– Guild Mortgage Loans –
Guild Mortgage is a residential-home loan provider. However, Guild Mortgage, which services consumers nationally, provides a full suite of mortgage products, including conventional loans, government-backed mortgages, and home equity loans.
In this Article:
- Guild Mortgage Company Overview
- Loans Offered By Guild Mortgage
- How to get a home loan with Guild Mortgage
- Guild Mortgage Fees & Requirements
- Pros and cons of Guild Mortgage
- Guild Mortgage Loans Are Best for
- Frequently Asked Questions
Guild Mortgage Company Overview
Guild Mortgage is an independent mortgage lender which is growing fast. According to statistics from the Consumer Finance Protection Bureau (CFPB), it is America’s 19th largest mortgage lender, with a total loan volume of $12,206,391,000 in 2015.
The firm offers a wide range of mortgage products and has over 250 branch offices and satellite offices in 25 states.
The company launched MyMortgage in spring 2017, a digital platform designed to help homebuyers have a great customer experience.
The application for a paperless loan streamlines the process and makes contact simpler.
Guild strongly supports an entrepreneurial spirit, and through its years of operation, it has developed and improved.
Guild Mortgage was founded in 1960 in San Diego, and its headquarters are still there today. The company now has over 3,800 employees.
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.
1. 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.
2. Jumbo loans
For loans larger than your region’s limit, Guild Mortgage offers jumbo loans of up to $3 million for qualified borrowers.
3. 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.
4. VA Loans
A VA loan helps to qualify military service members, veterans, and their spouses to get lower interest rates and relaxed credit qualifications.
5. USDA Loans
To qualify for this government-backed loan, your house needs to be 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:
1. 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.
2. 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.
3. Reverse Mortgages
If you’re over 62 and own your home, probably, you may use your home equity to get a loan or line of credit that may not require monthly payments.
4. Airbnb Refinances 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.
5. 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 $484,350.
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.
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
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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.
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 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
Pros and cons of Guild Mortgage
- Extensive 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.
- People who want to consider a broad range of mortgage products
- People who want to submit a mortgage application and documentation online
- Those who value good customer service ratings
Frequently Asked Questions
Once I start my online application, do I have to finish it in one sitting?
No, you can pause your application process at any point. Therefore, to start an online application, set a username and password and use that information to sign in and continue where you left off.
I don’t live in a state with a branch. Can I still work with a loan officer?
Yes, use the form on the Get started page to request to work with an officer remotely.
Can I make a principal-only payment?
Yes, but your loan must be current. Make principal-only payments with ACH, Speedpay, billpay or personal check for $9,999 or less.
Which states have Guild Mortgage branch locations?
While you can apply for a mortgage with Guild Mortgage in almost any state, you’ll need to live in one of the following to sit down with a loan officer in person:Alabama, Alaska, Arizona, Arkansas, California, Colorado, , Florida, Georgia, Hawaii, Idaho, Illinois, Iowa, Kansas, Louisiana, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, Wyoming.
The traditional and government-backed loan plans and down-payment assistance programs provided by Guild Mortgage help open the market to new home buyers. It provides pre-qualification and online applications, but if you’d rather sit down with a loan officer, you’re going to have to live in one of the 31 states it serves.
Discuss all of your mortgage options before making any home-buying decisions. You can find a better match and save some time and money on yourself.
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