Rocket Mortgage and Guaranteed Rate are well-known lenders with excellent histories of satisfying clients. But Rocket Mortgage edges out its closest competitor if you're searching for low rates. However, choosing between them would be difficult.

Recently, clients of Guaranteed Rate have given them consistently high ratings, and borrowers can usually anticipate excellent service throughout the loan procedure.

In addition, if your credit is good, you can work out a lesser charge with your loan officer. Rocket Mortgage provides generally more affordable rates. If you choose this option, you can save a lot of money.

It will keep assisting you even after your loan closes because the company serves all of its loans—jumbo loans excluded.

Also, it is a good idea to compare rates offered by several lenders to find the rate you qualify for. Keep scrolling if you want to learn more about Guaranteed Rate vs Rocket Mortgage.

Guaranteed Rate Interest Rates and Fees

You may check the mortgage rates and monthly payments based on your purchase price, zip code, down payment, and other variables on the Guaranteed Rate mortgage rates website.

Based on Home Mortgage Disclosure Act statistics, the typical borrower who gets a standard mortgage from Guaranteed Rate in 2022 spent $2,968 in origination fees. In comparison to other lenders, this is on the lower end.

Guaranteed Rate Pros and Cons

Pros:

• Quickly check personalized prices without disclosing personal information
• Has excellent online customer analysis and offers complete customer satisfaction.
• If you don't have a credit score, you can apply using non-traditional credit, such as your rent or utility payment history.
• You can easily access it in Washington, DC, and all 50 states
• It has locations in 47 states, allowing you to apply in person or online.

Cons:

• It does not provide construction loans, home equity loans, or USDA mortgages.
• Not a single physical location in Vermont, Wyoming, or Delaware

Is Guaranteed Rate Trustworthy?

Guaranteed Rate has received an A+ rating from the Better Business Bureau. It is an organization with a high BBB score that honestly promotes, is open and honest about its business procedures, and handles customer complaints well.

Its customer satisfaction score fell short of the industry average in the US Mortgage Origination Satisfaction Study. On the other hand, based on more than 21,000 client ratings, it has a 4.96 out of 5-star rating on its lender page.

Guaranteed Rate Customer Reviews

It isn't easy to match the guaranteed rate reviews regarding stellar client testimonials. The organisation has some of the best ratings of all the lenders we've examined.

The company has customers rating it an incredible 4.99 out of 5 stars on its website. On top of that, clients are satisfied and frequently praise their loan officers for their excellent and professional service, promptness, and ability to address concerns adequately.

The procedure is characterised by many as "easy" and "uncomplicated." Some people call loan officers incredibly helpful.

Although less frequent, disgruntled consumers have raised issues with payments not reaching the new loan servicer and improperly applied payments following loan sales.

Rocket Mortgage Interest Rates and Fees

Based on our analysis, the typical borrower with this lender for a conventional loan in 2022 spent $4,702 in origination fees. It is what other lenders would charge.

To learn more about the mortgage rates, go to the lender's website and scroll to the "Rates" page. From there, you can see sample rates for a variety of mortgage products, such as refinancing and new purchase loans.

However, remember that these sample rates contain discount points, which you can use only to reduce your rate at closing by paying for them.

If you obtain a mortgage without any points, you will pay a higher rate than you see here. You must submit a form with your phone number to view a customized rate quote.

Rocket Mortgage Pros and Cons

Pros:

• It provides low-cost mortgage options, such as conventional loans with a 1% down payment and lender credits of up to $7,500.
• It is quick and easy to use
• It provides multiple conforming loan choices, including FHA, VA, or jumbo mortgages.

Cons:

• You can't get through to a loan officer in person
• It lacks a construction loan, HELOC, reverse mortgage, or USDA loan.
• You must apply with a credit score using non-traditional credit, such as utility bills.

Is Rocket Mortgage Trustworthy?

Rocket Mortgage offers an A+ rating from the BBB and positive online client ratings. The BBB uses sincerity in business procedures, honesty in advertising, and responses to consumer complaints to determine how trustworthy a company is.

Rocket Mortgage Customer Reviews

Customers also give Rocket Mortgage, formerly Quicken Loans, quite excellent ratings. As of recent Rocket Mortgage reviews, it has given the business an average rating of 4.48 stars out of 5.

Lower-than-expected interest rates and costs result in happy consumers and loan officers' kind, considerate, and individualized service.

Customers enjoyed using Quicken Loans' MyQL to monitor the status of their loans as well. On the other hand, some consumers claim that loan consultants were ambitious in attempting to close a deal, while others were shocked to learn about unauthorized credit queries.

Although Rocket Mortgage has a lot of complaints on the Better Business Bureau page, it provides acceptable service overall.

Compare Your Mortgage Options

Guaranteed Rate and Rocket Mortgage could be good options for many borrowers. Both lenders provide loan options for consumers with various credit histories and situations. You can find the ideal mortgage by comparing these lenders and lender marketplaces.

Conclusion

In short, Guaranteed Rate vs Rocket Mortgage are big names in home loans. They both have reasonable rates and easy online processes.

The one you pick depends on what you like, your financial situation, and the extraordinary things each offers to get a home loan that fits you.