Guaranteed Rate Mortgage
Overall Satisfaction Rating
2.40/5
  • 5 stars
    17
  • 4 stars
    1
  • 3 stars
    2
  • 2 stars
    2
  • 1 star
    33
Based on 55 reviews that contain star ratingsSHOW RATING DISTRIBUTION
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Guaranteed Rate Mortgage

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Guaranteed Rate is one of the ten largest retail mortgage lenders in the U.S. The company has become The Home Purchase Experts® by offering industry-leading self-service tools and low rate, low fee mortgages through an easy-to-understand process and unparalleled customer service. Headquartered in Chicago with approximately 175 offices across the U.S. and licensed in all 50 states, Guaranteed Rate has helped hundreds of thousands of homeowners with more than $65 billion in home purchase loans and refinances since 2000.

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Last updated: Dec. 15, 2017

58 Guaranteed Rate Mortgage Consumer Reviews and Complaints

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Verified Reviewer Verified Buyer
Original review: Dec. 15, 2017

Guaranteed Rate has treated me like I am a criminal, or someone who steals money from old people. Apparently if you don't put all your money in a bank they think any cash deposit to pay for your down payment comes from illegal activity! This was stated by one their reps! Not only did they ask for your balance in the 401k but also the investment statement as well. And if you have a joint account do yourself a favor. Take your name off of it prior to buying the house!!! Even though the house is only in my name they made me disclose all the joint account holder information as well even their 401k! And they have nothing to do with the house! They also told me that there is no way in the 20 years I've been working could I have saved 4000 in cash and not put it in the bank!

Guaranteed Rate has been nothing but offensive during what should be the happiest time in one's life to the worst experience ever! And they discriminate against single women as their rep stated that more is required from single females than married females. Apparently we still live in the caveman era where women don't account for any contributions to society. And when you tell the lender, "Forget it. I'll switch to someone else" they hound you to just give up all your personal information as well as others that have absolutely have nothing to do with the house. If you don't put the money for the house (down payment and closing costs) and don't withdrawal not 1 penny for 60 days. Otherwise you will have to explain every withdrawal every deposit that you have made for the past 60 days!!! So if you're like most working class citizen and don't believe in putting all your money in the bank then PLEASE DO NOT GO THROUGH GUARANTEED RATE!!!

And to top it off they don't tell you the requirements up front. Oh no. They wait until the week before closing and threaten to push the closing date further out! Apparently we can take whatever day off they tell us we need too. This company DOES NOT LOOK OUT FOR THE CUSTOMER! Even with a FHA loan you know the one that is backed by the government meaning they would still get their money make it harder than giving birth!!! All of this is because of lenders who ripped consumers off during the time buying a home was at an all time high and because of their backdoor antics made the housing market crash thus leaving us to be treating us like a felony or criminal!!! It's because of their greed that the consumer now pays for their stupidity!!! And yes once again the working class citizens are the ones it hurts the most! I ended up canceling with them 2 days before closing! So all that work the lender did for the last month was for nothing!!!

Nor did they get paid for all that work!!! PLEASE PLEASE PLEASE DO NOT USE GUARANTEED RATE!!! There are sooo many other lending companies that will give you the best interest rate and won't treat you like you are a low life!!! If you still choose to use them be prepared to spend hours running around and you have to literally with an explanation letter for credit inquires, where the money came from in your accounts, your 401k even though you can't touch it unless you end the employment with an employer, or if you took a loan from it be prepared not only to show them you took a loan but they want your balance before you took it and once it's been taken and give a full written explanation to why you took that loan even if was from 1 year ago as they think you took it for criminal activities!

Never have I've been insulted as GUARANTEED RATE has!!! There is no guarantee with them. The company name should be GUARANTEED to make your house buying a horrible experience and if you want to know how a felony or criminals get treated then by all means GUARANTEED RATE will be more than happy to provide that service to you! And if you think about it with all that unnecessary information makes you start to wonder if they are selling your identity to others!!!

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Verified Reviewer Verified Buyer
Original review: Dec. 9, 2017

I reached out to Guaranteed Rate Mortgage to look at refinancing my home. Justin ** was the "Mortgage Specialist" who helped me with my application process. BEFORE I made the decision to apply for a loan, I explained to Justin on the phone that I have been divorced for 4 1/2 years, my ex-wife is on the title and the current mortgage and that my divorce decree says that we both equally split the equity or equally share any negative equity unless another method is used to get rid of the home. At that time, we had a negative equity and so we mutually decided that I would stay in the home and pay down the home until I brought it down to value and could refinance or sell. I asked Justin if any of this would be a problem and he said "nope, your ex-wife will just sign some documents when we close and that's really all there is to it".

