- Guild Mortgage offers many types of loans, making it a good option for people in different situations.
- It accepts alternative credit data if you don't want to pull your credit score.
- Guild Mortgage loans aren't available to residents of New York or New Jersey.
- See Insider's picks for the best mortgage lenders »
This post was last reviewed and updated on August 23, 2021.
Overall lender rating
| 5 |
| 5 |
| 4 |
| 4 |
| 4.5 |
Pros and cons
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Guild Mortgage interest rates
Unlike many lenders, Guild Mortgage doesn't show mortgage rates online. Many companies show typical rates for 15-year and 30-year mortgages online, and some even let you customize your rate by entering your credit score, down payment amount, and zip code. But you'll need to either call a customer service agent to talk about a rate or skip straight to applying for preapproval.
If you look at customer reviews on Zillow , you'll see that many borrowers' rates were "as expected" or "lower than expected" with Guild mortgage. So the lender does seem to offer competitive rates overall.
How Guild Mortgage compares to similar lenders
We've compared Guild Mortgage to two other lenders that offer a variety of loan types: Fairway Independent Mortgage Corporation and Rocket Mortgage .
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Types of home loans Conforming, jumbo, FHA, USDA, VA, renovation, reverse |
Types of home loans Conforming, jumbo, FHA, VA |
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Alternative credit data Yes |
Alternative credit data No |
Guild Mortgage review vs. Fairway review
Although Guild Mortgage and Fairway both offer several types of home loans, you may be drawn to Guild Mortgage's Bridge loan or Down Payment Assistance programs. These are good options if you either need to move before selling your home or don't have much money for a down payment.
You'll want to go with Fairway if you live in New Jersey or New York, though, because Guild Mortgage doesn't provide loans in these states.
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Guild Mortgage review vs. Rocket Mortgage review
You'll need to use Guild Mortgage or another lender for a USDA, renovation, reverse, or manufacturing loan, because you can't get these loans through Rocket Mortgage . Guild Mortgage is also better for people with a low credit score, because Rocket Mortgage requires a credit pull to qualify for a mortgage.
But Rocket Mortgage has more term length options, with terms as short as eight years. You also may like Rocket Mortgage if you want more accessible customer service, because it has live online chat seven days per week.
How Guild Mortgage works
You can apply for a mortgage online in any US state except New Jersey or New York. Guild Mortgage also has branches in 32 states, if you'd rather talk to someone face to face.
Guild Mortgage offers the following types of home loans:
- Conforming
- Jumbo
- FHA
- VA
- USDA
- Reverse
- Fixed-rate
- Adjustable-rate
- Renovation loans
- Manufactured loans
- Bridge loans , short-term loans for a down payment if you need to move but haven't sold your home yet
- Down payment assistance , loans or grants if you have a low-to-moderate income and need help financing a down payment
You can refinance into a fixed-rate or adjustable-rate mortgage, or do a cash-out refinance . You may also streamline refinance your FHA, VA, or USDA mortgage.
Guild Mortgage doesn't offer home equity loans or HELOCs , and it doesn't have regular construction loans .
Most lenders pull your credit score when you apply for preapproval. But Guild Mortgage gives you the option to apply with alternative forms of credit, such as proof that you pay your bills on time. This makes Guild Mortgage a worthwhile option if you have a low credit score , or none at all.
Guild Mortgage also lets you close digitally, making it a safe lender during the COVID-19 pandemic.
To speak with customer support, call Monday through Friday, 6:00 a.m. to 5:00 p.m. PT.
Is Guild Mortgage trustworthy?
The Better Business Bureau gives Guild Mortgage a B+ rating from the BBB . The BBB says that Guild Mortgage has a B+ rating due to government action taken against the business.
In 2020, Guild Mortgage paid the United States $24.9 million when it was accused of approving FHA mortgages for people who didn't qualify, resulting in loan defaults. If this recent issue worries you, you may decide you'd rather go with another lender.
Via PakApNews