Guild Mortgage Review 2024

How Bankrate scored Guild Mortgage

• Affordability: Guild Mortgage doesn’t charge lender fees and participates in many down payment assistance programs, as well as offers its own 1 percent down pricing.
• Availability: This lender works with borrowers in all states but one. It has a diverse set of loan offerings, including options for investors.
• Borrower experience: Guild Mortgage offers the welcome combination of an online portal and in-house loan officers, processors and underwriters.

Affordability: 6.8/10

Guild Mortgage typically doesn’t charge an origination fee. The lender doesn’t display mortgage rates online, however, nor offers the ability to get a rate quote through its website. You’ll need to contact a loan officer to learn your costs.

Availability: 10/10

Guild Mortgage provides conventional loans as well as government-insured loans (FHA, VA and USDA), along with options to refinance your existing mortgage. It also works with investors. The lender operates in all states except for New York.

Borrower experience: 7.4/10

Guild Mortgage is accredited by the Better Business Bureau with an A+ rating, but a customer star rating of one out of five. The lender came in below average in J.D. Power’s mortgage origination report for 2023. In October 2020, it settled with the U.S. Department of Justice related to allegations it “knowingly” approved ineligible FHA loans that later defaulted and led to FHA mortgage insurance claims, and also failed to follow quality control and reporting rules.

While Guild Mortgage offers online prequalification and preapproval, you’ll first need to connect with a loan officer to review your options. You can apply for a mortgage or refinance through the lender’s MyMortgage portal, where you can upload documents and manage checklists from any device. You can also submit income and asset information electronically (or this information can be retrieved directly from the source), communicate with a loan officer and receive real-time status updates. Guild Mortgage also offers e-closing capabilities, allowing you to review and sign the e-note, the digital equivalent of a promissory note, from any location. The documents are retained in an encrypted electronic envelope and accessible through user authentication.

How to apply for a mortgage with Guild Mortgage

You can apply for a mortgage with Guild Mortgage in person at a branch location, online or by phone at 800-971-3864. Its customer service hours are Monday through Friday from 9 a.m. to 8 p.m. ET. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Guild Mortgage

Guild Mortgage offers both rate-and-term and cash-out refinancing options. Notably, the lender offers a “Payment Protection” plan that waives the refi lender fees for returning borrowers. To be eligible, you’d need to have closed your loan between Oct. 17, 2022 and Dec. 29, 2023, and then close the refinance no later than Dec. 31, 2025.

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%
  • Availability: Loan products - 50%; licensing - 40%; credit score - 10%
  • Borrower experience: Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.