To be pre-approved for a mortgage means you’re one step closer to homeownership. Pre-approval gives you direction on what homes you may be able to afford, as well as how much you should save for a down payment. Mortgage pre-approval involves submitting a mortgage loan application. Guild will then check your credit and look at your earnings, debts and savings to determine pre-approval.
When shopping for a home, it’s essential to work with a partner you can trust. Guild’s Credit Approval Protection* program gives buyers, agents and sellers added confidence in Guild’s pre-approval process. If Guild issued a preliminary underwriting credit approval and is then unable to close on the borrower’s loan, Guild will pay the borrower up to $1,000 for inspections, appraisals and relocation expenses incurred. Guild will also reimburse the borrower for their lost earnest money deposit, up to $5,000.
“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,” says Mary Ann McGarry, CEO of Guild Mortgage.