Mortgage

Guild Mortgage Overview for 2020

overview

Guild Mortgage has been in business since 1960 making it one of the oldest independent mortgage companies in America.

And the company seems to be growing in popularity. It has grown 16x since 2007, according to Guild Mortgage.

This is likely to be related to the company's top notch service – it was featured in J.D.'s 2019 satisfaction survey. Power for third party mortgage lenders.

Guild also has an especially large selection of loan types so the majority of borrowers should be able to find the type of mortgage they need.

Of course, mortgage rates vary depending on the customer. So the guild may or may not make you the best deal. You need to compare the credit estimates of some mortgage lenders to find out.

Guild mortgage rates

The table below compares the average mortgage rates and fees for 2019. Mortgage rates have come down sharply since then so they are unlikely to be anywhere near the rate you're getting.

However, the table can help you see how competitive the guild mortgage rates are among other major lenders.

Average 30 year mortgage rate from major lenders

Guild mortgage
Wells Fargo
Accelerate Loans
chase
30-year average interest rate, 2019

4.15%
4.22%
4.16%
4.22%

Monthly P&I payment *

$ 972
$ 980
$ 973
$ 980

Median Loan Costs, 2019

$ 5,165
$ 3,484
$ 5,075
$ 3,440

Median Origination Charge, 2019

$ 1,679
$ 1,199
$ 2,085
$ 1,279

The guild appeared to have a slightly lower rate on average than these other companies. However, the fees for borrowing were a bit higher.

Offers vary, of course, depending on the customer. So your guild prices and fees could be higher or lower than average. To find out, you need to request a custom loan estimate.

Average tariff and fee data comes from public tariff and fee records required by the Home Mortgage Disclosure Act (HMDA).

* Monthly principal and interest payment based on a home price of $ 250,000 down 20% assuming an average 30 year interest rate for each business for 2019. Your own interest rate and monthly payment will vary.

Check your new plan (September 16, 2020)

Guild Mortgage Review for 2020

Guild's success appears to be based on customer satisfaction and loyalty.

There it does very well and is third in the US study on satisfaction with the creation of primary mortgages by J.D. Power 2019. It was only one point (out of 1,000) that did not reach second place.

It's hard not to like a company that inspires such loyalty from its customers.

And it helps that the guild seems to go out of their way to help applicants who might be turned down by other lenders.

Help for first time buyers

Guild Mortgage partners with 500 Down Payment Assistance (DPA) programs.

These are special grants and loans that provide extra cash for your down payment and / or closing costs, and often allow people with lower savings to buy their own home.

DPA programs are often aimed at first-time home buyers. However, you don't always have to be a beginner to access it.

Some are also available to home buyers who have not owned a home in the past three years.

Guild Mortgage Credit Requirements

The guild creditworthiness thresholds are pretty typical of large lenders. It needs:

580 for VA loans – Supported by the Department of Veterans Affairs and almost exclusively for veterans and those still serving in the military600 for FHA and USDA loans – Supported by the Federal Housing Administration or the US Department of Agriculture620 for some other types of mortgages – Although if you want a jumbo loan or an extremely low interest rate, your score must be higher

Guild Mortgage may also consider “alternative” credit information – such as on-time payments for rent, utility bills, and other expenses not normally included in credit reports.

This means it can potentially help people who make responsible payments but have not taken out enough credit in the past to build a solid credit score on the FICO scale.

Guild mortgage rates and transparency

Guild Mortgage does not post current interest rates on its website.

That said, you can't skim it to see how it compares to other lenders' advertised interest rates. You actually need to apply and get a quote to see what you can get.

However, you don't have to worry about hard borrowing when you want to check rates on Guild.

The company says, “Early quotes before borrowing are based on an informed estimate of the borrower's creditworthiness. If they don't know, a medium-range credit score is used by default, which does not affect the pricing of the offer. "

In the first round – before you officially apply for a loan – you can get an interest estimate without affecting your creditworthiness.

