Guaranteed Rate Mortgage

Guaranteed Rate Mortgage

Concord, NC

 4.0/5 (451 reviews)
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Guaranteed Rate Mortgage
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About Guaranteed Rate Mortgage

Guaranteed Rate (NMLS #2611) is a mortgage company that operates online and in person. It offers a wide variety of financial products to customers all over the country, including conforming conventional mortgages, nonconforming conventional mortgages, government loans, home renovation loans and home equity lines of credit (HELOCs).

Pros & Cons


  • Available nationwide
  • Offers multiple types of financing
  • Competitive average rates
  • Online application process
  • Gives preapproval decisions in about 15 minutes


  • Doesn't have physical branches in every state
  • No home equity loans

Bottom Line

Guaranteed Rate is a good option for homeowners looking to refinance or borrowers who want to explore multiple loan options. You can get a personalized rate online without a hard credit check, and you can visit its website or a branch location to apply.

Top Guaranteed Rate Mortgage Reviews


I could count on this mortgage company; they did what they said they would when they said they would! Helped me make informed decisions. This company worked quickly, other compani...

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Paige **, kept my nerves calm as my wife and I were trying to refinance. She was with us at the beginning and stayed in touch to the end. We are very pleased with the new rate and...

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From 2019 to 2021, Guaranteed Rate generally offered a lower average rate for home purchase loans than the national average.

Just keep in mind that interest rates depend on a number of economic and personal factors, including the borrower’s credit history and debt-to-income (DTI) ratio. Typically, borrowers with higher credit scores and lower debt-to-income ratios secure better rates.

Guaranteed Rate Mortgage average home purchase rate vs. national average

YearDifference from national average
2021 -0.11%
2020 -0.15%
2019 -0.06%
Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

Guaranteed Rate offers both fixed-rate and adjustable-rate mortgages (ARMs). Fixed interest rates won’t change over the course of the loan term, so some borrowers prefer the predictable payments these mortgages offer. However, an ARM usually offers a low introductory rate that’s fixed for a period of time. Later, the rate will reset occasionally based on market conditions.

Guaranteed Rate offers ARMs with introductory periods of five, seven or 10 years. If you have a five-year ARM, your rate will reset after five years and change again either biannually or annually, depending on your terms.

An ARM could be a good option if you expect your financial situation to improve during the introductory period. Some borrowers use ARMs as a way to obtain a lower interest rate when their credit isn't great but they expect to improve it. Once their credit score improves, they refinance the loan and lock in a better fixed rate.

Application process

To get a mortgage with Guaranteed Rate, begin the preapproval process by visiting the company’s website. You’ll then need to provide information about your financial situation, like your estimated credit score and the state where you plan on purchasing a home. The application also asks for more detailed information, like your annual income and your bank account balances. Guaranteed Rate uses this information to determine your loan eligibility.

Be prepared to upload documentation for the loan application, including W-2s, bank statements and payroll stubs. Once you’ve completed your application, you should receive a preapproval decision in about 15 minutes.

Noel, a ConsumerAffairs reviewer from Illinois, had this to say about their experience with Guaranteed Rate:

“I got the lowest rate possible and shopped around to be sure. Jay waived the lender fee and I pretty much paid nothing to refi. My prior mortgage was paid off within three days of closing and I got excess money paid back to me via direct deposit. ...This was the cleanest and most easy experience.”

Guaranteed Rate Mortgage application features

Online application
Mobile document upload
Physical branches 48 states
Publishes minimum rate on website
Rate lock 60, 75 or 90 days
Pre-qualification (no hard credit pull)
Certified approval letter

Loan types

Like most mortgage lenders, Guaranteed Rate offers an assortment of loan options, including conventional loans, jumbo loans, FHA loans and VA loans. Its fixed-rate loans come in 15-year or 30-year loan terms, while its ARMs have five-, seven- or 10-year fixed-rate periods.

The company also offers interest-only mortgages for borrowers who may need a more flexible loan option. With this type of mortgage, you delay repaying the principal debt for a short period of time (for example, five years) while making lower, interest-only payments monthly.

In addition to mortgage products, the company also offers HELOCs, home renovation loans and personal loans.

In 2021, Guaranteed Rate received 116,164 home purchase loan applications. Most of these applications made it through to closing (about 72%), and only about 4% were denied.

Loan applications for home purchases only by year

Home purchase applications 116,164 95,752 73,171
Home purchase loans closed 83,205 69,282 52,786
Home purchase applications denied 4,207 3,644 2,674
Home purchase preapprovals denied 104 67 133
Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.


