Guild Mortgage Review 2023

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.

• Methodology

  Bankrate's expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

  Bankrate's reporters and editors have decades of experience covering the mortgage industry. They're skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here's how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender's lowest advertised annual percentage rate (APR) based on Bankrate's sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
  • Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it's like to deal with the lender as a consumer. We look at the lender's application process and availability of customer service support. We also consider the results of J.D. Power's 2022 Mortgage Origination Satisfaction Survey.

  Bankrate's editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

  Bankrate's methodology page spells out our rating process in greater detail.

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.