Homefinity Mortgage Review 2023

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.

• Methodology

  Bankrate's expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

  Bankrate's reporters and editors have decades of experience covering the mortgage industry. They're skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here's how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender's lowest advertised annual percentage rate (APR) based on Bankrate's sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
  • Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it's like to deal with the lender as a consumer. We look at the lender's application process and availability of customer service support. We also consider the results of J.D. Power's 2022 Mortgage Origination Satisfaction Survey.

  Bankrate's editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

  Bankrate's methodology page spells out our rating process in greater detail.

  Our editorial team confirms the accuracy of data at the time of publication and is dedicated to maintaining the timeliness of information.

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.