In 2021, a little over half of the loans Guaranteed Rate originated were for refinancing (roughly 54% with rate-and-term and cash-out refinances combined). That means less than half of the loans it originated were for home purchases (about 46%).

This isn’t unique to Guaranteed Rate, though. A large number of borrowers chose to refinance in 2020 and 2021 to take advantage of the low interest rates at the time. Refinancing to a lower rate reduces your monthly payment and helps you save on interest over the loan term. Many borrowers also choose to refinance if they want to turn some of their home equity into cash to fund a project or pay off another debt.

Home purchase vs. refinance loans by year

Home purchase loans 45.79% 42.23% 64.99%
Refinance loans 35.49% 46.84% 25.29%
Cash-out refinance 18.72% 10.93% 9.72%
Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

HELOC and home equity loans

Guaranteed Rate offers HELOCs to borrowers who need to draw from the equity in their homes over time, but it doesn’t offer home equity loans. With a HELOC from Guaranteed Rate, you can borrow between $20,000 and $400,000, depending on your available equity and the loan-to-value (LTV) ratio. Draw periods range from two to five years.

Unlike many HELOCs, Guaranteed Rate’s HELOC has a fixed interest rate, which means your monthly payments won’t fluctuate based on market conditions. You can also receive funding in as little as five to 10 days.


Guaranteed Rate doesn’t publish all of its borrower requirements, but the ones it does post generally line up with the industry norms for those loan types. The company says that it requires a 620 credit score for mortgage approval, but this limit appears to be 580 for VA loans. Many of the company's educational materials also refer to lower credit score minimums for FHA loans — but not in the context of its own lending practices.

For context, we’ve included a table of general mortgage qualification guidelines below.

National mortgage requirements by type

Min. credit scoreMin. down paymentCompare with other lenders
Conventional Typically 620 Typically 3% Mortgage lenders
FHA 500 3.5% with 580 credit score FHA lenders
VA Set by lender (often 580) 0% VA lenders

Guaranteed Rate does a better job disclosing its requirements for HELOCs, which include having a:

  • Minimum credit score of 640
  • Maximum DTI ratio of 50%
  • Maximum LTV of 90%
  • Single-family home, townhouse or condominium

Cost and fees

Guaranteed Rate does not publish its lender fees. However, these fees are a portion of your total closing costs, which generally equal 2% to 5% of your loan amount.

In addition to lender fees, closing costs typically include title fees (like title search fees and title insurance), homeowners insurance premiums, appraisal fees and inspection fees.

To help you prepare to pay closing costs, you’ll receive a document called a Loan Estimate after you apply for a loan. This will give you a better idea of the fees associated with your new loan before you commit any further.


What is Guaranteed Rate Mortgage?

Guaranteed Rate is a nationwide mortgage lender founded in 2000. The company is headquartered in Chicago, and it offers multiple types of home loan financing, including:

  • Conforming conventional loans
  • Nonconforming jumbo loans
  • Nonconforming interest-only loans
  • FHA loans
  • VA home loans
  • Home equity lines of credit (HELOCs)
  • Home renovation loans

If you’re interested in finding out more about a Guaranteed Rate mortgage or applying for its programs, visit a local branch or go to the company's website and fill out a loan application. You can get a preapproval decision in about 15 minutes.

Is Guaranteed Rate Mortgage legit?

Guaranteed Rate is an established lender that funded over $70 billion in loans in 2021, and it has over 500 branches nationwide. At the time of publishing, Guaranteed Rate has a 4.0 overall satisfaction rating on our site based on 1,482 ratings in the last year.

Where is Guaranteed Rate Mortgage available?

Guaranteed Rate is licensed in all 50 states and Washington, D.C. It also has over 500 branch locations across 48 states nationwide.

Guaranteed Rate Mortgage Reviews

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Page 1 Reviews 0 - 10
Verified Reviewer
Original review: March 6, 2023

I worked as a loan officer for this company for 5 miserable months. No one knows what’s going on. Processors don’t respond. Underwriters and processors don’t know mortgage guidelines. Their leadership is riddled with incompetence and the mortgage knowledge is very low. It’s one thing after another and complete chaos. Always last minute hair on fire. Whatever manner in which this company was built has completely dissolved and it’s a big company going nowhere. I recommend reaching out to someone else. I would not recommend this mortgage company to anyone. Lack of knowledge, poor leadership, stressful and chaotic process and high interest rates with no cohesion in any department. With a company this size you would think with all the resources they have it would be exceptional but it’s like playing on a little league team going against the 27 Yankees compared to other mortgage companies. Very disappointing company.

