Guild Mortgage review 2024: A comprehensive analysis of the mortgage lender's performance and customer satisfaction.

In 2023, Guild Mortgage was one of the largest home lenders in the U.S., with over 48,000 mortgages originated and a total value of $14.5 billion.

We selected the San Diego-based lender as one of our top mortgage lenders due to its diverse down payment assistance programs and lenient credit standards.

Guild offers a range of financing options, including reverse mortgages, bridge loans, and financing for manufactured housing, which are not commonly provided by other lenders.

Pros and cons of Guild Mortgage

Guild Mortgage types of home loans

Guild Mortgage offers conventional and government-backed loans in all states except New York.

• Guild provides fixed-rate loan terms ranging from 10 to 30 years.
• Guild provides ARMs with a fixed rate for the initial period of five, seven, or ten years before adjusting at regular intervals.
• FHA loans are supported by the Federal Housing Administration (FHA) and require a minimum down payment of 3.5% for borrowers with a FICO score of 580 or 10% for borrowers with a FICO score of 500.
• Veterans and active-duty service members can apply for a lower-rate loan without a down payment or private mortgage insurance. Guild approves borrowers with scores as low as 540, while lenders typically require a 620 for a VA loan.
• Zero-down-payment mortgages in rural areas are available to eligible homebuyers through USDA loans, which are backed by the U.S. Department of Agriculture.
• Jumbo loans are loans that exceed the conforming limits set by the Federal Housing Finance Agency. Guild offers jumbo loans of up to $3.5 million.
• Medical professionals, including residents, doctors, dentists, veterinarians, and pharmacists, can obtain physician loans of up to $850,000 with no down payment. To qualify, a minimum credit score of 700 and a maximum debt-to-income ratio (DTI) of 43% is required.
• These loans, backed by Fannie Mae and Freddie Mac, require only a 3% down payment and have lower financing and PMI costs. To qualify, you must earn at least 80% of the area median income, have a credit score of 620, and a maximum debt-to-income ratio of 50%.
• Freddie Mac offers a fixed-rate loan for first-time homebuyers with just 3% down payment and no income or location restrictions.
• Fannie Mae Homestyle Renovation Loans and FHA 203(k) standard and limited loans are available through Guild.
• Energy-efficient mortgages: You can finance the initial expenses of energy-efficient home improvements through your loan. Non-qualifying mortgages: Non-QM loans are accessible to homebuyers who don't meet standard credit and income standards. Guild provides interest-only mortgages, ITIN loans, bank statement loans, and non-warrantable condo loans.
• Guild distinguishes itself from its competitors by providing financing for manufactured and mobile homes.
• A short-term loan that enables borrowers to finance their new home purchase before selling their existing property.

How do I qualify for a Guild Mortgage?

• Conventional loans require a credit score of 620, while FHA, USDA, and VA loans accept scores as low as 540. Jumbo and non-agency loans require a higher score of 660. Some loans also accept nontraditional credit sources.
• The down payment requirements vary based on the loan type: conventional - 3%, FHA - 3.5%, VA and USDA - 0%, jumbo - 3%.
• Debt-to-income ratio: 50%

Guild Mortgage benefits and discounts

Guild Mortgage offers a variety of programs for first-time and repeat homebuyers.

Complete Rate

FHA, VA, and USDA loans consider nontraditional credit sources such as rent, utility, and car insurance payments to determine eligibility and rates.

Payment Advantage

Eligible borrowers receive a one-year lender-paid temporary buy-down of 1%.

Zero Down

Eligible FHA loan borrowers may receive down payment assistance of up to 5% of their loan total, which can be either forgivable or repayable.

1% Down Payment Advantage

Those who contribute at least 1% of the down payment may be eligible for a grant of an additional 2%, up to a maximum of $5,000.

Guild Gateway to Homeownership

Eligible homebuyers in certain census tracts can receive a lender credit of up to $5,000 to help cover closing costs.

HomeReady First

First-time homebuyers in specific census tracts can receive a $5,000 Fannie Mae credit, with Guild adding an additional $1,500.

Freddie Mac BorrowSmart Access

First-time homebuyers in certain census tracts can access a $3,000 Freddie Mac credit, but they must make a 3% down payment and have an income below 140% of the local median.

3-2-1 Home Plus

Low-to-moderate-income homebuyers who make a 3% down payment can receive up to $2,500 in closing cost assistance from Guild, along with a $2,000 Home Depot gift card.

ITIN mortgages

Individuals without a Social Security number can still apply for a conventional mortgage with a 620 credit score by using their Individual Tax Identification Number.

