Guaranteed Rate Mortgage
Concord, NCConsumerAffairs 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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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.
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.
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
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?
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
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.
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
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.
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
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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.
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.
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!
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.
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.
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.
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.
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.
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.
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!
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.
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.
Customer Success Ambassador
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.
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
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!!!
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.
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
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.
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
This company is a huge fraud. They are charging for unlicensed professionals to evaluate homes and process home loans. I sought out to obtain a refinance loan for my home and assured that it would be no problem. The company charged me $450 up front for an appraisal fee. The appraisal was done by an unlicensed intern who showed up to my home claiming to be the licensed appraiser. The appraisal did not result in anything favorable which resulted in the loan not being able to be processed. My neighbors, with the same house as ours, had an appraisal done by a reputable company and was able to get the results they needed to refinance their home.
The "appraiser" was supposed to be contacted to reduce the services, but we were told there is nothing they can do. We were offered a HUD loan with $13,000 in closing costs as an alternative, pushing my loan to above and beyond what is able to be borrowed as well as an additional appraisal fee to be charged by the same fake "appraiser" that may or may not provide any real results. So as a result I am out $450 for a loan that could not be processed and no options. After numerous conversations with managers, customer service and senior management the company said they are sorry but better luck next time. We were scammed out of $450 in services that resulted in nothing. I am currently in the process of reporting this to the attorney general and the 3rd party credit card company that the payment was processed with.
Thank you for taking the time to leave a review.
This company is run by idiots. Don't waste your time, go somewhere else. Closing pushed back another week for the third time because they are missing a signature, even though they have been working on this loan for a 2 months. Morons.
Thank you for taking the time to provide your feedback. We apologize for the experience you had with us. We, in the Customer Success Department, are available for you to speak with should you wish to address this situation further. You can reach our department at: 773-328-6467.-Cassandra W.
Customer Success Ambassador
Agreed to use this company for purchasing a second condo. Initially everything was fine. Then kept getting more and more questions. After all had been satisfied, one week before closing, I received ridiculous requests including letters from my CPA. Uncalled for. Eventually backed out of the deal.
Thank you for taking the time to provide your feedback. We apologize that your experience was not what you hoped it would be. If you would like to discuss the situation further, please give our Customer Success Department a call at: 773-328-6467.-Cassandra W.
Customer Success Ambassador
I inquired online about Mortgages. I applied with a National place that sent my information out to different vendors. They all called, I talked with some of them and found the best rate and secured a home. Once I agreed to a deal with a mortgage lender I politely asked the companies to stop calling, they all did except for this one. They called me up to 10 times a day. I told them I wasn't interested, I asked them to put me a do not call list. They just continued to call.
Today I spoke to a rude person named Ruben, I asked him to stop calling and he just kept going with his sales pitch. I told him I would NEVER do business with a company that won't comply with my request to stop calling, he kept going with his sales pitch. I said take me off your list and never call me again and he said NO and kept going with his sales pitch. There's hundreds of Mortgage lenders out there, DO NOT GIVE YOUR INFO TO THIS ONE unless you enjoy rude people calling you ten times a day!
We were suppose to close and then day before it got pushed back a few days. Never go through them again. Process has been over 45 days and still do not have a closing and the monthly costs went up right before closing.
Getting a mortgage from Guaranteed Rate was a nightmare. I was asked to provide information redundantly. There were many last minute requirements which could have been taken care of weeks earlier. They caused my closing date to be delayed, causing headache to all parties involved. It got to the point that every time I got any new email, I felt utter dread, as in, "Oh no, what is the problem now?" The person in charge at the end would not answer her phone. I called a total of 19 times and she never answered her phone. The process was truly horrible.
Wow. Guaranteed rate. Let out my personal information to who knows who and now all they offer is a credit repair in the event something was to happen to my credit within the 2 yrs. If you're looking for a mortgage company keep looking and don't use this one. They spend more money ($20 million) on a sign at the ballpark than they do protecting your personal information.
