Guaranteed Rate rolls out program to approve loans within 24 hours

Chicago-headquartered lender Guaranteed Rate has expanded its program to approve loans within 24 hours nationwide.

Dubbed the “Same Day Mortgage,” the program is aimed at giving a competitive edge to first-time buyers who are competing against the all-cash buyers who make up 28% of home purchases, the lender said. 

The program first rolled out to a select group of customers in 2022, resulting in $1.1 billion in closed loan volume, according to the lender. The Same Day Mortgage program now covers a “much larger portfolio of loan types and offerings including purchase and refinance; 72% of the company’s conforming business qualifies for the program,” Guaranteed Rate said.

Eligible borrowers who provide all required documentation within eight business hours will receive a $250 closing cost credit applied at closing, according to the website.

Guaranteed Rate promotes the newly launched program on its website as one allowing borrowers to a loan approved in one day with as little as 3%. 

However, the devil is in the details. 

To be eligible, borrowers are required to upload all documents — including pay stubs, bank statements and a copy of a complete purchase agreement for the subject property of their mortgage loan. That rules out self-employed borrowers and co-borrowers. 

Properties must also be eligible for an appraisal waiver and borrowers must opt-in for automated income and asset verification. Eligible loans that have an appraisal waiver can receive a clear to close within hours of the borrower uploading required docs, Guaranteed Rate said in an e-mailed response. 

Following Fannie Mae‘s update on its Selling Guide earlier this month, the government-sponsored enterprise (GSE) allows value acceptance (formerly appraisal waivers) if the property has an appraisal in a database of more than 61 million appraisal reports.

Loans that require appraisal are still 100% eligible for Same Day Mortgage, the company noted.

“If an appraisal is required or if we’re unable to verify income, assets or credit instantly, this may require customer cooperation to schedule an appraisal and provide documentation, but you are still eligible for Same Day Mortgage provided information can be collected,” Guaranteed Rate said.

Once a homebuyer is approved, the borrower can close on the home in as little as 10 days, according to the company. 

Embattled digital lender also launched a one-day mortgage program in January. The program has an automated approval process for conforming Fannie Mae and Freddie Mac-eligible loans. 

Available in 50 states, clients who are salaried W2 employees and make a downpayment of at least 3% on a conforming Fannie Mae or Freddie Mac mortgage are eligible for’s One Day Mortgage program.