Its product line includes fixed and adjustable-rate mortgages (ARMs), conventional and jumbo mortgages, FHA, USDA and VA loans, as well as interest-only mortgages. Guaranteed Rate offers both mortgages for buyers and refinancers. The minimum requirements for each program are: The lender offers loan options for buyers with credit scores as low as 600. Guaranteed Rate minimum credit score requirements differ depending on the mortgage. Preapproval times are not as fast as other lenders, with a one- to two-day turnaround on preapproval letters.
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Customer support is available by phone Monday–Friday, 8:30 a.m.–7:30 p.m. Their paperless application process allows borrowers to send paperwork electronically as well as apply and keep track of the application process online.īorrowers can apply online or in person at one of their locations. Guaranteed Rate offers both branch locations and online access to borrowers who want to apply for a mortgage. and has more than 300 branches nationwide. Guaranteed Rate is available online everywhere in the U.S. For example, the minimum FICO requirement for a conforming mortgage and USDA loan is 620 and just 600 for FHA and VA mortgages. For first-time borrowers or folks with less than perfect credit scores, minimum requirements are lower than average. If you’re a VA borrower (or refinancing a VA mortgage), Guaranteed Rate waives all loan fees.
This can be helpful for first-time borrowers who might not have an established credit history. The minimum credit score on VA and FHA loans is lower than average, requiring just a 600 FICO. Borrowers can also get a preapproval letter within 24 to 48 hours and they can get prequalified online within 15 minutes.
That change can increase or decrease your monthly payment.Mortgage borrowers can count on average fees and competitive interest rates, tracking just below the national average. Adjustable-rate loans and rates are subject to change during the loan term. Estimated monthly payment does not include amounts for taxes and insurance premiums. If the down payment is less than 20%, mortgage insurance may be required, which could increase the monthly payment and the APR. The APR will vary with a predetermined index as published in the Wall Street Journal.
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After the 5-year introductory period: the APR is variable and is based upon an index plus a margin. You can find a description of the types of tracking technologies, and your options with respect to those technologies, by clicking “Learn more” below.ĪRM estimated monthly payment and APR example: A $225,000 loan amount with a 30-year term at an interest rate of 4.5% with a down payment of 20% and no discount points purchased would result in an initial estimated monthly payment of $1,140.05 with an Annual Percentage Rate (APR) of 4.574%.Įstimated monthly payment and APR calculation are based on a fixed-rate period of 5 years that could change in interest rate each subsequent year for the next 25 years, a down payment of 20% and borrower-paid finance charges of 0.862% of the base loan amount, plus origination fees if applicable. Note that due to technological limitations, if you visit our website from a different computer or device, or clear cookies on your browser that store your preferences, you will need to return to this screen to opt-out and/or rebroadcast the signal. You can stop the use of certain third-party tracking technologies that are not considered our service providers by clicking on “Opt-Out” below or by broadcasting the global privacy control signal. The use of technologies, such as cookies, constitutes a ‘share’ or ‘sale’ of personal information under the California Privacy Rights Act. That information is used for a variety of purposes, such as to understand how visitors interact with our websites, or to serve advertisements on our websites or on other websites. We use technologies, such as cookies, that gather information on our website. Find a financial advisor or wealth specialist.
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