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Homefinity Mortgage Review 2023

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At a glance

Homefinity
NMLS: 2289
State License: MC-4040
Editor's take

Homefinity is good for borrowers seeking guidance from a loan officer and a fast, convenient process.

Bankrate Score
Info
5.0
Rating: 5 stars out of 5
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Bankrate Score

Customer Rating
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4.9
Rating: 4 stars out of 5

991 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing; physician loans

Credit Good

Min. credit score required

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

Location

Nationwide availability

All U.S. states except Nevada and New York

Dollar Coin

Min. down payment

3% for conventional loans; 3.5% for FHA loans; none for VA loans or USDA loans

At a glance

Homefinity

NMLS: 2289

State License: MC-4040

5.0

Rating: 5 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing; physician loans

Location

Nationwide Availability

All U.S. states except Nevada and New York

Credit Good

Min. credit score required

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

Homefinity overview

Homefinity is an online mortgage lender affiliated with Fairway Independent Mortgage Corporation and headquartered in Madison, Wisconsin. Launched in 2018, the lender is licensed in 48 states (not Nevada and New York) and Washington, D.C. Of the benefits of working with Homefinity, the lender sets itself apart with fast underwriting, with closings for a purchase averaging 30 days.

Pros and cons of Homefinity

Pros
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    Apply online, by phone or via Xpress app

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    Loan originators available around the clock, and borrowers communicate with same person from start to finish

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    Real-time prequalification or same or next-day preapproval

Cons
  • Close X

    Not available in Nevada or New York

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    Not all loan originators licensed across all states

Our Editor’s Take on Homefinity

Homefinity is good for borrowers seeking guidance from a loan officer and a fast, convenient process.

How Bankrate scored Homefinity

To determine Homefinity’s Bankrate Score, Bankrate’s editorial team rated it and other 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.) We derived its overall score by considering three basic factors:

  • Affordability: Homefinity doesn’t charge lender fees, and its rates are very competitive compared to Bankrate’s averages.
  • Availability: This lender works with borrowers in all but two states.
  • Borrower experience: Homefinity’s loan officers are available 24/7, and you’ll likely work with the same person throughout the process.

Affordability: 5/5

Affordability differs from lender to lender, so comparing costs is key. Homefinity showcases its latest mortgage rates on its website, and doesn’t charge lender fees. As of this review, the lender’s rates on 30-year loans were below Bankrate’s averages, making it a favorable option for those looking to compare the lowest rates.

Availability: 5/5

This factor can make the overall mortgage application process smoother or more challenging. Homefinity provides conventional, FHA, VA and USDA mortgages, as well as loans tailored to physicians. The lender is available in all but two states (Nevada and New York).

Borrower experience: 5/5

Know what to expect when you work with a specific lender. Homefinity parent Fairway Independent Mortgage has been accredited with the Better Business Bureau since 2003 with an A+ rating. Fairway also ranked above average in J.D. Power’s 2021 and 2022 customer satisfaction surveys for mortgage origination. The lender’s loan officers are available around the clock, and you’ll likely communicate with the same person from start to finish.

How to apply for a mortgage with Homefinity

If you’re interested in a mortgage through Homefinity, you can request a quote and begin the preapproval process on the lender’s website. There’s also the option to apply for a mortgage online through the lender’s secure portal or the Xpress app. If you have questions, you can contact the lender’s customer service at 800-614-1227. Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Homefinity

You have the option to refinance with Homefinity, but similar to applying for a purchase loan, you begin the process by providing your contact information so that a loan officer can assist you.

Compare Homefinity to other lenders

Homefinity
Rating: 5 stars out of 5
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5.0

Bankrate Score
Info
Rocket Mortgage
Rating: 4.5 stars out of 5
  • Star
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4.5

Bankrate Score
Info
Read full review
Sage Mortgage
Rating: 4.9 stars out of 5
  • Star
  • Star
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  • Star
  • Star
  • Star
  • Star
  • Star
  • Star

4.9

Bankrate Score
Info
Read full review

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing; physician loans

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity loan; investment property; flex-term

Loans offered

Conventional, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; jumbo

Min. credit score required

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

Min. credit score required

620 for conventional loans, 680 for jumbo loans, 580 for FHA loans, 580 for VA loans

Min. credit score required

620 for conventional loans, 500/580 for FHA loans

Down payment

3% for conventional loans; 3.5% for FHA loans; none for VA loans or USDA loans

Down payment

3% for conventional loans; 10%-15% for jumbo loans; 3.5% for FHA; none for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

Nationwide availability

All U.S. states except Nevada and New York

Nationwide availability

All U.S. states

Nationwide availability

Available in Alabama, California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Maryland, Michigan, Minnesota, New Hampshire, New Jersey, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Washington and Wisconsin

Homefinity customer ratings and reviews

logo

NMLS: 2289

State License: MC-4040

4.9

Rating: 4 stars out of 5

991 ratings

Info

This lender has 38 reviews.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 4.9 stars out of 5
Responsiveness
Rating: 4.9 stars out of 5
5 stars
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3 stars
2 stars
1 star
98%
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98% of customers would recommend this lender.

of 38 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.

Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

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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