Top Mortgage Lenders August 2021 – Forbes Advisor

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Guild Mortgage offers both personal and online mortgage services. With offices in 31 states, borrowers who prefer to run their own business can visit the branch. Conversely, borrowers in 48 states (not New York and New Jersey) can apply online through their MyMortgage digital mortgage program.

A guild mortgage is a great option for borrowers with lower credit ratings as it has a minimum requirement of 600 – about 20 points less than the average lender requires. Applying for a home loan through Guild Mortgage is also relatively easy and quick, making it a great choice for people who can’t afford to wait.

Technologically advanced, Guild Mortgage provides services such as automatic client matching via upfront payments from government and local programs, ideal for people who may not have time to research on their own.

For shoppers in a hurry, the lender offers the Homebuyer Express 17-Day Closure Guarantee. According to Freddie Mac, this is significantly faster than the industry average of 43 days at close. The guarantee states that the lender pays $ 500 to cover closing costs if the loan is not closed on time solely due to the Mortgage Guild’s delay.

Available in most states

Guild mortgages are available online everywhere in the US except New York and New Jersey. Branches are located in 31 states, including Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Georgia, Hawaii, Idaho, Illinois, Iowa, Kansas, Louisiana, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina. , North Dakota, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming.

How to apply

Guild Mortgage offers both branches and online access to borrowers looking to apply for a mortgage. Their paperless application process allows borrowers to submit documents electronically as well as submit applications and track the application process online.

Phone support is very limited and only available Monday through Friday 6:00 am to 5:00 pm PT; the lender is closed on weekends.

Speed

Pre-approval times are not as fast as other lenders, with 1-3 days of processing time for pre-approval letters. However, Guild Mortgage offers a 17-day closing guarantee, which can be attractive for borrowers looking for a quick closure.

Credit Requirements

Guild Mortgage minimum credit requirements vary by mortgage. The lender offers loan options for buyers with a credit rating of 600. The minimum requirements for each program are:

  • Down payment assistance: 620 (depending on the program in each state)
  • FHA: 600
  • Normal: 620
  • VA: 600
  • USDA: 600
  • Jumbo: 680

Loan types offered

Guild Mortgage Loans offers both mortgages for buyers and refinancing organizations. Its product line includes fixed and adjustable rate mortgages (ARM), FHA loans, USDA and VA loans. The Lender’s MH Advantage program is designed for borrowers who buy an industrial home. Fannie Mae recommends that MH Advantage borrowers must have a minimum credit rating of 620. Guild Mortgage also offers FHA loans for repairs and reverse mortgage

For new construction, the lender offers the StrongStart program. StrongStart allows a construction company loan to be used to cover interest for the first three months of the borrower’s monthly mortgage payments. This program is offered with FHA and VA funding (standard and high balance limits).

Guild Mortgage does not offer home equity loans or lines of credit.

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