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Homepoint Mortgage Review 2022

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At a glance

Homepoint

4.0

Rating: 4 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC)

Location

Nationwide Availability

Available in all U.S. states

Credit Good

Min. credit score required

620 for conventional loans; 620 for FHA loans; 580 for VA loans; 620 for USDA loans

Pros and cons

Checkmark Pros

  • Nationwide availability and variety of loan products
  • App to easily manage your loan after closing

Close X Cons

  • Can’t apply for a loan directly; must work with a Homepoint-approved broker
  • No rates displayed online

Homepoint overview

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.

Good for

Borrowers working with a mortgage broker

Loan types 

  • Conventional
  • FHA
  • VA
  • USDA
  • Fixed-rate
  • Adjustable-rate
  • Rate-and-term, cash-out and streamline refinancing
  • Home equity line of credit (HELOC)

Lender fees

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.

Rates

Homepoint doesn’t advertise mortgage rates on its website. You can work with your broker to receive a quote.

Online services

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

Breakdown of Homepoint overall review score 

  • Affordability: 3/5
  • Availability: 4.8/5
  • Borrower experience: 4.3/5

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.

Homepoint consumer reviews

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4.3

Rating: 4.3 stars out of 5

149 reviews

5 stars
4 stars
3 stars
2 stars
1 stars
116
11
1
0
21

About consumer ratings

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Customer service rating

Knowledge
Rating: 4.4 stars out of 5
4.4
Level of service
Rating: 4.4 stars out of 5
4.4
Professionalism
Rating: 4.3 stars out of 5
4.3
Responsiveness
Rating: 4.3 stars out of 5
4.3

86% of reviews would recommend this lender

0 of 0 rates honored

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Written by

Josephine Nesbit

Josephine Nesbit is a former contributor to Bankrate.

Edited by

Suzanne De Vita

Arrow Right

Mortgage editor