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Guaranteed Rate Home Mortgage

in Home Purchase Mortgages from Guaranteed Rate · NMLS ID #2611

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Guaranteed Rate Home Mortgage

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in Home Purchase Mortgages from Guaranteed Rate · NMLS ID #2611

Net Recommendation Score +67

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +67, equating to 4.3 on a 5 point rating scale.

+67

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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Highlights
Community Rating

Rating not yet determined  

Loan Amount $100,000 - $2,000,000
Loan Term (Years) 5 - 30 years
Credit Score Range Starting at 620

Guaranteed Rate Home Mortgage Review

Guaranteed Rate Home Mortgage is offered by Guaranteed Rate (NMLS #2611), a direct lender founded in 2000 and based in Chicago, IL. Guaranteed Rate Home Mortgage is available in 50 states (and Washington, DC).

Key Takeaways
  • 6 different mortgage programs offered. Guaranteed Rate Home Mortgage offers FHA, FHA 203k, HomePath, USDA, VA, jumbo, conforming, and conventional mortgages.
  • Financing for a variety of property types. Offers home loans for manufactured, single, and multi-family homes.
  • Standard interest rates types. Guaranteed Rate Home Mortgage offers adjustable-rate mortgages and fixed-rate mortgages.
  • Considers personal use and investment properties. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
  • No origination fee. Guaranteed Rate Home Mortgage does not charge a fee for processing your loan application.
  • Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Guaranteed Rate Home Mortgage.
  • Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for Guaranteed Rate Home Mortgage.
Guaranteed Rate Home Mortgage Pros & Cons
Pros Cons
  • $0 prepayment fee.
  • $0 origination fee.
  • Considers applicants with fair credit.
  • Offers financing for single family, multi-family, and manufactured homes.
  • Available in all 50 states.
Guaranteed Rate mortgage FAQ

How much can you borrow via Guaranteed Rate?

Guaranteed Rate mortgage allows borrowers to apply for loan amounts of up to $2,000,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What is the maximum loan term you can get with Guaranteed Rate mortgage?

Guaranteed Rate mortgage offers mortgages with terms ranging from 5 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does Guaranteed Rate offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

Guaranteed Rate mortgage offers home loans with APRs starting at 3.467% .

Does Guaranteed Rate mortgage charge an application fee?

Do they charge mortgage origination fees?

No, Guaranteed Rate mortgage does not charge a mortgage origination fee.

Some lenders charge an origination fee for processing, underwriting, and funding a mortgage. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Do they charge prepayment fees?

No, there are prepayment fees. This means you will not have to pay additional fees if you decide to repay the mortgage early.

What mortgage programs are available?

Besides conventional mortgages, Guaranteed Rate mortgage offers the following mortgage types:

  • FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
  • FHA 203k: An FHA mortgage you can also use to finance home improvements.
  • HomePath: Financing for the purchase and improvement of properties owned by Fannie Mae.
  • Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency ($548,250 as of 2021).
  • USDA loans: A zero down payment mortgage loan with low mortgage rates for suburban and rural homebuyers. The USDA doesn't require a minimum credit score, but most mortgage lenders require a minimum credit score of 640.
  • VA loans: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.

What property usage types does Guaranteed Rate mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Guaranteed Rate mortgage allows the following property usage types: 

  • Primary home
  • Secondary homes and vacation properties
  • Investment properties and house flipping projects

What is the customer service phone number?

The customer service number for this business card is (866) 934-7283.

What is the support contact email?

The support contact email for this business credit card is customercare@rate.com.

How do people rate the customer service and user experience?

Overall, this business credit card is strongly recommended based on community reviews that rate customer service and user experience.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Hours of Operation

  • Sunday Closed
  • Monday 8:00am - 7:00pm
  • Tuesday 8:00am - 7:00pm
  • Wednesday 8:00am - 7:00pm
  • Thursday 8:00am - 7:00pm
  • Friday 8:00am - 7:00pm
  • Saturday 9:00am - 2:00pm

Other Services by Guaranteed Rate

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

No Origination Fee
No Prepayment Fee
Credit Score Range 620 -
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Intended Use
  • Primary Home
  • Secondary Home
  • Investment
Joint Loan Applications Accepted
  • Co-borrower
  • Cosigner
  • Individual Applications
Property Type
  • Single Family Home
  • Townhome
  • Multi-Family Home
  • Manufactured/Mobile Home
Verification Documents Required
  • Proof of citizenship/residence (Green Card)
  • Recent Pay Stubs
  • Recent Bank Statements
Primary Residence
Mortgage Features Cash-Out Refinance
APR Starting at 3.467%
Loan Amount $100,000 - $2,000,000
Loan Term 5 - 30 years
Interest Rate Types Offered
  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)
Mortgage Programs
  • FHA
  • FHA 203k
  • HomePath
  • USDA
  • VA
  • Jumbo
Terms 5, 15, 30

Guaranteed Rate Home Mortgage Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +67, equating to 4.3 on a 5 point rating scale.

+67

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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