Guaranteed Rate Mortgage Review: Loan Options, Rates and More

Formerly called Guaranteed Rate, Rate is a 25-year-old business that offers a range of mortgage loan options, including HELOCs.

Guaranteed Rate was founded in 2000 by Victor Ciardelli, and the company changed its name to simply Rate in July 2024. Its main office is in Chicago, Illinois, but Rate has over 400 local branches across the country and is licensed in all 50 states and Washington, D.C. One big selling point of using Rate is that it can offer loan approval in a mere 24 hours. So, if you’re looking for a quick process, this could be a useful lender.

In this Guaranteed Rate mortgage review, we walk you through the company’s offerings and other must-know information that will help you decide if it’s the best lender for you.

Guaranteed Rate Loan Options

Here are the available mortgage loans from Rate:

Conventional loans: These are traditional, non-government-agency-backed loans.

FHA loans: People who may have trouble obtaining a conventional loan can apply for these FHA-backed loans.

Jumbo loans: Compared to conventional loans, jumbo loans have higher interest rates and closing costs. However, they allow you to have access to much more money.

VA loans: These loans are available for veterans, surviving spouses and active-duty military personnel. They feature low interest rates, high loan limits and capped closing costs and down payment and mortgage insurance aren’t required.

Refinancing: There are different types of refinancing, and you can find what works best for you using Rate’s online system.

Adjustable rates: There are different types of adjustable-rate mortgage loans, but the most common are 5/6, 7/6 and 10/6. The first figure indicates the number of years your interest rate will remain fixed, and the second figure indicates the number of months your interest rate could change after that fixed period is over.

Fixed rates: These loans are available in 30-year and 15-year fixed-rate options.

Interest-only loans: In the beginning, with these loans, you’ll only pay the interest amount due. Eventually, you’ll start paying for the interest and the principal.

Specialty loans: There are a variety of niche programs available, such as non-qualified mortgage (non-QM) loans, foreign national loans, bank statement loans and physician loans, which are more flexible regarding credit scores and income.

Renovation loans: These loans are used for a home you own or buying to conduct renovations. You may only be able to use one for your primary residence, but some can be used on a second home or an investment property.

HELOCs: A home equity line of credit (HELOC) is when you borrow money against your home’s equity. So, instead of borrowing from a lender, you’re borrowing from your home’s value.

Reverse mortgage: You must be 62 years old or older to qualify for a reverse mortgage, which allows you to borrow money based on the equity in your home.

Customer Service

Rate’s phone number isn’t readily available on its website, even on its Contact Us page, so you’ll have to click on what topic you’re looking for to find the best way to contact someone at the company. However, once you do that, you’ll find the phone number, email address and contact form. 

There are over 400 branches (in most states) across the U.S., which can give you a more personalized feel through the mortgage loan process. Rate has many positive customer reviews online. However, your experience could differ depending on where you go since there are so many branches.

Credit Score Requirements

Not all loans require the same credit score. For example, FHA loans typically carry a minimum of 500, less than the 620 needed for conventional loans. However, Rate typically needs a 620 no matter which loan you’re after. So, it may not be the right lender for those with a less-than-ideal credit score.

Rates and Fees

Rate offers very fast loan approvals, but that’s offset by a negative: typically higher rates and fees. Morgado says that the company has a very high origination fee, a one-time payment due at closing to cover the loan application process, including underwriting. As of Feb. 13, 2025, Rate says that the national mortgage rate is 6.905% for a 30-year fixed loan, 6.217% for a 15-year fixed loan, 6.552% for a FHA loan and 6.47% for a VA loan.

Who is Guaranteed Rate Best For

One of Rate's main draws is that it offers incredibly fast mortgage loan approvals. That’s a major plus for potential homebuyers looking for quick service. 

“Their vast variety of loans offers something for many financial situations, making them good choices for first-time homebuyers and seasoned property investors alike,” says Alexei Morgado, a licensed real estate agent and CEO and founder at Lexawise. “They just happen to charge somewhat higher origination fees, which potential borrowers should review closely to see how they fit in with their financial objectives.”

Although each type of loan requires a different credit score, in general, Rate will require a minimum of 620. So, if bad credit is one of your woes, you may need to look elsewhere.

How to Apply for a Mortgage From Guaranteed Rate

Go to its online loan application page to take advantage of Rate’s express mortgage service. It’ll first ask about the product type you’re interested in, your state, your credit score, your estimated home price and the down payment amount. From there, it’ll ask for property information, personal information, income, assets, government information and credit scores. Thanks to Rate’s Same Day Mortgage technology, you can find out if you’re approved for the loan in just 24 hours.

Guaranteed Rate vs Rocket Mortgage

Rate and Rocket Mortgage are major players in mortgage loans. They both offer a variety of loans and are online application-forward companies. “Having said that, the two options are very different,” says Morgado. “Rocket Mortgage has slightly lower interest rates, which means borrowers would probably incur a lower monthly payment. In contrast, Rate has a very high origination fee that will add to the cost of the loan itself.”

Rate probably isn’t the best idea if you’re struggling with your credit, as it requires a minimum of 620 for the most part. On the other hand, Rocket Mortgage has more offerings for those struggling with their credit and low-income borrowers.

Finally, Rate has 400 branches nationwide, while Rocket Mortgage offers a digital experience. This may be a determining factor depending on the borrower’s preference.

The Bottom Line

If you have relatively good credit (think: a 620 or higher) and you need fast mortgage loan approval, Rate could be a smart lender. The company boasts a 24-hour online approval process, is licensed in all 50 states and Washington, D.C. and has over 400 branches across the U.S. 

“Rate is indeed a great option for those in search of a lightning-fast and efficient mortgage application process,” says Morgado.

Why You Should Trust Us

Benzinga provides readers with news on financial markets, corporate and economic data and actionable trading ideas. Our focus is on being as up-to-date as possible, and our 15-year history and 25 million-count readership each month prove that we do just that.

Caitlyn Fitzpatrick, the author of this piece, has been an editor and writer since 2014. She has reviewed other mortgage loan companies for Benzinga, including Society Mortgage and CrossCountry Mortgage. Fitzpatrick strives to give fair assessments based on available information and interviews with experts. We spoke with Alexei Morgado, a licensed real estate agent and CEO and founder at Lexawise, who provided insight on why Rate may or may not be the best option for your financial needs.

FAQ

Sources

• Alexei Morgado, a licensed real estate agent and CEO and founder at Lexawise, a real estate exam prep company