Guaranteed Rate Introduces 5-Minute Approval for Loans

Guaranteed Rate, a fintech provider of mortgage lending and digital financial services, has announced its latest offering, 5 Minute Approval. Building on its reputation for speed and innovative technology, Guaranteed Rate is launching 5-Minute Approval following the success of its Same-Day Mortgage program, which has funded almost $5 billion in mortgages for thousands of homeowners. With the new program, the fintech industry frontrunner maintains its commitment to providing the quickest loan process in the nation.

The 5-minute pre-approval from Guaranteed Rate pertains to a computerized assessment of the loan documents provided by the borrower and the subsequent pre-approval. It is important to note that this does not mean Guaranteed Rate has fully funded or approved the borrower's mortgage application within 5 minutes. Guaranteed Rate can't guarantee loan approval or a specific timeframe for closing. Approval is contingent upon various factors, such as the borrower's loan transaction, credit profile, and other criteria. Certain restrictions may apply.

According to Victor Ciardelli, President and CEO of Guaranteed Rate, the Same Day Mortgage transformed the way people view the mortgage process. 

"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," he said.

The 5 Minute Approval program is available for home purchases and refinancing transactions, with as little as 3% down payment. Eligible borrowers can easily access the service by visiting Rate.com, completing the initial application, and uploading the required documents. 

Once approved, borrowers can proceed with their home-buying process, potentially closing on a property in as little as ten days. Since 48% of homes for sale receive multiple offers in the current market, a fast and robust pre-approval is more crucial than ever, according to Zillow.

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 positively impacting 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, you can visit Rate.com.

Guaranteed Rate is a top mortgage lending and digital financial services industry player. With its headquarters in Chicago, the Guaranteed Rate Companies boast a vast network of over 850 branches spread across the United States, catering to all 50 states as well as Washington, D.C. Since its establishment in 2000, the Guaranteed Rate Companies have assisted over 1 million homeowners in obtaining home purchase loans and refinancing solutions.