Based on what Guaranteed Rate's Mortgage Specialist told me, I proceeded with the loan process, which included paying the $500.00 appraisal fee. Once it went to their underwriting, Justin and his team informed me that I would be approved for the loan but I had to get a "modified divorce decree". I checked with our local court where I got divorced, I checked with 2 attorneys and 2 mortgage lenders here in my town and all of them told me that I cannot modify my divorce decree for the property. They all told me that the legal method of handling this would be for my ex-wife to sign a "Quit Claim Deed" and the property is mine. Even the court system here stated that it's up to me and my ex how we wanted to handle it and if she was willing to sign a Quit Claim Deed, then that's all that is legally required.

I shared with Justin and his team that there are no ways for me to modify my divorce decree and I also reminded him that he told me this would not be a problem before I applied for the loan. Justin replied and said that Guaranteed Rate's request stands for a modified decree and that I would have problems with any other lender on this. So I applied for a loan through BBMC Mortgage out of California and they pre-checked with their underwriters and came back and said they would not require a modified decreae but would ask that I have my ex sign a document stating she was okay with me not selling the home and that she did not expect any equity out of the home. I also applied with another mortgage lender here in Lincoln, NE (Pinnacle Bank) and they checked on this before I applied and stated that all I would need is a Quit Claim Deed.

So I proceeded to apply with Pinnacle Bank and the loan went through underwriting and they were extremely honest, the only thing I will need is to have my ex sign over a Quit Claim Deed and that's all there was to it. Unfortunately, based on the false information Justin ** with Guaranteed Rate provided me and getting me to apply for the loan through Guaranteed Rate, I lost $500.00 on my appraisal fee. I had to pay another $500.00 for a new appraisal because most lenders will not allow you to utilize the same appraisal. Guaranteed Rate's response to this was that I agreed to a "no refund" on the appraisal and they felt they owe nothing to me despite the fact that their Mortgage Specialist misled me in order to get me to move forward applying for the loan and despite the fact that Guaranteed Rate was requesting something from me that simply cannot be done in modifying my decree.

They would not accept other legal methods of handling this. I strongly encourage anyone applying for a loan to seriously think twice before going through these online mortgage companies and if you do, DO NOT use Guaranteed Rate. There are way too many other mortgage lenders out there and you don't want to be misled just because someone gets commissions from selling loans. Most of the online lenders simply want to sell as many high volume loans as they can and they don't care if you lose your upfront fees, there is no risk to them to get you to apply. Use a local lender, I found that they offer much better rates and in my case, they even discounted my closing cost by $1,000.00 to help me out because of the $500.00 I lost with Guaranteed Rate.

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Verified Reviewer
Original review: Sept. 1, 2017

I perused the previous reviews, and I have to say, it's not about Guaranteed Rate as much as it is the person/people you are working with. Sure rates are rates and loans are loans but people make the difference. We are just finishing buying a home in a very competitive market (SF Bay Area) and the SF team (Phillip, Robert, Justin) are amazing. They have responded to every question and concern we've along the way. Our file was spotless, and when we came up against an issue obtaining flood insurance, Phillip went out of his way to help us find a policy.

Our file went to underwriting without error, which made the underwriting process painless. Yes, we had to provide bank docs, all investment accounts, tax returns, pay stubs, practically our firstborn child, but you have to be prepared to do that when applying for a mortgage. It's just part of the deal. Because of their quick work and attention to detail, we are set to close a week before our original date. This is my third home purchase and I've never had an easier, or more pleasurable, experience. I joke with Phillip that I will actually miss emailing him every day! Could not give Phillip's office a higher recommendation. Thanks to the entire team!

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Verified Reviewer
Original review: July 28, 2017

Nicole ** in Chicago, handled my loan and was always quick to respond. The team was always quick to respond, I sent signed documents online and seemed to have received a response instantly. The whole process was a breeze and took about two weeks total! I did have to resend paper work several times. I thought was odd, annoying at times. But it paid off.

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Verified Reviewer
Original review: July 15, 2017

I was told that I have locked in rates and everything is good to go. Made me pay 600 for the appraisal. After two months of useless document request. I was told my debt to income ratio is too high. Really I had an approval from Quicken Loans which I passed due to better rate. Anyways, I would stay clear from this shady company.

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Verified Reviewer
Original review: July 11, 2017

After the initial setup and documentation, they kept coming back and asking for the same info over and over again. I should have stopped right there. We combined our mortgage, equity loan and a college loan into 1, and it was impossible for them to get the info straight on how they would be paid off... First they said the college loan check was coming to us and we'd pay it, and then it magically was sent directly to the loan center weeks late and we had to deal with a late fee. So we paid our first payment which was due June 1, and a couple of days after, we received notice that our mortgage was sold to another lender.

