Guild Mortgage review
finder.com’s rating: 3.4 / 5.0
Choose from a diverse suite of loan options, but customer reviews skew negative.
Guild Mortgage has been growing exponentially since 2008, and you’ll find branches in 31 states. With it, you can choose from a number of home loans ranging from conventional to unique — including an Airbnb refinance program.
|Loan products offered||Conventional, Jumbo, FHA, VA, USDA, Reverse, Refinance|
|Minimum credit score||Conventional: 620|
|Minimum down payment||3%|
|State availability||Not available in: NJ, NY|
What types of loans does Guild Mortgage offer?
A suite of programs and loans are available through Guild Mortgage — first-time homebuyer programs, conventional loans, government-backed loans and more.
- Conventional loans. Adjustable- and fixed-rate mortgages are available, with a choice of a 15- or 30-year term. Adjustable-rate mortgages come with introductory periods that range from three to 10 years.
- Jumbo loans. For loans larger than your region’s limit, Guild Mortgage offers jumbo loans of up to $3 million for qualified borrowers.
- FHA loans. This government-backed loan is designed for borrowers with low or moderate income. Down payments can be as little as 3.5%, even with a low credit score with an FHA loan.
- VA loans. A VA loan helps qualifying military service members, veterans and their spouses get lower interest rates and relaxed credit qualifications.
- USDA loans. To qualify for this government-backed loan, your house needs to be located in a rural area and have low-to-moderate income for your region. You could get 100% financing and low interest rates with a credit score as low as 600.
Other loans offered by Guild Mortgage
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.
- Expanded loans. Also referred to as Non-QM loans, these are designed with those who might not traditionally qualify in mind — including those who are self-employed.
- 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.
- Airbnb refinance options. Short-term rental income can be put toward qualifying for a refinance of your primary residence — if you rent part of it through Airbnb.
MH Advantage loan by Fannie Mae
The MH Advantage loan by Fannie Mae is a mortgage specially designed for certain types of manufactured homes. Features include up to 97% LTV financing and as little as 3% down.
A Guild Mortgage branch in Knoxville, Tennessee was the first to close on an MH Advantage loan, making Guild the first lender to deliver a completely underwritten product of this type to Fannie Mae.
Guild Mortgage 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 3 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.
3-2-1 Home loan program
Guild Mortgage offers first-time homebuyers with a credit score of 620 a break from closing costs with a $1,500 grant, plus an additional $2,000 gift card to Home Depot.
To qualify, you need to complete a homebuyer education program, be a first-time homebuyer, live in a low-income area or fall within certain income limits and borrow less than $510,400.
Down payment assistance (DPA)
Rather than provide grants and loans directly, Guild Mortgage works with counties nationwide to help borrowers leverage DPA programs. Typically, those who have income less than the median for their location can qualify, but eligibility varies by county.
The eligibility requirements vary by loan type, but Guild Mortgage offers a preapproval process. In general, you need a credit score of at least 620 for a conventional loan, and it suggests that the mortgage payments and other monthly debt obligations not be above 30% of your gross monthly income.
To apply, you’ll generally need to have the following on-hand if they’re applicable 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
How to get a home loan with Guild Mortgage
You can start the preapproval or application process online with a few steps:
- Go to the Guild Mortgage website
- Select Let’s talk
- Fill out the form to have a loan officer contact you or click Apply now online
- To apply online, fill out your name, email, phone number, mailing address and create a password, then click Sign up
- Gather and upload the necessary documentation to be processed
- If your application is approved, schedule your closing
Guild Mortgage reviews and complaints
Guild Mortgage Company doesn’t have a profile on Trustpilot as of November 2020. And its Better Business Bureau (BBB) profile only has a handful of customer reviews. Despite being accredited by the BBB and receiving an NR rating, it currently has an average customer rating of less than 1.4 out of 5 stars.
In the more than 40 reviews, several customers complain of unresponsive customer service, billing issues and delays on releasing funds. Of the 24 complaints filed, all have been either answered or resolved.
Pros and cons of Guild Mortgage
- Large selection of loans. With three government-backed loans, refinancing options — including ones for Airbnb rentals — and conventional mortgages, Guild Mortgage has a wide suite of options to meet your financing needs.
- Rate lock feature. Once approved for an FHA, VA or conventional loan, you can lock in your rate for 90 days.
- 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. As of October 2019, 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 31 states with a branch location if you want to sit down in person with a loan officer.
- Mixed customer reviews. Online reviews of Guild Mortgage prove to be mostly negative. However, J.D. Power ranked it third for customer satisfaction in 2019.
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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 switched to using the Guild Mortgage name.
As of September 2019, Guild Mortgage is headquartered in San Diego and has over 200 branch locations in 31 states.
Frequently asked questions
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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 31 states it services.
Before making any home-buying decisions, compare all of your mortgage options. You may be able to find a better fit and save yourself some time and money.