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Guaranteed Rate FHA Loans Review


ConsumersAdvocate.org Rating: 3.4 / 5 (Very good)
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Guaranteed Rate is a mortgage lender founded in the year 2000 by Victor Ciardelli, who wanted to put customer needs first and to simplify the lending process. The company is based in Chicago, and in 2016 it was rated as one of the top 5 lenders. In July of that same year, Guaranteed Rate launched its Digital Mortgage platform that allows borrowers to complete the application process online. Guaranteed Rate Mortgage offers FHA-backed loans for borrowers with a minimum FICO score of 580. Also available is a 203k renovation loan for qualified buyers.
 
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How is Guaranteed Rate rated?

Breakdown

0.0/5
Geographic Availability
3.5/5
Customer Experience
3.5/5
Lender Reputation

Overall Rating: 3.4 / 5 (Very good)

Boasting a 95% customer satisfaction rate and an A+ rating from the BBB, Guaranteed Rate Mortgage is a solid choice for those looking to purchase a home. Since its inception in 2000, the lender has continued to grow exponentially, funding about $18 billion in loans. Excellent communication and great customer service top the list of borrowers’ comments about Guaranteed Rate. The company's step-by-step, easy to use Digital Mortgage platform, takes the legwork out of the mortgage application process, allowing homebuyers to complete their application online. Conversely, if borrowers prefer, they can visit one of the 170 branches throughout the U.S. FHA loan rates are presented in general form on the company’s website, but by answering a few questions, the system generates several loan options that can give a basic idea about monthly payments that can be used to compare lenders.

Guaranteed Rate Loan Specifics

Types of FHA Loans Offered

FHA Fixed-Rate 15-Year
FHA Fixed-Rate 25-Year
FHA Fixed-Rate 30 Year
FHA Fixed Rate 15 Year
FHA Fixed-Rate 30 Year
FHA Adjustable Rate Mortgage (ARM)
FHA Jumbo Fixed Rate
FHA Hybrid
FHA Bridge/Relocation Loan
FHA Home Improvement 203(k)
FHA Self Employed

Key FHA Loan Facts

Minimum FHA Loan Amount
$313,760
Maximum FHA Loan Amount
$765,600
Minimum FICO Score
580
Non-Traditional Credit History Considered
No

Loan Specifics - 3.5 / 5

Guaranteed Rate displays several loan options after the consumer answers a few non-identifying questions online, giving homebuyers an idea of their interest rates and monthly payments. One of these options can be submitted for an estimate, or they can be used to compare to what other lenders have to offer. Definitive rates and monthly payments are available only when mortgage specialists review the system generated loan approval. Nevertheless, this is more information than other lenders provide on their website.

Guaranteed Rate Customer Experience

Customer Experience - 3.5 / 5

In contrast to other lenders, Guaranteed Rate's customers have access to loan options with estimated interest rates and monthly payments without providing personally identifiable information. Mind you that without providing income information, this is just meant to give the consumer a general idea of their particular mortgage scenario. The company has 170 branches throughout the 50 states and the District of Columbia, providing what many consumers rate as excellent personal service that transforms the taxing process of buying a home into a positive experience.

Online Features

Online Application
Yes
FHA Mortgage Calculator
Yes
Online Quote
No

Guaranteed Rate Lender Reputation

Lender Reputation - 3.5 / 5

Since 2002, Guaranteed Rate has accumulated several accolades, one of which was being named Lender of the Year by real estate magazine, Chicago Agent. Based on comments added by consumers, the BBB awarded the lender an A+, though the number of complaints on the CFPB website totals 226. However, considering the number of mortgages processed by Guaranteed Rate, this could be considered as a minimal amount of complaints. Moreover, in 2016, the company was ordered to pay $25 million for an “alleged loan diversion scheme,” when a newly hired employee shared client information from his previous employer with Guaranteed Rate. The company denied any wrongdoing, stating that the loan officer acted alone and is considering options to appeal the court’s decision. Overall, many consumers state that they are happy with the service provided by the company and include comments regarding the ease of the application process, the personal attention offered by loan officers, and reduced closing costs.

Key Reputational Facts

Company Type
Underwriter
Year Founded
2000
BBB Rating
A+
Number of BBB Positive Reviews
61
Number of BBB Negative Reviews
26
Date Collected
2018-01-24

Complaints & Actions

Nationwide Mortgage Licensing System ID
2611
Nationwide Mortgage Regulatory Actions
1
NMLS Collection Date
2018-01-24
CFPB Total Mortgage Complaints
156
CFPB Collection Date
2018-01-24

Company Profile

Full Name
Guaranteed Rate FHA Loans
Company Website
https://www.guaranteedrate.com
Headquarters
3940 N Ravenswood, Chicago, IL, 60613

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