The new bank harassed us from day 1 about our June payment, we continually called Guaranteed Rate regarding it and they just could not send it to the new lender our June payment in a timely manner...48 days to be exact before we threatened them with legal action by email. Then they wired it within a few hours. Every person we spoke with assured us it was gonna happen right then, yet never did, including my original contact regarding the loan, who was condescending in his reply to me. The new lender was a bank we would not have wanted to do business with based on their reviews, and now they are harassing us for late fees. Be prepared to have Guaranteed Rate sell your mortgage and send you to a lender that you may not want to be associated with. They are a nightmare, and I would run away from them!!!

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Guaranteed Rate Mortgage response

Hi Robert,

We are disappointed to hear about your experience with Guaranteed Rate and would like to understand your issues further. If you can please contact our Customer Care Team with your loan information.You can reach us either by phone at (773) 328-6467 or by email at CustomerCare@Rate.com.

Sincerely,

The Customer Success Team

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Verified Reviewer
Original review: July 6, 2017

Poor communication, asking for stuff over and over again by different people cause the rate lock to be extended which costs me money. Its month 4 still not closed yet. Horrid service. Do not use them. Kelly ** is an idiot. Worst experience.

Original review: June 20, 2017

Invade privacy and liars: The worse. RUN. DONT. They are poorly educated with what they are doing. Karol ** very unprofessional. Susan ** don't know what she is doing. Poor communication and they are impossible to deal with. Just live under a bridge before you consult them and I'm very serious.

Guaranteed Rate Mortgage response

Hi Regina,

We are disappointed to hear about your experience with Guaranteed Rate and would like to address your issues and concerns further. If you can please contact our Customer Care Team with your loan information.You can reach us either by phone at (773) 328-6467 or by email at CustomerCare@Rate.com.

Sincerely,

The Customer Success Team

Verified Reviewer
Original review: May 31, 2017

I'm a single first time home buyer working what I think is a first time loan officer. Yes, the blind leading the blind. I was not explained any kind of a process. I trusted that Damien ** knew what he was doing and that there was some sort process. I probably talked to him once every two weeks over about a month or so. I did not have a clue what was going on and never got an answer if I was ever approved or not. Anything and everything that could go wrong went wrong. I would just get emails of paperwork and sign them as I got them with. I would get a text or email 1-3 weeks later with a response that he just got my paperwork. I finally just gave up because the "process" was going absolutely nowhere.

To add insult to injury, my card was charged 4 days after I signed my release forms. He told me on 5/11/17 that it would be billed. As soon as my RE agent let Damien know that I was no longer interested in his services. He finally emailed me the electronic bill to sign after my release form was signed. I never signed it or responded to it and they still charged my card without my signature. Just to cover his butt because he would just let my paperwork sit for weeks at a time. To make a long story short... ask for an agenda, how much money for anything and everything. Interview your lending agent. Get everything in writing upfront. I called the corporate office. They said that they will not refund my money.

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Verified Reviewer
Original review: May 25, 2017

I have read a lot of these reviews and am surprised at how different many people's experiences have been with Guaranteed Rate. I worked with Tony in the Ann Arbor, MI office. I was purchasing in Houston, Texas. I started with roughly 8 direct lenders and narrowed down to Guaranteed Rate - overall best deal I could find after pitting the lenders' offers against one another. As for the entire process (and even after closing) Tony was very quick to respond (minutes after emailing) and would always give me a call back if I left a voice mail. After closing I had a couple questions and he was still very diligent and responsive. I really appreciate it and would highly recommend Guaranteed Rate based on this experience, and deal. (1% double match through Freddie Mac - I actually got money BACK at closing!) Thanks again Tony!

Verified Reviewer
Original review: May 24, 2017

I had work with them for two different Mortgages and had very different experiences. No closing Manager was ever introduced, no one even showed up for the closing of my second house! They would say I was "clear to close" and then ask more financial questions and tell me I'm still in underwriting. I must have gone back to underwriting about 4 times. I was ask to call a number they gave me to waste my time in collecting my current tax records... My copy wasn't good enough. The phone number was wrong and we were two weeks before closing when this occurred.

No faith in they know what they were doing... They would ask the same questions to the wrong people within my team. My real estate agent was ask to get item the lawyer would traditionally answer. No one ever kept me in the loop when they were asking for an extension. The closing was a hard deadline. And everyone knew it. Just very stressful and inexperienced people doing their job poorly. Go elsewhere... you don't need the stress!

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Guaranteed Rate Mortgage response
Hi Amy,

We are sadden to hear about your experience. If you would like to discuss these issues further please contact our Customer Care Team with your loan information. You can reach us either (773) 328-6467 or CustomerCare@rate.com. Kind regards, The Customer Success Team.

