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.

» 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.  

• 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.

How we score Rate

Each year, NerdWallet writers and editors dig into the latest data and independent research on mortgage lending. Then, we rate lenders based on which categories that matter most to mortgage borrowers.

Rate has a NerdWallet home loans rating of 4.5 stars overall. Here’s a breakdown of this year’s score.

• The Nerdy details: Our rating system, explainedThe Nerdy details: Our rating system, explained

  Ah, so you’re the “read the fine print” type? We got you. Here’s how our scoring rubric works.

  Average mortgage rates and fees (30%)

  We review federal data (as reported by the lenders) and analyze mortgage lenders’ average fees and interest rates across all loan types. Lenders with the lowest average costs get the highest star ratings. Keep in mind: Loans that are easier to qualify for, like FHA loans, usually have higher rates and fees because lenders see them as a higher risk. Pro tip: Paying some fees upfront can sometimes lower your interest rate.

  Mortgage rate transparency (25%)

  We look at how easy it is to compare mortgage rates online. Lenders get higher transparency ratings if they show sample rates on their website. (Not all lenders do!) The best ratings go to lenders that offer interactive tools that let you customize a rate quote on your own.

  Variety of loan types (25%)

  There’s no one-size-fits-all mortgage. Lenders earn top ratings in this category when they offer a large variety of mortgage types. The more variety, the higher their score. A lender earns points for purchase and refinance; fixed and adjustable rates; FHA, VA or USDA loans; renovation or construction loans; and home equity loans or HELOCs.

  Customer experience (20%)

  How easy is it to work with this lender? Top-rated lenders offer helpful features like online applications, multiple ways to get support, a user-friendly mobile app and clear updates about the loan closing timeline.

Rate bonus points and penalties

Rate earned bonus points for having loans that cater to borrowers with lower credit scores.

» MORE: How to get the best mortgage rate

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.

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.

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

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