Mortgages

Guaranteed Rate Mortgage review: rates, terms, pros and cons

Looking for a mortgage? Check out our review of Guaranteed Rate Mortgage. We'll break down their interest rates, loan terms, and pros and cons to help you decide if they're the right lender for you.

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Guaranteed Rate Mortgage: Rate transparency and full-digital application

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Guaranteed Rate Mortgage full review. Source: The Insider Advisor

Finding a home loan that matches your needs might seem difficult! But we are here to help! In this Guaranteed Rate Mortgage review, you’ll find a new lender option that you might need.

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Guaranteed Rate Mortgage: how to apply

Learn how to apply for the Guaranteed Rate Mortgage! Fast and easy application process! Competitive interest rates! Keep reading for more.

Plus, we’ll cover this lender’s details, including rates, terms, loan options, and fees. So keep reading to find out more about Guaranteed Rate Mortgage!

Credit Score620 or higher;
Loans OfferedPurchase and refinance. Jumbo loans, Fixed- and Adjustable-rate loans, FHA, VA, and USDA;
Minimum Down PaymentAs little as 3%; 
APRSee terms;
TermsUp to 30 years.

Guaranteed Rate Mortgage review: what you need to know

Guaranteed Rate Mortgage is a home loan company based in Chicago that covers all of the U.S. It offers fast application through a fully remote process.

This lender delivers a variety of mortgage options to its customers, including conventional and jumbo loans and fixed and adjustable-rate mortgages.

Also, they have government-backed home loans, such as FHA, VA, and USDA.

When applying for a Guaranteed Rate Mortgage, borrowers can choose repayment terms of up to 30 years. One of the main benefits of this lender is interest rate transparency.

As a result, they offer detailed information about its product rates on its website. Also, borrowers can access customized interest rates, which are lower compared to other lenders.

Before applying, potential borrowers can use the mortgage calculator to check how much of a home they can afford.

It shows customers’ possible rates, fees, and monthly payments they might qualify for.

Also, employees of corporate partners have access to some benefits with Guaranteed Rate Mortgage.

Also, borrowers can access lower interest rates by making a larger down payment.

Guaranteed Rate Mortgage main features

woman-home-using-smartphone-front-computer-while-having-coffee
Find out what are the Guaranteed Rate Mortgage main features! Source: Freepik

Guaranteed Rate Mortgage is a great option for anyone looking for the convenience of a fully-digital application process!

However, like any other financial product, you must consider the drawback before deciding.

To help you with that, we’ve compared the pros and cons of this lender. Let’s take a closer look.

Pros

  • Guaranteed Rate Mortgage has a variety of home loan options available;
  • This lender offers rate and fees transparency;
  • It delivers competitive interest rates;
  • It provides a fully remote application and closing process.

Cons

  • It doesn’t offer home equity loans or HELOCs.

Credit score required to apply

Guaranteed Rate Mortgage requires a minimum credit score of 620 for conventional loans. On the other hand, new applicants will need a minimum of 700 to qualify for a jumbo loan.

Furthermore, since this lender has government-backed options, this requirement will vary depending on the home loan you’re applying for.

Guaranteed Rate Mortgage application process: how does it work?

This lender offers quite a simple application for its potential borrowers! Plus, the process is fully online, from application to closing.

Then keep reading if you’re interested in learning more about how to apply for the Guaranteed Rate Mortgage! The following article will answer all of your questions.

Guaranteed Rate logo

Guaranteed Rate Mortgage: how to apply

Learn how to apply for the Guaranteed Rate Mortgage! Fast and easy application process! Competitive interest rates! Keep reading for more.

About the author  /  Beatriz Vieira

Beatriz Vieira is a producer and copywriter who is part of the finance writer team in this portal. She has a degree in Journalism and aims to improve her bilingual writing skills. Her subjects of most significant interest are culture, finances, and self-development.

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