Homepoint Mortgage Review 2022
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At a glance
Conventional, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC)
Available in all U.S. states
Min. credit score required
620 for conventional loans; 620 for FHA loans; 580 for VA loans; 620 for USDA loans
Pros and cons
- Nationwide availability and variety of loan products
- App to easily manage your loan after closing
- Can’t apply for a loan directly; must work with a Homepoint-approved broker
- No rates displayed online
Founded in 2015 and headquartered in Ann Arbor, Michigan, Homepoint is a national wholesale mortgage lender and servicer that works with a network of more than 7,000 brokers and correspondent partners. As a borrower, you’ll work with one of these brokers to obtain your loan; you won’t apply directly to the lender (unless you’re refinancing a loan Homepoint services). All of the lender’s business happens online, over the phone or through its app. If you qualify, you can expect a preapproval in 48 hours through your broker.
Borrowers working with a mortgage broker
- Rate-and-term, cash-out and streamline refinancing
- Home equity line of credit (HELOC)
Homepoint’s lender fees can include an administrative and underwriting fee. There might be discounts or rebates available through your broker, however, and if you’re refinancing, you might be eligible to save on the appraisal with either a waiver or $500 credit.
Homepoint doesn’t advertise mortgage rates on its website. You can work with your broker to receive a quote.
Homepoint’s online functionalities are primarily reserved for the brokers it’s partnered with, so you won’t apply for a mortgage with this lender directly through its website. The lender’s website does feature some resources for borrowers, however, including mortgage, amortization and affordability calculators and a glossary of key terms. The lender also offers the ability to e-sign documents. Once you close your loan with Homepoint, you can use the Homepoint app to manage your mortgage payments and explore refinancing options.
Minimum borrower requirements
Homepoint generally follows conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac as well as those backed by the Federal Housing Administration, U.S. Department of Agriculture and the Department of Veterans Affairs.
For conventional loans, borrowers need a minimum FICO credit score of 620, a debt-to-income (DTI) ratio of no more than 43 percent and can put as little as 3 percent down.
An FHA loan through Homepoint requires a minimum credit score of 620 and a down payment of at least 3.5 percent. VA and USDA loans have no down payment requirements, but the lender does require a minimum credit score of 580 for a VA loan and 620 for a USDA loan.
Refinancing with Homepoint
Homepoint offers several different options for refinancing. If your mortgage is currently being serviced by Homepoint, you can apply for a refinance directly through the lender. If not, you’ll need to work with a broker to get started on your refi.
Not sure if Homepoint is right for you? Consider these alternatives
- Chase Home Lending mortgage review: Available in all states, with 4,700 branches for in-person banking or home loan services
- Guaranteed Rate mortgage review: Can issue a preapproval in as little as 15 minutes
- Allied Mortgage Group review: Offers flexible mortgage options, including bank statement and interest-only loans
- USAA mortgage review: Primarily for service members and veterans, with competitive rates that are displayed and updated regularly online
- Carrington Mortgage Services review: Offers programs for first-time buyers and credit-challenged borrowers
Breakdown of Homepoint overall review score
- Affordability: 3/5
- Availability: 4.8/5
- Borrower experience: 4.3/5
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.
Homepoint consumer reviews
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Customer service rating
86% of reviews would recommend this lender
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