Verified Reviewer
Original review: May 2, 2017

Not at all happy with this process. Out-of-town appraiser came in with a ridiculously low appraisal on our home for our refinance. STAY AWAY FROM THIS COMPANY. Use a local bank or credit union. So now we need PMI but don't currently have PMI? Thanks, but no thanks. Waste of time and a $500 appraisal paid upfront. Out-of-town appraiser made what should have been a slam-dunk refinance into an aggravation not worth the hassle. 800 credit score, high income. Canceling this application and lost $500 in the process. Great. Thanks, Guaranteed Rate, for stealing $500 from us.

Guaranteed Rate Mortgage response
Hi,

We appreciate your feedback. If you would like to discuss these issues further please contact our Customer Care Team with your loan information. You can reach us either (773) 328-6467 or CustomerCare@rate.com. Kind regards, The Customer Success Team.

Original review: April 13, 2017

Obtaining a mortgage - Very unresponsive. Firm assumes everyone is a super computer tech. Interest rate terrible. Fees not explained. Disavow themselves of everything including HOA fees. No response whatsoever following closing. Austn ** team is the worst.

Guaranteed Rate Mortgage response

Hi Ann,

Thank you for your review. It saddens us to hear you had a negative experience with Guaranteed Rate. If you would like to discuss these issues further, please contact our Customer Care Team with your loan information. You can reach us either (773) 328-6467 or CustomerCare@rate.com.

Kind Regards,The Customer Success Team

Verified Reviewer
Original review: March 10, 2017

I really don't like to write negative reviews, but I just want anyone looking to re-finance their home with Guaranteed Rate, I want them to know: "BUYER BEWARE!!" These people will promise you a lot, but don't deliver. They indicated that I would be able to re-finance my home within a month or so. But, such was not the case. On the contrary, it dragged on for a year. They keep wanting the same documents over & over, & they kept dragging the whole thing along promising me that we're "gonna be closing any day now, but we just need one last document". I had supplied the same documents over & over again. I had provided letters from my CPA, from my bank etc., etc. Unfortunately, I was the fool that got taken for a ride.

Then after about a year, they stopped returning phone calls & dropped the whole thing without any response or call or email. I have excellent income & excellent credit (800). They just kept dragging this thing wasting my time, energy & money. I spent $600 on getting an appraisal through their company & they kept dragging everything along for a year & then suddenly dropped everything. They are a joke!! My local bank was able to close my loan within 30 days & gave me a better rate than Guaranteed Rate AKA Guaranteed Rage... Yeah... after working with them for awhile you will be in a great rage, wondering why you worked with these bozos in the first place. They do promise these awesome rates, but, they don't deliver. You will wind up with headaches & a lot of frustration. They don't do good business, don't return phone calls. I wonder why they're in this business in the first place. SAD!! SAD!! SAD!! Save yourself time & aggravation & look elsewhere!

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Guaranteed Rate Mortgage response

Hi Angel,

We are disappointed to hear about your experience with Guaranteed Rate and would like to address your issues and concerns further. If you can please contact our Customer Care Team with your loan information.You can reach us either by phone at (773) 328-6467 or by email at CustomerCare@Rate.com.

Sincerely,

The Customer Success Team

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Verified Reviewer Verified Buyer
Original review: Feb. 11, 2017

Kevin ** of Guaranteedrate.com was the assigned mortgage officer for our refurbishment mortgage. First off, the needed down payment changed. Then the loan summarization that was supposedly sent via overnight service did not arrive. Then, then it was emailed. This showed permit fees added to financing, inspection fees added to financing. Additional fees for application, guaranteed rate fees, processing, appraisal, additional appraisal and application fees, and "hazard" insurance. When asked for an explanation of these fees I was told to go elsewhere. No explanation was provided. Stay away from this lender. They will charge you for nothing, and act like they deserve it.

Guaranteed Rate Mortgage response
Hi Robert,

Thank you for your review. We are disappointed to hear about your experience with Guaranteed Rate. If you would like to discuss these issues further please contact our Customer Care Team with your loan information. You can reach us either (773) 328-6467 or CustomerCare@rate.com. Kind regards, The Customer Success Team.

Original review: Jan. 8, 2017

I got sucked into refinancing with Guaranteed Rate last year. The refinance experience was very good. In my opinion, they are better than Quicken Loans in this aspect. However, this company doesn't seem to like my payments. My pay schedule started in October and it has been a hit and miss. The first payment went ok. The second payment was returned with 'account not found' and I had to go to their site and made a wire transfer so that I wouldn't be late. At the moment, I am sitting here with two payments which have not been applied to my account. I think for a complex and long term transaction like financing a home, it is better to do business with a bank or a credit union, an organization you can walk in anytime to conduct your business. I really regret doing business with this company.

