Lender review
Rate (Guaranteed Rate) review: what Michigan borrowers should know
Recently rebranded from Guaranteed Rate to simply "Rate," this is one of the largest retail lenders in the U.S., known for a fast, technology-driven process and competitive pricing. It operates through local loan officers who serve Michigan buyers.
Best for: fast, tech-driven closings at competitive rates
Best fit: buyers wanting quick movement plus a real contact
- Headquarters
- Chicago, IL
- Founded
- 2000
- NMLS
- #2611
- Min. credit score
- 620
- Min. down payment
- 3%
- MSHDA MI Home Loan
- Approved lender
What works
- Fast, digital-first application and approval
- Competitive pricing across loan types
- Local loan officers backing the technology
What to watch
- Brand rebrand (Guaranteed Rate to Rate) can cause confusion
- Loan-officer quality varies by branch
- Occasional add-on product upsells
The full picture on Rate (Guaranteed Rate)
The company you may still know as Guaranteed Rate now goes simply by Rate, a rebrand that trimmed the name but not the scale; it's among the largest retail lenders in the country. Its calling card is a technology-driven process built to move fast.
Speed with a human
Local loan officers actually work with Michigan buyers rather than a faceless queue, so you get digital speed with a person backing it.
Vet your officer
The name change itself has sown some confusion, so make sure you're dealing with the right entity. Loan-officer quality varies branch to branch.
There's the occasional nudge toward add-on products, so vet your officer the way you'd vet the rate.
Loan programs at Rate (Guaranteed Rate)
Which core Michigan loan types Rate (Guaranteed Rate) offers, with the typical minimum down payment for each program. Program floors are industry standards — Rate (Guaranteed Rate)'s own minimums or credit overlays may run higher.
| Loan program | Offered | Typical min. down |
|---|---|---|
| Conventional | ✓ Yes | 3% |
| FHA | ✓ Yes | 3.5% |
| VA | ✓ Yes | 0% |
| USDA | ✓ Yes | 0% |
| Jumbo | ✓ Yes | 10–20% |
| Construction | — No | — |
Where Rate (Guaranteed Rate)'s credit bar sits
Rate (Guaranteed Rate)'s roughly 620 minimum sits in the good credit range. Below, that 620 floor is plotted against the four broad credit tiers and the 620 median for the 55 Michigan lenders we track.
| Rate (Guaranteed Rate) | Michigan median* | |
|---|---|---|
| Editorial score | 4.2 / 5 | 4.0 / 5 |
| Min. credit score | 620 | 620 |
| Loan programs offered | 5 | 5 |
| Michigan-headquartered | No | — |
*Median across the 55 Michigan lenders in our catalog.
Compare: Fairway Independent Mortgage CrossCountry Mortgage Better Mortgage This week's Michigan rates
Rate (Guaranteed Rate): frequently asked questions
What credit score do you need for a Rate (Guaranteed Rate) mortgage?
Rate (Guaranteed Rate) generally looks for a credit score around 620 on its most common loans. Its FHA loans can go lower — often to 580, or 500 with a larger down payment — while conventional and jumbo loans usually want higher scores. That 620 is a floor, not a promise: every lender layers on its own overlays, and approval still turns on your income, debts and the property.
Will Rate (Guaranteed Rate) sell my mortgage after closing?
It may. Many lenders sell the servicing rights to a loan after closing, so ask Rate (Guaranteed Rate) directly whether it retains servicing or transfers it — your rate and terms won't change either way.
Independent and unpaid — Rate (Guaranteed Rate) did not pay for placement. How we score every lender (and where our rate data comes from) is set out in our editorial policy. Figures reflect public information as of 2026-07-16 and can change; the only rate that binds a lender is a written Loan Estimate. Verify the license at NMLS Consumer Access (#2611). MSHDA status reflects the state's MI Home Loan lending-partners list dated June 12, 2026, which changes over time.