To determine pre-approval, your credit history, employment, assets, earnings and debts are reviewed. Because your financial and employment situation can change over time, be sure to alert your loan officer to any changes that may affect your mortgage application.
If your pre-approval expires, you may need to provide additional documents, such as your latest bank statements. These documents are used to examine recent deposits and withdrawals and ensure that you have enough funds to cover your down payment. Once your information is received and reviewed, you’ll get a new pre-approval letter, and you’ll be issued a new pre-approval with a new expiration date.
Guild’s innovative Homebuyer Protection Package* combines three of our loan programs and services, effectively allowing homebuyers to protect their earnest money and closing date. Credit Approval Protection 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, we 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. 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. Strengthen your offer by incorporating information about this added protection in your offer letter. Finally, Guild will lock in the borrower’s interest rate for 90 days while they shop for the perfect home with the Lock and Shop Program. If rates go up, the borrower’s rate won’t change. If rates go down, the borrower may be eligible for a one-time rate float down option.
*Homebuyer Express is not available in Oregon. For full terms and conditions, visit www.guildmortgage.com/cap-hbe-terms/.