UWM is a good choice for borrowers who prioritize fast loan processing and an easy online application, while Guild Mortgage is better for those who value customer service and are comfortable with potentially higher origination fees. Both offer a variety of loan products and first-time home buyer programs, but Guild Mortgage's potential interest rate discount for existing customers is a unique advantage.
Attribute | UWM (United Wholesale Mortgage) | Guild Mortgage |
---|---|---|
Interest Rates Offered | Vary; contact an affiliated broker for rate information. | Competitive and depend on credit score, loan type, down payment, and location. In 2024, the average interest rate for loans was 6.42%. Not posted online; contact a loan officer for personalized rates. |
Loan Origination Fees | Flat closing fee of $350 and a $68 credit check fee. | Average loan origination fees are $4,113, which is higher than the national average of $2,792. Guild Mortgage typically doesn't charge an origination fee. In 2023, Guild's average total loan costs, including unspecified origination charges, totaled $8,785. |
Range of Loan Products | Conventional, jumbo, FHA, VA, and USDA loans, including purchase and refinance options. Also offers options for real estate investors. | Conventional loans, FHA loans, VA loans, USDA loans, Jumbo loans, Home equity loans, Renovation loans, Adjustable-rate mortgages (ARMs), Reverse mortgages, Bridge loans. |
Down Payment Requirements | Offers a 'Conventional 1% Down' product. Minimum down payments: 3% for conventional loans, 3.5% for FHA loans, and none for VA and USDA loans. | Conventional loans: As low as 3%; FHA loans: As low as 3.5% (10% if credit score is below 580); VA loans: 0% down payment options; USDA loans: 0% down payment options; Jumbo loans: Over 10%. |
Credit Score Requirements | Minimum credit score of 620 for conventional loans, 660 for jumbo loans, 580 for FHA loans, 580 for VA loans, and 620 for USDA loans. | Conventional loans: 620; Jumbo loans: 680; FHA, VA, and USDA loans: 540. |
Debt-to-Income Ratio Limits | 45% or less for the zero-down loan. 65% for conventional loans to be owned or securitized by Fannie Mae. | The maximum DTI ratio is generally 45%, but it may vary based on underwriting considerations. |
Online Application Process Ease | Uses Blink and UTrack to streamline communication and provide updates. | Borrowers can start an application online, but must work with a loan officer to complete the process. |
Customer Service Responsiveness | Low customer service ratings. Contact at 888-464-2432. | Top-rated customer service. |
Loan Processing Speed | Averages 15 days or less from submission to clear to close. | Offers e-closings for faster mortgage closing. Offers a 17-day closing guarantee. |
Availability of Refinancing Options | Cash-out, rate and term, FHA streamline, and VA IRRRLs. | Offers refinancing options, including rate-and-term and cash-out refinancing. If you already have a Guild Mortgage, you can get an interest rate discount of a half point when you refinance. |
Geographic Availability | Lends mortgages across the U.S. | Operates in 49 states, excluding New York, and the District of Columbia. |
First-Time Home Buyer Programs | Offers Freddie Mac's BorrowSmart Geo-Target program and Fannie Mae's Special Purpose Credit Program (SPCP) through HomeReady in select metro areas. Has a 1% down payment program for eligible first-time homebuyers. First-time homebuyers with a credit score of 700+ may avoid income limits for certain programs. | Offers several programs for first-time home buyers: 1% Down Payment Advantage, 3-2-1 Home Plus, Gateway to Homeownership Assistance, and Freddie Mac BorrowSmart Access program. |