Guaranteed Rate is one of the largest retail mortgage lenders in the United States. Headquartered in Chicago, the Company has approximately 210 offices across the U.S. and Washington, D.C., and is licensed in all 50 states. Since its founding in 2000, Guaranteed Rate has helped hundreds of thousands of homeowners with home purchase loans and refinances and funded nearly $19 billion in loans in 2017 alone. The Company has become the Home Purchase Experts® by introducing the world's first Digital Mortgage technology and offering low rate, low fee mortgages through an easy-to-understand process and unparalleled customer service. Guaranteed Rate won an American Business Award for its Digital Mortgage technology in 2016, ranked No. 1 in Scotsman Guide's Top Mortgage Lenders 2016, was chosen as Top Lender 2016 and 2017 by Chicago Agent magazine, made the Chicago Tribune's Top Workplaces list seven of the past eight years, and was named Best Overall Online Lender and Best Lender for FHA Refinance by NerdWallet in 2018.
A loan experience full of false information and miscommunication
This is a warning for anyone thinking of using Guaranteed Rate or Guaranteed Rate Affinity for their next home purchase. Our experience with Guaranteed Rate Affinity and Scott B. Rosenberg (Loan Officer) was horrendous. Dealing with our loan officer was like dealing with a used car salesman and he was quite unscrupulous. He was not a trustworthy lender. We were misguided and provided with misinformation multiple times throughout the loan process.
First there is the interest rate. Our loan officer initially provided a great rate for our pre-approval. Then once we found a home, that rate went up but as expected since interest rates slightly increased. He made it very clear to us that if rates went back down we could always renegotiate the rate around closing. Then as the closing date started to come closer and interest rates dipped considerably, I requested that we renegotiate. Scott's team was VERY slow to respond and he was constantly "working" on it. He then got back to us at the 11th hour only to tell us that he was not changing the rate and at this point we were too close to the closing to do anything about it. He purposely dragged his feet until it was too late. I have an 800 credit score and I was receiving quotes from other lenders half a point less than what Scott was offering. This will end up costing me thousands throughout the life of my loan.
Then there is the discrepancy with closing costs. Two days to closing we were provided with the Closing Disclosure. Although we weren't happy with our rate there was nothing we could do at this point. I just wanted this nightmare to end but it unfortunately continued. The night before the closing we were provided with the final closing costs to only find that we needed to pay several thousands more than what was initially disclosed on the CD. This included large discrepancies with the Title Fees, County Taxes (forgot to include), prepaid interests and initial escrow. All which were available to Scott and his team when he sent the CD two days prior. Scott did apologize and mentioned that he did a poor job reviewing the CD and didn't notice the discrepancies. If this was the only hiccup, maybe I could understand but it wasn't.
I have to say I am extremely upset with the poor communication from Guaranteed Rate, Scott and his team throughout the process. I will never be using him or Guaranteed Rate again in the future and others should think twice before you do as well.
Closed with Lender:
It Was Great The First Time
I refinanced my house with Guaranteed Rate about six months ago. I'm a veteran and I would like to take advantage of the lower rates. If you have a V.A. Loan and you can get 3/4's of a point lower, you can re-finance with out any fees. I would like to try and do that. However, I have reached out to Julie Robinson VP of Premier Customer Appreciation Program over and over until I'm blue in the face. This review is about her only. For whatever reason she could care less if I re-finance with them or not. Or she doesn't check her texts or messages ever. Either way, I will be calling someone else tomorrow.
Closed with Lender:
did not honor rate lock floatdown, very unprofessional
One feature that made me choose Guaranteed Rate was the ability to lock a rate and then re-lock it once without a fee when interest rates go down. When I asked my loan contact, Thomas K, about if I was able to do that, his response was incredibly unprofessional:
I had clarified to him that I wanted to make sure he took into account the points I bought, my credit history and down payment when calculating the potential lower rate. I included those details because I wanted to be sure we were on the same page, because he had made a fairly serious mistake previously when I asked about a relock, comparing my loan with a completely different type of loan. He assumed I had a 30 year FHA, when I actually had a 15 year conventional. (I did not tell him this was my reason for including those details. )
He responded with petty insinuations that I should be happy with the rate I got, and that Guaranteed Rate even took my business at all, and that his credentials make him above question. And that they got me the close date I wanted.
In short, he did not address my inquiry at all, just pushed back with passive aggressive weirdness.
Thomas K did not even begin the process of looking into whether I would qualify for a lower rate or not. (And if I didn't qualify I was fine with that, I just wanted to know either way.) He took my inquiry personally and all I got was a terse attitude.
His teammate Jeremy S was just as bad-- it was like they took my benign inquiry (about a feature that GR offers its clients) as some kind of affront, and tried to make me feel like I was being some ungrateful cheapskate. All for doing something that ANYONE would do: take them up on their OFFER to lower their rate when applicable.
Closed with Lender:
Loan officer directory
James WingGranite City, IL
Justin GraySpokane, WA
Lorie GraySpokane, WA
Cliff SaundersLa Porte, TX
Amanda BeamFresno, CA
Mattatha EastonWarren, OH
Frank MartinezRancho Cucamonga, CA
George KrockSanta Barbara, CA
Christian ZegersSpokane, WA
Ben LockwoodNovi, MI
Scott IngramRancho Cucamonga, CA
Delmy MartinezRancho Cucamonga, CA