Bank of America Mortgage stands out for its transparent online rate display and fully digital application process, making it a convenient choice for tech-savvy borrowers. However, Guild Mortgage offers a broader range of loan options, including USDA loans and specialized programs, along with down payment assistance, making it suitable for borrowers with diverse needs. Both lenders have mixed customer satisfaction reviews, so borrowers should weigh the importance of online convenience versus specialized loan programs and down payment assistance when making their decision.
| Attribute | Bank of America Mortgage | Guild Mortgage |
|---|---|---|
| Interest Rates (APR) | Vary based on credit score, down payment, loan type, and debt-to-income ratio. As of July 9, 2025: 30-year fixed: Rate 6.625%, APR 6.869%; 15-year fixed: Rate 5.750%, APR 6.132%; 5y/6m ARM: Rate 6.375%, APR 7.065%. Best rates for credit scores of at least 740. Average rate on home purchase loans has been consistently lower than the national average in past years. | Guild Mortgage doesn't display current mortgage rates on its website. Recent data showed an average interest rate of 6.37% across all loan types. In 2022, Guild Mortgage's rates had a spread of 0.60% above the average prime offer rate (APOR), and in 2023, the spread decreased to 0.31%, according to HMDA figures. |
| Loan Options | Conventional, FHA, VA, and jumbo mortgages. HELOCs and mortgages designed for medical professionals. Fixed-rate and adjustable-rate mortgages (ARMs) are available, including 5/1, 7/1, and 10/1 options. Does not offer USDA loans. | Guild Mortgage offers a variety of home loans including conventional, FHA, VA, USDA, jumbo loans, home equity loans, HELOCs, and renovation loans. They also offer specialized loan programs for borrowers who want to renovate their home, upgrade to energy-efficient appliances, or purchase a manufactured home. |
| Down Payment Requirements | Can start at 3% for conventional loans and 3.5% for FHA loans. VA loans may not require a down payment. Affordable Loan Solution mortgage with a down payment as low as 3%. Some programs offer down payment assistance. | Down payment options include as low as 3% for conventional loans. They also have a 1% Down Payment Advantage program where Guild covers the additional 2% to meet the 3% minimum for conventional loans. For FHA loans, a 3.5% down payment is required, while VA and USDA loans may not require any down payment. |
| Closing Costs | Typically 3-5% of the loan amount. Bank of America charges an origination fee. Offers America's Home Grant, providing up to $7,500 toward closing costs. Include points & lender origination fees, third-party fees (appraisal, title, taxes, credit report), prepaid interest, taxes and mortgage insurance, and escrow account funds. | Guild Mortgage typically doesn't charge an origination fee. Average total fees/closing costs for a 30-year fixed-rate mortgage were $8,496. Closing costs typically range from 2-5% of the home value. |
| Loan Servicing Quality | Mixed reviews on major platforms. Some negative reviews mention customer service wait times or documentation issues. | J.D. Power ranked Guild Mortgage a bit below average for customer satisfaction in 2024. NerdWallet's lender star ratings assess objective qualities, including rates, fees, and loan offerings. |
| Online Application Process | User-friendly online mortgage tools. Preapproval can take just minutes. Offers a fully digital process. | Guild Mortgage offers online prequalification and preapproval, but you'll first need to connect with a loan officer. You can apply for a mortgage or refinance through the lender's MyMortgage portal. |
| Customer Service Responsiveness | Available Monday through Friday between 8 a.m. and 10 p.m. ET and Saturday between 8 a.m. and 6:30 p.m. ET. | You can reach Guild's customer service team at 800-971-3864 Monday through Friday from 9 a.m. to 8 p.m. ET. Guild's loan officers and support staff are known for their professionalism, responsiveness, and industry knowledge. |
| Pre-Approval Speed | Online preapproval is available and typically takes only a few minutes. Preapproval letter within 10 business days after providing all requested information. | Guild Mortgage offers e-closing capabilities, with a 17-day closing guarantee. |
| Refinancing Options | Rate-and-term and cash-out refinancing options. Include fixed-rate and adjustable-rate loans, FHA refinance loans, and VA refinance loans. | Guild Mortgage offers both rate-and-term and cash-out refinancing options. They also offer refinancing for numerous mortgage options, including conventional fixed-rate loans, conventional adjustable-rate loans, and VA loans. |
| First-Time Home Buyer Programs | Offers grants and affordable loan options for eligible first-time buyers. Low origination fees can also help reduce closing costs. America's Home Grant offers up to $7,500 toward closing costs. Down Payment Grant program offers up to 3% of the home purchase price, up to $10,000, in select markets. | Guild Mortgage has several programs for first-time homebuyers, including the 1% Down Payment Advantage and the 3-2-1 Home Plus program. The 3-2-1 Home Plus program provides a $2,000 Home Depot gift card and additional assistance ranging from $1,000 to $2,500. |
| Geographic Availability | Licensed to lend in all 50 states. | Guild Mortgage operates in all states except New York, with more than 250 branch locations. |
| Reputation and Reviews | Bank of America scores above average on general trust indexes. Accredited by the Better Business Bureau and holds an ", A", " rating. Trustpilot gives the bank a ", Bad", " rating based on customer reviews. Bank of America scored well above the industry average in J.D. Power ’s most recent mortgage origination satisfaction study for 2024. | Guild Mortgage is accredited by the Better Business Bureau with an A+ rating, but a customer star rating of one out of five. J.D. Power ranked the lender a bit below average for customer satisfaction in 2024. Guild Mortgage received the most mortgage lender reviews and most 5-star reviews among mortgage lenders on Zillow in 2024. |