Guild Mortgage

About

Guild Mortgage is a privately owned mortgage company that offers a variety of home financing options to consumers in the United States. The company was founded in 1960 and is headquartered in San Diego, California.

Guild Mortgage offers a range of loan programs, including conventional, FHA, VA, USDA, jumbo, and reverse mortgages. The company also offers renovation and construction loans, as well as down payment assistance programs.

In addition to its home financing services, Guild Mortgage also provides a number of tools and resources to help consumers make informed decisions about their mortgages. These resources include online mortgage calculators, educational articles, and a blog that covers a variety of home buying and financing topics.

Guild Mortgage has more than 4,000 employees and operates in over 40 states across the country. The company prides itself on its commitment to providing excellent customer service and helping people achieve their dreams of homeownership.

Key Features

Here are some key features of Guild Mortgage:

1. Wide range of loan options. Guild Mortgage offers a variety of loan programs, including conventional, FHA, VA, USDA, jumbo, and reverse mortgages, as well as renovation and construction loans.
2. Down payment assistance programs. Guild Mortgage offers down payment assistance programs that can help homebuyers cover some or all of their down payment and closing costs.
3. Online tools and resources. The company provides a number of online tools and resources, such as mortgage calculators, educational articles, and a blog, to help consumers make informed decisions about their mortgages.
4. Excellent customer service. Guild Mortgage prides itself on its commitment to providing excellent customer service and has a team of experienced loan officers who can guide borrowers through the mortgage process.
5. Presence in multiple states. Guild Mortgage operates in over 40 states across the United States, making its services widely accessible to homebuyers in various regions.
6. Community involvement. Guild Mortgage is committed to giving back to the communities it serves, and has a program that supports various charitable organizations and community initiatives.

Pros and Cons

Pros 

• Wide range of mortgage loan products. Guild Mortgage offers a variety of mortgage loan products, including conventional loans, FHA loans, VA loans, USDA loans, jumbo loans, renovation loans, and reverse mortgages, which could provide flexibility for borrowers with different needs and circumstances.
• Additional services. Guild Mortgage offers a range of additional services, including pre-approval, down payment assistance, homebuyer education, refinancing, and home equity loans, which could help support borrowers throughout the home buying process.
• Excellent customer service. Guild Mortgage has a strong reputation for providing excellent customer service and transparency throughout the loan process, which could provide peace of mind for borrowers.
• Local focus. Guild Mortgage has a local focus, with over 200 branch offices across the US, which could provide personalized attention and support for borrowers.

Cons

• Limited availability. Guild Mortgage does not operate in all states, so borrowers in some areas may not be able to work with them.
• Potentially higher fees. Some borrowers may find that Guild Mortgage's fees are higher than other lenders, although this can vary depending on the borrower's specific loan and circumstances.
• Limited online tools. Guild Mortgage's website does not provide as many online tools and resources as some other lenders, which could be a drawback for borrowers who prefer to handle the loan process online.

It's important to weigh these pros and cons against your individual needs and circumstances to determine whether Guild Mortgage is the right lender for you. It's also a good idea to compare multiple lenders and their offerings to find the best fit for your situation.

Products

Guild Mortgage offers a range of home financing products, including:

1. Conventional loans. Guild Mortgage provides conventional loans, which are not backed by the government and have more stringent credit and income requirements. These loans typically have a fixed interest rate and a term of 15-yearsor 30-years.
2. FHA loans. The company offers FHA loans, which are insured by the Federal Housing Administration and often have more lenient credit and income requirements. These loans can be a good option for first-time homebuyers who have less money to put down.
3. VA loans. Guild Mortgage provides VA loans, which are guaranteed by the Department of Veterans Affairs and are available to eligible veterans, service members, and their spouses. These loans often require no down payment and offer competitive interest rates.
4. USDA loans. The company offers USDA loans, which are backed by the US Department of Agriculture and are designed to help low- to moderate-income borrowers purchase homes in rural areas. These loans often require no down payment.
5. Jumbo loans. Guild Mortgage provides jumbo loans, which are designed for borrowers who need to finance a home that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac.
6. Reverse mortgages. The company offers reverse mortgages, which are designed for homeowners aged 62 and older who want to access the equity in their home. These loans allow homeowners to receive monthly payments or a lump sum of cash, and they do not need to make monthly mortgage payments.
7. Renovation loans. Guild Mortgage provides renovation loans, which are designed to help homeowners finance home renovations and improvements. These loans can be used to make repairs, remodel a kitchen or bathroom, or add a new addition to a home.
8. Construction loans. The company offers construction loans, which are designed for borrowers who want to build a new home from the ground up. These loans provide funding for the construction process and can be converted to a permanent mortgage once the home is complete.

