Guild Mortgage Review

Guild Mortgage Review

Guild Mortgage Review

Guild Mortgage is a lender that specializes in residential mortgages. With its headquarter in San Diego, Guild Mortgage provides a comprehensive range of mortgage products, including conventional, government-backed, and jumbo loans.

Check out our in-depth Guild Mortgage review to see if Guild is the ideal lender for you.

About Guild Mortgage

Guild Mortgage, founded in 1960, is currently one of the fastest-growing mortgage organizations in the United States, with more than 4,400 employees and 200 branch sites in 32 states. Moreover, the lender also services roughly 90% of its loans. It has also received Fannie Mae STAR Performer status for outstanding customer service for the previous four years.

In addition, the lender participates in over 500 local down payment help programs across the United States.

A home loan application can be completed online, over the phone, or in-person at a physical branch. The loan application process can be completed within 17 days, depending on the circumstances. However, Guild does not operate in New Jersey or New York.  Before you apply, here’s everything you need to know about Guild Mortgage.

Guild Mortgage Home Loan Types and Rates

Guild Mortgage offers a variety of classic and unique mortgage solutions, ranging from conventional loans to down payment assistance programs for first-time homebuyers.

The following are some of Guild Mortgage’s lending options:

Conventional Loans

A conventional mortgage is one that the government does not back in any way. It usually necessitates a larger down payment and a higher credit score than government-backed programs like FHA or USDA loans. People who don’t have great credit or a lot of money to put down may have higher interest rates and costs.

FHA Loans

An FHA loan is intended to assist those in less-than-ideal financial situations in purchasing a home. The benefit of this type of loan is particularly evident for first-time homebuyers who may not have had time to save for a down payment or pay off all of their bills.

USDA Loans

A USDA mortgage may be right for you if you prefer spacious living over compact urban living.

Low- and middle-income families wishing to buy properties in rural and suburban regions can apply for USDA Rural Development financing. Besides their proximity to specific country regions, they are also regarded as a good bargain due to their low prices.

VA Loans

You or your spouse may be eligible for a VA loan if you have served in the US military. This loan form allows you to purchase a home with no down payment. You can lock in a cheaper interest rate than you would on other forms of mortgages if your finances are in good shape.

Active duty members, reservists, veterans, and qualifying spouses can get loans from the Department of Veterans Affairs at competitive rates and terms.

Renovation Loans

You can obtain FHA renovation loans under the 203(k) standard and 203(k) limited programs with Guild.

It also offers the Fannie Mae HomeStyle program to finance luxury upgrades such as swimming pools, energy upgrades, and outdoor kitchens.

DPA Programs

Guild Mortgage works with more than 500 different down payment assistance (DPA) programs.

These are unique grants and loans that provide additional funds for a down payment or closing fees, making homeownership more accessible to those with limited finances.

Fixed-Rate Loans

A fixed-rate mortgage loan has an interest rate that stays the same throughout the loan’s life. In contrast to adjustable-rate mortgages, fixed-rate mortgages have fixed interest rates that do not alter (ARM). This enables a borrower to anticipate their future payments with accuracy.

Bridge Loans

A bridge loan is an option if you are shopping for a new home and your present home is under contract but won’t close soon enough for you to cover the down payment and closing costs for the home you want to buy.

This is a short-term loan to help you pay for the down payment on your new home. If you qualify for this financing, you will be able to make an offer on your next home without having to wait for the sale of your present house to be completed.

Adjustable-Rate Loans

An adjustable-rate mortgage (ARM) is a house loan with a variable interest rate that changes with market conditions.

An ARM loan’s rate varies at predetermined intervals throughout the loan’s life, with caps in place to limit increases and declines. Two numbers are assigned to each ARM loan. The first number represents the initial fixed-rate period, while the second represents the frequency of the variable rate.

Reverse Mortgage

A reverse mortgage is a form of house loan available to those over the age of 62. It’s for folks who have built up equity in their home since purchasing it and have presumably paid off their mortgage.

Manufactured Home Loans

It’s uncommon to come across a mortgage lender who will lend on manufactured homes. Guild’s Fannie Mae MH Advantage mortgage product combines the cost of the land and the mobile home into one loan. A FICO score of 620 is required and a 3% down payment. Not all manufactured homes are eligible for this program.

Lock and Shop

A 90-day rate lock with float-down is available from Guild. While you’re house hunting, you can lock in your interest rate. Guild will reduce your fixed-rate one time if rates fall.

