Guaranteed Rate Enables Loan Approvals in 5 Minutes or Less

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Sep 13, 2023, 13:21 ET

Fintech leader continues to deliver the fastest lending experience in the country

CHICAGO, Sept. 13, 2023 /PRNewswire/ -- Guaranteed Rate, a leader in mortgage lending and digital financial services, today announced their latest innovation, 5 Minute Approval. Known for its speed and disruptive technology, Guaranteed Rate launches 5 Minute Approval on the heels of its Same Day Mortgage offering, which has funded nearly $5 billion in mortgages for thousands of homeowners, some within 8 hours of applying.

"Our Same Day Mortgage revolutionized how people think about the mortgage process," said Guaranteed Rate President and Chief Executive Officer, Victor Ciardelli. "Now with the launch of 5 Minute Approval, we're helping buyers to get approved in minutes, not hours—even while they're touring their future home. We've successfully approved more than 100 loans in our pilot program within 5 minutes, without any human interaction. And we're now the only lender in the entire country setting this new standard."

Like the Same Day Mortgage program, 5 Minute Approval is available for both purchase and refinancing transactions with as little as 3% down. Eligible borrowers can simply visit Rate.com, sign the initial application package and upload all requested documents. Then, after a borrower receives approval, they can move on with their home buying journey—closing on a property in as few as 10 days. 5 Minute Approval is also an invaluable tool as homebuyers begin the search process. In the current market, 48% of homes for sale receive three or more offers, making a strong pre-approval delivered fast, more critical than ever (Source: Zillow).

"Consumers deserve lightning-speed service powered by modern technology platforms," said Ciardelli. "As our team at Guaranteed Rate continues to accelerate and simplify the mortgage process, we're making a positive impact on their wellness, so they can stop worrying about mortgage processes and start dreaming of moving in. With this latest innovation, the sky's the limit."

To learn more about 5 Minute Approval, please visit Rate.com, and get in touch with a Loan Officer today.

About Guaranteed Rate
Guaranteed Rate is a leader in mortgage lending and digital financial services. Headquartered in Chicago, the Guaranteed Rate Companies have over 850 branches across the U.S., serving all 50 states and Washington, D.C. Since its launch in 2000, Guaranteed Rate Companies have helped more than 1 million homeowners with home purchase loans and refinances. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates and delivering unparalleled customer service. Honors and awards include: Top Lender for Online Service for 2018 by U.S. News & World Report; Best Mortgage Lender for Online Loans and Best Mortgage Lender for Refinancing by NerdWallet for 2021; HousingWire's Tech100 award for the company's industry-leading FlashClose℠ in 2020, digital mortgage platform MyAccount in 2022, and Language Access Program in 2023; No. 2 ranking in Scotsman Guide's 2022 list of Top Retail Mortgage Lenders; Chicago Agent Magazine's Lender of the Year for seven consecutive years; and Chicago Tribune's Top Workplaces list for seven consecutive years. Visit rate.com for more information.

Guaranteed Rate's 5-minute pre-approval refers to an automated underwriting review of borrower submitted loan documentation and subsequent pre-approval and should not suggest to a borrower that Guaranteed Rate has fully funded or approved the borrowers mortgage application within 5 minutes. Guaranteed Rate cannot guarantee that a loan will be approved or that a closing will occur within a specific timeframe. Not all borrowers will be approved. Borrower's interest rate will depend upon the specific characteristics of borrower's loan transaction, credit profile and other criteria. Restrictions apply.

SOURCE Guaranteed Rate