Guaranteed Rate (Rate) mortgage review: rates, costs & calculator
A large retail lender (rebranded "Rate") pairing an online application with local loan officers nationwide.
Guaranteed Rate (Rate) mortgage rates: what borrowers actually paid
Guaranteed Rate (Rate) prices each borrower individually, but federal loan-level records show what its borrowers actually got. On 13,523 conventional 30-year fixed purchase loans with at least 20% down closed in 2025, the median rate was 6.625% and the median APR was 0.06 percentage points above the typical lender's, with $5,990 in loan costs.
| 2025 home purchases | Loans | Median rate | APR vs benchmark | Loan costs | With points |
|---|---|---|---|---|---|
| Conventional · Guaranteed Rate (Rate) | 13,523 | 6.625% | +0.08 | $5,990 | 42% |
| Conventional · all lenders | 700,082 | 6.50% | +0.02 | $5,476 | 53% |
| FHA · Guaranteed Rate (Rate) | 5,843 | 6.375% | +0.55 | $12,385 | 65% |
| FHA · all lenders | 516,729 | 6.25% | +0.42 | $11,291 | 59% |
| VA · Guaranteed Rate (Rate) | 4,759 | 6.20% | −0.40 | $5,647 | 59% |
| VA · all lenders | 291,383 | 6.125% | −0.36 | $6,554 | 59% |
| Jumbo · Guaranteed Rate (Rate) | 1,148 | 6.625% | −0.02 | $8,460 | 28% |
| Jumbo · all lenders | 30,788 | 6.625% | +0.00 | $10,251 | 38% |
What the numbers say
- On conventional loans, Guaranteed Rate (Rate)'s median APR ran 0.06 percentage points above the typical lender's (+0.08 vs +0.02 percentage points against the benchmark) — roughly $14 a month on a $325,000 loan at today's 7.18% average rate.
- Other loan types: FHA 0.13 percentage points above the market (5,843 loans); VA in line with the market (4,759 loans); Jumbo in line with the market (1,148 loans).
- Borrowers paid a median $5,990 in loan costs — $514 more than the $5,476 typical across all lenders.
- Only 42% of its loans carried discount points (53% overall), so its rates were mostly not bought down upfront.
How Guaranteed Rate (Rate) compares on conventional loans
| Lender | Loans | Median rate | APR vs benchmark | Loan costs | Lender credits |
|---|---|---|---|---|---|
| Guaranteed Rate (Rate) | 13,523 | 6.625% | +0.08 | $5,990 | 25% |
| United Wholesale Mortgage | 57,444 | 6.50% | +0.02 | $7,032 | 46% |
| Rocket Mortgage | 35,588 | 6.50% | +0.01 | $5,816 | 3% |
| CrossCountry Mortgage | 22,973 | 6.75% | +0.24 | $6,675 | 30% |
| Guild Mortgage | 14,742 | 6.625% | +0.08 | $5,918 | 15% |
| All lenders | 700,082 | 6.50% | +0.02 | $5,476 | 33% |
Source: 2025 HMDA loan-level records (FFIEC/CFPB), 30-year fixed home purchases compared like for like. APR vs benchmark = median APR minus the average prime offer rate the week the rate was set; loan costs are borrower-paid. How we measured this.
Guaranteed Rate (Rate) mortgage calculator
Estimate a Guaranteed Rate (Rate) payment: enter the rate from your Loan Estimate, or start from today's 7.18% average 30-year fixed rate. For reference, Guaranteed Rate (Rate)'s 2025 conventional purchase loans closed at a median 6.625%.
Prefer a full-page version? Open the mortgage calculator.
Guaranteed Rate (Rate) by the numbers
| Home loans originated (2025) | 70,579 |
|---|---|
| Total lending (2025) | $29.2B |
| Average loan size | $413,553 |
| Approval rate* | 90.6% |
| Volume rank (our roster) | #13 of 60 |
| Largest market | Illinois |
Source: federal HMDA data (2025), FFIEC/CFPB. *Approval rate = loans originated ÷ (originated + denied). It reflects a lender's channel and borrower mix — wholesale, online and refi-heavy lenders run lower because many applications are rate shops that never close — not how hard it is to work with. See our lender-approval analysis.
