Guaranteed Rate is a mortgage company serving all 50 states, both online and through over 600 branch locations across the U.S. Offering mortgage pre-approvals in as little as 24 hours, Guaranteed Rate is a good choice for borrowers wanting to quickly secure funding for a new home or refinance. 

However, Guaranteed Rate isn’t for everyone, especially those determined to get the most affordable rate. Learn if it is the right lender for you in this Guaranteed Rate mortgage review. 

Guaranteed Rate prides itself on getting mortgages approved quickly, with approval timelines as fast as 24 hours if you meet requirements. This makes it ideal for those seeking fast funding, whether that’s for a new home purchase or refinancing. 

Best for in-person and online support

Guaranteed Rate

Fox Money rating

Min. Credit Score

620

Days to Close

30

Pros and cons

Available nationwide

Offers fast application process online

Has branches across the country if you want in-person service

No home equity loans available

Doesn't have branches in every state for in-person help

Application fee

More details

Overview

Guaranteed Rate provides online and in-person mortgage services in all 50 states. Its online support and digital tools are designed to help borrowers who want to go through the loan process fully online. 

Shows rates

Origination fee

Availability

All 50 states

Customer service

Live chat, email, phone

Mobile app

Online review score

2.0/5 Trustpilot score

Online prequalification

No; offers pre-approval

Min. down payment

Loan Type

Conventional

Yes

FHA

Yes

VA

Yes

USDA

Yes

Jumbo

Yes

ARM

No

To determine the best mortgage companies, Fox Money evaluated lenders based on several different categories: rates and fees, reputation, eligibility, efficiency, customer experience, and discounts and perks. We also looked at the types of loans offered by each lender for research purposes only, they did not factor into the overall score. We assigned a score out of five stars to each lender based on our findings. 

Learn more about how Fox Money rates lenders by checking out Mortgage Lender Rating Methodology. 

Guaranteed Rate: Pros and cons 

Pros

• Same-day mortgage approval: If you meet certain requirements and submit the necessary financial documentation, you can be approved for a mortgage within one business day.
• Over 600 branches: Although you can get a Guaranteed rate mortgage online, Guaranteed Rate has over 600 in-person branches across the U.S.
• Offers multiple mortgage types: Guaranteed Rate offers many different loan types, including fixed-rate mortgages, adjustable-rate mortgages, conventional, FHA, VA, and jumbo loans.
• Offers payment relief and forbearance options: If you’re having financial difficulties, you can contact a loan officer to discuss relief options, including forbearance.

Cons

• Charges high lender fees: Guaranteed rate charges $1,290 in lender fees.
• Borrowers with low credit won’t qualify: Guaranteed Rate requires a credit score of at least 620 to qualify for a loan.
• No home equity loans: While Guaranteed Rate offers refinance options and home equity lines of credit, you’d need to look elsewhere if you want a traditional home equity loan.
• You must fill out an application to see personalized rate quotes: To get a personalized rate quote, you’ll need to fill out Guaranteed Rate’s application.

Before applying for a mortgage through Guaranteed Rate, there are a few things you should consider. 

Guaranteed Rate publishes a fee schedule outlining the fees you could be charged when using its service. You should review this fee schedule before applying, understand when you’ll be charged, and consider whether these charges fit your budget. 

Fees charged by Guaranteed Rate include: 

• Late charge: Up to 6% of your monthly payment
• Insufficient funds fee: Up to $50
• Property inspection fee: Up to $75

Before applying for a mortgage, be sure you’re choosing one that fits your goals and budget. Guaranteed Rate offers multiple home loan types, with different requirements, benefits, and drawbacks:

• 15-year fixed-rate mortgages
• 30-year fixed-rate mortgages
• 5-year ARMs 
• 7-year ARMs 
• 10-year ARMs 
• FHA loans
• Interest online loans
• VA loans
• Jumbo loans
• Home equity lines of credit (HELOCs)
• Home Equity Conversion Mortgages (HECMs)
• Home renovation loans

In addition to these home loan options, Guaranteed Rate offers personal loans up to $50,000. 

Before applying for a loan through Guaranteed Rate, look at its rates and how it compares to other lenders. Seek out mortgage pre-approvals from other lenders to see what interest rate you can expect before setting your mind on Guaranteed Rate. 

Closing costs can add up quickly for homebuyers and Guaranteed Rate’s mortgages aren’t an exception. Although its closing costs will depend on factors like the loan type and the home purchase price, borrowers should expect to pay about 3% to 5% of the loan amount at closing.

