One of the biggest mortgage lenders in terms of dollar volume is Rate Mortgage, ranking 6th only behind juggernauts like Chase, U.S. Bank, and Rocket Mortgage, per recent Home Mortgage Disclosure Act numbers. You may know the lender under its previous title, “Guaranteed Rate,” which was rebranded simply to “Rate” in 2024.
With its laundry list of loan options and unique programs that subsidize low- to moderate-income buyers, Rate Mortgage does a lot of things well. But is it the right institution to fulfill your homebuying goals? Here’s a rundown of what you can expect from Rate.
Lender details checked Nov. 20, 2025, and are subject to change.
Rate Mortgage
| Minimum credit score | 620 |
| States available | 50 |
| Mortgage loan options | Fixed-rate, adjustable-rate, conventional, jumbo, FHA, VA, USDA, interest-only, non-QM, physician, reverse |
at Bankrate
- Year Founded: 2000
- Company Headquarters: Chicago, IL
- CEO: Victor F. Ciardelli III
Who is Rate Mortgage best for?
Most features of Rate Mortgage are relatively standard across mortgage lenders, but it does have a handful of unique features that will appeal to certain borrowers.
First, it’s good for those who want to service their mortgage in-person. Rate offers more than 340 branches across 47 states. This is a perk that fully digital lenders, such as Rocket Mortgage, don’t offer.
Rate Mortgage also offers certain loan types that you won’t find with every lender. As an example, Rate issues non-qualified mortgages (non-QMs) which cater to those without a Social Security number, the self-employed, and real estate investors.
And because Rate Mortgage publishes its rates online, it’s also helpful for those still in the rate shopping stage. Some lenders require that you reach out to customer service to learn current rates—but it just takes a few clicks on the Rate Mortgage website.
Pros
- Displays rates online
- Wide selection of loan option
- Up to $2,000 grant to help with down payment
Cons
- Historically below-average satisfaction rating with J.D. Power
- Some loans may be sold to third parties
Rate Mortgage home loan options
Rate Mortgage issues standard loan type, but you’ll also find some more niche options.
Conventional loans
The most flexible type of mortgage, a conventional loan can be used for nearly any property type—from single-family homes to investment properties. Rate Mortgage offers 15-year fixed, 30-year fixed, and adjustable rate mortgages (ARMs).
You can also use programs like Fannie Mae HomeReady with a conventional loan, which provides up to 97% financing.
FHA loans
This is a government-backed loan that extends more flexibility to would-be homebuyers who have less-than-stellar credit profiles. FHA loans require as little as 3.5% down (depending on your credit score). However, you’ll have to pay Mortgage Insurance Premium payments.
USDA loans
Government-backed USDA loans are designed to help those with low- or moderate-income who are interested in purchasing a home in eligible rural areas. Uniquely, no down payment is required—and mortgage insurance costs are typically lower, too.
VA loans
Eligible service members, veterans, and spouses can use a VA home loan, backed by the Department of Veterans Affairs, to buy a home with several conveniences and money-saving benefits. For example, you can buy with no minimum credit score requirement, no lender fee when you close, and potentially no down payment.
Jumbo loans
A jumbo loan is a non-conforming loan that allows you to buy a more expensive home than a conventional mortgage may cover. For example, conforming loans eligible for Fannie Mae and Freddie Mac to take on are typically capped at $806,500 (though the conforming loan limit is sometimes higher based on location). If the home you want is more expensive than that, a jumbo loan may be necessary.
Through Rate Mortgage, you can open a jumbo loan with as little as 10% down. Some lenders require 20% down, so this is an advantage of opening your loan through Rate.
Closed-end second mortgages
Effectively a home equity loan, a closed-end second mortgage allows you to borrow against the equity you’ve built into your home by receiving a lump sum of cash. You’ll then be put on an installment plan until that equity has been repaid into your home. They can be agreat resource for things like debt consolidation or a large emergency purchase that you can’t otherwise afford.