Rate lock was for 45 days but they did not close in time, and they wanted us to pay thousands more in closing cost because they didn’t close in time. We worked with Cameron ** and Dana ** and were very dissatisfied with their performance.
I spoke to a rep who had great communication with me when I began my application. Followed up with calls, Emailed promptly and once I gave my credit card for deposit, they said the loan might not be able to be processed. The rep (Steve **) was so nice when he was trying to have all my information but when I was trying to get my deposit back for the appraisal, it was so hard to reach him. I have called, Emailed and nothing. I am still waiting for them to get back to me but I do not recommend. A friend of mine also looked at the numbers and they have hidden costs and time frames to not honor the rates. BE VERY CAREFUL.
The only reason GRM didn't get a single star was because at the end of it all, we actually did close on our new home. We had ZERO problems in the beginning and adored working with both Brent and Kate - I wish we had only worked with them. Perhaps then we wouldn't have had to go through all the worry and stress we did once our file left their very capable hands.
Things went downhill once the process landed in the hands of a woman named Christy. She was unresponsive to voicemail messages and barely responsive to multiple emails - all of this due to our needing to understand exactly what it was she asked us to send and then waiting to find out if what we did send was in fact, correct. We were responsive immediately to all her requests for information - I actually missed almost 2 quarters of a basketball game we were attending so we could read and sign things she sent us from the bleachers. It was coming down to the wire time-wise and we were beginning to really worry if we'd close, let alone get confirmation that everything was in order. When Christy FINALLY sent everything to the underwriter things didn't improve.
The day we were supposed to close at 11am we get a call after noon asking for ANOTHER document never requested prior. We bought in a state 600 miles from our current home and were already in that state to close so it was a miracle we actually had this document with us. Had we not checked the mail the morning we left, we wouldn't have had what they asked for. The requests for things we had already provided (some multiple times) was another frustration. Our closing was supposed to occur at 11am. We made it to the table around 3:30 in the afternoon after changing the time twice because the closing attorney was STILL waiting on the documents from GRM necessary to begin.
The amount of stress we went through wondering if we would close at all, let alone on the day we had planned for was emotionally exhausting. The lack of response from Christy was unacceptable. The multiple requests for the same documents was unacceptable. The request for a document AFTER our scheduled closing time was unacceptable. The necessary documents being sent to the closing attorney WELL AFTER our scheduled closing time was MORE THAN UNACCEPTABLE.
Going through the mortgage process is never fun but this was by far the WORST mortgage experience I have ever endured having bought 2 homes prior to this one. As I stated at the beginning of this review, at least we did close and now we have our home. This isn't the last property we are going to purchase but it IS the last one that will have anything to do with Guaranteed Rate Mortgage.
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!!!
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.
This company was NOT transparent and really put me in a bind! From the beginning, I told them how much cash I would have for a down payment and what my budget was for cash to close. I made it through all the hoops and was given a thumbs up for closing. The good faith estimate stated about $6000 cash to close, and the Closing Disclosure emailed to me three days prior to closing stated $5165. "Awesome," I thought to myself, "less than what I expected." I make it to my closing appointment at 2pm and the title company is still working on getting the CD to balance. At 2:49 pm, the lender emails a new CD to me while I am already signing paperwork for the loan. The new CD states $23,000 cash to close!!!
This is not even close to what we discussed in the beginning of this process. Now, at this point I am already $2000 invested in earnest money and inspection fees, and I have a moving truck paid for and ready to move my belongings the next day! Had I known from the beginning that my debt to income ratio was too high, I would have simply rented for a while. But no, they get me into this deal to a point that I cannot back out...the day of closing...and spring this information on me. In the meantime, I accepted a transfer and had to start work. This left no time to locate a rental, really backed me into a corner. They did rework the loan and get cash to close down to $12,500. So now, it is Monday morning and I arrive promptly at 8:00 to sign closing docs, again. The title company says the lender has not sent the paperwork yet.
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!
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.
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