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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. The lender’s average closing time is 32 days, which is 10 days faster than the industry average.īetter requires a minimum credit score of 620.īettter offers fixed- and adjustable-rate conventional and jumbo mortgages (ARMs), FHA loans and bridge loans. If you must provide proof of self-employment income, monetary gifts or additional assets, the preapproval time might be longer. ET.īetter’s mortgage preapproval time takes less than 20 minutes for borrowers who are not required to supply additional information. Customer support hours, including for email, phone and online chat, are Monday through Friday, 9 a.m. For people who like automation, this is where Better shines.īecause there are no in-person locations, customers will have to rely on email and phone correspondence with loan professionals. In fact, in 2016 Better funded its first loan without a single phone call. except Hawaii, Massachusetts, Minnesota, Nevada, New Hampshire, Vermont and Virginia. This equates to a savings of $19,000, on average, over the life of a loan.īetter is available everywhere in the U.S.

According to Better, the commission-free business model saves approximately 1% of the loan amount. The lender also has developed technology to automatically look for discounts customers might be eligible for, without any extra effort or cost on the borrower’s part.īetter doesn’t charge commission or lender fees-that includes application, underwriting and origination fees. Preapproval time is quite fast-applicants can expect to get a rate quote and preapproval in about 20 minutes. It’s completely digital, so you can apply and close from anywhere in the world.

Better delivers convenience in many ways.

Student loan repayment calculators excel tracking doc reddit