Home equity lines of credit (HELOC)
Similar to a home equity loan, a HELOC is a revolving line of credit backed by your home’s equity. When you use a portion of your credit line, your borrowing amount will decrease. Pay it back, and your credit line will replenish (just like a credit card).
In general, your line of credit will stay open for 10 years. You’ll then have to repay your outstanding balance—up to 20 years or more.
Reverse mortgages
A reverse mortgage with Rate is another way to borrow against your home’s equity. Those aged 62 or older and with at least 60% equity built in their home can request a reverse mortgage to avoid mortgage payments and receive money to help fund living expenses. This diminishes the profit you’ll make when selling the house, as a portion of your profit will go toward repaying the loan.
Non-qualified mortgages
A non-qualified mortgage (non-QM) helps those in unique situations to buy a home. Rate Mortgage offers the following non-QM options:
- Bank Statement: For those who don’t have traditional income (say, from a W-2), lenders look at your bank statements instead of your paystubs. This is great for investors, real estate agents, etc.
- Full Doc: Fully documented home loans require that you give the lender your bank/investment account statements proving you’ve got the means to cover the down payment and any closing costs—in addition to verification of employment. This can potentially result in better loan terms and options.
- ITIN: Even if you don’t have a Social Security number, it’s possible to still buy a home with an Individual Taxpayer Identification Number (ITIN) home loan. As long as you’ve got an ITIN, another form of identification (like a driver’s license), and proof of employment history, you may be eligible.
- DSCR: A debt service coverage ratio home loan is for anyone interested in buying an “income-producing” property, such as an apartment building they intend to rent. You may be able to use the cash flow of the property to receive approval instead of your own personal income.
- Self Employed 1099: This loan is designed for the self-employed (think freelancers, business owners, etc.).
Home renovation loans
If you’d like to give your home a facelift, a home renovation loan can be a smart way to finance it. You can borrow based on the value of your property after you implement your desired improvements.
Refinancing
Rate Mortgage also offers refinancing options for your home, which can potentially reduce monthly payments if interest rates have dropped. You can even refinance beyond what you currently owe to get some extra cash for needs like debt consolidation.
Does Rate Mortgage offer discounts or assistance?
Fannie Mae HomeReady and Freddie Mac Home Possible
For conventional loans, Rate Mortgage loans qualify for popular assistance programs from Fannie Mae and Freddie Mac.
Fannie Mae HomeReady and Freddie Mac Home Possible are programs that provide qualified low- to moderate-income buyers the ability to buy a home with a down payment as little as 3%. Just note that you’ll pay private mortgage insurance until you’ve achieved 20% equity in your home.
Additionally, these programs are lenient when it comes to the source of funds for your down payment. Money from grants and gifts from relatives is acceptable, and unsecured loans may even qualify in certain circumstances (which is unusual).
“OneDown” by Rate
Rate Mortgage offers a program called OneDown which further lowers the amount you need for a down payment.
If you make between 51% and 80% of the Area Median Income of your location, this program provices either $2,000 or 2% of the home’s purchase price, whichever is lower. This is a grant that you don’t need to pay back. And if you make 50% or below the Area Median Income, you can potentially receive up to $2,500.
OneDown will also provide a $1,000 closing cost credit to offset lender fees, as of this writing.
How to apply for a home loan with Rate Mortgage
Rate Mortgage makes the home loan application process quick and easy. You’ll begin by stipulating whether you’d like to buy or refinance. Answer a few questions about yourself, including your location, credit score, the estimated price of the home you want, and your down payment.
After that, you’ll enter more property information, specifics about your income, and reveal any assets that may boost you towards an approval. Rate says it will never sell your information to third parties.
If you have any application questions, you can contact Rate at 833-539-1346 or send a message at direct.quote@rate.com.
Is Rate Mortgage reputable?
