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Guild Mortgage review

Choose from a diverse suite of loan options, but customer reviews are mixed.

finder.com’s rating: 3.4 / 5.0

★★★★★

Guild Mortgage has grown exponentially since 2008, and you’ll find branches in 32 states. With it, you can choose from a number of home loans ranging from conventional to unique — including a manufactured home loan program.

Details

Loan products offeredConventional, Jumbo, FHA, VA, USDA, Reverse, Refinance
Minimum credit scoreConventional: 600-620
Minimum down payment (Conventional)3%
State availabilityNot available in: NJ, NY
NMLS #3274

Our take on Guild Mortgage

Guild Mortgage offers a wide range of home loans in 48 states. Whether you’re a first-time homebuyer, a veteran or retiree, or need a bridge loan to smooth things over, Guild likely has a mortgage to suit your needs.

The company also comes highly rated by past customers, with thousands of reviewers collectively giving it a solid 5 out of 5-star rating on Zillow. But information on the Better Business Bureau (BBB) website tells a slightly different story.

According to the BBB, in October 2020, Guild Mortgage Company LLC settled with the US Department of Justice for knowingly issuing loans to high-risk borrowers who were likely to default, leaving the Federal Housing Administration (FHA) holding the bill.

When a financial company has had litigation against it like this, we recommend proceeding with caution and comparing multiple lenders to find the right fit for your needs.

Guild Mortgage requirements

The eligibility requirements vary by loan type. In general, you need a credit score of at least 620 for a conventional loan. Guild Mortgage suggests capping the mortgage payments and other monthly debt obligations to 30% of your gross monthly income.

Documentation

To apply, you’ll need to have the following documents on hand if they apply to your situation.

  • W-2 forms for the past two years
  • Pay stubs for the past two years
  • Bank statements covering checking, savings and investment accounts for the past two months
  • Proof of rental or mortgage payments
  • Verification of additional properties and assets
  • Details about your liabilities, including debts and other monthly expenses.

Costs and fees

Fees vary by loan type, but there are some common costs to consider when planning out your purchase or refinance.

  • Points. Lenders use points to calculate certain fees, including origination fees. Each point is 1% of the mortgage amount — so an origination fee that costs three points on a $100,000 loan would be $3,000.
  • Closing fees. Processing, underwriting and attorney fees are all part of the closing process.
  • Third-party fees. Recording, title service, appraisal and inspection fees typically go to third parties.
  • Ongoing fees. Fees that continue past the close of the mortgage process include homeowners insurance and property taxes.

Speak to a loan officer to begin the application process

To apply for a Guild Mortgage home loan, you’ll need to speak with a loan officer at the company first. To get started, go to the Guild Mortgage website and select Get Prequalified Today. Fill out the contact form and wait to be contacted by a loan officer licensed in your state.

If you’d rather not wait, you can call the company directly on 800-365-4441 and ask to speak with a loan officer. If you decide to move ahead, the loan officer will send you a loan application link. On the application, you’ll need to provide detailed financial information, including your Social Security number, and consent to a hard credit check.

After submitting the application, the loan officer will review it and get back to you in about 24 to 48 hours to tell you if you’ve been preapproved, and if so, the loan amount and interest rate. Once the home is under contract, you can expect a closing time of around 30 days, which is standard in the industry.

What types of mortgages can I get through Guild Mortgage?

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
This company accepts mortgage refinance applications.

Other mortgage products Guild Mortgage offers

Options extend from basic home loans to include:

  • Renovation loans. Apply for a conventional, FHA 203(k) or FHA 203(k) limited loan to take a fixer-upper and make it your dream home.
  • Down payment assistance (DPA) loans. Qualified borrowers can apply for county- or state-based programs that provide grants or loans to help with your down payment.
  • Bridge loans. These loans allow you to borrow against the equity of your current home to purchase a new home, even if your current house hasn’t sold yet.
  • Reverse mortgages. If you’re over 62 and own your home, you may be able to use your home equity to get a loan or line of credit that may not require monthly payments.
  • Manufactured home loan. This loan is designed to finance certain types of manufactured homes and allows the borrower to pay 3% down — depending on the loan you use to purchase the home — and finance the balance of the costs.

How Guild Mortgage’s mortgage products compare to other lenders

Guild offers all the more typical conforming mortgage loans, as well as a few specialty loans for those who want to renovate, buy a manufactured home or need to buy a house before their current home sells. In addition, this lender works with local programs to help borrowers get down payment assistance.

Guild Mortgage offers a Homebuyer Protection Package, which is made up of two parts. Credit Approval Protection (CAP) helps to reimburse you for loan expenses if Guild Mortgage issues an underwriting credit approval but then is unable to close the loan. CAP offers up to $1,000 to cover inspection and appraisal expenses and up to $5,000 to cover your earnest money deposit. Homebuyer Express (HBE) guarantees your loan will close in a timely manner, even as soon as 17 days, or Guild Mortgage will reimburse your closing costs up to $500.

Compare mortgage lenders

Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.

Name Product Loan products offered State availability Min. credit score
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: HI, MO, NM, NY, WV
620
No hidden fees, multiple loan terms, and member discounts available.
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
LendingTree
(NMLS #1136)
LendingTree
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
620
Connect with vetted home loan lenders quickly through this online marketplace.
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Compare up to 4 providers

Guild Mortgage reviews and complaints

Guild Mortgage has a 3.7 out 5 rating on ConsumerAffairs.com from 160 reviewers as of September 2021. But reviews are mixed: some customers mention great communication and service from loan officers while others complain they can’t get anyone on the phone.

Guild Mortgage has been accredited with the Better Business Bureau (BBB) since 2016 and has a B+ business rating. The company has a 1.11 out of 5 BBB customer rating, with 61 complaints closed in the past three years. These mixed reviews suggest that your service may vary depending on your loan officer and mortgage type.

Guild Mortgage pros and cons

Pros

  • Large selection of loans. With three government-backed loans, conventional mortgages and refinancing options, Guild Mortgage has a wide suite of options available.
  • Rate-lock feature. Lock in your rate for 90 days once you’re approved for an FHA, VA or conventional loan.
  • Extensive resources. Guild Mortgage has a host of blog posts, calculators and articles to help you prepare for the purchase or refinance process.

Cons

  • Not available in every state. Guild Mortgage doesn’t provide mortgages to New Jersey and New York residents.
  • Limited branch availability. While you can apply for a mortgage with Guild Mortgage in almost any state, you’ll have to live in one of the 32 states with a branch location if you want to meet in person with a loan officer.
  • Mixed customer reviews. Online reviews of Guild Mortgage prove to be somewhat negative. However, J.D. Power ranked it third for customer satisfaction in 2019.

What is Guild Mortgage?

Guild Mortgage was founded in 1960 and operates as an independent mortgage lender that offers products nationwide. It acquired Cornerstone Mortgage in 2018, and in early 2019, Cornerstone rebranded as Guild Mortgage.

As of March 2021, Guild Mortgage is headquartered in San Diego and has over 200 branch locations in 32 states.

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