Learn Meditation And Take Out A Loan With Guaranteed Rate’s New Consumer-Focused App – Forbes Advisor

Taking out a loan can be stressful for some borrowers. If you’re looking for a platform to find a mortgage loan that fits your budget, Guaranteed Rate has a new consumer-focused app for you.

Guaranteed Rate offers conventional home loans, jumbo loans, reverse mortgages, renovation loans and specialty loans. Interest rates with the lender range from 6.62% to 7.80% for home loans, which is lower than the national average. Borrowers can also access personal loans starting at 8.99% APR.

The lender’s new Rate App will offer mortgage products, personal loans and a unique twist: users can access personal wellness features, including yoga, strength training and meditation to relieve stress.

The app was born from a mission to relieve financial-related anxiety for the consumer and from Guaranteed Rate CEO Victor Ciardelli’s personal journey of self-improvement. Wellness features are available to all app users, regardless of whether or not you have applied for a loan.

“I’ve been very involved with mindfulness practices, meditation, eating healthy and different types of things to deal with overall stress,” Ciardelli says. “The thought was that we could build an app that provides value and makes a difference in people’s lives.”

Rate App Features: Loan Products and More

Financial Products

The Rate App offers financial products and features similar to most fintech platforms. Borrowers have access to products including mortgage loans, personal loans, home equity access and refinance loans. You also have 24/7 access to personal loan officers and educational resources to help you through the process.

Guaranteed Rate doesn’t disclose its minimum down payment requirement. However, the lender advertises options with as little as 3% down required, such as a conventional mortgage. When you apply for a loan with Guaranteed Rate, you could receive your funding within one day, if you meet certain terms and conditions. Before that happens, borrowers must provide required financial documentation within 24 hours of rate approval. If you submit your documentation on time, Guaranteed Rate may offer a $250 closing cost credit. Once you are approved, Guaranteed Rate advertises a closing time of 10 days or less. Refinance loans require similar documentation, but take 30 to 45 days to close.

To get a personal loan, you must select your loan amount and information on your current employment situation. Guaranteed Rate offers up to $50,000 in personal loans and a disbursement window in as little as one day if you’re approved.

Most Guaranteed Rate loans require a credit score of at least 620 to qualify. Before you apply for any product, the app has a mortgage-payment calculator and a home-value estimator to help you make the best loan decision.

Wellness Features

The Rate App’s most unique features are its meditation, wellness, nutrition and yoga classes taught by 17 instructors. The courses are weekly-updated and open to all participants, regardless of experience level. The videos are also pre-recorded, which is slightly different from other personal fitness apps like Peloton or Mindbody, which offer live instruction.

Guaranteed Rate may be the first mortgage lender to offer wellness benefits via an app. All of these features are free, which is what attracted New York Times best-selling author and personal transformation pioneer Dr. Deepak Chopra to create content for the app, according to Ciardelli.

Chopra is a world-renowned integrative medicine and personal transformation pioneer who has penned over 90 personal transformation books, including The Seven Spiritual Laws of Success and Living in the Light. His content will focus on reducing stress and achieving balance with several curated guided meditation videos uploaded weekly.

Commitment to Technology and Simplifying the Loan Process

Guaranteed Rate is no stranger to investing in new technology and products to benefit borrowers and loan officers. In the last few months, the company has developed several products and services to make life easier for loan servicers and consumers.

In September, the company announced the 5 Minute Approval program, which offers purchase and refinance loans with as little as 3% down.

In the same month, Guaranteed Rate launched the PowerVP app, which allows easy communication between loan officers and borrowers from any point in the lending process.

To combat rising mortgage rates and home prices, also Guaranteed Rate launched a 1% down payment program in July. With the “OneDown” loan, Guaranteed Rate offers an additional 2% contribution to the down payment and a $1,000 contribution to lender fees.