Guaranteed Rate Mortgage Refinance
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| Community Rating | Strongly recommended |
| Loan Amount | Up to $5,000,000 |
| Loan Term (Years) | 5 - 30 years |
| Number of Reviews | 22 |
Guaranteed Rate Mortgage Refinance Review
Guaranteed Rate Mortgage Refinance is offered by Guaranteed Rate (NMLS #2611), a direct lender founded in 2000 and based in Chicago, IL. Guaranteed Rate Mortgage Refinance is available in 50 states (and Washington, DC).
Key Takeaways
- No origination fee. Guaranteed Rate Mortgage Refinance does not charge a fee for processing your application on some loan options.
- 3 different mortgage programs offered. Guaranteed Rate Mortgage Refinance refinances FHA, FHA 203k, VA, conforming, and conventional mortgages.
- Financing for single-family and multi-family properties. However, Guaranteed Rate does not offer financing for manufactured homes.
- Non-standard interest rates available. Guaranteed Rate Mortgage Refinance only offers hybrid mortgages.
- Considers personal use and investment properties. Refinancing available for primary homes, vacation homes, and even investment homes, such as rental properties.
- Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Guaranteed Rate Mortgage Refinance.
- Poor credit accepted. Even if you have bad or poor credit, you can apply. Borrowers with a credit score as low as 550 are considered.
Guaranteed Rate Mortgage Refinance Pros & Cons
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Guaranteed Rate Mortgage Refinance FAQ
What is the maximum loan term for a mortgage refinance via Guaranteed Rate refinance?
The term of a mortgage refinance will impact the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. Guaranteed Rate Mortgage Refinance offers mortgage refinancing with terms ranging from 5 to 30 years.
How long does Guaranteed Rate refinance take to refinance?
Guaranteed Rate refinance does not provide details on the average time to close a refinance. However, it typically takes 30 to 45 days to complete a refinance. Of course, a lot depends on the market, the lender, and how long appraisals and inspections take.Does Guaranteed Rate refinance charge a mortgage origination fee?
No, Guaranteed Rate Mortgage Refinance 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.
Does Guaranteed Rate refinance charge prepayment fees?
No, Guaranteed Rate Mortgage Refinance does not charge prepayment fees. This means you will not have to pay additional fees if you decide to repay the mortgage early.
What mortgage programs does Guaranteed Rate refinance offer?
Guaranteed Rate Mortgage Refinance offers the following mortgage types:
- Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
- FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. 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.
- VA: 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.
What property usage types does Guaranteed Rate refinance allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Guaranteed Rate Mortgage Refinance allows the following property usage types:
- Primary home
- Secondary homes and vacation properties
Contact
- Headquarters
-
3940 N Ravenswood Ave
Chicago, IL 60613 USA - (866) 934-7283
- Visit Site
- Email Support
Other Services by Guaranteed Rate
Availability
- 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
| Late Fee Amount | $25 |
| No Origination Fee | |
| No Prepayment Fee |
Guaranteed Rate Mortgage Refinance Community Reviews
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