Guild Mortgage Company Reviews

Guild Mortgage does not show rates online. To get rates, you can fill out a form on the website, call Guild directly or search for a local loan officer to contact.

Remember that rates depend on a number of factors — specifically personal and economic ones. Personal factors that affect your rate include credit history, current income, loan type, loan amount, loan term and down payment amount. Economic factors include supply and demand and actions of the Federal Reserve.

Guild Mortgage offers both fixed-rate and adjustable-rate mortgages (ARMs). Fixed rates don’t change over the course of the loan term, while adjustable rates fluctuate according to a benchmark index and a margin set by the lender. Some borrowers prefer a fixed rate because the payment amount never changes. Other borrowers may choose to take advantage of the low introductory rate that comes with an ARM, which lasts five, seven or 10 years.

During the three-year period from 2019 to 2021, Guild’s average home purchase rate was slightly lower than the national average. In 2021, for example, its average rate was 0.12% lower than the national average.

Guild Mortgage Company average home purchase rate vs. national average

You can start the preapproval process online by visiting the “Apply Online” page of Guild Mortgage’s website. The application will ask a few brief questions about your co-borrower (if applicable), the loan type (purchase or refinance), the state where the property is located and the name of the loan officer helping you. If you aren’t yet working with a loan officer, you can select one in your area.

Once you submit this form, a loan officer will reach out to you to gather more information about your income, assets and liabilities. You may be required to upload financial documentation to support your application. Guild Mortgage uses this to verify your eligibility.

Once your application is complete, your loan officer can give you an estimated timeline for an approval decision. After applying, you can lock in your rate for 120 days; a $1,500 fee applies at the time of publishing. Guild has a 17-day closing guarantee; if it fails to close on time, it pays $500 toward your closing costs. There is a list of terms and conditions for both the rate lock and closing guarantee.

Guild Mortgage Company application features

Guild Mortgage offers many home loan options, including conventional loans (with fixed rates or adjustable rates), jumbo loans and government-backed mortgages like FHA loans, USDA loans and VA loans.

Guild Mortgage also offers specialized loan programs for borrowers who want to renovate their home, upgrade to energy-efficient appliances or purchase a manufactured home. You can also get a bridge loan to put a down payment on a new home before selling your old one. Guild offers reverse mortgages as well.

In 2021, Guild Mortgage had a total of 82,414 home purchase loan applications. Of those applications, about 75% (62,162) turned into closed loans, while roughly 3% (2,323) were denied.

Loan applications for home purchases only by year

In 2021, about 53% of the loans Guild Mortgage originated were for home purchases. The other 47% were for rate-and-term refinance loans and cash-out refinances.

Many borrowers refinanced in 2020 and 2021 to get a lower interest rate. In fact, nearly one-fourth of homeowners with a mortgage refinanced in 2021, according to a Federal Reserve report. As rates go back up, fewer homeowners are expected to refinance.

Home purchase vs. refinance loans by year

Guild Mortgage specifies most of its borrower requirements by loan type. For a conventional loan, it requires at least a 620 credit score and a minimum down payment of 3%. FHA loans from Guild require a minimum credit score of 540 and a 3.5% down payment. VA loans and USDA loans are available with 100% financing.

When you first speak with a Guild loan officer, they will assess your needs and financial situation to help you figure out which loan type is right for you, your borrowing costs and how much you can borrow.

National mortgage requirements by type

Guild Mortgage does not disclose specific lender fees online until you apply; it then sends you a Loan Estimate form with estimated costs and fees of the loan. According to Guild, closing costs are typically 2% to 5% of the home value. These costs may include some or all of the following:

• Origination fee
• Appraisal fee
• Discount points
• Processing fee
• Title fees
• Recording fees
• Property taxes
• Homeowners insurance

Guild has two guarantees that promise to pay a share of closing costs if it doesn’t follow through. With Credit Approval Protection, if Guild is unable to close on the loan after issuing preliminary credit approval, it pays you up to $1,000 for inspections, appraisals and relocation expenses — and up to $5,000 in lost earnest money. Homebuyer Express promises closing in 17 days or you're reimbursed $500 in closing costs.