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Guaranteed Rate Mortgage Refinance Review


ConsumersAdvocate.org Rating: 4 / 5 (Very good)
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Founded in 2000, Guaranteed Rate is a direct lender that offers a wide range of first mortgages and home refinancing options. The company offers a full digital experience that encompasses rate estimates, application, pre-approval, and closing. Customers may also visit one of Guaranteed Rate's locations in 46 states. Guaranteed Rate is located in Chicago, Illinois.
 
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How Do We Rate Guaranteed Rate?

Breakdown

4.0/5
Loan Variety
4.0/5
Ease of Process
4.0/5
Customer Service and Reputation
4.0/5
Discounts and fees

Our Overall Rating: 4 / 5 (Very good)

Guaranteed Rate is a direct lender that has been offering home financing for more than 20 years. The company offers borrowers a wide range of refinancing options. Whether you're seeking a simple rate-and-term loan, interested in accessing some of your home equity, eligible for VA or FHA loans, or looking for a jumbo mortgage, Guaranteed Rate has you covered.

The company offers a fully digital mortgage experience. What we've seen of that experience is pretty exceptional. Guaranteed Rate's website is well-designed and makes it easy to find the information you're looking for. The company also makes it simple to explore loan options and provides near-instant rate estimates. You aren't even required to provide your name to access this feature of the website. By answering a short, non-privacy-invasive questionnaire, you'll receive a series of recommendations from the company. Estimates include lender fees—one more way the company fulfills its commitment to transparency.

Loan Options

Lender Type
Lender
Loans Offered
Rate & Term
Cash-out
Loan Programs
FHA
VA
Conventional
Jumbo
Maximum Loan Size
636,150
Fixed Year Terms
30 Year Fixed
20 Year Fixed
15 Year Fixed
Adjustable Rate Mortgage Terms
10/1 ARM
7/1 ARM
5/1 ARM

Loan Variety - 4 / 5

Guaranteed Rate offers a wide range of refinancing options. You can shop for fixed- and variable-rate loans. The company offers you a choice of rate-and-term and cash-out deals. Eligible borrowers can also explore FHA and VA loans, which may have lower interest rates than commercial loans.

Application Process

Minimum Credit Score
620
FHA Minimum Credit Score
580

Ease of Process - 4 / 5

Guaranteed Rate's website is well-designed and offers one of the simplest processes we've seen for getting estimated loan rates. Answer a brief questionnaire—which, most unusually, does not require you to enter a lot of personal information—and the Guaranteed Rate site returns several recommended loan options. You can easily compare various scenarios by changing the information you enter into the questionnaire fields. That makes the site a great place for homeowners who are just beginning the loan shopping process to benchmark rates and loan types.

Guaranteed Rate has created an entirely digital application and closing process, too.

Guaranteed Rate Reputation

Memberships & Regulatory Info.

Nationwide Mortgage Licensing System ID
2611
Nationwide Mortgage Regulatory Actions
4
NMLS Collection Date
2021-01-17
CFPB Total Mortgage Complaints
112
CFPB Collection Date
2021-01-17
Total VA Loans Written (Q1 2017)
689 loans
Total VA Loan Amount (Q1 2017)
$196,777,889

Online Reviews

Trustpilot Trustscore
2.7
BBB Rating
B+
BBB Positive Reviews
39
BBB Negative Reviews
10
Date Collected
2021-01-17

Customer Service and Reputation - 4 / 5

Guaranteed Rate earns a B+ rating from the Better Business Bureau and 2.7 out of 5 stars on Trustpilot. Over the past several years, there have been four Nationwide Mortgage Regulatory Actions against the company and 112 complaints lodged with the Consumer Financial Protection Bureau. For a company of Guaranteed Rate's size, that's a pretty good track record.

Guaranteed Rate offers substantial educational resources for homeowners considering refinancing. We note that the rate estimates the company provides include information on loan fees and appreciated that transparency. Not all lenders follow suit when providing loan estimates.

Contact & Additional Information

Homepage URL
https://www.guaranteedrate.com/
Company Phone
(866) 934-7283
Headquarters Address
3940 N. Ravenswood, Chicago, IL, 60613
Year Founded
2000

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Customer Comments & Reviews

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SusanT
7/3/2019
Run! I'm an A+ borrower with a mortgage background. I have absolutely no debt, a credit score of 771 and more than 20% down for the house with more money the bank, yet they could not close my loan in 30 days. They will tell you your loan is fine and then let it sit in "underwriting" for 2 weeks. They will avoid your phone calls and when you do speak with them they tell you lies. I think they take on more loans than they can handle in a timely manner. So, if you really want the home you're buying then go elsewhere, because you will lose your purchase contract like I did. Not only that, but I'm now surrounded in a sea of boxes, gave up my rental and have no place to move and am out $1,500... Read More

Lauren G
7/9/2018
AVOID THIS COMPANY! total incompetence at every step of the way. Their website sucks as well it's totally outdated for being able to do transactions associated with your mortgage.

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