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. 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. Mortgage borrowers can count on average fees and competitive interest rates, tracking just below the national average.
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