Leaders at Guaranteed Rate have announced their latest speed-centric mortgage product, the 5 Minute Approval.
Borrowers can sign their initial application package and upload documents at Rate.com. Then, once the approval comes through (in five minutes or less), they can continue their homebuying journey and close on a property in as few as 10 days. 5 Minute Approval is available for purchase and refi transactions with at least 3% down.
Guaranteed Rate President and CEO Victor Ciardelli said the company has already approved more than 100 loans within five minutes through its completely automated process.
“And we’re now the only lender in the entire country setting this new standard,” Ciardelli added.
“Consumers deserve lightning-speed service powered by modern technology platforms. 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.”
However, the company notes that the service is an “automated underwriting review” of submitted loans and “should not suggest to a borrower that Guaranteed Rate has fully funded or approved the borrower’s mortgage application within 5 minutes.”
The new product comes just months after Guaranteed Rate launched its Same Day Mortgage, a competitor to Better.com’s One Day Mortgage.
It also recently introduced a 1% down payment product intended to attract first-time and low-income homebuyers.
Guaranteed Rate is a Chicago-based lending and digital financial services company with more than 850 branches across the U.S. serving all 50 states and Washington, DC.
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