Our experts answer readers’ home-buying questions and write unbiased product reviews (here’s how we assess mortgages). In some cases, we receive a commission from our partners; however, our opinions are our own.
About Guaranteed Rate
Guaranteed Rate is an online lender that offers mortgages in all 50 US states and Washington, DC. It also has in-person branches in 47 states; it has no branches in Delaware, Vermont, or Wyoming.
Guaranteed Rate is a good choice for borrowers who don’t have a credit score. You can use non-traditional credit, like your rent or utility payment history, to qualify for a conventional or government-backed loan with this lender. If you do have a credit score, it’ll need to be at least 620 to qualify for a conforming loan from Guaranteed Rate.
You can get the following types of home loans from Guaranteed Rate:
- Conforming loans
- Jumbo loans
- FHA loans
- VA loans
- Renovation loans
- Interest-only mortgages
- Non-QM loans, which give those with unconventional financial situations or rocky credit histories the ability to qualify for a mortgage. Guaranteed Rate’s non-QM offerings include mortgages for non-US citizens and bank statement loans
- Physician mortgages
- Reverse mortgages
- HELOCs
Is Guaranteed Rate Trustworthy?
The Better Business Bureau gives Guaranteed Rate an A+ rating. A strong BBB score indicates that a company responds effectively to customer complaints, is transparent about business practices, and advertises honestly. The lender also doesn’t have any recent public scandals.
In J.D. Power’s 2023 US Mortgage Origination Satisfaction Study, Guaranteed Rate ranked below the industry average in customer satisfaction. However, on its Zillow lender page, it has a 4.96 out of 5-star rating, based on over 21,000 customer reviews.
Guaranteed Rate Interest Rates and Fees
On its mortgage rates page, Guaranteed Rate will let you explore mortgage rates and monthly payments based on your purchase price, down payment, zip code, and other factors.
In 2022, the average borrower who got a conventional mortgage from Guaranteed Rate paid $2,969 in origination charges, according to Home Mortgage Disclosure Act data. This is on the low end compared to other lenders.
Guaranteed Rate Overall Lender Rating
| Feature | Insider rating (out of 5) |
| Loan types | 5 |
| Affordability | 4 |
| Customer satisfaction | 2.98 |
| Trustworthiness | 5 |
| Total | 4.25 |
Guaranteed Rate Pros and Cons
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Guaranteed Rate FAQs
Is Guaranteed Rate a legitimate company?
Yes, Guaranteed Rate is a legitimate mortgage lender that’s been in business for over two decades.
What credit score do you need for Guaranteed Rate?
To get a conforming loan from Guaranteed Rate, you’ll need at least a 620 credit score.
Is Guaranteed Rate a direct lender or broker?
Guaranteed Rate is a direct lender. This means it originates its own loans, as opposed to a mortgage broker, which connects borrowers with multiple lenders to find the best fit.
How long does Guaranteed Rate take to close?
Once the seller accepts your offer and Guaranteed Rate approves you for a mortgage, you’ll probably close within 30 to 45 days.
How Guaranteed Rate Compares
Guaranteed Rate vs. Rocket Mortgage
But Guaranteed Rate has lower average fees than Rocket Mortgage and a wider range of mortgage options to choose from. If you’re looking to save money, Guaranteed Rate could be the better option.
Guaranteed Rate vs. Fairway Independent Mortgage Corporation
Guaranteed Rate and Fairway Independent have similar mortgage offerings, but Fairway ranks much higher in customer satisfaction. In J.D. Power’s 2023 study, Fairway ranked No. 1 in mortgage origination satisfaction, while Guaranteed Rate ranked near the bottom, well below the study average.
You might consider applying with both to see which one can offer you the better overall deal.
Why You Should Trust Us: How We Reviewed Guaranteed Rate
To review Guaranteed Rate, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a high number of loan types with affordable features, have positive customer reviews, and don’t have any recent public controversies.
