Guaranteed Rate Latest To Offer Same-Day Mortgages
Lender launches program nationwide after successful regional tests.
Guaranteed Rate has announced the launch of a same-day mortgage, which it says involves delivering a loan approval in less than 24 hours.
This program first rolled out to a select group of customers in 2022, resulting in $1.1 billion in closed loan volume. Same Day Mortgage is now available nationwide with a much larger portfolio of loan types and offerings, including purchase and refinance; 72% of the company’s conforming business qualifies for the program, according to Guaranteed Rate.
According to the fine print accompanying the Guaranteed Rate announcement, the Same-Day Mortgage (aka “FastTrack”) promotion offers qualified customers who provide certain required financial information/documentation to Guaranteed Rate within eight hours of locking a rate on a mortgage loan the opportunity to receive a loan approval within one business day of timely submission of documentation. Guaranteed says that does not suggest that the borrower will receive funding on the same day as their application submission.
Minimum down payment requirements apply. Self-employed borrowers and co-borrowers are not eligible. The program is available in all U.S. states, except West Virginia, Kentucky, New York Co-Op/CEMA, and TX Refi.
In January, Better.com launched what it calls the One Day Mortgage, describing it as a “breakthrough innovation in the real estate industry. For the first time ever, Better customers will be able to go online, get pre-approved, lock their rate, and get a mortgage commitment letter from Better, all within 24 hours,” it declared in a news release.