Working with guild mortgage

Guild is not authorized to loan in New Jersey or New York. However, customers in the other 48 states are welcome to apply.

Guild offers the full spectrum of customer service options, from personal service to the full online experience. As a customer, you can choose what suits you best.

When you start on the company's website, you have two options. You can find a loan officer in your area or start an online application.

If you select the online option, you can:

Save your partially completed application and come back to it later. Loan Document Upload Track the progress of your application. Remotely sign your graduation papers using what Guild calls eClose (availability subject to state law).

You may even be able to take out your mortgage without interacting with a human.

If you enjoy interacting with people, start with an initial phone call with a loan officer. There is a search tool on the lender's website that will help you find one.

When someone is close enough to your home, you can schedule a face-to-face meeting (during normal times).

There's a good chance that you'd prefer a mix of the two. You may want to chat with a loan officer and submit your application online. Or fill out an application at a branch and then upload your documents. You can choose.

Homebuyer Express ("HBE") – 17-day purchase guarantee

Guild Mortgage is so confident in the efficiency of its people and systems that it gives applicants the confidence that the loan will be closed on time.

Provided your home was signed at least 17 days prior to scheduled closing, you will be reimbursed $ 500 in closing costs if Guild stops you. However, you can find the terms and conditions on the lender's website.

Customer Service Reviews from Guild Mortgage

You've already noticed that the guild's great strength is customer service.

Companies
Mortgage origins 2019
CFPB complaints 2019
Complaints per 1,000 mortgages
2019 JD nominal power
Guild mortgage

119,400
13
0.11
846/1000

Wells Fargo

1,026,800
342
0.33
837/1000

Accelerate Loans

774,900
187
0.24
880/1000

chase

527,600
188
0.36
850/1000

Together with a strong J.D. Power poll score it has an A + rating from the BBB and very few customer complaints that are registered with the federal regulator The Consumer Financial Protection Bureau.

Guild also ranked second in our 2020 best mortgage lender rating.

Mortgage loan products at Guild

Guild has a wide range of fixed rate and adjustable rate mortgages. These include:

Conventional Loans – Great if you have a higher credit score (over 620). Traditional loans only allow 3% down payment"Jumbo" Loans – Oversized mortgages for those who buy very expensive homesFHA loan – When your credit rating is too low to take a traditional loan. You can only cut 3.5%USDA loan – Allow low to middle income borrowers in eligible rural and suburban areas a 0% decreaseVA loan – Eligible Veterans and Service Members can get a VA loan with a 0% discount and exceptionally low interest ratesRenovation loan – In case you want to upgrade your homeReverse mortgages – If you are 62 years or older and want to access some of your home equity to improve your retirement. No monthly paymentsMH advantage – A loan that allows you to buy a prefabricated house

That large portfolio means there is a good chance Guild can help you.

Where can I get a Guild mortgage?

You can apply for a guild mortgage anywhere in the US except New Jersey and New York.

Guild Mortgage has offices in 31 states (dark blue). In states with no branches (light blue), Guild is available online or by phone.

Guild has more than 250 offices and offices in 31 states across America.

That sounds like a lot, but with such a large land mass, many borrowers will find that the locations are too far from home for personal visits.

If your home is far from the nearest office or satellite office, you can do business over the phone or the internet.

Is Guild Mortgage the Best Lender for You?

The only real downside we found with Guild Mortgage is that you need to apply to get an idea of ​​the interest rates. So you cannot compare it to other lenders at a glance.

However, applying is the best way to see your real-world course anyway.

The rates quoted assume excellent credit and a large down payment so they are misleading to many borrowers.

The guild doesn't do a hard credit withdrawal right away, so checking the prices won't hurt your score.

However, remember to also compare some other lenders' personalized rates. This is the only way you can really know which mortgage lender is best for you.

Check your new plan (September 16, 2020)

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