However, the company does offer closing cost relief for some. If you’re refinancing through Guaranteed Rate’s OneDown program and meet requirements, you could qualify for a $1,000 closing cost credit. 

Guaranteed Rate isn’t without its fair share of scandals. In 2020, the U.S. Department of Justice announced that Guaranteed Rate Inc. agreed to pay $15.06 million to resolve alleged violations of the False Claims Act and the Financial Institution Reform, Recovery and Enforcement Act of 1989. 

Additionally, Guaranteed Rate has mixed reviews on consumer feedback sites: 

• Trustpilot (1.8 stars out of 5) 
• Better Business Bureau (3.86 stars out of 5) 

You can submit an application through Guaranteed Rate’s website, mobile app, or via phone. 

To apply, be prepared to complete the following steps:

Depending on whether Guaranteed Rate’s underwriters need more information, you could receive a loan decision in as little as 24 hours.

Note:

Once the application is complete, you’ll need to submit verification of the claims you made on your application. This might include pay stubs, W-2s, bank statements, and other financial documents.

To qualify for a Guaranteed Rate home loan, you’ll need to meet its borrower requirements, including having a credit score of 620 or more. Other requirements will vary based on the type of loan you wish to borrow. 

For example, a VA loan requires you to be at least one of the following:

• An active-duty service member who has served at least 90 consecutive days
• A veteran who meets the VA’s length-of-service standards set out by the Department of Veterans Affairs
• A military service member who’s completed 90 days of active duty or six years in the National Guard or Selected Reserve
• A surviving spouse of a veteran who’s been killed, injured, or captured in the line of duty

If you are a first-time homebuyer opting for an FHA loan, you must:

• Be at least 18 years old
• Have a valid Social Security number
• Be a legal resident of the U.S.
• Be employed or have been employed at the same job for at least two years
• Be able to afford a down payment of 3.5% or 10% (depending on credit score)
• Have a good credit score
• Be bankruptcy-free for the last two years
• Be purchasing your primary residence
• Have a front-end DTI of less than 31% 
• Have a back-end DTI of less than 43%

Keep in mind:

Guaranteed Rate doesn’t publish the requirements for all of its home loan options. To learn about application qualifications, you’ll need to speak with a Guaranteed Rate loan officer.

To refinance your mortgage with Guaranteed Rate, you’ll start by filling out its mortgage pre-approval application. However, unlike when applying for a mortgage, you can select “I’m Refinancing” from the first drop-down menu. 

Guaranteed Rate will ask you the same questions as it does for a new mortgage application, with some additions, including:

• Your property’s address
• The balance on the original loan
• The estimated value of your home
• The cash-out amount 

Once you have completed the application, you’ll need to submit financial documents detailing the claims you made on your application and then wait for a decision to be made on your refinance loan. If you’ve provided everything Guaranteed Rate’s underwriters need, you could receive a decision in as little as one business day. 

Guaranteed Rate offers a fast online pre-approval process, a range of mortgage products, and online or in-person support. Some of its fees are higher than you might find at other lenders, and you’ll need to fill out an application to see a personalized rate online. Shop around with several lenders to find the loans, rates, and terms that work best for you.

Guaranteed Rate's interest rates aren’t as competitive as other mortgage lenders. That said, how competitive its rates will be for you depends on factors like your overall financial health and how other lenders view your risk profile. 

Guaranteed Rate offers conventional 15- and 30-year fixed-rate mortgages, adjustable-rate mortgages, FHA, VA, and jumbo loans, along with home equity lines of credit, renovation loans, and personal loans.

On its site, Guaranteed Rate claims a 96% customer satisfaction score based on a survey the company conducted. Its customer service is easy to access, with prompts to contact a loan officer for support located across its website, and accessible both online, through the app, and over the phone. 

However, some Guaranteed Rate reviews left by customers on Trustpilot state that its customer service is poor. 

Guaranteed Rate doesn’t openly advertise fees on its site, but they aren’t hidden either. You can learn about the costs it charges by reviewing its fee schedule, available on its Legal Overview and Licensing page. 

Applying for a Guaranteed Rate mortgage is straightforward as long as you have all the necessary financial information prepared ahead of time. It offers an easy-to-fill-out online application. Once the application is completed and you’ve uploaded any requested financial documentation, you can hear back from Guaranteed Rate in as little as 24 hours. 

Micah Murray

Micah Murray is a freelance writer and editor who began writing about personal finance as a side hustle in 2018. By 2019 he quit his full-time job and dove headfirst into helping others build their financial literacy. Since, he has written for sites like Money Under 30, RateGenius, Bankrate, and Sound Dollar, as well as worked as an editorial assistant for Money Under 30.

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