Assured Price Evaluation for 2021
The guaranteed interest rate aims to enable a smooth home purchase or refinancing process supported by digital application technology.
And it was successful. The guaranteed rate has quickly become one of America’s largest mortgage lenders. It is licensed for lending in all 50 states and has physical offices in 46.
Guaranteed Rate customer satisfaction is high, and prices and fees are average when compared to other large companies. However, the prices vary greatly from person to person.
This company has a wide variety of loan products. So if it does offer the type of mortgage you need, it’s worth checking out their personalized rates to see how competitive they are.
Guaranteed mortgage rates
On average, the guaranteed mortgage rates are slightly lower than the competition. The creation fees and total closing costs are also generally affordable.
But remember, interest rates and fees are different for each borrower.
You should seek out a customized Guaranteed Rate quote with several other lenders to find the best deal for your situation.
Average mortgage rates from major lenders
30-year average interest rate, 20201
Median total credit costs, 2020
|$ 3,950||$ 4,610||$ 3,370||$ 3,340|
Median creation fee, 2020
|$ 1,290||$ 2,950||$ 1,280||$ 0|
Average interest and fee data was obtained from public interest and fee records required by the Home Mortgage Disclosure Act (HMDA).
Confirm your new price (June 12, 2021)
Mortgage review at the guaranteed rate for 2021
There is no denying that Guaranteed Rate is an exceptional lender. In fact, few have a bad word to say about it.
Borrowers often get good deals and the company’s online technology is easy to use. There is good telephone support and anyone who lives near a branch can have a personal experience.
But of course nobody is perfect.
If you’re a borderline borrower – with a bad credit rating or high debt-to-income ratio (DTI) – you may find other lenders more sympathetic.
And if you prefer a more personal experience when setting up a mortgage, Guaranteed Rate’s 300 branches may not be able to reduce it unless you live near one of them.
However, if you’re a mainstream borrower familiar with technology, there’s a lot to like about the guaranteed rate.
Working with guaranteed rate mortgages
Guaranteed Rate’s 300 branches are well distributed. But some states don’t have one or only one or two. So not everyone will have one within a reasonable drive.
This is of course not a problem for technology enthusiasts. Guaranteed Rate’s online services have everything you could want.
After all, it’s the people who claim to have developed the world’s first digital mortgage that can deliver loan approval in minutes.
There is also an intuitive “loan finder” tool to help you find your perfect mortgage, a mobile app and a way to upload your documents in a secure environment.
Customer service reviews for guaranteed rate mortgages
In JD Power’s Mortgage Origination Satisfaction Study, the guaranteed rate reached 832 out of 1,000 points. That was below the industry average of 856.
However, the guaranteed rate receives fewer complaints per 100 mortgage customers than some other large lenders. Complaints are registered with the Consumer Financial Protection Bureau (CFPB).
Customer service reviews from major lenders
CFPB Complaints, 20204
Complaints per 100 mortgages, 20205
JD Power Satisfaction Rating, 20206
|391||0.03||883 / 1,000|
|554||0.05||840 / 1,000|
|288||0.04||817 / 1,000|
Mortgage loan products at a guaranteed interest rate
Guaranteed Rate has a full line of mortgage products. With FHA, VA, and USDA mortgages, there are many ways to get a low or no down payment loan.
Additionally, Guaranteed Rate is one of the few lenders we checked that offer interest-only mortgages. This is a unique option with lower interest payments at the beginning of the loan term.
Guaranteed Rate’s Full List of Mortgage Loan Options Include:
- 30-year fixed-rate mortgage (FRM) – America’s most popular home loan, and often ideal for those planning to stay for at least five years or so
- 15 years of FRM – You pay much less overall than a 30-year loan and you will be mortgage-free sooner. But your monthly mortgage payments will be higher
- Variable Mortgage (ARM) – Typically start at a lower rate than FRMs, which is set for 3-10 years. After that, your price can rise or fall with the markets
- Jumbo Loans – Borrow more than other mortgages (usually in the millions). But expect a higher down payment and higher loan hurdles
- FHA loans – You can deposit from 3.5% of the purchase price. But you have to pay mortgage insurance premiums every month until you sell or refinance
- VA loan – Great for veterans, active service members, and others who are eligible. No down payment, easy loan, competitive rates, and no private mortgage insurance
- USDA loan – Available to low to middle income borrowers in skilled rural and suburban areas. USDA loans require 0% less and have competitive rates
- Interest-only mortgage – This is a good loan choice under certain circumstances. You only pay the interest, so in the end you owe the same thing as in the beginning
With such a wide choice, many customers will be able to find the mortgage loan they are looking for at the guaranteed interest rate.
Where can you get a guaranteed rate mortgage?
Guaranteed price NMLS-ID: 2611
Most likely, most of the guaranteed interest rate borrowers will do so online.
The lender is licensed in all 50 states, so anyone can start their mortgage application right at home.
And why not? The site has exceptional features and if you get stuck there is a knowledgeable loan officer at the end of a phone line.
Of course, some borrowers prefer personal relationships when making big financial decisions. To serve customers personally, Guaranteed Rate has over 300 stores in 46 states including:
- AK, AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MT, NC, ND, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, WA, WI, WY
Some states – like California – have tons of branches, while others – like Louisiana – only have one.
However, Guaranteed Rate’s branch network is more widespread than many other lenders and major banks. It is worth checking where your nearest office is.
Is Guaranteed Rate The Best Mortgage Lender For You?
In summary, it can be said that there is little to criticize about the guaranteed rate.
If it offers the type of loan you want, it is worth getting a mortgage rate quote to see what the guaranteed rate could give you.
Get quotes from some 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.
Ready to start?
Confirm your new price (June 12, 2021)