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Guild Mortgage Review 2024

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At a glance

Guild Mortgage
NMLS: 3274
Editor's take

Guild Mortgage continues to be a dominant player in the home loan space. In 2023, it introduced a 1 percent down payment loan program that could help you get into a home sooner with less savings. Some downsides: It doesn’t offer mortgages to borrowers in New York State, and J.D. Power ranked it near the bottom in terms of customer satisfaction in 2023.

Bankrate Score
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4.0
Rating: 4 stars out of 5
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Bankrate Score

Customer Rating
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4.7
Rating: 4.67 stars out of 5

12 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

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

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

At a glance

Guild Mortgage

NMLS: 3274

4.0

Rating: 4 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Location

Nationwide Availability

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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    Large variety of loan options 

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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 continues to be a dominant player in the home loan space. In 2023, it introduced a 1 percent down payment loan program that could help you get into a home sooner with less savings. Some downsides: It doesn’t offer mortgages to borrowers in New York State, and J.D. Power ranked it near the bottom in terms of customer satisfaction in 2023.

How Bankrate scored Guild Mortgage

  • Affordability: Guild Mortgage doesn’t charge lender fees and participates in many down payment assistance programs, as well as offers its own 1 percent down pricing.
  • 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 loan officers, processors and underwriters.

Affordability: 6.8/10

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. You’ll need to contact a loan officer to learn your costs.

Availability: 10/10

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: 7.4/10

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 came in below average in J.D. Power’s mortgage origination report for 2023. 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 mortgage with Guild Mortgage in person at a branch location, online or by phone at 800-971-3864. Its customer service hours are Monday through Friday from 9 a.m. to 8 p.m. ET. 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 Mortgage offers both rate-and-term and cash-out refinancing options. Notably, the lender offers a “Payment Protection” plan that waives the refi lender fees for returning borrowers. To be eligible, you’d need to have closed your loan between Oct. 17, 2022 and Dec. 29, 2023, and then close the refinance no later than Dec. 31, 2025.

Compare Guild Mortgage to other lenders

Guild Mortgage
Rating: 4 stars out of 5
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4.0

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Bethpage Federal Credit Union
Rating: 4.9 stars out of 5
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4.9

Bankrate Score
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Read full review
First Mortgage Direct
Rating: 4.8 stars out of 5
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4.8

Bankrate Score
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Read full review

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, jumbo, FHA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

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, 500 for FHA loans

Min. credit score required

620 for conventional 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% for conventional loans, 3.5% for FHA loans

Down payment

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

Nationwide availability

All U.S. states except New York

Nationwide availability

Available in all U.S. states except Texas

Nationwide availability

All U.S. states

Guild Mortgage customer ratings and reviews

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NMLS: 3274

4.7

Rating: 4.67 stars out of 5

12 ratings

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This lender has 0 recent 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% of customers would recommend this lender.