Homefinity Mortgage Review 2021

Written by
Josephine Nesbit
Edited By

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At a glance

Homefinity

NMLS: 2289

State License: MC-4040

4.6

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Bankrate Score

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Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; physician loans
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Nationwide availability

Available in all U.S. states except Nevada and New York
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Min. credit score required

620 for conventional loans; 600 or higher for FHA loans and VA loans (can be lower in some cases)

Pros and cons

Pros

  • Apply online, by phone or via Homefinity Xpress app
  • Loan originators available around the clock, and borrowers communicate with same person from start to finish
  • Real-time prequalification or same or next day preapproval

Cons

  • Not available in Nevada or New York
  • Not all loan originators licensed across all states
  • No brick-and-mortar locations

Homefinity overview

Homefinity is an online mortgage lender with corporate headquarters in Madison, Wisconsin. Launched in 2018, the lender has grown to more than 65 loan originators on staff, most of whom have more than 15 years of experience in the industry. It is licensed in 48 states (not Nevada and New York) and Washington, D.C., and in 2020, closed $1.98 billion in loans. Of the benefits of working with Homefinity, the lender sets itself apart with fast underwriting. “Over the last two years, our underwriting never exceeded 72 hours, which is super impressive,” says Jeff Groff, Homefinity senior vice president of Business Development and Strategic Planning. The average closing takes 30 days.

Good for 

In-depth guidance from a dedicated loan officer and a fast, convenient process

Loan types 

  • Conventional
  • Jumbo
  • FHA
  • VA
  • USDA
  • Fixed-rate
  • Adjustable-rate
  • Rate-and-term and cash-out refinancing
  • Physician loans

Lender fees 

Homefinity’s lender fees vary by state and range from no fee at all to $495. There is no origination fee for VA loans, and no application fee for any loans. Borrowers can consult with their loan originator for details on fees.

Rates

Homefinity’s mortgage rates are not publicly advertised online; borrowers must provide their contact information so that a Homefinity loan officer can reach out to discuss loan options.

Reputation

Homefinity’s parent company Fairway Independent Mortgage Corporation has been accredited with the Better Business Bureau since 2003 with an A+ rating and 4.97 out of five stars based on more than 3,000 customer reviews. 

Online services

Borrowers interested in a mortgage through Homefinity can request a quote online, but must give their contact information to do so. You can start the preapproval process online as well, in which the lender will evaluate your credit, assets and income and then issue a preapproval letter if you’re eligible for a loan. When you’re ready, there is also the option to apply for a mortgage online through Homefinity’s secure portal or the Homefinity Xpress app, through which borrowers can apply for a loan in 10 minutes, scan and upload documents and track progress with push notifications. Borrowers can also take advantage of a one-click call or text feature to contact their loan officer or Realtor. The app’s other features include a calculator to estimate loan scenarios with full monthly payments and the ability to connect to home search sites. 

Minimum borrower requirements

Minimum borrower requirements vary by loan product. For example, VA and USDA loans have a zero down payment option, while FHA loans require 3.5 percent down and conventional loans as little as 3 percent down and a minimum 620 credit score.

Refinancing with Homefinity 

You have the option to refinance with Homefinity, but similar to applying for a purchase loan, you must provide your contact information so that a loan officer can reach out and assist you with the process.

Not sure if Homefinity is right for you? Consider these alternatives 

Breakdown of Homefinity overall review score

  • Affordability: 14.75/15
  • Availability: 14/15
  • Borrower experience: 10/10

Review methodology 

To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.

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Homefinity consumer reviews

4.9

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653 reviews

5 stars
4 stars
3 stars
2 stars
1 stars
641
2
2
4
4

Customer service rating

Knowledge
4.9
Level of service
5.0
Professionalism
4.9
Responsiveness
5.0

98% of reviews would recommend this lender

10 of 10 rates honored

Review this lender

Write a review of your experience with Homefinity.

10 of 425 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

To help serve you with relevant information the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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No Hassle and Exactly What Was Quoted

Steve | MN | 9/28/2020

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Seamless refinancing of our home mortgage

Janette & Russell | Tennessee | 9/29/2020

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Home Refinance

Michael | VA | 10/1/2020

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Exceeded my expectations!

John Love | Indiana | 10/1/2020

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Great and Easy Process

Car Dunn | FL | 10/1/2020

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Shannon Bell - Great experience!

B.L. | Arlington, VA | 10/4/2020

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The Best!!!

Ecollins | MN | 10/4/2020

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Simple, smooth, and as promised

Richard T - happy homeowner | Centralia, WA | 10/7/2020

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Great Job!

Tony A | Virginia | 10/8/2020

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Glenn is a magician

Chance | Orlando Florida | 10/9/2020