Guaranteed Rate is digitally driven, has a strong commitment to providing excellent customer service, and is in an excellent position to provide cost-effective solutions for refinancing. The process of applying for a loan is as simple as it can be, and every effort is made to provide potential borrowers with all the information they want.
Guaranteed Rate is among the most reputable refinancing mortgage firms available today and is an excellent choice if you are searching for an affordable mortgage. Guaranteed Rate is considered one of the top mortgage lenders overall due to its threefold commitment to provide mortgages with cheap rates and reasonable fees, expedite procedures, and give exceptional service and guidance.
Guaranteed Rate has been responsible for the consistent expansion of its reputation since it was founded in 2000. The platform places a strong emphasis, as it should, on the core values that it holds dear, such as putting the customer first and “thinking big.” However, this would be of little consequence if the loan options, rates, and other information potential borrowers might need were not available. Thankfully, all of this information is currently accessible.
Guaranteed Rate will attempt to work with them if a borrower has a low down payment but is otherwise qualified for a loan. Guaranteed Rate will make every effort to work with borrowers who have a fair credit history and a good credit score, offering them competitive interest rates and fees in exchange for the risk they are taking on by working with them.
Its dedication to digital solutions is shown by an almost faultless onboarding process available solely online, and its Knowledge Center has many articles that may educate and enlighten users. Links to various fees, calculators, and rates may also be easily discovered.
Fixed-rate mortgages, Interest-only mortgages, adjustable-rate mortgages, jumbo loans, Federal Housing Administration loans, Veterans Administration loans, and so on are some of the mortgage products available from Guaranteed Rate.
Pros
- A digital platform that is both well-designed and has technologies that are industry leaders
- Support and service for customers that is second to none
- Offering both competitive pricing and a clear pricing structure
Cons
- It’s possible for the number of fees to rapidly mount up
- For the best rates, a strong credit score and consistent income are required
Key Features
- Application process: Simple, available online, and backed by individual assistance
- APR: Dependent on loan
- Fees: Loan and condition dependant, potential discounts
- Calculators, maintenance, and technical assistance: Large selection of calculators, as well as support and customer care that is both first-rate and easily available
Application Procedure
- It can be finished in its entirety online
- Quick, easy, and unmistakable directional signage
On the site of Guaranteed Rate, there is a prominent guarantee that users will have a “completely digital mortgage experience that is 100% free of actual human touch.” It is possible to finalize your loan without ever having to leave the comfort of your own home. Thus, it is a relief that the whole of the website aims to make it easy for you to submit an application. This includes providing information that is both clear and concise, as well as providing a video that explains how the application process works. Guaranteed Rates has a very clear interface – much more so than LendingTree or Credible, for example – which makes it easy to identify what you need and take the necessary actions quickly.
When it comes to getting started, there are two primary choices to choose from, which are Buy a Home and Refinance. Everything else is organized based on these selections. You can choose the factor most essential to you: a shorter term, a cheaper interest rate, or a lower monthly payment. Simply by providing your ZIP code, some estimations about house prices, loan amounts, and other factors, and selecting a range of credit scores, the site will provide a list of potential loan alternatives and rates for you to consider. It shouldn’t take more than a few minutes, and up until this point, you haven’t even been required to enter any of your personal information. If you pick a product from this page, you will be able to get further information on the product’s interest rates, APR, minimum down payment requirements, and closing expenses. If you then conclude that you want to apply for a loan, you may go through the application process and get help remotely or over the phone.
Credit Score Requirements
For FHA and VA loans, the minimum FICO score required by Guaranteed Rate is 580, the minimum score for conventional loans is 620, and the minimum score for USDA loans is 640.
Other Requirements
Borrowers may apply for a traditional loan from Guaranteed Rate with as little as a three percent down payment in certain circumstances. You will probably be required to have reasonably good qualifications in all other aspects, including your credit score, income, and credit history. Your location shouldn’t be a factor when qualifying for a loan with Guaranteed Rate since the company is authorized to originate loans in all 50 states.
Interest Rates and Initial Charges
- The rates compare well to the market’s averages
- Personalized pricing and rates system
Guaranteed Rates has as one of its declared goals the maintenance of low mortgage rates; happily, this is one area in which it does not often fall short of expectations. Although it is obvious that interest rates are always changing, the Guaranteed Rate consistently performs well in comparison to most averages, and lender credits may help minimize the amount you have to pay for your closing expenses.
