Guild Mortgage Review 2020

Guild Mortgage at a glance

Guild Mortgage has a higher profile in the Western states, including Colorado and Idaho.

All told, Guild Mortgage has retail branches in 31 states. And while mortgage rates and fees aren’t available online or among the most competitive, according to NerdWallet analysis, Guild Mortgage does offer several online conveniences to smooth the application process.

Here’s a breakdown of Guild Mortgage’s overall score:

• Variety of loan types: 4 of 5 stars

• Variety of loan products: 5 of 5 stars

• Online convenience: 5 of 5 stars

• Rates and fees: 2.5 of 5 stars

• Rate transparency: 1 of 5 stars

» MORE: Compare Guild Mortgage with other lenders

Guild Mortgage loan types and products

San Diego-based Guild Mortgage began its business one neighborhood at a time, initially offering loans only for homes built by the American Housing Guild. Founded in 1960, Guild Mortgage soon expanded beyond a single builder and quickly became especially proficient in the government-backed mortgages that are ideal for first-time home buyers, including government-backed FHA, VA and USDA loans.

That competency has served it well. With years of expansion beyond the West Coast, Guild Mortgage now serves much of the nation with a growing number of purchase and refinance mortgage options, including loans for manufactured homes and renovation loans. Home equity loan products are not available, however.

» MORE: A guide to government home loans

Guild Mortgage online convenience

Guild’s digital mortgage platform offers a paperless loan application, along with document upload and the retrieval of income and asset information from many employers and financial institutions. Consumers can also use the portal to keep track of their loan’s status.

Guild Mortgage offers a 17-day closing guarantee to qualifying borrowers, promising to pay $500 toward closing costs if delays are caused solely by the lender. You must be preapproved and provide any requested documentation in a timely manner to be eligible.

Guild Mortgage rates and fees

One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. In order to provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates:

• A lender's average origination fee compared with the median of all lenders reporting under the Home Mortgage Disclosure Act. Guild Mortgage earns 2 of 5 stars on this factor.

• A lender's offered mortgage rates compared with the best available on comparable loans. Guild Mortgage earns 3 of 5 stars on this factor.

The company says its average origination charges vary by market and may include $350 for underwriting, $295 for administration, $275 for document preparation and a $500 processing fee.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

You can decide to buy discount points — a fee paid with your closing costs — to reduce your mortgage rate.

Deciding whether to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.

» MORE: 'Should I buy points?' calculator

Guild Mortgage rate transparency

You won’t find mortgage rates on the Guild Mortgage website; you’ll need to speak with a loan officer for those.

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