Guaranteed Rate Mortgage Company - Feedback?

Question

I am moving up the wait list with Mid South Home Buyers in Memphis, TN.  They have introduced me to their preferred lender, Guaranteed Rate.  I don't know much about them other than what's on their website.  I have a call with one of their mortgage professionals tomorrow.

Has anyone done business with Guaranteed Rate before?  Any feedback, good or bad, would be much appreciated.

Also, what questions should I be asking at this point?

Joseph Salegna · Answer

@Mark S.

I am working with guaranteed rate right now. In particular with joe mc Breen and Maggie. They are doing a great job so far. And they are licensed in most of the states also.

Javier Marchena · Answer

Great experience with them @Mark S.

Last year I closed on 3 residential refi. Their rate was better than my local lender and they closed very fast. 10 days after appraisal. Very happy with their service.

Larry Fried · Answer

@Mark S. My experience with them was getting a quote for a loan and terms.  They have great rates but I had a local (to the property ) lender outbid them.  When I told a VP I wasn't going to move ahead with their loan, well to put it mildly, I was treated very rudely and told I wasted 45 minutes of their time.  I wouldn't work with that guy, but other staff might be fine.

James Wachob · Answer

@Mark S. Joe McBreen is a stand up guy and has helped many many of my clients with their mortgages.

Jennifer Slaughter · Answer

We bought with a turnkey provider in Memphis and at the time our lender was with SNMC but now he is with Guaranteed Rate, we had a great experience and look forward to working with him again soon!

Alexander Felice · Answer

I just closed my newest primary with guaranteed rate. The one I dealt with was the best lender I've worked with so far.

Curt Davis · Answer

I am guessing you will be talking either with Joe McBreen or his assistant Maggie. They do a good job and will get you a good rate. We have used them before and currently have a few clients with them now.

Mark S. · Answer

Thanks, everyone, for the replies.  I received a general loan quote from them today with the following breakdown:

Purchase Price: $100,000Lender Fees: $1,290Appraisal: $450 (told it ranges from $350-$450)Prepaid Interest (15 days): $1601-Year Insurance: $600Insurance Escrow Reserves (2 months): $100Tax Escrow Reserves (6 months): $900Title Fees: $940Lender's Title Insurance: $500Transfer Tax: $455Recording Fee: $179

Interest Rate: 4.875%APR: 4.763% (not sure how this could be lower than the interest rate, interesting)

Does this seem reasonable?

Guaranteed Rate Mortgage Company - Feedback?

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