
Aven
4.6 Bankrate ScoreLearn more about Aven
A specialist in home-based financing, Rate gets high marks for its fast approval/funding process. Its unusual fixed-rate HELOC might appeal to some borrowers as combining the benefits of a line of credit with that of a home equity loan. However, those preferring a more traditional product might not see the point of this hybrid.
Founded in 2000, Chicago-based Rate in 2024 is the second largest retail mortgage lender in the U.S. Licensed to lend in 46 states, it has 850 branches throughout the U.S. and in Washington, D.C. It specializes in home-based financing and homeowners coverage, but also provides personal loans and insurance products.
The company formerly known as Guaranteed Rate shortened its name to just Rate in July 2024.
Rate scores a perfect 5 out of 5 for affordability because of its competitive fixed rates, discount for autopay and lack of upfront costs.
Rate receives a 4.4 out of 5 for availability because its fixed-rate HELOC is available in most states and its credit score minimum is low. The single product offering drags it down a bit.
Rate scores a strong 4 out of 5 for borrower experience, pulled down mainly by the lack of borrower ability to lock in a rate and the lack of rate transparency.
You can tap into your home equity — the difference between your home's worth and what you owe on your mortgage — with a home equity loan or a HELOC. With those funds, you can tackle a variety of expenses, like debt consolidation or home renovations.
However, before you dive in, it's important to figure out your loan-to-value ratio (LTV). Lenders use your LTV to determine how much of your equity stake you can actually borrow. (It’s typically 80 percent, although some lenders allow you to access as much as 90 percent.) The amount of equity they’ll let you tap is one consideration when choosing a lender. Be it a retail bank, online lender or credit union, it may offer different home equity loan rates and terms, too. That’s why it’s important to shop around for the best deal.
Rate gets an A+ rating with the Better Business Bureau and has been accredited since 2009. Trustpilot customers gave Rate a “poor” rating, but only two dozen reviews are posted there.
Rate only offers home equity lines of credit (HELOCs). However, its HELOC is a fixed-rate product, which is different from the conventional HELOCs other lenders offer. Rather than accessing funds from a line of credit and paying only interest (at a variable rate) over a 10-year draw period, you’ll be given a lump sum at a fixed rate, with the option to make additional draws (after you repay) during a two- to five-year period. The fixed rate for any additional draw is set on the date you make it, and might be higher than the fixed rate for the initial draw. You’ll be responsible for repaying both interest and principal upon receipt of the lump sum, in a repayment period of up to 30 years.
The amount you can borrow will depend on your eligibility qualifications, including how much equity you have in your home. Rate’s maximum combined loan-to-value ratio (CLTV) is 85 percent.
To qualify for a HELOC from Rate, you’ll need a minimum credit score of 640, a combined loan-to-value (CLTV) ratio of no more than 85 percent and a debt-to-income (DTI) ratio of no more than 50 percent. The product is only available for single-family homes, condos and townhomes. To get the most competitive rate, you’ll also need to sign up for automatic payments and pay an origination fee.
You can apply for Rate’s HELOC through the lender’s 100% digital application, which can be completed in 5-10 minutes. Be prepared to verify your identity and provide information about your annual income and financial profile. Once approved, you can expect to receive your funds in as little as five days.
The lender’s business hours are Monday through Friday, 8:30 a.m. to 7:00 p.m. CT. You can pose questions to the lender’s virtual assistant, call 866-934-7283 or email HomeLoanExperts@rate.com.
Selected lender
![]() Bankrate score
4.1
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
N/A
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
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![]() NMLS: 401052
Bankrate score
4.9
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
2.6
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
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![]() NMLS: 462289
Bankrate score
4.6
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
3.2
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
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Loan amount |
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$25,000 to $400,000 (Minimum of $25,001 in Alaska) |
$25,000-$1,000,000 |
Up to $400,000 (up to $100,000 in some states) |
Min. credit score required |
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620 |
700 |
640 |
Repayment terms |
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Two-year to five-year draw period, up to 30-year repayment period |
10-year draw period and 20-year repayment term for HELOC (5-year to 20-year repayment term for fixed-rate HELOC); 5 years to 20 years for home equity loan |
Standard credit card repayment (at least 1% of the statement balance plus interest); with cash-outs, you can lock in payments for 5-10 years |
Funds available in |
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5-10 days |
Undisclosed |
With 7 business days |
Recent customer review |
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Customer review No reviews available yet. N/A |
The absolute worst HELOC underwriting ever! Hello- I have been in underwriting for five weeks. I'm 62, I've been through about 15 mortgage applications. I can assure you that they don't have a clue what they are doing. ... Jim . |
Low offer and extremely high rates and fees They offered me a very low amount compared to other lenders and on top of that offered a rate of 9.99% plus 4.5% cash out ( this cash out is a scam because it is an origination fee... Heloc |
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