Rate Mortgage Review 2026 | U.S. News
Rate
Lenders are rated using a calculated overall score based on affordability, eligibility, customer service and other factors. The highest scoring lenders were identified in each category. Ratings are prepared by U.S. News staff. Ratings have not been reviewed or approved by advertisers.
Rate Mortgage Loans Are Best For:
- People who prefer a mostly digital mortgage experience
- Homebuyers looking for a variety of loan options
- People interested in a fixed-rate HELOC
To qualify for a conventional mortgage from Rate, you generally need a FICO score of at least 620 and a debt-to-income ratio of 43% or less. If you are applying for a jumbo loan of up to $1 million, your credit score will usually need to be at least 700. A larger mortgage may require a credit score of at least 740.
NMLS #2611
Rate, which up until July 2024 was known as Guaranteed Rate, offers mortgage products including conventional loans, FHA loans, jumbo loans and interest-only loans. Borrowers can take advantage of specialized loan products and Rate’s online application, documentation and loan payment options.
How to Apply
Borrowers can receive preapproval with automated underwriting from Rate.
- Fill out the digital mortgage application, which should take about 15 minutes to complete.
- Provide personal information, including details about your income and assets. The lender will use your Social Security number to run a credit check.
- If you run into any issues, you have the option to connect with a mortgage expert.
Once you are approved and cleared to close, you can e-sign most of your closing documents with a service called FlashClose, making closing appointments as short as 30 minutes.
Rate
Rate provides benefits to employees of corporate partners, including savings on lender fees, but discounts or credits may not be available for all applicants.
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Down Payment Or Closing Cost Assistance |
Rate
The Consumer Financial Protection Bureau received 56 mortgage-related complaints in 2025 about Rate, under its former name Guaranteed Rate. The most common complaints involved trouble during the payment process, closing on a mortgage and applying for or refinancing a mortgage. Rate offered a timely response to all complaints. It closed 55 with an explanation and one with monetary relief.
In April 2020, Rate reached a settlement with the U.S. Department of Justice, agreeing to pay over $15 million to resolve allegations that it knowingly violated federal rules governing FHA and VA loans.
Refinancing and Home Equity Options From Rate
In addition to its several home loans, Rate also offers refinancing and home equity products. Refinance options include regular and cash-out refinancing.
Rate offers a home equity line of credit, which has a fixed rate. The company says its HELOC application process is quicker than other lenders’, taking as little as five to 10 days to complete. However, the draw period is shorter, at only two to five years, whereas other HELOC offers typically have 10-year draws.
An initial payment made when the home is bought.
The amount of time you have to repay the mortgage.
The APR (annual percentage rate) you pay to the lender, which can be found in your loan agreement. The default displayed represents yesterdays national average APR for 30-year fixed mortgages.
