Since its existence, Guaranteed Rate has closed more than $100 billion in mortgage loans. The nationwide mortgage lender delivers in three folds: low rates with transparent and fair fees, cutting-edge technology that simplifies and streamlines the mortgage process, and excellent customer service from mortgage experts.
Intrigued? Keep reading for everything you need to know about Guaranteed Rate home loans.
Mortgage Options & Rates
Guaranteed Rate offers a good mix of home loan products that covers a wide range of mortgage needs. It offers purchase and refinance loans, including conventional mortgages as well as government-backed ones, non-conforming jumbo loans, and cash-out refinancing.
Current mortgage rates and estimated costs are published directly on the Guaranteed Rate website.
Customer Satisfaction
Guaranteed Rate publishes a ton of helpful information on its website, and its loan officers are skilled and helpful in providing customers with information and to assist when needed.
The Guaranteed Rate online tool for mortgage estimates is a pleasant experience for users. Keeping rates low and having a completely transparent process with high accessibility also make customers happy.
The effort shows on various review sites online. Guaranteed Rate receives high scores and plenty of positive reviews on websites like LendingTree, Yelp and the Better Business Bureau.
On its own site, the lender boasts more than 500,000 happy customers, a 95% customer satisfaction rate, and a high Net Promoter Score of 83, beating out leading brands like USAA and State Farm.
Availability
Guaranteed Rate is licensed to provide mortgage loans in all 50 states and Washington, DC, with more than 300 local branches across the country. However, most contact is made through the company’s website, where you can input your loan details to get a better picture of your options for a mortgage.
Eligibility
If you have a good credit score, a stable income and a solid credit history, you can apply for a loan with Guaranteed Rate. The lender is willing to work with borrowers who don’t have 20% for a down payment but otherwise have the qualifications needed for a mortgage loan.
Application Process
Since Guaranteed Rate launched its online mortgage platform in July 2016, borrowers can enter their current loan details, see their free credit scores, and securely upload and electronically sign all loan documents. The whole process can be completed entirely online. If you want, you don’t have to speak to anyone to get approved for a purchase loan or mortgage refinance.
If you are feeling overwhelmed about all your different choices, you have the option to talk to a qualified loan officer who will walk you through any part of the application process.
To start, visit their website and follow the easy prompts from there.
You’ll need to provide details of the property you wish to buy or refinance, your personal finance information, and etc. Once you get your loan options, you can ask questions virtually or by phone to get more details and pick the product of your choice. Up to this point, it should only take just a few minutes.
If you commit to applying for the loan, Guaranteed Rate will walk you through the loan application, which takes about another 15 minutes.
My Impressions
Guaranteed Rate carries a wide range of mortgage options with competitive rate offers. It even allows lender credits that can help you reduce your closing costs. The company boasts a state-of-the-art, user-friendly digital platform and a very high rate of satisfied customers.
Unfortunately, however, Guaranteed Rate does not consider nontraditional credit history, such as rent, utility, and child support payments, for most of its loan products.