4 people found this review helpful

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    Verified Reviewer
    Original review: Oct. 20, 2022

    I was told by a Guaranteed loan officer and received follow-up emails that based upon my situation, I qualified for a primary mortgage loan. Thereafter, I put down my earnest money to the seller, paid for an inspection and a variety of other expenses associated with the loan. After supplying them with documents upon documents, I was approved by the underwriters. However, a "few weeks" later after the purchase agreement to refund my earnest money expired, I was informed by Guaranteed that I do not qualify. As a direct result of their incompetence and by misleading me that I was approved, coupled with additional follow-up conversations with them, in which they informed me they were going to make it work, I am going to lose all my earnest money. At that point, my only option was that Guaranteed required me to take a different loan at a much higher rate with extra points.

    Yet, "8" weeks later, the underwriters and the loan officer who previously approved me are refusing to close because they now want a 4th inspection of the house after I supplied them with again, additional documents or photos. I have had to deal with a merry-go-round of **. Once I give them one document, they want another. The sellers have had enough are walking away with my $10,000 because of Guaranteed inability to provide trustworthy, timely and straightforward services. Guaranteed, and their agents have continued to lack "any" transparency, or customer service. I have previously purchased 6 homes and have never endured so many lies, misrepresentation, utter incompetence and a lack of customer service. Do yourself a big favor, stay away, far away.

    7 people found this review helpful
    Verified Reviewer
    Original review: July 18, 2022

    My husband is a 100% total and permanently disabled veteran. Not only did the underwriters try to charge me for VA funding fees but the loan officer was very disconnected from his customer not giving updates, dragging his feet on the loan process knowing I had a timeframe to get this done. Now they are dragging their feet on transferring our loan to a new lender. Honestly the worst customer service ever.

    7 people found this review helpful
    Verified Reviewer
    Original review: July 6, 2022

    I had the worst experience ever with Guaranteed Rate Mortgage Company! Just a little bit about myself first...I am a real estate investor and flip houses regularly. So I have some experience in dealing with banks while buying properties and taking loans. Now the plethora issues that I had to go through and my painful experience in dealing with them below:

    When I started with this loan I already worked with the loan officer and made sure that I was vetted with all my documentation and that I qualify for the loan. The debt to income ratio was calculated, my financial situation was reviewed etc. What I have found once I put the offer on the house and started the loan process was nerve-racking, disconcerting and ineffective. They do not seem to have a standard streamlined process internally.

    I was in a tight deadline to close the loan in 21 days. The first issue started with one of the two appraisals, which came wrong because of wrong sq. ft of house that was used. What needed to be just a simple correction in one of that wrong appraisal reports, instead resulted in ordering another appraisal, wasting 3 days in the loan process.

    Once new appraisal came in, the underwriter then took over and started reviewing my loan. What was supposed to be a straightforward review by that underwriter, my documents were sent to another underwriter who did not understand first underwriter's RSU calculations - two days got wasted here. Meanwhile I got conditions of first underwriter that I needed to satisfy which I did. Then the first underwriter came back and took over my application again and started adding new set of conditions. The problem was that there was no proper communication whatsoever.

    On one hand we were getting super frustrated and on the other hand we were worried that we would lose the house because the seller can back out if we don't close the loan in agreed upon 21 days. We ended up paying $$$/day due to extra time it took that I had to give to seller. The only saving grace was the loan officer who helped us to navigate this internally and had to escalate to upper management during each and every step of the process to move to next step. I suggest anyone who wants to apply for a new mortgage loan not to waste their time dealing with Guaranteed Rate and avoid the emotional ordeal that I and my family had to go through apart from spending $$$$$ as a result of the delay in closing the mortgage loan.

    5 people found this review helpful
    Verified Reviewer
    Original review: June 22, 2022

    Probably the worst mortgage company out there for a million reasons, but instead of me writing a novel, here are some quick bullet points.

    -203k loan took 7 months to close.

    -Their HUD consultant botched the line items even though I gave them the line items in detail. There is like 8 people in the chain to communicate with to get anything done. By the time it gets to the top it is completely inaccurate.

    -Constructions draws (5) take 2 months on average to process but they give you 6 months to complete the project.

    -I froze my mortgage during the pandemic which they approved, then they put my mortgage in loss mitigation. While they are processing my paperwork (8 months and counting) at the same time a different department sends me weekly foreclosure notices. These people do not give updates or communicate at all unless you call them repeatedly and pry info from them.

    These are just a few of the issues, you've been warned.

