Rate Mortgage Review 2026
Rate has a huge variety of home loans, and its one-day preapproval program is very useful if you’re in a hurry. The lender also tells you the current mortgage rates for many products, which helps when shopping around.
See how we reached our verdict below.
- Diverse purchase and refinance options, including hard-to-find specialty loans for self-employed borrowers
- Same-day mortgage option promises approval in one day
- More than 600 physical locations across the country
- User-friendly mobile app
- Must agree to be contacted to get personalized rates
- Customer service is only available Monday through Friday, limiting weekend support access for some borrowers.
Rate mortgage overview
Rate was founded in 2000 and operates nationwide. Until July 2024, it was known as Guaranteed Rate, and it still uses that name in New York.
- Areas of service: 50 states, Washington, D.C., and Puerto Rico
- Digital service: Online lender with physical branches in every state but Arkansas, Kentucky, Vermont, Washington D.C., and Puerto Rico
- Headquarters: 3940 N. Ravenswood Ave., Chicago, IL, 60613
- Website: Rate.com
Rate rates and fees
Rates
Rate publishes current mortgage rates online for some of its loan options, but you’ll have to provide your contact information to see rates customized for your location, credit score and other details.
Rate’s prices are pretty competitive with what other lenders charge. Its average rate for 2024 was just 0.28 percentage points above the average prime offer rate (APOR), which is what a well-qualified borrower would pay at a typical lender.
In fact, this is a significant increase from 2023, when Rate’s average was 0.02 points above APOR.
Fees
The average total origination fee for a Rate home loan was $2,951, according to 2024 Home Mortgage Disclosure Act (HMDA) data, which is within the standard industry range.
Rate also lists fees for a typical mortgage on its “Mortgage Rate Assumptions” page.
With Rate’s RateReduce Sell program, someone selling their home can sweeten the deal by paying a fee to reduce the mortgage rate and lock it in for the buyer for 60 days.
Of course, the seller could also buy mortgage points to save the buyer money that way, but Rate’s program formalizes the process.
What types of mortgage loans does Rate offer?
Rate offers a variety of home loans, including:
Rate offers conventional loans, including fixed-rate mortgages, adjustable-rate mortgages (ARMs), rate-and-term refinancing and cash-out refinancing.
Conventional loan qualification requirements
- No minimum credit score
- 3% minimum down payment
- Debt-to-income (DTI) ratio of 43% or below
Rate offers loans backed by the Federal Housing Administration (FHA), including purchase, refinance, FHA cash-out refinance and home improvement loans.
FHA loan qualification requirements
- 580 minimum credit score
- 3.5% minimum down payment
- Debt-to-income (DTI) ratio of 43% or below
Rate offers loans backed by the U.S. Department of Veterans Affairs (VA), including purchase, VA cash-out refinance, interest-rate reduction (IRRRL), home renovation and rehab, and construction loans.
VA loan qualification requirements
- No down payment required for borrowers with a full VA loan entitlement
- No minimum credit score is set by VA loan requirements
- Private mortgage insurance not required for VA loans
Rate offers loans backed by the U.S. Department of Agriculture (USDA) for borrowers in rural areas, including purchase, refinance and home improvement loans.
USDA loan qualification requirements
- Credit score of 620 or higher
- Income cap of 115% of median in area ensures loans go to borrowers with low to moderate incomes
- Check U.S. Department of Agriculture (USDA) eligibility map to be sure home is in a designated rural area
- DTI of 41% or lower
Rate’s jumbo loans are available with fixed rates for 10, 15, 20 and 30 years, and with adjustable rates for five, seven and 10 years.
Jumbo loan qualification requirements
- Minimum credit score of 700
- Minimum 10% down payment
- DTI of 43% or lower
Rate’s home equity lines of credit (HELOCs) are available with quick funding of five to 10 days, draw periods of 10 years and terms up to 30 years.
HELOC qualification requirements
- 85% combined loan-to-value (CLTV) ratio maximum
- 640 minimum credit score
- DTI of 50% or lower
Rate mortgage qualifications
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| Down payment minimum |
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| DTI ratio Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments. maximum |
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Don’t know your credit score? Get your free score on LendingTree Spring today.
Rate doesn’t disclose the exact minimum requirements it uses to approve or deny your application.
However, HMDA data for 2024 shows:
- The average home purchase loan Rate approved had a loan-to-value (LTV) ratio of just over 85%.
- A small majority of customers approved had a debt-to-income (DTI) ratio above 40%.