Guaranteed Rate Mortgage response

Hi Ming, we appreciate your feedback. If you would like to discuss these issues further please contact our Customer Care Team with your loan information. You can reach us either (773) 328-6467 or CustomerCare@rate.com. Kind regards, The Customer Success Team.

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Verified Reviewer
Original review: Dec. 20, 2016

I applied for a refi w/ Rate.com November 2nd. Within about 2 or 3 days I had all paperwork and requirements provided to them. they went from several phone calls daily to non-existent. I can't even get an email response from them now. They offered a GREAT RATE, then disappeared. This is false advertising in my opinion! I was originally told by Rhea (the person I was working with **) that we were waiting for the next month to get a payoff quote, even though we were nearly 2 weeks before the 1st of the month. Why not get the quote, and make the adjustment post-closing if there are one or two hundred dollars out of sync.

Well, the 1st of December has come and gone, and still no responses from them. Her assistant ** told me it was because she was out having surgery and would be back in the office almost 2 weeks ago now. He also told me he was talking to the management about it. Still, no response, no reply, no acknowledgement whatsoever. This company is an abomination and should be investigated.

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Guaranteed Rate Mortgage response
Hi Jon,

We are very disappointed to hear about your unfavorable experience with us. We would appreciate the opportunity to respond and address these issues, In order for us to address your concerns, we recommend that you contact our Customer Care Team with your loan information. We can be reached at either (773) 328-6467 or CustomerCare@rate.com. Sincerely, The Customer Success Team.

Verified Reviewer
Original review: Dec. 15, 2016

First off let me say that Guaranteed Rate did get my loan closed... But where I am dissatisfied is their lack of customer service. I was the one that started every conversation. If something was needed it was always late in the day before I ever knew anything about it putting us another day behind. I did receive a couple emails from the first person I dealt with that were a bit on the snippy side... But the last 2 people I dealt with was very nice and seemed to get things done. So with all said and done I do not believe I would use this company again.

Guaranteed Rate Mortgage response
Hi James,

Thank you for your review. Your feedback helps us improve as we continue to work with our loan teams. We do apologize for the lack of customer service. If you would like to discuss these issues further please contact our Customer Care Team with your loan information. You can reach us either (773) 328-6467 or CustomerCare@rate.com. Kind regards, The Customer Success Team.

Verified Reviewer Verified Buyer
Original review: Dec. 14, 2016

When I applied for the mortgage they gave me a list of basic information I needed to fill in the application. When I sent all the information in they said I needed some other information. Gave it to them, and it seemed that I needed to get something new every week. This went on for almost three months, so I asked to speak to the manager and asked him if when I sent in the last information that they asked for what else would there be and he replied that he didn't know. I had spent money on the appraisal and having my well inspected at the start of the application. I had enough of their no answers that I remove my application. I recommend that if anyone wants to get a mortgage find another lender. I have had nothing but a bad experience.

Guaranteed Rate Mortgage response
Hi Ronald,

Thank you for your review. We are disappointed to hear about your experience with Guaranteed Rate. If you would like to discuss these issues further please contact our Customer Care Team with your loan information. You can reach us either (773) 328-6467 or CustomerCare@rate.com. Kind regards, The Customer Success Team.

Original review: Nov. 19, 2016

I had the pleasure of working with Todd ** and my realtor. Excellent! Excellent! Excellent! Very thorough, quick and extremely knowledgeable. I have return back to him to refinance and get rid of my PMI. I would recommend this agent with this mortgage company any day.

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Verified Reviewer
Original review: Nov. 10, 2016

Looking for a lender to buy a home? Considering Guaranteed Rate Inc, the 8th largest lender in the country whose goal is to be even bigger? Well... If you have hours a day to educate yourself on the interesting details of Fannie, Freddie and their cousin FHA, this is your company. If you enjoy doing other people's jobs and not getting paid... two words... Guaranteed Rate. Warning: Using Guaranteed Rate especially in "short escrows" can lead to text ranting, hyper vigilance of email, jumpiness when cell phone rings, blurred vision from internet detail searching, and marital discord. Other side effects may include inheritance expunging, voluminous conference calling, and carpal tunnel cramping. If you want your appraiser to show up on the day escrow is suppose to close and the termite tent is on the house, then this is your circus. Tent and all!

