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Rate Mortgage Review 2026
Last updated on May 18, 2026
Written by
Senior Writer/SpokespersonWritten by
Senior Writer/SpokespersonMany or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Why trust NerdWallet
Why trust NerdWallet
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Our Take
4.0
Home loans overall
NerdWallet rating
The Nerdy headline:
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.
Jump to:Full Review
Min. credit score
580
Min. down payment
3%
Loan types and products
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Pros
- Fully underwritten mortgage approval in as little as one day for qualified borrowers.
- Generous selection of loans, including government-backed, interest-only, jumbo and renovation.
- Advertises a fixed-rate HELOC that can be funded in as few as five business days.
Cons
- Some affordable loan options have income limits or other restrictions.
- 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 | N/A | 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. Loans are available in all 50 states, plus Washington, D.C.
Rate's offerings go well beyond the basics, with harder-to-find mortgages like ITIN loans and renovation 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
- Condo
- Vacation/second home
- Reverse
- Professional/physician
- Manufactured home
💵 Home equity
- HELOC
- Home equity loan
- Cash-out refinance
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.
- 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 $6,000 lender-funded grant or reduce your mortgage rate by one percentage point for the first year of the loan.
- 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. So, you'll have to find a home seller or builder offering to pay for the buydown; Rate isn't contributing funds.
How we score Rate's home loans
Like to read the fine print? We do, too. Each year, NerdWallet writers and editors review the latest data and research on mortgage lenders, including federal data, and use a consistent method to score them based on what matters most to borrowers.
Rate earned a 4-star home loans overall rating from NerdWallet. Here’s how that score breaks down across our five weighted subcategories.
Fair
Rates and fees (30%)
Rates and fees determine how much a loan will cost you overall. NerdWallet reviews the latest federal data to score each lender’s average APR spread — a measure that combines interest rates and fees. A higher score means lower typical costs compared to other lenders.
Average
Product accessibility (20%)
We evaluate how widely available a lender’s products are across the U.S. and how accessible they are to different financial profiles. A higher score means broader availability and more flexible requirements. A lower score means fewer options or stricter requirements.
Fair
Customer experience (20%)
We evaluate customer experience by testing and reviewing features like the online application, mobile app, and availability of phone or chat support. A higher score means a smoother, more convenient experience and easier access to help. A lower score means more friction or fewer support options.
Average
Loan variety (15%)
We evaluate loan variety based on the range of home loan types a lender offers. A higher score means more options, while a lower score means a more limited selection.
Good
Rate transparency (15%)
We review how clearly lenders share rate information on their websites, including sample rates and tools to estimate personalized rates. A higher score means it’s easy to find clear, comprehensive details and compare rates. A lower score means less information is available, often requiring you to contact the lender.
🤓
NerdWallet’s ratings are objective and well-researched (we have the spreadsheets to prove it). But choosing a mortgage lender isn’t just about a star rating or a score breakdown. It’s also about finding the right lender for your unique situation. So yes: you can learn a lot from how the mortgage Nerds scored Rate's home loans. But you’re the expert when it comes to the features of your own best-match mortgage lender.Nerdy Tip
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 . . . . . . ✅
Phone support . . . . . . . . . ✅
Mobile app . . . . . . . . . . . . ✅
Online chat (bot) . . . . . . . 🚫
Online chat (human) . . . . 🚫
🤓 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
Methodology
NerdWallet rates mortgage lenders based on what matters most to borrowers: rates and fees, product accessibility, customer experience, rate transparency and the range of loan options.
We review more than 40 lenders and score them using a weighted system that prioritizes affordability and a smooth borrowing experience. Lenders earn higher scores for offering lower borrowing costs, making loans widely available, clearly displaying rate information and supporting borrowers from application through closing.
We use a mix of lender-provided information, publicly available data and our own research and analysis to evaluate each lender. Recent regulatory actions may affect a lender’s score.