    4 people found this review helpful
    Verified Reviewer
    Original review: April 29, 2022

    Guaranteed Rate Mortgage in Albuquerque NM - 100 Sun Avenue N.E., Suite 650, Albuquerque, NM 87109. If I can put a NEGATIVE rating, I would!!!! HORRIFIC EXPERIENCE!!! Purchasing a home is supposed to be exciting. I tried to be on top of most things, all paperworks needed, I provide in 24hours. 2 days at the most. Wired down payment money morning 4/26. Closing date is 4/27 but due to my location, the signed loan docs got FedExed and should have been received on 4/28 early AM.

    And when I thought everything was running smooth, the unthinkable happened. Clerical error at Guaranteed Rate happened!!! They wired the funding to the WRONG ACCOUNT. I've never heard of something like this happening. We kept asking if we were going to get the keys and we didn't. Agent kept saying in a few minutes which turned into hours and was told until 5 pm. Until the day is done then they found out, they funded the wrong account. I guess that's why their name is not Guaranteed Funding! We couldn't cancel our movers anymore so the next day (4/29), we were still waiting. Movers loaded all our things at 8am then head to the home we just purchased BUT waited in front FOR HOURS!!! Until finally, at almost 2 pm, we got the KEYS!!! And no compensation or whatsoever for this unacceptable mistake!

    7 people found this review helpful
    Verified Reviewer
    Original review: April 18, 2022

    This company is very dishonest. Kevin ** just needed to get his quota to get us into his books to supply the home mortgage. He sent me a pre-approval letter at 3.875% only to find out that Guaranteed Rate would not lock this in. He did give us the idea that this would be no problem. We are in the process of purchasing a home where lo and behold the interest rate that they are going to give us is at a current rate of 5.5%. He says he can’t honor the pre-approval letter and how sorry he is that this is not possible. We do not recommend this Company. They are dishonest and just trying to get you to buy in to their dishonest ways. He just happens to be part of Lysa Catlin’s team.

    3 people found this review helpful
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    Verified Reviewer
    Original review: Feb. 21, 2022

    As owner of 9 investment properties, figured I would try something different for the latest project. I should have just went with another lender. After the longest list of qualifying documents ever, the rate comes back at a higher interest rate due to a loan officers error. The appraisal came back with missing data, although not the company's fault, was still a huge pain in the butt. I would strongly advise picking a different lender if you want to have any kind of positive experience with refinancing. I have never submitted more documents of the same kind to multiple teams. I was told by ric that "my team has 100 percent satisfaction", I am literally certain that that cannot possibly be the case with the amount of frustrating circumstances in a routine refinance at the highest possible income and credit qualifications are. Do yourself a favor and find someone else. Trust me!

    4 people found this review helpful
    Verified Reviewer
    Original review: Jan. 25, 2022

    Guaranteed Rate blocks Mint from integrating my loan information, which prevents me from tracking my finances like I normally do. This is the only bank or lender I have ever worked with that blocks Mint. PLEASE STOP BLOCKING MINT!

    2 people found this review helpful
    Verified Reviewer
    Original review: Nov. 23, 2021

    It is with a very heavy heart that I write this review. The excitement of purchasing a new home should never be overshadowed by the lending process. As a consumer who does not know the ins and outs of financing, I looked to my loan expert to be my guide at the side through this process. With unanswered text messages, emails forwarded to other individuals on the team, that I had no idea were a part of the team, and excuse after excuse of how busy and/or overwhelmed they are, all I could do was question why I wasn’t as important as any other client.

    Did we close on time? No, we found out the night before closing that they didn’t have all the documents they needed. Four business days later sitting at the title company that was still the case. Luckily the title company was able to advocate for us and we returned that evening and were finally able to close on our home. Did we end up with the home of our dreams? Yes. Would I want this same experience for anyone else that is purchasing a home working with a lender, no. Be careful, things are not always as they appear. Had I of known ahead of time this would have been my experience I would have gone with a different lender. That is my advice to you.

    Guaranteed Rate Mortgage response
    Thank you for your review - we are saddened to hear your experience with Guaranteed Rate was anything less than excellent, for which we apologize.

    Should you feel the need to, please contact our Customer Success Department at 773-328-6467.

    Thank you,

    Customer Success

    3 people found this review helpful
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    ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
    1. NMLS Consumer Access, “Guaranteed Rate, Inc.” Accessed August 27, 2022.
    2. Federal Financial Institutions Examination Council (FFIEC), “HMDA Dataset Filtering.” Accessed September 12, 2022.

    Guaranteed Rate Mortgage Company Information

    Company Name:
    Guaranteed Rate, Inc.
    Company Type:
    Year Founded:
    Formerly Named:
    Guaranteed Rate
    3940 N Ravenswood Ave
    Postal Code:
    United States