Naturally, a great deal will be determined by the kind of loan you want and your current situation; nevertheless, this is precisely where the “Get customized rates” component of the site can truly shine. Because maintaining open communication is a top priority throughout the application process, you are never more than one or two clicks away from confirming the interest rates and service charges specific to your situation.
Read more: Rocket Mortgage by Quicken Loans Reviews.
Other Potential Fees
- The possibility of accumulating additional fees
- No prepayment penalties
After you have finished filling out your application, you should note the whole list of services for which you will be responsible for payment. The rundown might be fairly extensive and involve things like flood certification, property assessments, credit reports, title insurance, recording costs, and much more; also, everything will have a price tag. All of them fall within the services the lender needs, and it is essential to note that they are not exceptional. However, the total cost may become significant, so it is wise to be prepared.
However, discounts are occasionally available, allowing you to reduce out-of-pocket expenses at the closing. When you have a mortgage with Guaranteed Rate, you may refinance into a new loan without worrying about prepayment penalties. Indeed, this is a major perk.
Service
- Access a vast collection of useful resources and the Knowledge Center online
- Get familiar with the local resource
Guaranteed Rate gives customers access to various online tools that allow them to personalize and organize their loan applications and the loans they already have with the firm. The firm’s unwavering dedication to putting the needs of its customers first is reflected in all of its products and assistance. You won’t have trouble locating the contact information, and many tutorials and information points are available to assist you in better comprehending the procedure. The Knowledge Center is rather comprehensive since it addresses all elements of purchasing a house, refinancing, and other related topics. Additionally, news items reflect the business as a whole.
In addition, there is a Research Center where you may learn some of the more obscure information and statistics, such as the typical interest rate on a mortgage. Nevertheless, given it is also the home of a real-time neighborhood data engine, which uses your ZIP code or city to provide information on housing pricing trends, tax rates, ratings, and a variety of other intriguing things, it is surely worth a look. In addition to assisting you in evaluating the neighborhood, it gives you the information you need to make more educated purchasing choices.
If you are comfortable with “physical human contact,” it should also be possible to take the next step in applying for a mortgage in person, as more than 300 local branches are located all over the country. This is the case if you believe that doing so would be preferable to doing everything online.
Mortgage Rate Transparency
On their website, you can see comprehensive rate information for several of Guaranteed Rate’s products. These laid forth all of the assumptions used to calculate that interest rate, including the borrower’s credit score, the home’s location, the down payment’s size, and whether or not the taxes and insurance would be escrowed.
You’ll need to navigate through a few windows and answer questions about your homeownership aspirations, your credit score, and the property you’re planning to buy or refinance before obtaining customized rates. Although it is not as straightforward as using a calculator in which you input your information, you are not required to reveal any of your personal data.
Calculators
You may expect to find several mortgage calculators that are simple to use, and that can assist you in making decisions on a variety of areas of the process of obtaining a house loan. These are the following:
- Calculate an estimate of your regular payment.
- How much money am I allowed to borrow?
- Should I restructure my mortgage or not?
- Which homes are within my price range?
- What will my expenses be for the closing?
- Which is better: The loan period of 15 or 30 years?
- Am I better off renting?
- How beneficial is it to make additional payments?
- Do I need to make a point purchase to get a better rate?
What Users Say
Guaranteed Rate has received more than 370 reviews on ConsumerAffairs over the last year, and these reviews have given the company an average rating of 3.9 out of 5 stars. Even though its online platform is praised for its brilliance, the variety of mortgages it offers, and the efforts of its employees, some customers are dissatisfied with the company since their loan applications take too long to process or are denied altogether.
Guaranteed Rate’s website has a lot of lovely testimonials (they wouldn’t put up poor ones, would they?). The company also boasts that 95% of its clients are satisfied with their experience and would suggest it to their loved ones and colleagues.
Should You Take Advantage Of The Guaranteed Rate?
Guaranteed Rate makes the application process laughably simple, is up about the amount of interest you will pay on your loan, and provides you with all the information and help you could ever want or need. The prices are often more affordable than what is considered competitive. Even while the total amount of fees may suddenly add up, there are typically reductions and credits that can be used to help alleviate some of the financial burdens. The Knowledge Center is an excellent resource for starting the house loan process. On the other hand, the Research Center, in particular, the opportunity to get to “Know your community” is a helpful additional feature.
It is possible that to qualify for the very finest conditions offered by Guaranteed Rate, you will need an excellent credit score and a steady job history; nevertheless, this is the situation with the majority of the top lenders anyway. A guaranteed Rate will not likely let them down if somebody had it on their shortlist of possible refinancing solutions.
