Guaranteed Rate, now branded simply as “Rate,” is one of the largest direct mortgage lenders in the country, headquartered in Chicago, Illinois. With more than 400 branch locations nationwide and the naming rights to Rate Field—home of the Chicago White Sox—they’ve got serious reach and resources. But for a company big enough to put its name on a stadium, you might expect more aggressive pricing—yet Rate’s mortgage costs still sit slightly above the market average, and borrowers should keep a close eye on the lender fees included in their loan estimates.
See today’s mortgage interest rates on TrueRate.
How Rate compares to other lenders
| Headquarters | Chicago, Illinois |
| Website | rate.com |
| Rate | 0.04% lower than the median rate |
| Lender fees | $1,640 (median) |
| Savings after 1 year, compared to the median interest rate | $505 |
| Savings after 10 years, compared to the median interest rate | $1,708 |
| Added cost after 1 year (vs. Tomo Mortgage) | $2,073 |
| Added cost after 10 years (vs. Tomo Mortgage) | $9,476 |
For a $400,000 mortgage, Rate’s pricing—roughly 0.04% below the market median—and $1,640 in fees would save borrowers around $500 in the first year, and about $1,700 more over 10 years compared to a typical lender. While there are savings to be had compared to the median lender, the long-term opportunity cost is still real. Compared to low-fee, lower-rate lenders like Tomo Mortgage, borrowers could save more than $9,000 over the life of the loan—or over $5,000 in just five years. It’s a strong reminder to compare multiple loan estimates before locking in a mortgage.
What customers are saying
Rate is recognized for responsive loan officers and the ability to close loans quickly, with many borrowers and real estate professionals describing smooth, efficient transactions-especially when working with experienced staff.
However, reviews on Yelp, Credit Karma, and Reddit reveal frequent complaints about poor communication, disorganization, and post-closing servicing issues. Borrowers report confusion from multiple contacts, missed or delayed closings, and trouble getting support after their loan is sold or transferred. While some customers have excellent experiences, others find the process frustrating and impersonal. Comparing rates and clarifying support expectations is advised.
How to compare mortgage lenders
Interest rates. Comparing rates between lenders isn’t always straightforward. Many promote low headline rates that require paying “points” upfront to buy down the interest rate. To make a true comparison, focus on the par rate (0 points) and the APR, which reflects both the interest rate and any lender fees. Even small differences can translate into significant savings over the life of the loan.
Lender fees or loan origination fees. Many lenders charge fees that add thousands to the cost of a loan. It’s important to look at both the rate and the fees together to understand the true cost of borrowing. For a $400,000 mortgage, avoiding even a $1,000 fee could contribute to meaningful savings in the first year and over the long term.
On-time close rate. Most lenders do not publicly share their on-time close rates. However, it’s a critical factor—especially if your home contract has tight deadlines. Asking about their process for meeting close dates, including underwriting and document review timelines, can give you more confidence when choosing a lender.
Pre-approval and offer letters. Some lenders offer fast pre-qualifications that may not be fully underwritten, which can weaken your offer in competitive markets. It’s important to ask whether a lender’s pre-approvals are fully underwritten and how credible their letters are when presented with an offer.
Customer satisfaction. If detailed customer review data isn’t readily available, check third-party review sites or ask the lender for references. It’s important to understand how they handle communication, responsiveness, and issue resolution throughout the loan process.
Employee reviews. Company culture often influences how clients are treated. A lender with strong employee satisfaction typically delivers better service, more organized processing, and a smoother overall experience for borrowers.
To better understand how we compare mortgage rates fairly, see our TrueRate Methodology.
If you’re ready to start your journey to homeownership, get pre-approved with Tomo Mortgage today.