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Guild Mortgage Review 2023

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At a glance

Guild Mortgage
Editor's take

Guild Mortgage is good for borrowers interested in a loan process that combines the human touch with technology.

Bankrate Score
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3.9
Rating: 3.9 stars out of 5
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Customer Rating
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4.7
Rating: 4.7 stars out of 5

12 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing; investment property

Credit Good

Min. credit score required

620 for conventional loans, 680 for jumbo loans, 540 for FHA loans, 540 for VA loans, 540 for USDA loans

Location

Nationwide availability

Available in all U.S. states (except New York)

Dollar Coin

Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

Recent customer reviews

The customer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

Rating: 5 stars out of 5

5 Stars Plus!

Jeremy is fantastic! He's knowledgeable and very thorough. He never hesitated to take all the time needed to answer my many questions, so I felt comfortable about the process. I would highly recommend him to anyone buying a house. He's on your side, and you can trust him. Plus, he ensured our closin...

Danielle
FL (Oct 12, 2022)

Rating: 1 stars out of 5

Good to start but servicing is awful

I'll start by saying the mortgage agent we worked with to secure the loan was great and jumped through hoops to make sure we were able to close on time. However, that experience ended once we got to servicing. We need to make repairs to the building that require permitting approvals from the lender....

Good to start, horrible servicing
Austin Texas (Aug 7, 2022)

At a glance

Guild Mortgage

3.9

Rating: 3.9 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing; investment property

Location

Nationwide Availability

Available in all U.S. states (except New York)

Credit Good

Min. credit score required

620 for conventional loans, 680 for jumbo loans, 540 for FHA loans, 540 for VA loans, 540 for USDA loans

Guild Mortgage overview

Guild Mortgage is an online and brick-and-mortar lender, established in 1960, with more than 4,000 employees operating in over 250 branches. 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 120 days and includes a one-time float down option. The lender also participates in more than 500 local down payment assistance programs across the U.S.

Pros and cons of Guild Mortgage

Pros
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    Variety of loan options for primary, secondary and investment properties

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    Multiple first-time homebuyer, down payment assistance and affordable lending options

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    Seamless online application and documentation submission

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    Offers e-closings

Cons
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    Doesn't offer home equity lines of credit (HELOCs) or home equity loans

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    Not available in New York

Our Editor’s Take on Guild Mortgage

Guild Mortgage is good for borrowers interested in a loan process that combines the human touch with technology.

How Bankrate scored Guild Mortgage

To determine Guild Mortgage’s Bankrate Score, Bankrate’s editorial team rated it and other 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.) We derived its overall score by considering three basic factors:

  • Affordability: Guild Mortgage doesn’t charge lender fees.
  • Availability: This lender works with borrowers in all states but one. It has a diverse set of loan offerings, including options for investors.
  • Borrower experience: Guild Mortgage offers the welcome combination of an online portal and in-house processing, underwriting and funding.

Affordability: 3/5

Affordability differs from lender to lender, so comparing costs is key. Guild Mortgage typically doesn’t charge an origination fee. The lender doesn’t display mortgage rates online, however, nor offers the ability to get a rate quote through its website.

Availability: 4.5/5

This factor can make the overall mortgage application process smoother or more challenging. Guild Mortgage provides conventional loans as well as government-insured loans (FHA, VA and USDA), along with options to refinance your existing mortgage. It also works with investors. The lender operates in all states except for New York.

Borrower experience: 4.3/5

Know what to expect when you work with a specific lender. Guild Mortgage is accredited by the Better Business Bureau with an A rating, but a customer star rating of one out of five. The lender ranks above average on J.D. Power’s mortgage origination report for 2022. 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, and also failed to follow quality control and reporting rules.

While Guild Mortgage offers online prequalification and preapproval, you’ll first need to connect with a loan officer to review your options. You can apply for a mortgage or refinance through the lender’s MyMortgage portal, where you can upload documents and manage checklists from any device. You 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 you 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.

How to apply for a mortgage with Guild Mortgage

You can apply for a purchase loan or a refinance with Guild Mortgage in person at a branch or via the lender’s website. To talk to a loan officer, you can call 800-971-3864 Monday through Friday from 6 a.m. to 5 p.m. PT.

Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Guild Mortgage

Guild can help you refinance your existing mortgage. Before you start, think about your goals. Are you refinancing to adjust your current mortgage’s rate and term? Do you want to tap into home equity? Do you want to change loan programs, such as refinancing out of an FHA loan into a conventional mortgage? Once you’ve settled on those details, you can apply through the lender’s website or via its call center.

Compare Guild Mortgage to other lenders

Guild Mortgage
Rating: 3.9 stars out of 5
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3.9

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LoanDepot
Rating: 4.4 stars out of 5
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4.4

Bankrate Score
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Read full review
Rocket Mortgage
Rating: 4.5 stars out of 5
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4.5

Bankrate Score
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Read full review

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing; investment property

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity loan; investment property; flex-term

Min. credit score required

620 for conventional loans, 680 for jumbo loans, 540 for FHA loans, 540 for VA loans, 540 for USDA loans

Min. credit score required

620 for conventional loans, 700 for jumbo loans, 580 for FHA loans, 620 for VA loans

Min. credit score required

620 for conventional loans, 680 for jumbo loans, 580 for FHA loans, 580 for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

Down payment

3.5% for FHA loans

Down payment

3% for conventional conforming loans, 3.5% for FHA loan, none for VA loans, 10%-15% for jumbo loans

Nationwide availability

Available in all U.S. states (except New York)

Nationwide availability

Available in all U.S. states

Nationwide availability

Available in all U.S. states

Guild Mortgage customer ratings and reviews

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4.7

Rating: 4.7 stars out of 5

12 ratings

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This lender has 2 reviews.

Knowledge
Rating: 4.7 stars out of 5
Level of service
Rating: 4.7 stars out of 5
Professionalism
Rating: 4.7 stars out of 5
Responsiveness
Rating: 4.7 stars out of 5
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92%
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8%

92% of customers would recommend this lender.

of 2 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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