Guild Mortgage 2021 Review: Quick Closing & Money Saving Tools


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Founded in 1960, Guild Mortgage is today one of the fastest growing mortgage companies in the United States, with more than 4,400 employees and 200 branches in 32 states. Guild also services about 90% of the loans it makes – and for the past four years in a row, the lender has won the Fannie Mae STAR Performer Award in recognition of customer service.

You can apply online, over the phone, or in person at a physical branch, and you can even close your home loan within 17 days in some cases. However, Guild does not operate in New Jersey and New York. Here’s what you need to know about the Guild Mortgage before you apply.

Advantages and disadvantages of the guild mortgage


  • Works in Washington, DC and all states except New York and New Jersey

  • Offers all major types of mortgages as well as several niche products

  • Lender says he can connect buyers to 1,000 programs that offer down payment and help with closing costs

  • Says he can close mortgages within 17 days if you’ve been pre-approved

Guild mortgage: loan types and products

Guild Mortgage offers a long list of mortgages for borrowers who want to buy, refinance or renovate a home. Here’s what Guild is currently offering:

Borrowers can choose between fixed rate loans, where the rate never changes, and variable rate mortgages (ARMs), where the mortgage rate can go up or down over the life of the loan. Guild offers ARM terms of 5/6, 7/6, and 10/6.

Home improvement loans, which allow you to cover the purchase and costs of renovating a home, are also available. Guild offers the Fannie Mae HomeStyle Renovation Loan, FHA 203 (k) Limited Loan, and FHA 203 (k) Standard Loan.

And if you need to borrow a large amount, Guild can fund giant mortgages of up to $ 3 million for eligible borrowers.

Guild Mortgage Transparency

Guild’s website is easy to navigate and offers several mortgage calculators, educational guides that explain mortgage programs and the home buying process, and a help center for post-closing assistance. You can even search for a builder, real estate professional or real estate agent near you.

The lender’s easy-to-follow digital app platform, MyMortgage, allows borrowers to quickly upload documents, verify assets, and reference personalized checklists from any mobile device.

Guild Mortgage also offers a 17-day closing guarantee to eligible borrowers, provided the borrower has been pre-approved by the lender. That’s considerably faster than the industry average for home purchases, which was 51 days in March 2021. The quick turnaround time might even sweeten the deal when you’re drafting your offer to purchase a home. Plus, if Guild delays this timeline, they promise to pay $ 500 for closing costs.

Guild Mortgage: Rates and Fees

Guild Mortgage does not advertise lender interest rates or fees on its website, but a Guild representative confirmed that the lender does not impose any prepayment penalties on its loans. They also provided us with a list of credit score requirements, which vary by product type:

  • Conventional loans: 620
  • FHA Loans: 600
  • VA Loans: 600
  • Jumbo loans: 680

The company says set-up fees vary by market, so you’ll need to contact a loan officer and request prequalification or pre-approval for a quote and a breakdown of what you’ll pay for a home loan. According to a fence cost worksheet we received separately, set-up costs may include:

  • Financing costs
  • Processing fee
  • Tax certificate fees
  • Subscription fees
  • Assessment fees
  • Fe credit report
  • Document preparation costs
  • Title Fee

You can also decide to buy discount points – a fee you pay at closing – to lower your mortgage rate.

Guild offers several money-saving options for borrowers and applicants. With Guild’s Home Buyer Protection Program, you can lock in your interest rate for free for up to 90 days when shopping for a home. If the rates go down after you find a place to stay, you can lower the rate for free. You can also lock in your rate once you’ve applied for a mortgage for free, but a lockout extension fee applies if you need to extend the rate lockout.

Guild also offers a program called Credit Approval Protection. If you come to the end of the underwriting process and Guild ultimately denies your mortgage application, they will pay up to $ 1,000 for any inspections, appraisals, or moving expenses you incurred to purchase the home. house and up to $ 5,000 in down payment.

Home buyers in this situation might consider taking steps to improve their credit before moving forward in the home buying process. A stronger credit history and a higher credit score could help you qualify for the best mortgage rates.

The lender says it can also connect borrowers with more than 1,000 programs that offer down payment and closing cost assistance, mortgage certificates and participation programs.

Pro tip

Many homeowners struggle to save for a down payment or closing costs, but would be able to manage the monthly expenses that come with homeownership. If you are in this situation, you could benefit from down payment assistance programs. These offer homebuyers grants or low-interest loans that lower the up-front costs of a home.

Refinancing with Guild Mortgage

Guild generated more than $ 35 billion in mortgages in 2020 alone, and about 40% of closings were for refinance loans.

Homeowners can refinance most types of loans, including conventional and government guaranteed loans. Although it does not announce a closing schedule, the industry average for refinancing loans was 52 days in March 2021.

The fees you pay to refinance typically average 2-3% of the loan amount, but you will need to contact a loan officer to review your options and get a breakdown of closing costs. The company says if they handle your home loan and you refinance, you’ll get a lower interest rate.

You can also minimize your upfront expenses by building closing costs into your capital if you have enough equity.

The Guild Mortgage vs. Other Mortgage Lenders

Guild Mortgage loan deposit Motion mortgage
Minimum credit score 620 for conventional loans; 600 for FHA, VA, and USDA loans; 680 for jumbo loans 620 for conventional loans; 700 for jumbo loans; 580 for FHA loans; 620 for VA loans 580 (some mortgage programs may require a higher score)
Minimum deposit 0% to 3.5% on most loans; 15% on jumbo loans 0% to 5% 0% to 3.5%
Where does the lender operate? 48 states and Washington, DC The 50 states The 50 states
Main types of loans Conventional, Jumbo, VA, FHA, USDA, Various Home Improvement Loans, Variable Rate, Fixed Rate, Refinance, Cash Refinance, Energy Efficient Mortgages, Manufactured Home Loans, Bridge Loans, Reverse Mortgages Conventional Home Improvement Loan, Jumbo, VA, FHA, FHA 203 (k), Variable Rate, Fixed Rate, Refinance, Cash Refinance Conventional, jumbo, VA, FHA, USDA, various home improvement loans, variable rate, fixed rate, refinance, refinance with withdrawal, reverse mortgages

How To Shop For The Best Mortgage Rate

One of the easiest ways to save money on a home loan is to shop around and compare offers. But according to a 2018 study by Freddie Mac, nearly half of consumers stop at the first mortgage rate quote they receive. Applicants could save up to $ 3,000 over the life of the loan if they shop around and get at least five rate quotes.

You could save even more if you negotiate the costs of your loan. After you submit multiple mortgage applications, the lender will provide you with a mortgage estimate. This is a standardized form, so it’s easy to compare offers and find the lowest costs. Send the better offer to another lender and ask them to offer you a lower interest rate or closing costs (or both).

Final result

Guild Mortgage is a good option if you are looking to close quickly and need help finding money for the down payment and closing costs. However, you will not be able to borrow from this lender if you live in New Jersey and New York. Like any financial product, your best bet is to compare mortgage lenders, request a quote, and review your offers. Finding the lowest mortgage rate can save you hundreds or thousands of dollars over the life of the loan.


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