Guild Mortgage , an independent mortgage lender located in California, announced Homebuyer Protection , a program designed to give customers added protection and peace of mind during the mortgage process.
Homebuyer Protection combines three of Guild’s loan programs and services, allowing homebuyers to protect their rate, earnest money and closing date. The program began for purchase loan applications on April 15.
With Lock and Shop, the customer can lock in their interest rate for 90 days while shopping for a home. Once they have found a home, they will have the option to float-down their rate, at no cost, if rates decrease. Credit Approval Protection gives buyers, agents and sellers added confidence in Guild’s pre-approval process. If the company issues a preliminary credit approval from underwriting, but is unable to close the homebuyer’s transaction, Guild will pay up to $1,000 for inspections, appraisals or relocation expenses incurred for the home purchase. The company will also reimburse up to $5,000 in earnest money deposits if Guild is unable to close the loan. Finally, under Homebuyer Express with 17 Day Closing Guarantee, Guild will pay qualifying customers $500 toward closing costs if delays solely by the company to prevent the loan from closing on time, in 17 days or more.
“When shopping for a home, customers want to know that they’re working with partners they can trust throughout the process,” said Mary Ann McGarry , President and CEO of Guild Mortgage. “Homebuyer Protection gives customers the flexibility to shop with confidence knowing their rate is protected. Once it’s time to purchase the home, buyers can trust Guild to close their loan on time. If we can’t, we’ll cover some of their costs. This extra protection will help more people find the home they want and the right loan to help them get there.”
The Homebuyer Protection program is available on FHA, VA and conventional loans. To qualify for the Homebuyer Express 17 Day Closing Guarantee, the customer must be credit approved prior to executing the purchase and sales agreement, and the purchase and sales contract must be provided within 72 hours of execution. All additional requested documentation must be provided within two business days and the interest rate must be locked at least 15 calendar days prior to closing.
“We know there are a lot of options when it comes to getting a mortgage,” said Gemma Currier , Senior Vice President of National Retail Sales Operations of Guild Mortgage. “Homebuyer Protection was created so our loan officers can continue to provide the exceptional service and personal relationships that have defined Guild for nearly 60 years, while offering a protection program that homebuyers can’t find anywhere else.”