Top perks
Lots of loan options
Guild Mortgage offers more types of home loans than many other lenders. It has a wide selection of fixed-rate and adjustable-rate loans. Guild Mortgage also offers:
Plus, if you're a senior and want to access your home equity through a reverse mortgage, Guild Mortgage can help.
Bridge loan
If you are shopping for a new home and your current home is under contract but won't close soon enough for you to cover the down payment and closing costs on the home you want to buy, Guild Mortgage can help you with a bridge loan. This is a short-term loan to cover the down payment on the home you're buying. If you qualify for this loan, you can make an offer on your next home without a contingency related to completing the sale of your current home.
Rate lock
Guild Mortgage offers a 120-day rate lock with a float down feature. You can lock in your interest rate while you shop for a home. If rates go down, Guild Mortgage will lower your locked rate one time. If rates go up, you won't have to worry because your rate remains locked. You do need to have a home under contract within 90 days of locking the rate, and then you get the additional 30 days to close.
Great for first-time home buyers
With low down payment options and flexible credit requirements, many of Guild Mortgage's home loan options are designed to help first-time home buyers get into homeownership.
Down payment assistance
Guild Mortgage specializes in helping eligible borrowers get down payment assistance. Assistance comes in the form of grants or loans on a county-by-county basis.
At Guild Mortgage, qualified buyers can get an FHA zero-down mortgage. The FHA home loan program requires a 3.5% down payment, but Guild Mortgage will work with you to identify down payment assistance programs to cover the entire down payment.
In some cases, the down payment assistance is a forgivable loan or non-repayable grant. In others, the down payment assistance must be repaid when you sell the home or pay off the primary mortgage. Down payment assistance programs are for the home that will be your primary residence, not investment homes or second homes.
Fast closing
Guild Mortgage's Homebuyer Express 17-day Closing Guarantee ensures you can close on your loan quickly. If Guild Mortgage does not close your loan within 17 days after the home is under contract, it will reimburse you $500 in closing costs. This guarantee applies to purchase loans only and has several terms and conditions -- for example, it's not available in Oregon.
Loans for manufactured homes
It's rare to find a mortgage lender with loans for manufactured homes. Guild Mortgage's Fannie Mae MH Advantage® mortgage product bundles the land and manufactured home price into one loan. You'll need a FICO® Score of 620 and a 3% down payment. Not all manufactured homes qualify.
Renovation loans
You'll find both FHA 203(k) standard renovation loans and 203(k) limited renovation loans with Guild Mortgage. Guild Mortgage also provides the Fannie Mae HomeStyle program for luxury improvements like financing swimming pools, energy updates, and outdoor kitchens.
Customer satisfaction
Guild Mortgage enjoys a very good reputation. In the most recent J.D. Power customer satisfaction surveys, Guild Mortgage placed second for mortgage servicing. Also, Guild Mortgage has nearly a perfect 5 out of 5 stars on Zillow.
No application or pre-approval fees
Guild Mortgage does not charge any fees unless the loan closes. There is no application fee or pre-approval fee. In most cases, Guild Mortgage does not charge an origination fee unless the mortgage is for a housing finance program. There are other fees associated with the loan, though.
What could be improved
Rate and fee transparency
Guild Mortgage does not publish details on its rates and fees online. You'll have to talk to a loan officer or start your loan application to access Guild Mortgage's rates.
No HELOC
For some borrowers, a home equity line of credit (HELOC) is a smart alternative to a cash-out refinance. Guild Mortgage offers a home equity loan, but not a HELOC. With a home equity loan, you'll need to take the full loan in one lump sum. With a HELOC, you could borrow as needed, plus you can borrow more after paying your balance down. Guild Mortgage refers HELOC borrowers to a lending partner.
Not nationwide
Guild Mortgage does not make loans in New York at this time.