Guaranteed Rate Mortgage Review for 2024

Guaranteed Rate has a reputation for great digital services and competitive interest rates. Learn more here.

Lending flexibility4.7
Customer service4.8
Ease of application5.0
Online experience4.3
Our Score
Guaranteed Rate
Minimum down payment3%
Minimum credit score620
Loan Products Offered

Conventional mortgages
Jumbo mortgages
FHA mortgages
VA mortgages
USDA mortgages
Interest-only mortgages

Best Features

  • High customer satisfaction scores
  • Good deals for creditworthy customers
  • Excellent online and mobile services


  • Higher credit score requirements
  • Some states have few or no branch locations


The Mortgage Reports may be compensated by some of the mortgage lenders we review. However, this does not affect our review process or the ratings lenders receive. All reviews are created independently by our editorial team. We review products and services from partner lenders as well as lenders we do not work with.

Guaranteed Rate aims to provide a smooth home buying or refinance process backed by digital application technology.

And it's been successful. Guaranteed Rate has quickly become one of America's biggest mortgage lenders. It's licensed to lend in all 50 states and has physical branches in 46.

Guaranteed Rate's customer satisfaction scores are strong, and its rates and fees are about average compared to other major companies. However, rates vary a lot by person.

This company has a wide selection of loan products, so if it offers the type of mortgage you need, it's worth checking personalized rates to see how competitive they are.

Guaranteed Rate mortgage rates

On average, Guaranteed Rate mortgage rates tend to be a little lower than the competition. Its origination fees and total closing costs are generally affordable, too.

But remember that interest rates and lender fees look different for every borrower. You should get a custom quote from Guaranteed Rate, along with a few other lenders, to find the best deal for your situation.

Average mortgage rates at major lenders

Guaranteed RateRocket MortgageWells FargoFreedom Mortgage
Avg 30-Yr Interest Rate, 202113.01%3.00%3.14%2.66%
Median Total Loan Costs, 2021$4,273$4,670$3,600$3,880
Median Origination Fee, 2021$1,290$2,430$1,330$0

Average rate and fee data sourced from public rate and fee records required by the Home Mortgage Disclosure Act (HMDA).

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Guaranteed Rate mortgage review for 2024

There’s no denying Guaranteed Rate is an exceptional lender. Indeed, few have a bad word to say about it.

Borrowers often qualify for a low rate and the company’s online technology is easy to use. There’s good telephone support, and those who live near a branch can have a face-to-face experience.

But, of course, nobody’s perfect.

If you are a borderline borrower — with an iffy credit score or high debt-to-income ratio (DTI) — you may find other lenders more sympathetic. And if you prefer a face-to-face mortgage process, Guaranteed Rate’s 400+ branches may not cut it, unless you happen to live near one of those.

However, if you’re a mainstream borrower who’s comfortable with technology, there’s much to like at Guaranteed Rate.

This Chicago-based lender is licensed in all 50 states and Washington D.C. So regardless of your proximity to a brick-and-mortar location, home buyers across the country can use Guaranteed Rate to finance the purchase of a new home.

Working with Guaranteed Rate mortgag

Guaranteed Rate’s online services come with all the bells and whistles you could want. After all, these are the people who claim to have come up with the world’s first digital mortgage, which can deliver a loan approval within minutes.

There’s also an intuitive “loan finder” tool to help you find your perfect mortgage, a mobile app, and a dashboard to upload your documents in a secure environment.

Those who are just beginning their mortgage loan process have access to online preapproval, too. Guaranteed Rate claims its PowerBid system can provide preapproval results in 15 minutes.

Once preapproved, you’ll work with a loan officer who will analyze your personal finances and determine the best loan product for you.

Guaranteed Rate mortgage customer service reviews

In J.D. Power’s Mortgage Origination Satisfaction Study, Guaranteed Rate scored 825 out of 1,000. This was below the industry average of 851.

However, Guaranteed Rate gets fewer complaints per 1,000 mortgage customers than some other major lenders. Complaints are registered with the Consumer Financial Protection Bureau (CFPB).

Customer service reviews at major lenders

CFPB Complaints, 20214Complaints Per 1,000 Mortgages, 20215J.D. Power Satisfaction Score, 20216
Guaranteed Rate680.21825/1,000
Rocket Mortgage3760.24876/1,000
Wells Fargo4880.58832/1,000
Freedom Mortgage2620.35829/1,000

Mortgage loan products at Guaranteed Rate

Guaranteed Rate offers a comprehensive range of mortgage products. With FHA, VA, and USDA mortgages, there are plenty of opportunities to get a low- or no-down-payment loan.

In addition, Guaranteed Rate is one of the few lenders we’ve reviewed that offers interest-only mortgages. This is a unique home purchase option that has lower, interest-only payments at the start of the loan term.

