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Guaranteed Rate Mortgage
Overall Satisfaction Rating
1.74/5
  • 5 stars
    4
  • 4 stars
    2
  • 3 stars
    0
  • 2 stars
    0
  • 1 stars
    27
Based on 33 ratings submitted in the last year
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    Guaranteed Rate Mortgage

    Concord, NC

    ConsumerAffairs Unaccredited Brand

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

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      121 Guaranteed Rate Mortgage Consumer Reviews

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      Page 3 Reviews 21 - 30
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: June 5, 2019

      Have been dealing with guaranteed rate for the past 6 months. Never again going with them. We thought this company was convenient and good at first but all it has been is a nightmare. They do not care about getting you the lowest possible percentage, we had to tell our loan officer that we were shopping for a new loan due to them being 1.25% higher than the current market rates, and they get pissed when you do that, like a heart broken teenager. Our real estate agent during this process, had to TWICE message them about the market rates dropping again and about getting us an even lower percentage rate.

      Also they do not send all the required documents on time to you. So make sure you call Chuck because we had 3 documents that were never sent with a month to go, so closing would have been held up. They also tell you that they will get back to you later in the day and never do. You have to blow up their phones and annoy the crap out of them to get them to do their jobs.... Michelle especially!!!! Next home we will DEFINITELY NOT be going with this company and steering people away from them.

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      Guaranteed Rate Mortgage response

      Hello,

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

      - The Customer Success Team

      5 people found this review helpful
      Customer increased Rating by 3 stars!
      profile pic of the author
      Verified Reviewer
      Resolution response: June 5, 2019

      I cant fault the team for the underwriters or audits and would take down my previous post if I could. I think I'm just one of those people if something bad is going to happen it's going to happen to me.i def will be celebrating soon and have keys in hand once that occurs all will be ok .things happen and I respect that now and appreciate everyone's hard work to make my dream come true..

      Original review: June 1, 2019

      Started loan online on April 12 2019. I had my credit pulled and assured things looked good. Close date May 17th. Uploaded everything they needed on their to do list day 1. Conditional approval comes house isn't FHA compliant. Ok we fix it. Really not ours to fix since seller listed it as FHA compliant but did it anyways so could speed this along and close on time. 2nd speed bump I got a unsecured personal loan few months before applying for mtg. Didnt think anything of it but they saw the deposit and asked. I advised husband makes the payment on it but in my name and therefore they asked for the docs on the loan. I sent them immediately this in 1 week.

      Before orig close I was assured by my processor dti etc still good. No worries..received closing disclosure to sign. Thought was fine, wrong. 3 days before closing I was told they hadnt put my file through their UW system yes 3 days before closing after signing my final closing disclosure. They informed my DTI is too high and I MUST have 2 months mtg payments in reserves in my account in order to close. Ok. Got a gift. Went through all the patriot bull having to prove my gift provider isnt a drug dealer or whatever but got it done same day..file goes back to UW and my mtg team went "silent". Not a word closing day 1 comes and goes no one told me the process despite asking numerous times.Then on a Monday again told everything looks good. No worries. Still in underwriting. Ok. Should close that Wed. Great. UW comes back saying they see loan is an unsecured loan. Wth.

      Yes I sent you the disclosure showing it's unsecured but that we still look good just gonna have to pay off a few small cards at closing to get my dti down. Goes back to UW all the while I'm having to call the vp text and email my mtg team and the attitude I got was like I was just supposed to know UW has 3 days to review. No sense of urgency whatsoever. Closing date 2 missed. Cancelled my utility move for 2nd time. 3rd date given. We will make it. We are doing everything we can but no accountability at all from the people who since day 1 knew UW takes 3 days to review but didnt tell me 'til after my 2nd closing of this.

      They knew I had an unsecured loan because I sent the docs to them weeks before orig closing and I'm sure they knew they should put a file through the UW system period before they sent a final CD for me to sign but no, no apologies. Only email stating they have kept me up to date every day sometimes which was a lie. So 3rd closing date approaching UW comes back cant use any funds from loan for the home. No problem. Here is proof I've gotten paid, gotten gift and paying bills. Boom I did it in ten minutes showing proof loan was gone. All money for closing including the 2 mtg payments are from my wages. Took them 2 days to do same thing I did in minutes and still big NO even though within time frame of starting loan. I had almost 9k in wages and verifiable gift I cant use like 1500 in my acct because trying to say it's from the loan complete bull but ok. What now.