Reliability

Guild Mortgage has been in business for over 60 years and has built a reputation for reliability and excellent customer service. The company has received positive reviews from customers on a variety of review sites, and it has an A+ rating with the Better Business Bureau.

Guild Mortgage is also licensed to do business in over 40 states across the country, which demonstrates its commitment to complying with state and federal regulations. Additionally, the company has a team of experienced loan officers who can guide borrowers through the mortgage process and provide personalized service.

Finally, Guild Mortgage is committed to giving back to the communities it serves and has a program that supports various charitable organizations and community initiatives. This commitment to community involvement and giving back further demonstrates the company's dedication to being a reliable and trustworthy mortgage lender.

Funding a Loan

When a borrower applies for a loan through Guild Mortgage, the company's loan officers will review the borrower's credit history, income, and other financial information to determine their eligibility for a loan. The loan officer will then provide the borrower with information about the available loan options and guide them through the application process.

Once the borrower has been approved for a loan, Guild Mortgage will work with the borrower to complete the loan documents and prepare for closing. The company will also work with the borrower to set up a payment schedule and provide ongoing support throughout the life of the loan.

Guild Mortgage funds its loans through a combination of its own capital and funds from outside investors, such as other financial institutions or mortgage-backed securities. This allows the company to offer a wide range of loan products and provide competitive interest rates to borrowers.

Overall, Guild Mortgage is committed to providing a smooth and transparent loan process, from the initial application to closing and beyond. The company's focus on customer service and support, combined with its access to multiple funding sources, makes it a reliable choice for homebuyers looking for a mortgage lender.

Additional Services

In addition to its mortgage lending services, Guild Mortgage also offers several additional services to help borrowers throughout the home buying process, including:

1. Pre-approval. Guild Mortgage offers pre-approval, which allows borrowers to get an idea of how much they can afford to borrow before they start shopping for a home. This can help borrowers narrow down their search and make more informed decisions.
2. Down payment assistance. The company provides down payment assistance programs that can help borrowers cover some or all of their down payment and closing costs. This can be particularly beneficial for first-time homebuyers who may not have a large amount of savings for a down payment.
3. Homebuyer education. Guild Mortgage offers homebuyer education courses to help borrowers understand the home buying process and make informed decisions about their mortgage. These courses cover a variety of topics, including budgeting, credit, and the different types of loans available.
4. Refinancing. The company provides refinancing services, which can help borrowers lower their monthly mortgage payments, reduce their interest rate, or shorten the term of their loan. Guild Mortgage offers a variety of refinancing options, including rate-and-term refinancing, cash-out refinancing, and streamline refinancing for FHA and VA loans.
5. Home equity loans. Guild Mortgage also provides home equity loans, which allow borrowers to tap into the equity they have built up in their home. These loans can be used for a variety of purposes, such as home renovations, debt consolidation, or to cover unexpected expenses.

Overall, Guild Mortgage's additional services can help borrowers navigate the home buying process and make informed decisions about their mortgage. The company's focus on education, support, and transparency makes it a reliable choice for homebuyers looking for a comprehensive mortgage lender.

Terms and conditions

Guild Mortgage has adjustable ratemortgages for 7 years and 10 years and fixed-rate mortgages for 10 to 30 years. Guild Mortgage offers VA and USDA loans with no down payment and FHA loans with a 3.5% down payment. With a 3% down payment, you can get a conventional loan. An origination fee can be a part of your loan's closing costs. You might also have to pay up to $7 to pay your loan online.

Guild offers a rate lock for 90 days with a "float down" option. While you look for a home, you can lock in your interest rate. If rates decrease, Guild will lower your locked rate once. Your rate will stay the same, so you won't have to worry if rates go up. You should have a contract on a home within 45 days of locking in the rate. After that, you have another 45 days to close.

Loans for manufactured homes are challenging to find from mortgage lenders. With Guild's Fannie Mae MH Advantage's mortgage product, you can get a loan for both the land price and the manufactured home. You'll need a 620 FICO Score and a 3% down payment. Not all manufactured homes qualify the requirements.

Guild offers standard FHA 203(k) renovation loans and limited 203(k) renovation loans. Guild Mortgage also has the Fannie Mae HomeStyle program, which helps people pay for upgrades like swimming pools, energy upgrades, and outdoor kitchens.

Guild Mortgage doesn't charge any fees unless the loan closes. There is no fee to fill out the application or get pre-approval. Guild Mortgage usually does not charge an origination fee unless the mortgage is for a program that helps people pay for their homes. The loan does come with some other costs, though.

Guild doesn't put information about its rates and fees on the web. To find out Guild's rates, you'll need to talk to a loan officer or start your loan application.

At this time, Guild Mortgage does not offer loans in New York, New Jersey, or the District of Columbia.