- Rate denied about 9% of all home loan types (and just under 5% of purchase loan applications). Most other large lenders have denial rates in the low teens up through the mid-thirties.
How to apply for a Rate mortgage
1. Choose your loan type
From the Rate.com homepage, click on “Get pre-approved” in the header or the “buy a home” or “refinance” buttons. Any of these will take you to an application page. You can also apply in five minutes using the Rate mobile app.
2. Get preapproved
You’ll need to supply some financial and personal information to get preapproved, but it’s the surest way to see mortgage rates you can qualify for.
3. Submit a loan application
Submitting a full application online can get you preapproved for a home loan, rather than just prequalified. Once approved, Rate will lock your mortgage rate for 30 to 60 days.
- Identification
- Tax documents
- Bank statement
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Find out more about how to apply for a home loan.
Is it safe to get prequalified with Rate?
Yes, it’s safe to get preapproved or prequalified with Rate. In many cases, preapproval requires a deeper review of your income, assets and credit history. As a result, it involves a hard pull on your credit, which can have a temporary impact on your score.
It’s best to get preapproved before you start shopping for homes because many sellers won’t take your offer seriously until you do. Plus, your real estate agent might not be willing to show you homes if you don’t have a preapproval letter.
Rate’s customer service experience
You can contact Rate Monday to Friday from 8:30 a.m. to 7 p.m. CT. You can also get answers by chatting with a virtual assistant on Rate’s website.
- Email: [email protected]
- Phone: 866-934-7283
If you’re already a customer and have questions about your loan, you can also reach out to Rate from a customer service page on its website that allows you to access your loan information, or you can ask questions via chat with an AI agent.
How does Rate compare to other lenders?
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| LendingTree’s rating |
Expert review from LendingTree.
Read Our Review
Back to our Rate summary |
Expert review from LendingTree.
Read Our Review
Read our Rate vs. Better Mortgage comparison |
Expert review from LendingTree.
Read Our Review
Read our Rate vs. Flagstar Bank comparison |
| Minimum credit score | 580 | 580 to 700 | 580 |
| Minimum down payment | 0% to 10% | 0% to 10% | 0% to 5% |
| Rate spread Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) the lender offered to mortgage customers in 2023. The higher the number, the more expensive the loan. | 0.28% | 0.19% | 0.60% |
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| Better for: | Prospective homebuyers who are pressed for time. | Buyers seeking a fully online lending experience. | Borrowers seeking down payment assistance or who want to see mortgage rates customized by location and credit score. |
Rate vs. Better Mortgage
Rate and Better Mortgage each offer a similar package of mortgage options — conventional, FHA, VA, jumbo loans and HELOCs.
Rate has locations in nearly every state, offering borrowers a more personalized lending experience and access to in-person support when needed.
Better is an online-only lender, which means borrowers get a more streamlined digital experience. However, both lenders claim to offer fast preapproval.
Read more in our full Better Mortgage review.
Rate vs. Flagstar Bank
Flagstar offers a more traditional banking experience and a slate of loan options similar to Rate’s. However, Flagstar doesn’t offer USDA loans, which can be an option for borrowers in rural areas. Flagstar branches are limited to a handful of states.
Rate’s PowerBid can help speed up the entire homebuying process for buyers, with fast preapproval in just 24 hours.
On the other hand, Flagstar allows borrowers to see customized rates without making contact with a lender representative.
Read more in our full Flagstar Bank mortgage review.
How LendingTree rated Rate Mortgage
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
Rate’s scorecard:
⭕ Publishes rates online
✅ Offers standard mortgage products
✅ Includes detailed product info online
✅ Shares resources about mortgage lending
✅ Provides an online application
Frequently asked questions
Rate allows you to apply for a loan and get approved online. You can also look at current mortgage rates, including APR and points, for easy comparison with other lenders.
Rate is a legitimate mortgage lender in business for 25 years. Rate is licensed in all states and Washington, D.C.
You can view more info about Rate’s state licenses and registrations through the Nationwide Multistate Licensing System and Registry (NMLS) website.
Taking out a mortgage affects your credit, but in most cases, your score is likely to drop by only about 20 points. And even if your score does go down by more than that, it should rebound fully within a year.
Rate has an A-plus rating with the Better Business Bureau. In the last three years, the lender has received more than 40 complaints, with billing and service or repair issues being the most common.
On TrustPilot, the lender has earned a rating of below 3.0 out of 5 stars. Of the more than 30 reviews, most received a 1-star rating, with customers cautioning others not to trust Rate as their lender.
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