      1 day before 3rd closing required to pay off 5 credit cards. 1500 total and I will do it "if I want to close they will not go back to the UW w/ my proof I just paid another 1k in bills out of the loan. I had already provided proof that the entire loan was already gone" so I paid the 5 cards off and now I'm waiting for the 4th and hopefully final closing date. Zero stars is my rating but I just need to get this done.

      I'm not a high risk. I've just been screwed. Had a garnishment coming out of my wages for 6 months for a debt that cant even be verified as mine from 10 years ago. This garnishment will be gone before I even get to make my first mtg payment. Got screwed by wells Fargo on my first home during the crash of 2008 and I let my 1st house go..not even showing as a foreclosure on my credit but the most heartbreaking experience of my life because I bought that house in in my early 20s and I wasn't given any opportunity to save it despite having 100k in equity in the home. I went through great depression because of that but paid all my bills on time including 2 car payments. Kept my credit up. Not perfect. I like to shop so balances are high but not horrible because I'm smart and human and would never put my family through what I went through w/ Wells Fargo and losing our home being forced to rent paying other peoples mortgages for 7 years.

      GR has really stressed me and my family out because to them I seem to be just a number and not a very high one either because the house is under 100k. I would've been happy with an apology and a sense of urgency been given to my file after the 1st missed closing date mishap. Now it's just too late. I'm lucky the sellers are understanding and my realtor has done her best but feel that GR could've reduced their fees given a credit. I dont know but I'm really not happy and would never recommend this lender to anyone who has ever had any struggles w/ mortgage lenders in the past. You will surely feel played again.

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      5 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: April 30, 2019

      It's hard to describe our experience other than we understand why people "go postal" when dealing with lenders. Our home sold in one day in late Feb. 2019. We received an email letter from Guaranteed Rate stating that our buyers were pre-approved for the purchase loan. My wife and I jumped through all required hoops and all agreed on a closing date of 29 April 2019 at 11 AM.

      We sat in the closing office for five hours waiting for the wire transfer so we could close on our new home. The funds transfer never happened due to the inefficiency of GR. GR had the wiring instructions for one month and did nothing until 24 April. They had a third party that was supposed to "vet" the attorney that was to receive the wired funds. They had to "vet" a third generation legal firm that is owned by a sixth generation area family. Now we are on our second day of waiting and nothing is happening. My wife is a basketcase and I'm missing my kidney dialysis because of GR. Do not use this company.

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      Guaranteed Rate Mortgage response

      Hello,

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

      - The Customer Success Team

      6 people found this review helpful
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: Feb. 25, 2019

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

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

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

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

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

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

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

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      Guaranteed Rate Mortgage response

      Hi Matthew,

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

      Thank you,

      12 people found this review helpful
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: Jan. 31, 2019

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

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

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      Guaranteed Rate Mortgage response

      Hi Joseph,

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

      -Cassandra W.

      Customer Success Ambassador

      6 people found this review helpful
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      Rated with 1 star
      Verified Reviewer
      Original review: Jan. 25, 2019

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

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

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      Guaranteed Rate Mortgage response

      Hi Eric,

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

      -Cassandra W.

      Customer Success Ambassador

      4 people found this review helpful
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: Jan. 23, 2019

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

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

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      Guaranteed Rate Mortgage response

      Hi Dave,

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

      -Cassandra W.

      Customer Success Ambassador

      5 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 10, 2018

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

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

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      Guaranteed Rate Mortgage response

      Hi Samantha,

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

      -Cassandra W.

      Customer Success Ambassador

      7 people found this review helpful
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: Dec. 7, 2018

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

      Guaranteed Rate Mortgage response

      Hi Steven,

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

      -Cassandra W.

      Customer Success Ambassador

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

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

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

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

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

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      Guaranteed Rate Mortgage response

      Hi Joseph,

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

      -Cassandra W.

      Customer Success Ambassador

      8 people found this review helpful
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      Guaranteed Rate Mortgage Company Information

      Company Name:
      Guaranteed Rate, Inc.
      Company Type:
      Private
      Year Founded:
      2000
      Formerly Named:
      Guaranteed Rate
      Address:
      3940 N Ravenswood Ave
      City:
      Chicago
      State/Province:
      IL
      Postal Code:
      60613
      Country:
      United States
      Phone:
      17733286467
      Website:
      www.guaranteedrate.com
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