The program allows buyers to protect their rate, earnest money and closing date
Guild Mortgage has announced the launch of a program designed to give customers added protection during the mortgage process.
Guild’s Homebuyer Protection program combines three of the company’s loan programs and services – Lock & Shop, Credit Approval Protection, and Closing Day Guarantee – to allow homebuyers to protect their rate, earnest money and closing date. The program is available on purchase loan applications received by Guild after April 15.
With Guild’s Lock & Shop program, customers can lock in their interest rate for 90 days while shopping for a new home. Once they find a home, they have the option to float down their rate at no cost if rates have decreased in the meantime. Under the Credit Approval Protection program, if Guild issues a preliminary credit approval from underwriting but is unable to close the transaction, the company will pay up to $1,000 for inspections, appraisals or relocation expenses incurred for the home purchase. Guild will also reimburse up to $5,000 in earnest money if it is unable to close the loan. With Homebuyer Express with 17 Day Closing Guarantee, the company will pay qualifying customers up to $500 toward closing costs if delays by Guild prevent the loan from closing on time.
“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. “Homebuyer Protection gives customers the flexibility to shop with confidence, knowing their rate is protected. Once its’ 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 conventional, FHA, and VA loans.
