Frequently Asked Questions

How much can I afford and how much home do I qualify for?

• "As a mortgage lender, we can help set the right expectations for your house search by looking at your income, savings, and assets to give you a ballpark figure on how big a loan you might qualify for. But what you qualify for and what you can comfortably afford can be two very different amounts. Our Guaranteed Rate Loan Officers will give you an honest answer to be sure you are comfortable with your mortgage payment without straining your financial situation."

What types of home loans do you offer and what type of mortgage would you recommend for me?

• "Guaranteed Rate offers many mortgage products and programs to virtually fill all of our client’s needs. For instance, if you’re an active-duty service member and you’d like a VA loan, inform your local loan officer that you’d like to know more about our VA loans. To learn more about our loan products & programs, you can talk with your local, dedicated loan officer or visit our website at www.rate.com/home-loans "

What are your current mortgage rates?

• Interest rates are in a constant state of flux. Although you won’t know for sure what interest rate you’ll qualify for until you receive a pre-approval letter (and even that’s not set in stone), ask your local Guaranteed Rate loan officer for their current mortgage rates to give you an idea of what to expect.

I hear that the mortgage process can be very challenging, how do you simplify the process?

• Digital mortgages have made the process faster and more seamless than ever, but not every lender has the technology to truly make it simple like we do at Guaranteed Rate. Our Digital Mortgage was the first in the industry, and Guaranteed Rate has consistently improved our platform to make the process simpler for you. Through your personal MyAccount page, you can conveniently upload documents, link bank accounts, and connect with your loan officer. You’ll be able to apply for a mortgage online, manage your loan process online & may even be eligible to close your loan anywhere you like through our FlashClose eClose process. No need to fax documents ever again. Securing Financing 30 © Guaranteed Rate | NMLS ID# 2611.

How long does it take to get a mortgage?

• With Guaranteed Rate’s Fast Track program, we can close your loan in as little as 10 days. Loan qualification, product & program are all factors that help determine the speed at which your loan will close.

Do you handle processing and underwriting internally?

• Underwriters review your qualifications as a borrower and assess the amount of risk the lender is taking on. Some lenders leverage third parties for this process which can create costly delays and miscommunication. Guaranteed Rate leverages in-house underwriting teams and is often able to process loans quicker, avoid errors and keep you up to date on the status of your home loan.

The Guaranteed Rate FastTrack provides that eligible borrowers will receive a "Clear to Close Loan Commitment" ("CTC") within twenty-four business hours from Guaranteed Rate 's receipt of all necessary borrower documentation. Guaranteed Rate reserves the right to revoke this "CTC" at any time if there is a change in your financial condition or credit history which would impair your ability to repay this obligation. CTC is subject to certain underwriting conditions, including clear title and no loss of appraisal waiver, amongst others. Read and understand your Loan Commitment before waiving any mortgage contingencies. Borrower documentation and Intent to Proceed must be signed within twenty-four business hours of receipt. Not eligible for all loan types or residence types. Minimum down payment requirements apply. Eligible for primary and second homes. Property must be eligible for an Appraisal Waiver and borrower must opt in to AccountChek for automated income and asset verification. Self-employed borrowers and Co-borrowers are not eligible. Not all borrowers will be approved. Borrower's interest rate will depend upon the specific characteristics of borrower's loan transaction, credit profile and other criteria. Offer not available from any d/b/a or operations that do not operate under the Guaranteed Rate name. $250 Closing Cost Credit is available from 12/1/22 through 11:59 PM, 03/31/23 and is applied at closing, no cash value. Not available in all states. Restrictions apply. Contact Guaranteed Rate for more information.

Guaranteed Rate cannot guarantee that an applicant will be approved or that a closing can occur within a specific timeframe. All dates are estimates and will vary based on all involved parties level of participation at any stage of the loan process. Contact Guaranteed Rate for more information.