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.
|Loan products offered||Conventional, Jumbo, FHA, VA, USDA, Reverse, Refinance|
|Minimum credit score||Conventional: 600-620|
|Minimum down payment||3%|
|State availability||Not available in: NJ, NY|
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.
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.
How to apply for a mortgage with Guild Mortgage
Start the preapproval or application process online with a few steps.
- Go to the Guild Mortgage website and select Let’s talk.
- Fill out the form to have a loan officer contact you or choose Start My Loan Application.
- To apply online, fill out your name, email, phone number, mailing address and create a password, then select Sign up.
- Gather and upload the necessary documentation for processing.
- Schedule your closing, if your application is approved.
What types of mortgages can I get through Guild Mortgage?
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.
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Guild Mortgage reviews and complaints
As of March 2021, Guild Mortgage’s Better Business Bureau (BBB) profile is being updated, so reviews aren’t available. The lender has 1.9 out of 5 stars on ConsumerAffairs from 37 customer reviews submitted over the past year. Customers complain of overly long closing periods and unresponsive customer service.
Pros and cons of Guild Mortgage
- 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.
- 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.
Rhys Subitch is a writer and editor at Finder who tackles topics across the site. With half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info on all things finance.
Guild Mortgage’s conventional and government-backed loan options and down payment assistance programs help open up the market for new home buyers. It offers prequalification and online applications. But if you prefer to sit down with a loan officer, you’ll have to live in one of the 32 states with a branch location.
Before making any home-buying decisions, compare all your mortgage options. You may be able to find a better fit and save yourself some time and money.