Rate pros and cons
Pros
- Offers conventional, FHA, VA, USDA, and non-QM loans
- Accepts credit scores as low as 580 for FHA loans
- Fast online preapproval in five minutes or less
- Available in all 50 states with 400+ physical locations
- No down payment options available for VA and USDA loans
Cons
- Rates and fees can be slightly above average
- Mixed customer reviews on third-party platforms like Trustpilot
- Scored below average in the 2024 J.D. Power mortgage study
- Customer service only available on weekdays
Rate mortgage rates
Rate, formerly Guaranteed Rate, tends to offer competitive mortgage rates compared to national averages. The table below shows average Rate interest rates in 2025.
| Loan Type | Average Interest Rate |
| Conventional 30-Year | 6.78% |
| Conventional 15-Year | 6.30% |
| FHA 30-Year | 6.44% |
| VA 30-Year | 6.08% |
Average rate and fee data sourced from public rate and fee records required by the Home Mortgage Disclosure Act (HMDA).
Remember that interest rates vary a lot by customer. Your own rate depends on factors like your credit score, down payment, loan type, and home price. That means you shouldn’t take average rates (or advertised rates) at face value. Instead, pick three to five lenders you’re interested in and get rate quotes from each one. Then compare the interest rates, closing costs, and other fees you’re offered to see which lender can give you the best deal.
Find your lowest mortgage rate. Start hereRate lender review for 2025
Rate, formerly known as Guaranteed Rate, performs well in key categories that matter to home buyers and homeowners in 2025. It offers a variety of loan options, a quick and simple preapproval process, and strong national coverage. Borrowers who value speed, convenience, and in-person support can benefit from what Rate offers. Self-employed buyers and others who don’t qualify through traditional channels may find Rate’s non-QM loans a good fit.
That said, Rate has room to improve when it comes to transparency and customer satisfaction. Online reviews are inconsistent, and the lender scored below average in the most recent J.D. Power study. Rate does not post detailed information about loan fees or qualification requirements online, which can make comparison shopping harder. Still, borrowers who complete the preapproval process can receive customized mortgage rate quotes quickly and get support from a local branch or virtual assistant.
Affordability
Rate scores well on The Mortgage Reports Affordability Index. Its mortgage rates and fees sit just above the national average, which still places it in reach for most borrowers. It offers an affordable path to homeownership, with conventional loans starting at 3% down, FHA loans at 3.5%, and zero down payment options through VA and USDA programs.
Lending flexibility
Rate provides a wide range of mortgage products to suit different types of borrowers. These include conventional, FHA, VA, USDA, and non-QM loans, which are available to self employed home buyers and refinancers and those with irregular income. Credit score requirements start at 620 for most loans, though FHA options are available for borrowers with scores as low as 580. Rate lends in all 50 states and allows customers to apply online, through its mobile app, or in person at one of its 400+ branches.
Trustworthiness
Rate holds an A+ rating from the Better Business Bureau and has a below-average number of complaints filed with the Consumer Financial Protection Bureau (CFPB). However, it struggles with reviews on sites like Trustpilot, where some borrowers cite poor communication or confusion around fees. It also received a below-average rating in a recent J.D. Power mortgage origination satisfaction study, suggesting that borrower experience can vary.
Customer experience
Rate focuses on speed and accessibility. You can get preapproved online or through the mobile app in as little as five minutes. The website shows average mortgage rates, but does not share much detail about closing costs or income requirements. Customer support is available only on weekdays, either through a virtual assistant or by scheduling a call with a loan officer.
FAQs about Rate
Rate offers conventional, FHA, VA, USDA, and non-QM mortgage loans. Non-QM loans help self employed borrowers or those with interest income qualify without standard documentation. The lender also offers no down payment options for eligible VA and USDA borrowers.
Rate typically requires a credit score of 620 for conventional and VA loans. FHA loans may be available to borrowers with scores as low as 580. Qualification also depends on your debt-to-income ratio and other financial details.
Rate offers a fast online preapproval process that can take as little as five minutes. You can apply through its website or mobile app. The process includes a soft credit pull and gives you a personalized rate quote.
Yes, Rate offers conventional loans starting at 3% down and FHA loans with 3.5% down. It also offers zero down payment options for eligible VA and USDA buyers. These programs help lower upfront costs for qualified borrowers.
Rate is licensed in all 50 states. It supports online applications nationwide and provides in-person service at more than 400 branches.
Is Rate the best mortgage lender for you?
Rate works well for buyers who want a quick, digital-friendly mortgage process with flexible loan options. It provides nationwide service, fast preapprovals, and access to programs that fit a range of financial needs. While it could improve on transparency and overall customer satisfaction, this Rate lender review shows that it remains a strong contender for borrowers who value speed, availability, and broad loan coverage.
Find your lowest mortgage rate. Start hereHow The Mortgage Reports scored Rate
The Mortgage Reports evaluates and ranks lenders based on four key factors, each weighted to reflect its impact on the borrowing experience.
- Trustworthiness (20%): Measures customer satisfaction and reliability based on Consumer Financial Protection Bureau (CFPB) complaints per 1,000 loans and ratings from reputable third-party review platforms such as Trustpilot.
- Customer experience (20%): Examines the lender’s digital and service accessibility, including the availability of an online pre-approval or pre-qualification process, ease of contact, and the presence of a current rates page on their website.
- Affordability (20%): Assesses the average origination charges and the average interest rate offered by the lender.
- Lending flexibility (40%): Evaluates the lender’s minimum down payment and credit score requirements, as well as the availability of FHA, VA, and USDA loan options.
