that the repairs needed to happen ASAP. I wondered what the rush was but wanted to make sure I was being compliant.

    He shared that if I had the repairs done, they would reimburse me the money. I had the repairs done and paid out of pocket thinking I was going to get my money back. Well, I was dead wrong. I realized that Guaranteed Rate pushed to have the repairs done so they could sell my mortgage, as they do with all their loans. Once the repairs were made, I never heard from the Loan Officer again or received my money back. Not sure what happened to the escrow money. I called, sent emails and event text messages with no return call. He never followed up about the additional money I had to bring to closing.

    By the way, I also used a Realtor he recommended and no response from him either. I am happy with my new home but feel like I was manipulated by the loan officer. I felt like I was taken advantage of. I will not refer or use Guaranteed Rate again. They are great sales people who just want to close a deal and will tell you anything to get the deal closed!!!

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    13 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 28, 2018

    I don't even know where to start. In the very beginning, David seemed like a nice guy, gave us good numbers then towards the middle of the process it was harder and harder to get a hold of him. About 2 weeks before we had to close he said that we’re APPROVED. “Wow, great news.” Then he said we’ll be hearing from his loan officer Colleen who will be our point of contact until we close. This has got the be the start of my WORST NIGHTMARE. Throughout the rest of the process, I had contacted her about 10x and she's only replied to me about 2x. It even got to the point where I emailed her a picture of the things I've already sent her because 3 days later she would reply and say they need us to send the same paperworks that they asked for. And in my emails, I even told her “I know you don't reply to your clients, but I thought I'd ask if there was anything else you need”... NO REPLY.

    The day that we’re supposed to close 04/12/18 (Thursday) we still have not heard ANYTHING. David did not contact my realtor, the seller or I. Until we called about 3x, he finally answered and asked my realtor for an extension until 04/16/2018 (Monday). Good thing my realtor was smart enough to extend it until 04/19/2018 (Thursday). So we are one week out of contract already and David/Colleen does not contact us until FRIDAY, to say that we did not get appoved, mind you this is WAY after our original closing date. Now our EMD 5000$ is in trouble, and we may not get back because David, went way out of our contract date and the seller could very well keep it.

    The reason for our loan denial was they stated was because I had a “job gap” in 2016 but I went to school in Aug-Dec and got a diploma for it. He wrote us an email that the first underwriter who looked at our loan application SHOULD NOT have approved our loan to begin with. So now we WASTED 2 months and our EMD is on the line. And now we have to pay the sellers FEES for the home because we are now beyond late. We are going to a different lender and he is trying to save the deal for us, which he’ll be able to close for us in about 10 business days.

    LAST THING, David did not even try to do anything to try and save this. I had to be the one contacting other lenders to try and see if there is something they can do. So if you guys are interested in going with this lender, PLEASE do your research. Being a first time home buyer was already stressful enough, but if you want a lender who does NOT communicate well or at all with you, which makes thing 100x worst than it's supposed to be, definitely go with David ** and his team.

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    Guaranteed Rate Mortgage response

    Thank you for taking the time to leave a review. We apologize for the experience you had with us. The feedback you've provided will continue to help us improve our procedures.

    -Cassandra W.

    Customer Success Ambassador

    21 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 23, 2018

    My credit is perfect. Score is over 800. I earn 7 figures per year on a W2. My down payment was 40%. You would have thought I never paid a loan back with the back and forth with the loan processor. I spoke to the loan officer a few times. His rate was pretty competitive and he was a good salesman which is why I went with this company. The problem was I couldn't deal with the never ending emails and texts from them. We need this. We need that. What is this $5000 deposit from? What is that deposit from? I pulled the plug three weeks from closing and went with a local mortgage broker. His rate was a hair higher but I didn't have to deal with the nonsense. Don't fall for the rate... It's not worth it.

    Guaranteed Rate Mortgage response

    Thank you for taking the time to leave a review. We apologize for the experience you had with us.The feedback you've provided will only continue to help make our company better.

    -Cassandra W.

    Customer Success Ambassador

    19 people found this review helpful
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    Guaranteed Rate Mortgage Company Information

    Company Name:
    Guaranteed Rate, Inc.
    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
    Phone:
    17733286467
    Website:
    www.guaranteedrate.com
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