What Guaranteed Rate (Rate) actually lends
74.8% of Guaranteed Rate (Rate)'s 2025 loans were conventional, averaging $414k.
| Share of 2025 loans | Guaranteed Rate (Rate) | U.S. |
|---|---|---|
| Conventional | 74.8% | 78% |
| FHA | 15.1% | 13.2% |
| VA | 9.6% | 8.2% |
| USDA | 0.4% | 0.6% |
| Home purchase | 76% | 52.5% |
| Rate-and-term refinance | 10.9% | 15.3% |
| Cash-out refinance | 7.5% | 14% |
Shares of originated loans by loan type and purpose, federal HMDA data (2025). They describe the lender's business mix, not the terms you would be offered.
Guaranteed Rate (Rate) at a glance
Rate, the lender most homebuyers still know as Guaranteed Rate, is a Chicago-based independent (nonbank) mortgage company founded in 2000.
In July 2024 it shortened its name to "Rate," a rebrand it framed as a shift toward a technology-first, fintech identity while it expands beyond home loans into home equity, reverse mortgages, personal lending and homeowners insurance.
Despite the new logo, the underlying business and licensing remain the same, and much of its marketing and paperwork still carries the Guaranteed Rate lineage.
C. Borrowers can start with PowerBid Approval, a preapproval process the company says can produce a verified approval quickly, and later use its FlashClose digital closing tools to cut down on paperwork.
Where Guaranteed Rate (Rate)'s approval rate sits
Guaranteed Rate (Rate)'s 2025 approval rate of 90.6% sits against the 76.6% national average. Read it as a signal of channel, not strictness — wholesale, online and refinance-heavy lenders run lower because so many applications are rate shops that never close.
A named loan officer typically stays involved throughout, which distinguishes Rate from purely app-driven online lenders.
Its 2025 HMDA record reflects that scale. Rate originated roughly 70,600 loans for about $29.2 billion, an average loan of around $413,600, and reported a 90.6% approval rate against about 7,300 denials.
The geographic footprint tilts toward its home state and coastal metros: Illinois led with nearly 19,800 loans, followed by California (about 15,500), Texas (10,200), New Jersey (9,300) and Florida (9,000).
Who Guaranteed Rate (Rate) is best for
Rate suits buyers who want a genuinely digital application and quick preapproval but still value a named, local loan officer they can call.
Its broad menu, including conventional, FHA, VA, USDA and jumbo loans, makes it a reasonable single stop for first-time buyers, move-up borrowers in higher-cost coastal markets, and anyone comparing a wide range of programs under one roof.
Loan programs at Guaranteed Rate (Rate)
Its most notable programs and specialties:
- Conventional fixed-rate (15- and 30-year) and adjustable-rate mortgages, with conventional financing available from as little as 3% down
- FHA loans (from 3.5% down) and zero-down VA and USDA loans for eligible borrowers
- Jumbo loans, which the company markets with down payments as low as 10%
- Rate-and-term and cash-out refinancing
- PowerBid Approval, a verified preapproval intended to strengthen purchase offers, plus FlashClose digital closing tools
- Newer product lines the company is rolling out under the Rate brand, including home equity, reverse mortgages, personal loans and homeowners insurance
Typical industry minimum down payment by core loan type — Guaranteed Rate (Rate)'s own minimums or credit overlays may run higher:
| Loan program | Typical min. down |
|---|---|
| Conventional | 3% |
| FHA | 3.5% |
| VA | 0% |
| Jumbo | 10–20% |
Strengths
- Wide product range covering conventional, FHA, VA, USDA and jumbo under one lender
- Digital application and fast PowerBid preapproval combined with a local, named loan officer
- Lends in all 50 states and D.C. through roughly 400 offices
- Low-down-payment options across most loan types, including jumbo from about 10% down
- High reported HMDA approval rate (90.6% in 2025) on a large purchase-heavy book
Considerations
- Scored slightly below the industry average in J.D. Power's 2025 mortgage origination satisfaction study
- In 2020 the company (then Guaranteed Rate) agreed to a settlement of more than $15 million with the U.S. Department of Justice over alleged violations of federal FHA and VA lending rules
- The company markets itself as Rate, but its legal name is still Guaranteed Rate, Inc., and it operates under that name in New York, so both names appear.
