Homefinity Mortgage Review 2021

By Jennifer Bradley Franklin

Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

At a glance

Homefinity

NMLS: 2289

State License: MC-4040

4.7

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Bankrate Score

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Loans offered

Fixed-rate and adjustable-rate mortgages (ARMs), conventional loans, FHA loans, VA loans, USDA loans, jumbo loans; refinancing options including 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.

Loan types

  • Fixed-rate and adjustable-rate mortgages (ARMs)
  • Conventional loans
  • FHA loans
  • VA loans
  • USDA loans
  • Jumbo loans
  • Refinancing including rate-and-term and cash-out refinancing
  • Physician loans

Lender fees

Homefinity charges a flat $895 origination fee, except for loans originated in California, Florida, Georgia, Maryland, New Jersey, Oregon, Virginia and Washington. 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.

Minimum borrower requirements

Homefinity doesn’t publish minimum borrower requirements, which 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.

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Homefinity consumer reviews

4.9

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543 reviews

5 stars
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533
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Customer service rating

Knowledge
4.9
Level of service
5.0
Professionalism
4.9
Responsiveness
4.9

98% of reviews would recommend this lender

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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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Absolutely stellar!

Jamie | San Bernardino, CA | 6/24/2020

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Highly Recommend

Eric H | Florida | 6/25/2020

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Best Refinance I Have Ever Done

Sara P. | Texas | 6/30/2020

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Highly Recommended!!!!

Harman S. | Virginia | 7/6/2020

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Highly Recommend!

Lorene T | Oregon | 7/9/2020

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Seamless process

N Jolley | Des Moines, WA | 7/12/2020

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Easy and convenient

Brian Shockley | Tennessee | 7/21/2020

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Outstanding professional individuals

Bob Bilow | Sequim, WA 98382 | 7/23/2020

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Extremely responsive

Farooq | Seattle | 7/23/2020

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Homefinity - Good experience, Good rates

Thelma | Marysville, WA. | 7/25/2020