You won’t have to be concerned if interest rates rise because your rate is fixed. A contract must be signed on a property within 45 days of locking the rate, and then you have another 45 days to close.

Zero Down Payment

Guild Mortgage is a company that specializes in assisting qualified borrowers with down payment assistance. On a county-by-county basis, service is provided through grants or loans.

Qualified buyers can acquire an FHA zero-down mortgage at Guild.  As a rule, the FHA home loan program requires a 3.5% down payment, but Guild can help you find programs that will cover the entire amount.

Energy-Efficient Mortgage Programs

Among the many options offered by Guild are these types of loans, all of which can help you save money while supporting the environment and your community.

These special mortgage schemes allow you to package the typical upfront expenditures of energy-efficient renovations or solar panels into your mortgage, allowing you to spread the payments over the life of the loan.

Guild Mortgage Pros and Cons

Pros of Guild Mortgage

  • The company offers complete mortgage applications, e-signature capabilities, and loan tracking, among other online features.
  • A wide range of loan products are available, including home improvement and manufactured home loans.
  • If you have a poor or no credit score, you can apply using alternative credit data.
  • There are also mortgage programs geared toward first-time homebuyers and a one-of-a-kind bridging loan or down payment help program.

Cons of Guild Mortgage

  • Charges fees for funding, underwriting, and wire transfers, as well as origination fees on occasion.
  • Mortgages are not available to residents of New Jersey or New York.
  • Home equity lines of credit (HELOCs), home equity loans, and commercial loans are unavailable.

Guild Mortgage Application Process

Guild’s digital mortgage platform includes a paperless loan application, document upload, and income and asset data retrieval from various businesses and financial institutions. Additionally, you can track your loan’s progress through the portal.

Guild Mortgage will pay $500 toward closing expenses if the lender is solely responsible for a delay in closing if you qualify for the 17-day closing guarantee. You must be pre-approved and submit all required papers promptly to be eligible.

Guild Mortgage Refinancing

Suitable for:

  • Individuals over the age of 62 years and seeking reverse mortgages.
  • Homeowners who are interested in renovating.
  • Current borrowers seeking a reduction in monthly payments or interest rates.

Many of Guild Mortgage’s purchase loans can also be used to refinance your mortgage. If you have enough equity, you can also roll the closing fees into your principal to reduce your upfront costs.

Refinancing fees typically range from 2% to 3% of the loan amount, but you’ll need to speak with a loan officer to talk over your alternatives and get a breakdown of closing charges. If you refinance your house loan while the company is servicing it, you will get a lower interest rate.

Guild Mortgage Alternatives

Before committing to Guild Mortgage — or any other lender — check around to see how other lenders stack up. The following are some of the most reputable mortgage lenders in place of Guild mortgage:

Carrington Mortage Services

Carrington Mortgage Services offers first-time home purchasers a leg up with traditional and government-backed low- and no-down-payment lending alternatives, as well as various online conveniences.

You can compare rates online, but the costs and taxes are usually quite hefty.

CrossCountry Mortgage

Carrington Mortgage Services gives first-time homebuyers a leg up by providing traditional and government-backed low- and no-down-payment loan options, as well as a variety of online conveniences. Although you may check rates on the internet, the expenses and taxes are usually relatively high.

Fairway Independent Mortgage

Fairway Independent Mortgage simplifies the mortgage lending process by providing borrowers with a diverse range of loan packages and customer service options.

Fairway offers a wide range of fixed-rate conventional and adjustable-rate mortgages and FHA, USDA, VA, rehab, reverse mortgages, and jumbo loans.

Guild Mortgage Transparency

Guild Mortgage’s website does not display current rates. Therefore, you won’t be able to compare it to other lenders’ quoted rates by skimming through it. You’ll need to apply and get a quote to find out what you can get.

If you wish to check prices with Guild, though, you won’t have to worry about a hard credit pull. As a result, you can obtain a rate estimate without hurting your credit score in the first round before applying for a loan.

In addition to calculators, the Guild’s website offers educational guides that explain mortgage programs and the homebuying process, as well as a post-closing help center.

Final Verdict

Guild provides several options that other lenders don’t. It is especially recommended for first-time homebuyers, low-income borrowers, and people who need assistance with down payments.

You can take advantage of non-repayable down payment assistance grants and loans through Guild Mortgage. Though it isn’t the only mortgage lender that can assist, it specializes in helping borrowers with low to moderate incomes. Their team is knowledgeable about the process of down payment assistance.

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