Rate Mortgage maintains an A+ rating with the Better Business Bureau, which typically means it responds to complaints. However, it receives only 2.42 out of 5 stars. A rating like that can generally be attributed to the fact that disgruntled customers are more vocal than satisfied customers.
Still, Rate Mortgage scored a little below average on the J.D. Power 2025 U.S. Mortgage Origination Satisfaction Study. While the study average was a score of 760, Rate scored a 755.
Alternatives to Rate Mortgage
Rocket Mortgage
Rocket Mortgage is a digital lender that offers a wide range of loan options (though it does lack USDA loans). It’s good for low- to moderate-income customers thanks to its various programs, and it provides solutions to those struggling to come up with a down payment.
Rocket Mortgage doesn’t have any physical branches, so you can’t service your loan in-person as you can do with Rate Mortgage.
Rocket Mortgage
| Trustpilot Rating | 4.6 out of 5 |
| Trustpilot Reviews | 38,411 |
| Loan origination volume as of July 31 | $29.1 billion |
at Rocket Mortgage
- Year Founded: 1985
- Company Headquarters: Detroit, MI
- CEO: Jay Bray
Movement Mortgage
Movement Mortgage is an “impact lender,” directing up to 50% of its profit into the communities it works with. It provides plenty of loan types, and it prides itself on its speedy underwriting process and closing time. Movement Mortgage doesn’t disclose its rates online, however, which can be a frustrating experience for those in the rate shopping stage.
Similar to Rate Mortgage, Movement offers hundreds of physical branches around the U.S., so it’s great for those who prefer an in-person experience.
Movement Mortgage
| Minimum credit score | 580 (for FHA and VA loans) |
| States available | 50 |
| Mortgage loan options | Conventional, HomeReady, jumbo, high balance, FHA, VA, USDA, renovation, construction, reverse |
at Bankrate
- Year Founded: 2008
- Company Headquarters: Indian Land, SC
- CEO: Casey Crawford
Is Rate Mortgage right for you?
Rate Mortgage may not suit every single potential homebuyer or would-be refinancer. But it’s got just about everything you could want, from non-QM options to financial assistance programs, which covers the vast majority of buyer profiles.
Again, Rate Mortgage also comes with the added benefit of brick-and-mortar branches for those who are most comfortable talking face-to-face. For something as important as a mortgage, it’s good to have the option to hash things out in-person.
But one of the most important details when deciding if a lender is right for you is the interest you’ll pay. If after comparing multiple lenders you find that Rate Mortgage offers one of the most competitive rates, you should consider it a serious candidate.
How we evaluated this mortgage lender
To impartially evaluate Rate Mortgage, Fortune reviewed elements likely to matter most to a majority of customers, from average customer rating to selection of home loan options. Fortune also considered Rate Mortgage’s accessibility and the programs it offers to help those with varying income levels and credit profiles.
Frequently asked questions
What’s the difference between Rate Mortgage and Guaranteed Rate?
Rate Mortgage was originally called Guaranteed Rate. It was rebranded in July 2024.
How long does it take to get approved for a Rate Mortgage loan?
You can potentially be preapproved for a mortgage with Rate in as little as five minutes. Rate advertises that you can get your documents signed in as little as one day and achieve actual approval in as little as 10 days.
What is Rate Mortgage OneDown?
Rate’s “OneDown” program is for borrowers who make no more than 80% of the Area Median Income of their location. Depending on your income, Rate will cover up to 2% (or up to $2,500, whichever is less) of your down payment. Combined with programs like Fannie Mae HomeReady, OneDown gives you the ability to open a mortgage with as little as 1% down. It also confers additional credits to offset closing costs.
Does Rate Mortgage publish rates online?
Rate Mortgage does publish its rates online—something you won’t find with every lender.
How many branches does Rate Mortgage have?
Rate Mortgage has well over 300 branches across the U.S. That’s considerably fewer than some other lenders, such as Movement Mortgage, but it’s still nice to have the option of visiting a branch if you need an in-person interaction.