If you love talking (or swearing) on the phone for hours to people you hope you will never meet or see again, look no further than GRI. Eventually, you will be on an email only basis anyway because then they can really draaaawwwwww this out. Also, if you ever want to feel the scramble of having to rearrange your life at least four times because of changes in escrow dates, then this is the underwriting team of your dreams!! Here's your loan pre-approval, oh, and "Congratulations, your loan has been approved", and escrow will close next Friday!! Oh, just kidding. Let's see if we can get your loan lock to come off twice now by asking for additional stuff that doesn't matter so we can justify our jobs and just irritate everyone involved.

If you have never met a credit card you didn't like, they will perhaps loan you the bank. But if you only buy what you can afford with a debit card, prepare to pitch a tent with your millions in a homeless shelter. Yes, and if time is no concern, and if you find people running around with their pants on fire, (liar liars), then this is the company for you!! Would you like your 21 day escrow to last at least 60 days... Here you go! Guaranteed Rate is great if you ever want a reminder on what a migraine feels like, what it's like to have high blood pressure, insomnia, and let's throw in a few heart palpitation reminders for good measure. Number 8?

Seriously, with this type of customer service, I'm surprised GRI is still in existence. Even with the home office coordinator's "help", NOTHING! She disappeared off the radar as well. Thanks for literally nothing!!! We are getting ready to cash out the house and will delay financing until after we move in. The emotional distress of continuing to deal with this lender has pushed us to our break point.

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Verified Reviewer
Original review: Nov. 1, 2016

Guaranteed Rate experience was the worst mortgage experience I had ever experienced period. I also wish I could rate them lower than 1 star! I was completely led astray throughout the mortgage process. Was told the debt ratio was too high!! It was humorous because they gave me 2 Pre-qualification Letters with the loan higher than what I settled for almost $150k higher. Instead they treated me like I was ignorant. If it wasn't for my real estate agent I don't think the deal would ever had closed.

Ryan attributed to a rookie mistake in the sales process. I explained to several different people including Ryan that there was additional income that could be utilized. No that was not needed I was told. Instead they flipped me and the seller numerous times to the point where I almost lost the deal. On top of that Ryan was considerably rude. He cussed at me several times and said "when I tell you to 'Execute' you do just that and don't ask questions." I think people internal to Rate should be asking the questions as to the business practices and mistakes that were made. It was ridiculous.

Updated 1/25/2017 - This is in follow-up to my original posting, for the past month I have been waiting for GR to follow-up and respond. They contacted me with their Customer Service group and said they would get back to me within a week with a resolution to my situation. Three weeks later, no response and no word. The saga with GR and Ryan ** continue, at this point I would recommend as many people stay away from this firm as possible. They are a disgrace as a mortgage company, would recommend Quicken Loans over them any day. Wish I would have stayed with them from the beginning.

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Verified Reviewer
Original review: Oct. 20, 2016

I would not recommend this company to anyone. I have owned my home for almost 9 years and have owned and managed rental property for 25 years. Two of the properties are jointly owned with my sister. I was planning to purchase a condo on Cape Cod and the real estate agent referred me to a loan officer for Guaranteed Rate. I have a credit score in the high 700s and had no doubt that I would qualify for a mortgage on the condo. I decided to obtain a home equity loan on my home to fund the downpayment. The loan officer was aware of this and never told me that this loan would affect my ability to obtain the mortgage on the condo.

However, the underwriters used the loan as a basis for determining that my debt to income ratio was too high. They insisted as attributing 100% of the expenses for the joint property to me but only 50% of the income. I provided them with my 2015 and 2016 tax returns that showed that I claimed 50% for both the income and expenses for the joint properties. I also provided them with the last two bank statements from our joint account that showed that all the income was deposited into that account and the expenses were paid from it.

However, the loan officer said that my sister would have had to pay the expenses from her own checking account. The loan officer suggested several things I could do to qualify for the loan that did not benefit me financially. For example, putting the joint property into my name only or delaying the closing until next year and changing the way my sister and I claimed the joint property. Or using retirement funds for the downpayment. It did not make sense to me to use my IRAs and automatically lose 25% to taxes. I would not have been in business for 25 years if I didn't know how to handle my finances. Obviously, this company is concerned only with their own interests and not the client.

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Guaranteed Rate Mortgage response

Hello Sandra,

We are saddened to hear about your experience with Guaranteed Rate and would like to understand your issues further. If you can please contact our Customer Care Team with your loan information.You can reach us either by phone at (773) 328-6467 or by email at CustomerCare@Rate.com. We would like to speak with you and resolve these issues.

Sincerley,

The Customer Success Team

Verified Reviewer
Original review: Sept. 2, 2016

They were patient and walked me through the process. As it was my first time, I had a lot of questions and they eased my mind. I was impressed by their level of involvement. Every time I spoke with them they knew who I was and how to meet my personal needs. They were able to and willing to help in any way possible. They were friendly and helpful throughout the whole process. It was great knowing they were in my corner assisting me throughout the process. Great value. You can't put a price on peace of mind and I had it throughout the process because of them. It seemed effortless. I was very thankful.

