Mortgage Loans

Rate Rabbit Explained

If you’re looking for a home mortgage, you might have heard of Rate Rabbit. This is a service that lets you submit a digital application and get a quote within minutes.

In theory, this sounds like great news for prospective homeowners. But what does Rate Rabbit have to offer, and what can you actually expect?

Let’s take a closer look at this mortgage provider, and what sets them apart from the competition.

Rate Rabbit Basics

Rate Rabbit is a mortgage provider that makes direct loans to individuals and spouses. They were originally founded in San Diego in 2011, but since then, they’ve expanded their operations across the country. Currently, they’re licensed in 11 states: Arizona, California, Colorado, Florida, Idaho, Iowa, Kentucky, Massachusetts, Michigan, Tennessee, and Wisconsin.

Rate Rabbit provides financing both for new home purchases and for mortgage refinances. In the 11 years they’ve been in operation, they’ve funded over $5 billion in loans nationwide.

This mortgage lender is best known for their One Fee Guarantee, which includes all third-party fees. They also pay their loan consultants a flat rate instead of a commission, so their customers are less likely to feel pressured into a particular type of loan.

All of this has led to very positive word of mouth. More than 80% of Rate Rabbit borrowers are either returning customers or referrals.

Rate Rabbit Application Process

Rate Rabbit can be a great option, especially if you need a quote fast.

The Rate Rabbit Application process is simple and straightforward. Instead of filling out a whole bunch of long forms, there’s a simple online application. Because the process is totally digital, you can get approval in just a few minutes. And if you run into any trouble, they have a customer service phone team to help you out.

As a matter of fact, you don’t have to apply to see Rate Rabbit’s mortgage offerings. On their website, they list all of their mortgage programs, along with the interest rates and other pertinent information. If you see a loan you like, just click “Apply,” and you’ll be able to fill out an application.

Once you’ve submitted your application, you can view your status at any time. Then once you’ve been approved, you’ll be able to finalize the application and lock in your rate at any time.

What Loans Does Rate Rabbit Offer?

So, what kinds of loans does Rabbit Rate offer? Let’s take a look at all their loan programs:

  • Purchase loans for first and second homes.
  • Refinance loans, including cash out refinances.
  • Loans for investment properties with up to four units, including condos and townhomes.
  • Conforming home loans backed by Fannie Mae and Freddie Mac
  • Jumbo home loans that exceed the conforming limit.

Rabbit Rate does not offer FHA, VA, or USDA loans.

They offer fixed- and adjustable-rate mortgages. Fixed terms range from 10 to 30 years, and adjustable terms range from 3 to 10 years. On the adjustable-rate loans, you can opt for an interest-only loan, which will lower your payments for the first 5 to 10 years.

Low Rates, Easy to Understand

One reason many people like Rate Rabbit is that you can view the current rates without submitting an application. You don’t have to provide any personal information or undergo a credit check. Of course, you’ll need to do those things eventually during the approval process. But most mortgage providers don’t even let you shop around before you apply.

When you view the mortgages, you don’t just see the interest rate; you also see all of the associated fees, rolled into one monthly payment. We particularly liked their single fee feature. You see the interest rate, fees, and third-party fees all in one place, so you know exactly what you’re paying. There won’t be any surprises when you get your first month’s mortgage bill.

For new loans, this single fee is guaranteed, with the exception of third-party fees, which could rise. For refinances, Rate Rabbit also guarantees the third-party fees.

As for the actual rates, Rate Rabbit’s are among the lowest on the market. In fact, their 30-year fixed-rate mortgage currently has the lowest rate of any mortgage on the Zillow Mortgage Marketplace.


Rate Rabbit is a newer company, but their customers seem to be very happy. With a Zillow rating of 4.75 stars, they’re one of the better-reviewed mortgage providers out there.

If you’re in the market for a new home, it always makes sense to shop around, and look for several options. But Rate Rabbit is definitely worth considering, if only because of the easy application process.