Same Day Mortgage: Rate Delivers a Loan Approval in Less than 24 Hours
Exclusive program adds power to homebuyer offers with unimaginable speed
CHICAGO (March 7, 2023)– Guaranteed Rate, a leader in mortgage lending and digital financial services, today announced the launch of Same Day Mortgage,1 delivering a loan approval in less than 24 hours. This industry-first expands upon Rate’s longstanding commitment to deliver a fast, efficient, and cutting-edge financing process to borrowers. This program first rolled out to a select group of customers in 2022, resulting in $1.1 billion in closed loan volume. Today, Same Day Mortgage launches 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.
“Rate is known for revolutionizing the mortgage industry and making the home buying process easier – innovations like the first-ever digital mortgage that we launched in 2015,” said Rate President and Chief Executive Officer, Victor Ciardelli. “Today we’re changing the game again with Same Day Mortgage. Customers expect services to be fast and easy, Same Day Mortgage delivers exactly that with cutting-edge technology and a totally efficient process.”
First-time homebuyers are at a real disadvantage in today’s housing market, especially when going up against all-cash buyers who make up 28% of home purchases†. Same Day Mortgage levels the playing field, giving the big advantage cash buyers enjoy to everyone—speed.
Real estate agents also benefit from the power of Same Day Mortgage. With the spring selling season upon us and inventory near all-time lows, Same Day Mortgage is an essential tool for a buyer and agent to expedite successful closings in what could turn out to be a seller’s market. When buyers use Same Day Mortgage, along with PowerBid2 Approval, Rate’s fully underwritten pre-approval letter, their offers compete aggressively with all-cash buyers.
Not only will Same Day Mortgage help more borrowers get the home they want, they can also earn a $250 discount just for submitting required documentation in eight hours. To receive this credit, buyers simply access their account through Rate’s Digital Mortgage platform (another breakthrough technology launched in 2015), electronically sign the initial application package, and then upload requested documentation on the same day. After this information is submitted, Rate validates income, collateral, assets, and credit, before issuing approval to close. With Same Day Mortgage, buyers can close in as little as 10 days.3
To date, Rate has delivered more than 3,300 one-day approvals totaling $1.1B; all while maintaining a Net Promoter Score (NPS) of 9.7 since the launch of the program. This year, conforming loan limits are $726K, up 12% from 2022, allowing even more prospective consumers to purchase the home of their dreams.
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1Rate’s Same-Day Mortgage (aka “FastTrack”) promotion offers qualified customers who provide certain required financial information/documentation to Rate within 8 hours of locking a rate on a mortgage loan the opportunity to receive a loan approval within 1 business day of timely submission of documentation and does not suggest that the borrower will receive funding on the same day as their application submission. For purposes of this offer, documents provided after 1 pm local time or on a weekend or company holiday will be deemed submitted the next business day. Rate cannot guarantee that a loan will be approved or that a closing will occur within a specific timeframe. Rate reserves the right to revoke this approval at any time if there is a change in your financial condition or credit history which would impair your ability to repay this obligation. Read and understand your Loan Commitment before waiving any mortgage contingencies. Borrower documentation and Intent to Proceed must be signed within 8 business hours of receipt. Not eligible for all loan types or residence types. Minimum down payment requirements apply. Self-employed borrowers and Co-borrowers are not eligible. 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. Eligible borrowers who successfully provide all required documentation within 8 business hours will receive a $250 Closing Cost Credit applied at closing, no cash value, and may not be combined with any other Lender promotions, discounts, or concessions. Not available in all states. Restrictions apply. Visit rate.com/same-day-mortgage for terms and conditions.
2PowerBid Approval (the “Approval”) is contingent upon receipt of executed sales contract, an acceptable appraisal supporting value, valid hazard insurance policy, and a re-review of your financial condition. Rate, Inc. reserves the right to revoke this Approval at any time if there is a change in your financial condition or credit history which would impair your ability to repay this obligation and/or if any information contained your application is untrue, incomplete or inaccurate. Receipt of an application does not represent an approval for financing or interest rate guarantee. Not all applicants will be approved for financing. Restrictions may apply, contact Rate for current rates and for more information.
3Rate cannot guarantee that an applicant will be approved or that a closing can occur within a specific timeframe. All dates are estimates and will vary based on all involved parties level of participation at any stage of the loan process. Contact Rate for more information.
Program available in all US States, except WV, KY, NY Co-Op/CEMA, and TX Refi.
†: https://www.nar.realtor/newsroom/existing-home-sales-receded-1-5-in-december
About Rate
Rate is a leader in mortgage lending and digital financial services. Headquartered in Chicago, the Rate Companies have over 850 branches across the U.S., serving all 50 states and Washington, D.C. Since its launch in 2000, Rate Companies have helped more than 1 million homeowners with home purchase loans and refinances, with a total loan volume of more than $116 billion in 2021 alone. 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.