Verified Reviewer
Original review: Aug. 27, 2016

Guaranteed Rate experience was the worst mortgage experience I had ever experienced. I wish I could rate them lower than 1 star! As a part time real estate investor, I have dealt with multiple mortgage companies in the past. It was time for us to refinance our personal residence and I asked a Tim **, real estate acquaintance for a recommendation for a refi.

He suggested Leo ** of Guaranteed Rate. Leo sent the application and then I was assigned to deal with Jennifer **, loan coordinator. I made application in May 19, 2016. I began to send them all the documentation they requested. I had the house appraised and it came in much higher than I expected. As a re investor, I had closed on multiple deals, latest was 2012 and the wanted the closing docs for those. Not enough. They asked for more. (I had wind damage to my roof in March and filed a claim which the insurance company paid). Underwriting wanted to know what the large check recorded in my check account. I showed them the documents for the roof repair. They asked where I got the money, I had to show them the insurance deposit.

Somewhere along the second month, they said I was the owner of the company I work for and wanted all my business records. I said I am an employee, I WORK as an EMPLOYEE. They said somewhere on the internet it said I was the owner. (I am the General Manager.) I had to have one of the employees (Since I was the GM) write a letter on company letterhead to state that I was not the owner. They called him at work to ask him if I was the owner. Not good enough! Two weeks later, they wanted documentation of the owner. I had to have the accountant of the company send them documentation that I was not the owner. Another month passed.

In July I get a closing documents to sign, closing is scheduled for July 13. It came and went. The rate lock was good for July 31st. That came and went. Then the Loan Coordinator took a week off while underwriting worked on the loan package. Jennifer returned, underwriting was behind and everything is delayed. They asked for my 2013 Tax returns (they had 2014 and 2015). Finally, It was delayed because the investors wanted some P&L and Balance Sheets of some companies that my family runs independent of our participation, but my wife is listed as part owner. That took about a week.

Our credit score is mid 700 and our income is well above average and debt to income is low 30%. No problems there. Then August 12 (FOUR MONTHS!!!) Jennifer calls and said they have bad news. The underwriter miscalculated and made an error in data enter of my documents and once they corrected the problem, my debt to income is too high to be approved. WHAT???

I know what I make, I know what I owe, there should be no problem. Jennifer confessed that they made a huge mistake by not entering the information correctly. AND because (I have good accountants who know how to LEGALLY show a lower taxable income) it made my debt to income exceed their qualifying levels. I was not approved. By saying that their underwriters are college interns would be too kind. Their underwriters are not as smart as a 5th grader! I believe they hire elementary students as underwriters. I will start all over now but not with NO Guaranteed rate. Ty, get another job!

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Guaranteed Rate Mortgage response

Hello Keith,

We are disappointed to hear about your experience with Guaranteed Rate and would like to understand your issues further. If you can please contact our Customer Care Team with your loan information.You can reach us either by phone at (773) 328-6467 or by email at CustomerCare@GuaranteedRate.com. We would love to speak with you and resolve these issues.

Sincerley,

The Customer Success Team

Verified Reviewer
Original review: Aug. 26, 2016

Accuracy was very prompt, legit and legible without any kind of discrepancies, unlike other businesses and I'd highly recommend this service to anyone, just as well as I highly value it. Organization was very satisfying and pleasing, unlike others and it was united instead of being individualized. Customer service was very desiring and attentive, compared to others. The value of this business is totally credible.

Verified Reviewer
Original review: Aug. 25, 2016

I got what I asked for... can't complain. Interest rates high...not very comparable. Seems more interested in money. I think they took advantage of me being in a Bind. Not really my best decision. Seemed very scattered... nobody seems like a priority. They took calls and answers questions so good in that respect. Once again...not the best decision ever made. Everything was just so lackluster. I can't complain because they came through. I am grateful but that's all it was a service...no human compassion behind it. Business straightforward.

Guaranteed Rate Mortgage response

Hello Jennifer,

Thank you for your feedback. We will take it into consideration as we work with loan teams to improve. If you would like to discuss your experience further please contact our Customer Care Team with your loan information .You can reach us either by phone at (773) 328-6467 or by email at CustomerCare@GuaranteedRate.com. We would love to speak with you and resolve these issues.