Where Guaranteed Rate (Rate) lends most
By federal HMDA records, Guaranteed Rate (Rate)'s largest 2025 markets were Illinois, California, Texas, New Jersey and Florida. Explore local rates, home prices and down-payment assistance for each:
States where Guaranteed Rate (Rate) is a top-15 lender
Ranked by home loans originated in 2025 (HMDA). Each state page compares Guaranteed Rate (Rate) with the other leading lenders there, including FHA and VA leaders and what their borrowers paid.
The verdict
Rate is a large, established nonbank lender that blends a modern digital application with old-fashioned local loan officers, and its broad product shelf makes it a practical one-stop option, especially in higher-cost coastal markets.
The tradeoffs are thin online pricing transparency and only average recent satisfaction scores. As with any lender, get a written Loan Estimate and compare it against at least one or two competitors before committing.
How to compare Guaranteed Rate (Rate)
Shopping a few lenders is the single most reliable way to save. Before you commit to Guaranteed Rate (Rate):
- Get three or more Loan Estimates in a two-week window — the bureaus treat it as one inquiry.
- Compare the APR, not just the headline rate — it folds in the fees.
- Weigh service and loan-type fit, not price alone.
- Verify licensing: search Guaranteed Rate (Rate) on NMLS Consumer Access and match the NMLS ID to the one on your Loan Estimate. (Its LEI in federal HMDA data, 549300U3721PJGQZYY68, is not a license number.)
Benchmark whatever you're quoted against today's this week's rate averages.
Guaranteed Rate (Rate) FAQ
Is Guaranteed Rate (Rate) a good mortgage lender?
Guaranteed Rate (Rate) is a licensed U.S. mortgage lender and one of the largest, roughly #13 of 60 in our roster by 2025 volume, best for digital + local mix.
On price, its 2025 conventional borrowers' median APR was 0.06 percentage points above the typical lender's, with $5,990 in loan costs against $5,476 market-wide.
Whether it's right for you comes down to the rate and fees it quotes — compare its Loan Estimate with two or three others.
What are Guaranteed Rate (Rate)'s mortgage rates today?
Guaranteed Rate (Rate) sets rates daily by loan type, credit score, down payment and points, so the rate that counts is the one on your Loan Estimate.
For context, the average 30-year fixed rate was 7.18% in Freddie Mac's survey for the week of November 5, 2026; in 2025, Guaranteed Rate (Rate)'s conventional purchase loans closed at a median 6.625%, against 6.50% for all lenders.
How many mortgages does Guaranteed Rate (Rate) originate?
In 2025, Guaranteed Rate (Rate) originated about 70,579 home loans, roughly $29.2 billion in lending, per federal HMDA data — an average loan of about $413,553.
What loan types does Guaranteed Rate (Rate) offer?
Guaranteed Rate (Rate) offers Conventional, FHA, VA, Jumbo. Notable programs include conventional fixed-rate (15- and 30-year) and adjustable-rate mortgages, with conventional financing available from as little as 3% down; FHA loans (from 3.5% down) and zero-down VA and USDA loans for eligible borrowers; jumbo loans, which the company markets with down payments as low as 10%.
How do I verify Guaranteed Rate (Rate) is licensed?
Search the company's name on NMLS Consumer Access (nmlsconsumeraccess.org), the official registry of licensed mortgage companies and loan officers; the NMLS ID it shows is also printed on every Loan Estimate the lender issues. (The ID 549300U3721PJGQZYY68 used on this page is the company's LEI, which identifies it in federal HMDA data — not a license number.)
This review is editorial and independent — Guaranteed Rate (Rate) did not pay for or approve it, and all figures are from public federal data. It is general information, not a recommendation or personalized advice. Confirm all terms directly with the lender.
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