Guaranteed Rate Reviews - What Is It?
DO NOT USE Guaranteed Rate!!! You Must Read This Review!
Fully Researched: Price, User Feedback and More!
Guaranteed Rate is actually a mortgage website that can be used for purchasing a home or refinancing your current mortgage. It is a unique website as it is to be the only digital lender available on the internet. They use an automated underwriting process for approval. All loans come directly from the company, not a third-party lender. Guaranteed Rate has become more popular within the past two years due to the active marketing campaign with the participation of spokesperson Ty Pennington, host of ABC's Extreme Makeover: Home Edition. Actually, the company was founded by Vincent Ciardelli in Chicago in 2000. It hit its stride from 2010 and won many awards from different Chicago professional associations, local and national publications like the Mortgage Executive Magazine and Chicago Tribune, Inc. The company features an easy system of awarding mortgages and accolades. Let's take a look at what they actually offer, their application process and what customers and experts think about the company.
Guaranteed Rate offers seven types of mortgages, including adjustable-rate and fixed-rate. These are two most popular mortgages that are frequently chosen by customers. Adjustable-rate mortgages have a fixed APR for a definite number of years, then the APR changes from each year depending on the economy. Fixed-rate mortgages have one APR for the entire life of the loan. The company offers 15- and 30-year repayment periods. The reason why these two types of mortgages exist is that they carry a different level of risk for the lender. The other five types of mortgages offered by the company include FHA Loans which are offered by the federal government's Housing and Urban Development department. Jumbo Loans are meant for homes that cost between around $400K and $3 million. VA Loans are actually Veteran-specific fixed-rate mortgages and ARMs. Interest-only loans presuppose paying only interest for the 5/7/10 years and then the principle. Payments for the principle may vary.
Customer Reviews - Does Guaranteed Rate Really Work?
Guaranteed Rate has a conflicting reputation among users on home database website Zillow.com and lending website Lending Tree. Zillow gave the company an average score of 4.9 stars. It contains more than 1,400 reviews. Of the ten latest reviews, six of them reported that closing costs were lower than expected. The company's page on Zillow includes ratings for loan officers. Many reviewers liked their loan officers for their efforts to make the process fast and expedient. Lending Tree's official website contains more than 700 reviews with an average rating of 4.4 stars. The consumers praised simple process, great customer service and absence of hiccups. Several negative reviews said that the loan fell through, overestimated financial obligations and stressful paperwork process.
Guaranteed Rate has an A+ rating with the Better Business Bureau, which is a good rating I should admit. There are 53 closed complaints which reported some payment issues (there are no details) and a drawn-out loan process. One customer said that the company sold his mortgage to another bank. This resulted in calls from a collections agency. The customers are satisfied with the Credit Review, Loan Processing, and closing. All was stress free and in a short period of time. Many people recommend working with this company. Most of all the customers seem to be pleased with the work of separate loan advisors they worked with. For example, one man praises Sam who is hardworking, diligent, and always provides great customer service. His team had the customer in a position to close in less than fifteen days. They were very helpful and responsive throughout the entire process. Another representative, Pam, appeared to be very friendly too. She will supply you with funds in a fast and professional way. She helped one customer to save $300.00 a month! Later she notified him about a possibility to save almost $100 more and about the drop in interest rates. Let's take a look at the real users' reviews left online.
"Guaranteed Rate is a wonderful company on today's incredibly competitive market. We feel lucky to have worked with Eric Wassmann who was always open to answer our questions. He is professional and easy to work with. Eric found the best interests for us and locked us into an excellent rate. This representative was very helpful and attentive; he always made sure that everything was going well. We purchased a new home and we feel really happy. We highly recommend this worker and company in general."
"We are very pleased with GuaranteedRate, especially its representatives named Robert Imazumi and Phillip Cannon. Both of them made sure we were pre-approved on a short timeline (just a few days), then they secured our loan. The men did a great job of informing us and helping us to understand the whole process. Phillip helped us to get our mortgage for our house. He proved to be professional, friendly and hard-working. I am sure he can easily find approach to any client."
"I enjoyed working with an awesome and amazing team of Guaranteedrate. I was buying my first house, so I had a lot of concerns and questions at each step of the process. I was skeptical about the ability to close in seventeen days; however, the team was able to get everything to close within fourteen 14 days only. I was impressed. By the way, they had lower rates when compared to other companies of the kind, they were attentive and responsive. I highly recommend this company."
My Final Summary
Guaranteed Rate is a big and reputable online mortgage lender that lends billions of dollars to homeowners every year. The company can boast an easy application process online. The loan is given without a third-party bank. While the company offers the only digital mortgage available on the internet, the loan process is similar to that found with other lenders. You need to apply on their official website and get pre-approved. Then a loan officer is assigned to you and helps you to work through the paperwork process.
What differentiates Guaranteed Rate from other lenders is that it has offices throughout the country. It means that working with your loan officer will be maximally comfortable and convenient. You won't need to contact them over the internet and phone only, but you can visit their office physically and talk to your representative face-to-face. Based on everything we have said about Guaranteed Rates, it is necessary to admit that this company has a great reputation and will be a great fit for you. For this reason, I can certainly recommend them.
Guaranteed Rate Pricing and Rates
When you apply for a loan with this company, you will need to pay $400 for an appraisal of the house you are going to purchase and a $1,190 lender origination fee. Then the process of "paperwork processing" will be started. The lender fee is from 1% to 1.5%, so $1,190 is not too much for mortgages above $119,000. Insure that you get a detailed list of fees to avoid spending more money than expected.