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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 (Conventional) | 3% |
State availability | Not available in: NJ, NY |
NMLS # | 3274 |
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.
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.
Fees vary by loan type, but there are some common costs to consider when planning out your purchase or refinance.
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.
Options extend from basic home loans to include:
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 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.
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 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.