Guild Mortgage Review 2021

Guild Mortgage overview

Guild Mortgage is an online and brick-and-mortar lender, established in 1960, with approximately 4,400 employees operating from more than 200 branches in 32 states. The lender offers a range of mortgage products, the “MyMortgage” online portal and local in-house processing, underwriting and funding. It also offers a “Homebuyer Protection Package” that includes “Credit Approval Protection,” which would pay you up to $1,000 for certain expenses and up to $5,000 for lost earnest money if you were preapproved but the lender becomes unable to close your loan; “Homebuyer Express,” a $500 17-day closing guarantee; and the “Lock and Shop” program, which locks your interest rate for 90 days and includes a one-time float down option. The lender also participates in more 500 local down payment assistance programs across the U.S.

Good for

Borrowers interested in a hybrid human-and-technology home loan experience

Loan types 

• Conventional
• Jumbo
• FHA
• VA
• USDA
• Rate-and-term and cash-out refinancing
• Investment property

Lender fees

Guild Mortgage typically doesn’t charge an origination fee.

Rates 

Guild Mortgage doesn’t display mortgage rates online, nor offers the ability to get a rate quote through its website.

Reputation

Guild Mortgage is accredited by the Better Business Bureau with a B+ rating and a star rating of 1.11 out of five. The lender ranked second for customer satisfaction in J.D. Power’s 2021 mortgage servicing survey. In October 2020, it settled with the U.S. Department of Justice related to allegations it “knowingly approved” ineligible FHA loans that later defaulted and led to FHA mortgage insurance claims, as well as failed to follow quality control and reporting rules.

Online services 

While Guild Mortgage offers online prequalification and preapproval, borrowers must first connect with a loan officer to review their options. Borrowers can apply for a mortgage or refinance through the lender’s MyMortgage portal, where they can upload documents and manage checklists from any device. Borrowers can also submit income and asset information electronically (or this information can be retrieved directly from the source), communicate with a loan officer and receive real-time status updates.

Guild Mortgage also offers e-closing capabilities, allowing borrowers to review and sign the e-note, the digital equivalent of a promissory note, from any location. The documents are retained in an encrypted electronic envelope and accessible through user authentication.

In addition, Guild Mortgage offers online calculators to help estimate mortgage payments and affordability, as well as a prequalification calculator, cash-to-close calculator, refinance calculator and a net proceeds calculator.

Minimum borrower requirements 

Guild Mortgage adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA) and the U.S. Department of Agriculture (USDA).

For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher) and a minimum down payment of 3 percent. Government requirements for FHA, VA and USDA loans are detailed here:

• FHA loan requirements
• VA loan requirements
• USDA loan requirements

Refinancing with Guild Mortgage

Borrowers can begin the refinance process with Guild Mortgage online, but the lender doesn’t advertise refinance rates or costs. Those interested in a refinance must contact the lender directly.

Not sure if Guild Mortgage is right for you? Consider these alternatives

• Lower mortgage review: No lenders fees on refinances for current customers
• Chase Home Lending review: $2,500 close-on-time guaranteed
• Goodmortgage review: Programs for borrowers with slim credit
• Bank of America mortgage review: Provides daily interest rates online
• Wells Fargo Home Mortgage review: More than 7,200 branch locations

Breakdown of Guild Mortgage overall review score

• Affordability: 15/15
• Availability: 10/15
• Borrower experience: 8/10

Review methodology 

To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.