has 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—Lock & Shop, Credit Approval Protection and Homebuyer Express with 17 Day Closing Guarantee—effectively allowing homebuyers to protect their rate, earnest money and closing date.
With Lock & Shop, customers 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 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 Chief Executive Officer 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.”