Guild Mortgage refinancing

Guild provides cash-out and rate-and-term refinancing in all states except New York, as well as home equity loans, reverse mortgages, and Freddie Mac's Refi Possible and Fannie Mae's RefiNow.

• The minimum credit score requirements for conventional, FHA, VA, and USDA loans are 620, 580, 540, and 660, respectively. Additionally, the minimum credit score requirements for jumbo and home equity loans are also 660.
• Debt-to-income ratio: 45% to 65%
• Conventional loans have a home equity rate of 5%, while FHA loans have a rate of 2.25%. VA and USDA loans offer 0% home equity, and jumbo loans have a rate of 10%.
• The percentage of home equity that can be used for cash-out varies depending on the loan type. For conventional, FHA, and jumbo loans, the cash-out percentage is 20%. However, for VA loans, the cash-out percentage ranges from 0% to 10%.
• Home equity for home equity loans: 10%
• Home equity for reverse mortgage: Not disclosed

Guild Mortgage customer service

Guild Mortgage ranked fourth in J.D. Power's 2024 Mortgage Servicer Satisfaction Study but scored below average in their survey on satisfaction with mortgage origination. Despite this, the Better Business Bureau gave them an A+, their highest rating.

Guild offers online application and e-signing of documents, shortening closing appointments to minutes. With 740 branches in 46 states, in-person help from a mortgage officer is easily accessible. While the Guild website provides details on its home loan products, mortgage calculators, and an informative blog, mortgage rates are not disclosed online. The customer service phone line is not available on weekends and there is no online chat feature. Guild's mobile app has limited features and is poorly rated in the Apple Store and on Google Play.

How does Guild Mortgage compare to other lenders?

Here's how Guild stacks up to two leading mortgage providers.

Guild Mortgage vs. Rocket Mortgage

While Rocket Mortgage is a leader in online lending, Guild Mortgage has a solid brick-and-mortar presence in 46 states.

While both lenders have robust digital platforms, only Rocket makes its rates publicly available online. Additionally, Rocket surpassed Guild in J.D. Power's Mortgage Servicer and Mortgage Origination satisfaction surveys in 2024.

Guild outshines Rocket in loan offerings and down payment assistance, with a range of programs worth up to $7,500.

Guild Mortgage vs. Chase Bank

In 2023, Guild will have a smaller mortgage footprint than Chase, with Guild originating a third fewer home loans and lending approximately $24 billion less to homebuyers.

Guild has a larger physical presence, with over 4,700 branches nationwide compared to Chase's 740. Additionally, Chase regularly tops J.D. Powers' surveys on mortgage origination and servicing in all 50 states.

While Guild's jumbo mortgages have a cap of $3.5 million, Chase is willing to approve loans for up to $9.5 million.

Guild is the top choice for first-time homebuyers with specialized loans and down payment assistance programs. Chase offers two loans for first-time buyers, each requiring a 3% down payment, and a $7,500 closing-cost grant available in 15 metro areas.

How do I apply for a loan with Guild Mortgage?

Guild Mortgage offers both online and in-person application options for mortgages, with 740 branches and a toll-free number at 800-971-3864, available weekdays from 8 a.m. to 8 p.m. ET.

To complete a Guild hybrid closing, borrowers must provide identification, Social Security, proof of income, bank statements, and other documents, as well as information on the property and submit to an appraisal.

Is a Guild Mortgage home loan right for me?

If you require down payment assistance, Guild Mortgage is a suitable option as it offers a range of grants and forgivable loans, including a closing cost grant of up to $5,000 for homebuyers in specific census tracts.

Guild is a top pick for FHA loans and reverse mortgages, and offers a range of mortgage options including physician loans, non-qualifying mortgages, renovation loans, and financing for manufacturing loans. Additionally, it is one of the only nationwide lenders that offers bridge loans.

If you're buying a home in New York, Guild Mortgage does not offer loans in that state.

Why trust CNBC Select?

Our mission at CNBC Select is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make informed decisions with their money. Each mortgage review is the result of thorough reporting by our team of expert writers and editors who possess extensive knowledge of home loan products. At CNBC Select, we take pride in our journalistic standards and ethics, and we earn a commission from affiliate partners on many offers and links. However, our content is created independently by our team without any input from our commercial team or external third parties.

Our methodology

CNBC Select evaluates mortgage products based on various factors, such as loan types, average rates, terms, accessibility, fees, down payment options, online platform, and customer satisfaction.

We also take into account ratings from the Better Business Bureau and J.D. Power's U.S. Mortgage Origination Satisfaction Study in addition to our own findings.