Sincerley,

The Customer Success Team

Verified Reviewer
Original review: Aug. 22, 2016

The service was pretty good but it still felt like they were only interested in how much they could make off me. There was no sincerity and no honesty. They couldn't wait till I signed a contract so their commission was secure. There was no feeling of true concern about my welfare. It was a definite feeling of big corporation. The more numbers they put up the bigger their group would get. Since the bailout, a lot of big business only see the consumer as a way to get out of debt and still be multi-millionaires. Gain everything and to heck with the consumer and their needs.

Well, customer service was horrible. You apply online and they're claiming to get to you within the week. But, 3 months later you finally hear from them and all the info you gave them was wrong so you have to start all over. That is if you haven't been sued. You apply online, it takes months to get response. The rates are top dollar, the willingness to go out of their way for your needs is not there and you still get very little service for top money.

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Guaranteed Rate Mortgage response

Hello Lynn,

We are disappointed to hear about your experience with Guaranteed Rate and would like to understand your issues further. If you can please contact our Customer Care Team with your loan information.You can reach us either by phone at (773) 328-6467 or by email at CustomerCare@GuaranteedRate.com . We would love to speak with you and resolve these issues.

Cheers

The Customer Success Team

Verified Reviewer
Original review: Aug. 19, 2016

They was accurate while they are doing with my file and I liked the procedure of the company. I really liked the agents in the company while I was there in the office. It is the good organization and I hope I will continue doing the business with them in the future too. They treat their customers very well and I would like to thank them for the work they have done. I liked the customer service and I am extremely happy with the way the customers are treated here at the branch. Customers are the main important thing in a organization and if you treat your customers well. Their value is good and they have a very good value in the market and I will recommend to get the loan from them as they have the good rep.

Verified Reviewer
Original review: July 25, 2016

I started out working with Mike ** at Guaranteed Rate in Grand Rapids, MI. The first few phone calls/e-mails he acted friendly and things seemed to go fast (this makes sense, as he was trying to gain a new customer. I told him I was just shopping around for the best rate). It wasn't long into the process that he started treating me like every question I asked was dumb, and giving me attitude every chance he could. I told Mike very early on that I needed this loan to be done by May 15 (two months out). He assured me multiple times that this is no issue whatsoever and we would be closing weeks before this. A few weeks into the process, Mike became very difficult to get a hold of. Both my realtor and myself would call and e-mail multiple times within 2-3 days with no response until I would call from a number unfamiliar to him.

Mike lied multiple times about the status of my loan. For about a month he would tell me it's in underwriting. Then he would request more tedious documents from me (I was jumping through hoops left and right to get them every and any document they asked for). I kept reminding him that my lease ended May 15 and I had no other options as far as a temporary living situation (I have horses and dogs). He kept saying "we're so close", "almost there", or "it's in the final stages of underwriting". Finally, I called his manager RJ ** who told me "this is very unlike guaranteed rate" and "I'm so sorry for all of the miscommunication with Mike". I told him about Mike throwing fits and he told me from there on out he would be my contact, and I should no longer communicate with Mike.

Over the next few weeks, I kept pushing for the loan to get done by checking in every day to see if there was any additional documentation they needed from me. RJ started falling off the face of the earth, and was just as hard to get a hold of as Mike had been. Luckily for me, I had his cellphone number. So I would just call over and over again until he would finally answer (this is after he would ignore me for 4-5 business days). So the week of May 15 comes around and Mike (who ended up getting involved again) told me I should have the clear to close by tomorrow. I spoke with RJ the same day, and he said that realistically it wouldn't happen for a few more weeks, because given the lengthy process (which he admitted was no fault of my own), my credit report that they pulled was going to expire that Friday and there "isn't much we can do".

At this point, I was backed into a corner and had no option other than to re-sign the lease for my rental property. My landlord was not willing to extend my lease by anything less than 12 months. I explained this to Mike and asked him to write me a denial letter (because RJ told me word for word that my loan "will not go through"), so I would be able to get my earnest money ($1500) back from the title company.

Mike threw another fit, told me "no way", hung up on me (like the professional he is), and proceeded to CALL THE SELLERS DIRECTLY to tell them I was backing out of the loan and they should not release my earnest money to me because I had the clear to close. This was not true, and I have e-mail proof from Mike after the time of this phone call stating that I still did not have the clear to close. Mike went out of his way to attempt to screw me over when it had absolutely no effect on him whether or not my EMD was returned to me.

Not only is this just straight-up mean, but what he did is also illegal and violates my privacy, RESPA, and the clean-desk act. Mike ** (and everyone else at Guaranteed Rate that I dealt with) is a cold-hearted, whiny little child that only cares about if they get paid or not. I would not recommend Guaranteed Rate to my worst enemy.

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Guaranteed Rate Mortgage Company Information

Company Name:
Guaranteed Rate Mortgage
Website:
www.guaranteedrate.com