Guaranteed Rate’s full list of mortgage loan options includes:

  • Conventional loans: A loan conforming to guidelines set by Freddie Mac and Fannie Mae. First-time home buyers can qualify with as little as 3% down payment and 620 minimum credit score. You can usually stop paying private mortgage insurance (PMI) after a few years
  • Jumbo loans: Borrow loan amounts that are larger than other mortgage options (usually up into the millions). But expect to make a bigger down payment and clear higher credit hurdles
  • FHA loan: You can put down as little as 3.5% of the home purchase price. But you’ll have to pay mortgage insurance premiums (MIP) each month until you sell or refinance. This is a popular loan type for first-time home buyers
  • VA loan: Great for veterans, active-duty service members, and others who are eligible. Zero down payment, easier credit, competitive rates, and no private mortgage insurance
  • USDA loan: Available for low- to moderate-income borrowers in qualifying rural and suburban areas. USDA loans require 0% down and have competitive rates
  • 30-year fixed-rate mortgage (FRM): America’s most popular home loan and often ideal for those planning on staying put for at least five years or so. Fixed-rate loans keep the same mortgage interest rate for the life of the loan
  • 15-year FRM: You’ll pay much less in total than with a 30-year loan and will be mortgage-free sooner. But your monthly mortgage payments will be higher
  • Adjustable-rate mortgage (ARM): Typically start with a lower interest rate than FRMs, which are fixed for 3-10 years. After that, your rate can go up or down with the markets
  • Home renovation loans: Finance a home remodel or big repair project with a home improvement loan
  • Interest-only mortgage: This is a good loan choice in select circumstances. You’re only paying the interest, so you’ll owe the same at the end as at the beginning

With such a wide selection, many customers will be able to find the mortgage loan they’re looking for at Guaranteed Rate.

Refinancing with Guaranteed Rate

Homeowners who are looking for a mortgage refinance loan can choose between a rate-and-term refinance or cash-out refinancing.

  • Rate-and-term refinance: Exchange your original mortgage with a new one that offers loan terms that are more favorable
  • Cash-out refinance: Access your home equity by replacing your current mortgage with a new, larger loan amount, and then receiving the difference as a lump sum of cash

The lender’s refinance rates are generally similar to its home purchase rates. But your refi rate will vary depending on the type of loan and your personal situation.

Home equity lines of credit with Guaranteed Rate

While it does not provide home equity loans, Guaranteed Rate offers home equity lines of credit (HELOCs) to homeowners who want to tap their equity but are not interested in cash-out refinancing.

A HELOC is a revolving source of funds, similar to a credit card, that you can borrow as you choose. Many use the cash to consolidate debt or to make home improvements.

Where can you get a mortgage with Guaranteed Rate?

Guaranteed Rate NMLS ID: 2611

Probably most borrowers who engage with Guaranteed Rate will do so online. The lender is licensed across all 50 states and Washington D.C. So anyone can start their mortgage application right at home.

And why wouldn’t you? The website offers exceptional functionality and, if you get stuck, there’s a knowledgeable loan officer at the end of a phone line.

Of course, some borrowers prefer a face-to-face relationship when making big financial decisions. To serve customers in person, Guaranteed Rate has over 400 branch locations peppered throughout 46 states.

The four states without a Guaranteed Rate branch are:

  • Mississippi
  • Vermont
  • West Virginia
  • Wyoming

Some states, like California, have tons of branches while others, like Nebraska, have just one.

But still, Guaranteed Rate’s branch network is better-spread than many other lenders and large banks. It’s worth checking where your nearest office is.

Is Guaranteed Rate the best mortgage lender for you?

Bottom line — there’s little not to like about Guaranteed Rate. If it offers the loan type you need and competitive underwriting fees, then it’s worth getting a mortgage rate quote to see what Guaranteed Rate could offer you.

Just be sure to get quotes from a few other companies, too. And compare them line by line. Remember, things like discount points can make a loan look more or less attractive at face value than it really is.

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The Mortgage Reports considers multiple factors when reviewing lenders. These factors include credit and down payment requirements, loan types offered, customer service indicators, and availability of online tools. We then use these factors to rank lenders in four categories:

  • Lending flexibility: Includes the number of loan types offered, special programs offered, minimum down payment requirements, and minimum credit score requirements
  • Customer service: Includes CFPB complaints per 1,000 loans and average rating from other top rating services
  • Ease of application: Includes the availability of an online pre-approval or pre-qualification process
  • Online experience: Includes the robustness of the lender’s online offerings, including online chat availability, phone number availability, and learning center/help center availability
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  1. Average mortgage rates and fees sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act. Rates and fees shown reflect the previous year’s data and may not align with today’s mortgage rates
  2. Monthly principal and interest payments calculated using mortgage calculator. Payments shown are based on a $200,000 loan amount and assume a “very good” credit score. Property taxes and homeowners insurance are not included. Your own monthly payment will vary
  3. Number of mortgage originations for the previous year sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act
  4. CFPB Complaints reflect the number of mortgage origination or closing-related complaints filed with the Consumer Financial Protection Bureau for the previous year
  5. Complaints per 1000 mortgages reflect the number of official complaints filed against a lender with the CFPB for the previous year, compared to the lender’s total number of mortgage originations for the previous year
  6. JD Power Rating reflects the company’s customer satisfaction score according to JD Power’s most recent Primary Mortgage Origination Satisfaction Study. Survey respondents score their lenders in four areas: application/approval process, communication, loan closing, and loan offerings