Guild Mortgage: How Does it Work?

FT Contributor
A mortgage agent hands a smiling couple the keys to their new house.

Guild Mortgage was established in San Diego in 1960 and began as a home loan provider for houses constructed by the American Housing Guild. Throughout the years, the company expanded its products to include timeshare loans, different mortgage types, and an easier qualifying process for first-time homebuyers.

The lender is now in 27 states, has over 250 branch offices, and services over 190,000 loans. Review the information below to find out more about Guild Mortgage and its services.

Table of Contents

Guild Mortgage Process

If you know you’re ready to buy a house, it’s important to look into the mortgage process and learn how it works. With Guild Mortgage, you can begin the application process by phone, in person, or online. To apply for a home loan, you’re required to provide your personal and financial information to determine what you qualify for.

With a personal loan or credit card application, you may simply need to allow a lender to pull your credit report. Your credit is also a consideration when qualifying for a mortgage. It’s hard to buy a house with bad credit but the loan officer also analyzes other financial factors before approving you for a home loan. You may be asked to provide proof of income or information on your financial assets before approval.

If you’re approved for a mortgage, you and your loan officer set a closing date. At the closing, you may be asked to provide proof of homeowner’s insurance and payment for clothing costs. After closing, you’re responsible for making your mortgage payment each month.

Guild Mortgage Rates

Guild Mortgage doesn’t provide interest rates on its website but claims its rates are competitive with other lenders. When you work with a loan officer, they’ll give you insight on the interest rate you qualify for.

Your rate depends on several financial factors, such as your credit score, mortgage down payment, debt-to-income ratio, the type of home loan you qualify for, and the home you’re buying.

Guild Mortgage Options

Guild Mortgage offers several different types of home loans and programs, depending on your financial situation, including the following:

  • Conventional loans.
  • FHA loans.
  • USDA loans.
  • VA loans.
  • Renovation loans.
  • Down payment assistance programs.
  • Reverse mortgages.
  • Fixed or adjustable-rate loans.
  • MH Advantage loans for manufactured homes.

Guild Mortgage Loan Services

Guild Mortgage offers several loan services and the ones you qualify for will depend on your credit score and other financial factors. When you apply for a loan online or speak with a loan provider, you’ll see a list of the documents you must present to ensure you’re qualified for a specific type of mortgage.

Conventional Loans

If you have a high credit score and large down payment, a conventional loan may be right for you. Conventional loans aren’t backed by the government. You may qualify to choose between a fixed- or adjustable-rate but your loan amount cannot exceed the county limits.

FHA Loans

If you’re a first-time homebuyer or have a low-to-moderate income, an FHA loan may be best for you. These loans are backed by the government and may require as little as 3.5% down. However, you may be required to buy mortgage insurance and your home must meet FHA guidelines.

VA Loans

If you’re an active or retired member of the military or an eligible family member, you may qualify for a VA loan. These loans are backed by the VA and offer lower rates than other mortgage types, as well as low or no down payment options.

USDA Loans

To qualify for a USDA loan, you must purchase a home in a rural area or underdeveloped area. Income requirements for this type of mortgage are relatively low and you may be eligible for 100% financing on your home purchase.

Fixed-Rate Loans

When you sign up for a fixed-rate loan, your interest rate stays the same for the entire loan term. This is a good choice if you feel the interest rate you qualify for is affordable and you want to know exactly how much your mortgage payment will be each month.

First-Time Homebuyers

Guild Mortgage specializes in providing affordable home financing options to first-time homebuyers. If you’re buying your first home, apply for a home loan to learn how large a mortgage you can afford.

You may qualify for an FHA or conventional loan depending on your financial situation. Once you’re pre-approved for a mortgage, you’ll know the type of home to begin shopping for and your monthly mortgage payment.

Adjustable-Rate Loans

With an adjustable-rate mortgage (ARM), your interest rate can change each year, depending on the market. If you’re only planning to live in your home for a few years or know you’ll be refinancing shortly, this type of home loan may work for you. However, its unpredictability is not ideal for homebuyers planning to stay in their home for years.

Reverse Mortgage

If you want to access the equity you have in your home or eliminate monthly mortgage payments, a reverse mortgage may be helpful. To qualify, you must be 62 years of age or older and your home must be your primary residence, among other eligibility factors. Keep in mind, you’re still responsible for homeowner’s insurance premiums and property taxes.

MH Advantage

If you plan to live in a customized mobile home, you may benefit from the MH Advantage program through Fannie Mae. With this loan, the land and home purchase price are bundled and you may only be responsible for a 3% down payment. You may also qualify for lower interest rates through this program, as long as you’re purchasing an eligible customized mobile home.

How to Apply for a Loan From Guild Mortgage

To apply for a home loan through Guild, you can call the company at 1-800-365-4441 or find a loan officer in your area using the lender’s website. You may also begin the mortgage application process online by following these steps:

  1. Visit the online mortgage application.
  2. Provide your contact information.
  3. Create an online account with Guild.
  4. Provide information on your finances.
  5. Upload loan documents as requested.
  6. Review the loan options provided.
  7. Speak with a loan representative about your options and closing date.
  8. Sign loan documents.

With so many home loan types and special programs, you’re likely to find a mortgage through Guild that works for you. Before agreeing to the loan terms, ensure you understand your down payment requirement, closing costs, and monthly mortgage payment.

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