Guaranteed Rate Mortgage Review 2023

What borrowers say about Guaranteed Rate mortgage

NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from J.D. Power and Zillow.

• Guaranteed Rate receives a 731 out of 1,000 in J.D. Power’s 2022 U.S. Mortgage Origination Satisfaction Study. The industry average for origination is 716. (Mortgage origination covers the initial application through closing day.) 

• Guaranteed Rate receives a customer rating of 4.96 out of 5 on Zillow, as of the date of publication. The score reflects more than 20,300 customer reviews.

Guaranteed Rate mortgage variety of loan types

• 5 of 5 stars

Headquartered in Chicago, Guaranteed Rate offers fixed- and adjustable-rate purchase loans, including FHA, VA, jumbo and interest-only mortgages. The lender also offers refinance and home-renovation loans.

» MORE: How interest-only mortgages work

Guaranteed Rate HELOC

The lender also offers a home equity line of credit, or HELOC. These first or second mortgages are a way for homeowners to access home equity without refinancing or selling their home. Funds obtained with a second mortgage can be used for expenses such as home improvements, education costs or debt consolidation.

Guaranteed Rate offers a HELOC with a fixed or adjustable rate and a draw period of two to five years, and the lender promises to fund the loan in as few as five days.

» MORE: Best HELOC lenders

Guaranteed Rate mortgage ease of application

• 5 of 5 stars

Guaranteed Rate lets you handle the loan application process online. On its website, you choose whether you're looking to purchase or refinance and then go from there. You'll answer basic questions about where you are in the homebuying process (for a purchase) or what's most important to you (like a lower rate or getting cash out) for a refinance. After additional questions, you'll be shown several loan options with personalized mortgage rates for each. If you choose one, you can begin filling out the full digital application. Document upload, e-signature and an interactive checklist help you keep track of your loan's progress.

Guaranteed Rate mortgage rates and fees

• 3.5 of 5 stars

• Guaranteed Rate earns 3 of 5 stars for average origination fee.

• Guaranteed Rate earns 4 of 5 stars for average mortgage interest rates.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

» MORE: 'Should I buy points?' calculator

Guaranteed Rate mortgage rate transparency

• 5 of 5 stars

Guaranteed Rate lets you see detailed rate information for many of its products. These spell out all of the assumptions used to determine that rate, like the property location, the borrower's credit score, the amount of the down payment and whether taxes and insurance will be escrowed.

To get personalized rates, you'll have to click through several screens and answer questions about your homeownership plans, your credit score and the property you're hoping to purchase or refinance. It's not as simple as a calculator where you enter your details, but you don't have to provide your contact information.

Alternatives to Guaranteed Rate mortgage

Here are some comparable lenders we review that borrowers can consider.

New American Funding offers a similar digital experience, and CrossCountry offers a similar variety of loan types.

» MORE: Best online mortgage lenders

More from NerdWallet