Rate Mortgage Review 2026
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- 50+ mortgage lenders reviewed and rated by our team of experts.
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Our Take
4.5
Rate boasts a streamlined application process, with full underwriting in as little as one business day — though for all its online conveniences, you'll still work with a human. Most likely to appeal to buyers looking to act quickly in a hot market.
Pros
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Fully underwritten mortgage approval in as little as one day for qualified borrowers.
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Generous selection of loans, including government-backed, interest-only, jumbo and renovation.
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Advertises a fixed-rate HELOC that can be funded in as few as five business days.
Cons
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Some affordable loan options have income limits or other restrictions.
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Details of less common loan types aren't available on the lender's website.
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HELOC requires immediate, full withdrawal of funds, though there is an option to make additional draws.
Lender | Min. credit score | Min. down payment | |
|---|---|---|---|
 Visit Lenderat NBKC at NBKC | 620 | 3% | Visit Lenderat NBKC at NBKC |
 Visit Lenderat New American Funding at New American Funding | 580 | N/A | Visit Lenderat New American Funding at New American Funding |
 Visit Lenderat Rocket Mortgage, LLC at Rocket Mortgage, LLC | 580 | 3.5% | Visit Lenderat Rocket Mortgage, LLC at Rocket Mortgage, LLC |
 4.0 Visit Lenderat GO Mortgage at GO Mortgage | 620 | 3% | Visit Lenderat GO Mortgage at GO Mortgage |
 Visit Lenderat Veterans United at Veterans United | 620 | 0% | Visit Lenderat Veterans United at Veterans United |
Full Review
At a glance: Rate mortgage options
Rate — formerly known as Guaranteed Rate — is a nonbank lender based in Chicago. (The company shortened its name in July 2024.) Loans are available in all 50 states, plus Puerto Rico and Washington, D.C.
Rate's offerings go well beyond the basics, with harder-to-find mortgages like ITIN loans. But learning more about your options will likely involve speaking with a loan officer, since Rate's site has little detail about less common loans.
🏠Common mortgages • Fixed and adjustable rate • Conventional • Jumbo • FHA • VA • Rate-and-term refinance
🔑 Specialty loans • Renovation • USDA • Interest-only • Self-employed • ITIN • Construction-to-permanent
💵 Home equity • HELOC • Home equity loan • Cash-out refinance
» MORE: How to choose a mortgage lender
Rate special offers and discounts
Rate emphasizes speed and digital convenience, though in some cases, it's up to the buyer to do a bit of the legwork.
Rate's Same Day Mortgage offers qualifying home buyers who are ready to roll — meaning you've got all your documents and your down payment funds in place — loan approval in just one business day. Â
PowerBid Approval is like a supercharged preapproval, with full underwriting done in advance of your actual mortgage application. Once you have an offer accepted, closing can move more quickly since underwriters just need to take a second pass.
The OneDown loan allows qualifying borrowers to contribute just 1% of the purchase price toward their down payment. Rate will provide a down payment assistance grant of up to $2,500, depending on the borrower's income and the home's price, as well as a $1,000 credit toward closing costs.
Rate offers several other affordable borrowing options, though it may take some legwork to make some of them happen. For example, RateReduce — which lowers your interest rate either temporarily or permanently — is funded by the seller or builder. You'd have to find a home seller or builder offering to pay for that rate buydown; Rate isn't contributing funds.
What does Rate specialize in?
A lender’s experience with your loan type can make a big difference. We looked at the latest federal data to find the types of mortgages Rate handles most often.
Rate mostly originated conventional loans in 2024, but they've got a solid mix of government loans, too.
Rate's reputation and customer experience
NerdWallet’s star ratings look at objective factors like rates, fees and loan options. To give you a sense of what the borrower experience is really like, we pulled the latest customer satisfaction scores from J.D. Power and Zillow and we contacted the lender’s customer support.
2025 J.D. Power U.S. Mortgage Origination Satisfaction Study
755
out of 1,000
Slightly below-average satisfaction score: average = 760.
Mortgage origination covers the application through closing.
Zillow Mortgage Lender Customer Rating
4.96
out of 5
Excellent rating as of the date of publication.
Rating reflects more than 22,000 customer reviews.
Rate customer service options
For a lender that emphasizes tech and convenience, it's a bit surprising that Rate doesn't offer any type of online chat. If you're looking for IRL, though, they've got you: Rate has branches in all 50 states plus D.C. Here’s how you can get in touch with Rate.
Ways to reach Rate
Physical branches . . . . . . âś… Phone support . . . . . . . . . âś… Mobile app . . . . . . . . . . . . âś… Online chat (bot) . . . . . . . đźš« Online chat (human) . . . . đźš«
🤓 Our Nerds say... local loan officers are a plus
Kate Wood, lead writer/lending spokesperson
I called Rate to get some clarification on one of their offerings, and after briefly speaking to a general customer service rep, I was connected to a loan officer based in my state. He thoroughly answered all of my questions, plus provided on-the-ground specifics of how that product could help buyers in my area. Given that Rate has offices in all 50 states, no matter where you live, you can probably talk to a loan officer who knows your market.
Alternatives to Rate
Our biggest tip: Get offers from at least three different mortgage lenders. Comparison shopping can save you thousands of dollars. You can get rate quotes yourself or work with a mortgage broker to shop around on your behalf.
Rocket Mortgage is another large, convenience-focused nonbank lender. If you're looking for a less common loan product, PNC Bank is another lender that boasts a wide range of mortgage options.
» MORE: Best mortgage lenders
More from NerdWallet
NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: average mortgage rates and origination fees, rate transparency to consumers, variety of loan types (purchase, refinance, fixed and adjustable, for example) and customer experience. Among the factors we consider in these categories are: options to apply for home loans online, typical time to close, mobile app experience, level of detail about mortgage rates on lender websites, and NerdWallet’s own analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These and other items inform detailed rubrics, which generate ratings from 1 star (poor) to 5 stars (excellent). Read more about how we rate mortgage lenders here.
