Best Online Mortgage Lenders of July 2022 – Forbes Advisor

Guild Mortgage offers in-person and online mortgage services. With offices in 31 states, borrowers who prefer to do business face-to-face can visit a branch. Conversely, borrowers in 48 states (excluding New York and New Jersey) can apply online through its MyMortgage digital mortgage program.

Guild Mortgage is a great option for borrowers with lower credit scores because its minimum requirement is 600, which is about 20 points less than the average lender requires. Applying for a home loan through Guild Mortgage is also relatively quick and easy, making it a great choice for people who can’t afford to wait.

At the forefront of technology, Guild Mortgage provides services such as automatic client matching with down payment assistance from national and local programs, which is ideal for people who may not have the time to do the research themselves.

For buyers in a hurry, the lender offers a 17-day Express Homebuyer Closing Guarantee Program. That’s considerably faster than the industry average of 43 days to close, according to Freddie Mac. The guarantee states that the lender pays $500 for closing costs if the loan does not close on time due solely to a delay by Guild Mortgage.

Available in most states

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

How to register

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

Phone support is very limited and only operates Monday through Friday from 6:00 a.m. to 5:00 p.m. PT; the lender is closed on weekends.

The rapidity

Pre-approval times are not as fast as other lenders, with a 1-3 day turnaround for pre-approval letters. However, Guild Mortgage offers a 17-day closing guarantee, which can be attractive for borrowers who need to close quickly.

Credit requirements

Guild Mortgage’s minimum credit score requirements differ by mortgage. The lender offers loan options for buyers with a credit score as low as 600. The minimum requirements for each program are as follows:

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

Types of loans offered

Guild Mortgage Loans offers both homebuyer and refinancer mortgages. Its product line includes conventional and jumbo fixed and adjustable rate (ARM) mortgages, FHA, USDA and VA loans. The lender’s MH Advantage program is suitable for borrowers buying a manufactured home. According to Fannie Mae guidelines, MH Advantage borrowers must have a minimum credit score of 620. Guild Mortgage also offers FHA home improvement loans and reverse mortgages.

For new construction, the lender offers its StrongStart program. StrongStart allows a builder’s closing cost credit to be used for interest on the first three months of a borrower’s monthly mortgage payment. This program is offered with FHA and VA financing (standard and high balance limits).

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

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