Multiple home loan offers from one websiteGuide to Lenders is an online marketplace that connects you with multiple lenders, giving you a hand in finding a mortgage. Get quotes from up to five lenders, personalized for your financial situation. There’s no fee, but you may be handing out your personal information in return.
|Name||Guide to Lenders Mortgage|
|Loan types||Purchase, Refinance, Home Equity, Personal Loans|
|Minimum down payment||3%|
Expect fees to include appraisal fees, title charges, closing fees, and state taxes.
Ask your loan consultant for the specific fees associated with your pending loan, and keep an eye out for additional fees in your loan documentation.
Some customers claim they were required to make payments using iTunes gift cards. Paying this way for a loan or for any other fee could be an indication of a scam. If a lender asks this of you, be wary. Other customers complain that they started receiving unwanted phone calls and emails once they entered their information in the Guide to Lenders online form.
On Trustpilot, Guide to Lenders earned 4 stars. However, most reviews are one-liners and come from customers who have never reviewed anything else. This may cause suspicion that these reviews are fake.
What types of fees does Guide to Lenders charge?Guide to Lenders charges no fees for a quote. Because this is a marketplace, and Guide to Lenders doesn’t directly fund your loan, the cost of your mortgage will vary depending on your lender, type of loan and other factors.
What makes Guide to Lenders unique?Guide to Lenders isn’t a mortgage provider or a broker. With its network of 150 lenders, it connects customers with up to five lenders. It advertises no fees and no hard pull on your credit. But it shares your personal information with other companies that could lead to unwanted emails and phone calls.
Do I qualify for a loan with Guide to Lenders?
Since Guide to Lenders isn’t a direct loan provider, there aren’t any qualification requirements to get a quote. Once you fill out a questionnaire, you get offers from lenders that fit your financial situation.
Typically, most lenders look for a credit score of 680 or higher. If you qualify for a government-backed program like an FHA loan, USDA or a Veteran Affairs program, you may apply with a lower credit score. You’ll also need proof of steady income for the last two years. Additionally, lenders look for a lower debt-to-income (DTI) ratio. A DTI of less than 40% is required in most cases.
What are the benefits of getting a mortgage through Guide to Lenders?
The Guide to Lenders matching service comes with different benefits than if you apply directly with a loan provider. These includes:
- Quotes from multiple lenders. With quotes from up to five lenders, you can compare rates and offers quickly.
- Competitive rates. According to the Guide to Lenders website, mortgage rates start at 4.95% APR.
- No hard credit pull. You get mortgage loan quotes without a hard pull on your credit.
What to watch out for
When you’re looking for a quote from a website that isn’t a direct loan provider, keep an eye out for some potential pitfalls:
- Owned by a marketing firm. It’s owner, QuinStreet Inc, shares your info with companies that may solicit you with phone calls and emails.
- Loans for residential properties only. If you’re looking for loans for commercial properties, you’ll have to look elsewhere.
- Lender fees unknown until you apply. Since you don’t know which lender you’ll end up with, you won’t know the fees until the process is underway.
Compare to other lenders
How to get started
Once you know what kind of property you’re looking to buy and in which city, you’ll need to have an estimate of the property price and the down payment you can provide. Once you have that:
- Visit the Guide to Lenders website
- Click Home Loan
- Select a property type and choose your city and state
- Enter the cost of the property and your down payment
- Provide personal information such as your credit score, VA eligibility and any bankruptcies
- Provide your email, full name and phone number
- Receive mortgage loan quotes from lenders
You won’t need any documentation to get a quote. But if you decide to apply, be prepared to provide:
- ID such as a driver’s license
- Proof of income with a 1099 form
- Tax return 4506-T forms
- Credit history
- Bank statements
- Rental history
I got the loan. Now what?
You’ll receive a commitment letter, which specifies the terms of the mortgage agreement. This includes the APR and monthly payment. You should now focus on repaying your loan on time.
Make biweekly payments. If you’re able to split your mortgage payments into two payments a month, you could save on interest in the long run.
Customer service. Once you have your loan, contact your lender with any questions. For general information about the Guide to Lenders marketplace, email firstname.lastname@example.org or reach out on Facebook. Unfortunately, you won’t find a phone number on their website.
If you want to compare multiple loan offers in one place, Guide to Lenders could help you find a mortgage to suit your needs. It’s connected with 150 lenders and you won’t pay fees to get a quote. But its relationship with the QuinStreet marketing firm may mean that your information will be shared and used for marketing purposes.
Not what you’re looking for? Check out other mortgage lenders and compare your options.