Review
Updated
Fact Checked
Ashley Maready
Important Homepoint update
Homepoint announced in April 2023 that it will no longer originate mortgages and is selling its mortgage origination business to The Loan Store. The company will continue to service existing mortgages. Some details may be out of date. For the latest details, visit Homepoint’s help center.
Homepoint Review
Homepoint is a wholesale mortgage lender. You must work with a broker but you have more options and a better chance of getting matched with an affordable loan. Unfortunately, you cannot apply online for a loan or check rates without contacting a broker. So, if you want a little more help throughout the loan application process, Homepoint may be right for you. This Homepoint review will help you weigh the pros and cons so you can decide whether to work with this company.
Homepoint Financial Mortgage
Rating image, 3.0 out of 5 stars.
3.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Homepoint is a wholesale mortgage lender offering competitive rates, but you must work with a broker to explore your loan options.
Min. Credit Score
- Conventional: 620
- FHA: 620
- VA: 580
- USDA: 620
Min. Down Payment
- Conventional: 3%
- FHA: 3.5%
- VA: None
- USDA: None
Key Features
- Wholesale mortgage provider
- Insurance savings
- Multiple loan options
- Broker support
Loan Types
- Conventional
- FHA
- VA
- USDA
- Jumbo
Fixed Rate Terms
10-30 years
Adjustable Rate Terms
N/A or ARM options
Top Mortgage Lenders
It's important to compare mortgage lenders so you understand all your options. Here are a few of our favorite lenders, listed side by side so you can see how they each stack up against their competition:
| Lender | Min. Down Payment | Credit Score | Next Steps |
|---|---|---|---|
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
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Rating image, 5.0 out of 5 stars.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
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Full Homepoint review
This mortgage lender is a good fit for: Borrowers with low down payments or low credit scores who want a broker to help them get the best rates possible.
Pros
- Homepoint mortgage is one of the country's largest wholesale brokers, offering access to dozens of lenders
- Homepoint provides personalized service from a broker who takes your individual needs into account
- Homepoint offers multiple loan types including low down payment loans
Cons
- No rates are published online
- You must work with a broker to apply for a loan
Top perks
Shop and compare rates from dozens of lenders
Wholesale lenders shop your loan around to many financial institutions, enabling you to qualify for better mortgage rates and terms in many situations. Homepoint reports that borrowers can save an average of $9,400 if they work with an independent mortgage broker to find the right financing.
Personalized assistance throughout the mortgage application process
Homepoint refers to its brokers as your "Personal Concierge." The broker assigned to your loan will work with you to understand your unique financial situation and find the mortgage that's right for you. This can be especially helpful for first-time buyers or those unfamiliar with how to shop for a mortgage or pick between loan offers.
Borrowing options for every buyer
Homepoint offers conventional loans with down payments as low as 3%, as well as FHA, USDA, and VA Loans. This means even borrowers with imperfect credit can often find a mortgage loan that will work for them.
What could be improved
Online rate quotes
Homepoint does not allow you to see estimated rates online. This means you won't be able to compare this lender with competitors unless you reach out to a broker and talk with them directly.
More online support
Homepoint provides few online tools for customers. If you click "Apply" you are directed to a link that helps you find a broker. You cannot submit an application directly through the website or speak with a customer support person via online chat. Homepoint also offers no online mortgage calculators or other information for borrowers to better understand loan options.
How to qualify
Homepoint aims to make qualifying for a home loan easier by shopping your loan around to different lenders. Qualifying requirements vary by loan type, but borrowers can generally qualify for a conventional loan with as little as 3% down and a credit score of 620 or higher.
How are Homepoint's refinance rates?
Homepoint offers multiple refinance loan options including RefiNow and Refi Possible. RefiNow is geared toward borrowers with an income below 80% of the area median who have a mortgage owned or guaranteed by Fannie Mae. Refi Possible has the same income requirements but is for loans owned or guaranteed by Freddie Mac. Both of these options offer competitive rates, offering a rate reduction of at least 50 basis points.
How are Homepoint's rates compared to the national average?
Homepoint's rates tend to be competitive as wholesale lenders are often able to get better rates for borrowers by giving consumers access to a wider variety of loan providers.
Homepoint is right for you if:
If you want to work with a mortgage broker who will help you through the borrowing process and you don't mind not being able to get rate quotes online, Homepoint can be a good option. This is especially true if you are interested in a low down payment conventional loan, or an FHA, VA, or USDA Loan.
FAQs
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Homepoint's rates are below the national average for many borrowers due to the fact Homepoint is a wholesale lender.
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Homepoint is a good choice for borrowers who want a broker to help them explore a wide spectrum of loan options.
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Homepoint offers refinancing options for borrowers with lower incomes who have loans guaranteed by Fannie Mae or Freddie Mac
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Homepoint offers a variety of mortgage loan options including conventional loans available with as little as 3% down and a credit score of 620 or higher.
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Homepoint offers conventional loans, FHA Loans, VA Loans, USDA Loans, and refinance loans.
Our Mortgages Experts
Christy Bieber is a full-time personal finance and legal writer with more than a decade of experience. She has a JD from UCLA as well as a degree in English, Media and Communications with a Certificate in Business Management from the University of Rochester. In addition to writing for The Ascent and The Motley Fool, her work has also been featured regularly on MSN Money, CNBC, and USA Today. She also ghost writes textbooks, serves as a subject matter expert for online course design, and is a former college instructor.
Robin Hartill, CFP®, is a personal finance writer and editor whose work frequently appears in various national publications. She wrote the syndicated “Dear Penny” financial advice column for four years.
Fact Checked
Ashley Maready
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
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