Home Point Financial review June 2019 | finder.com

Home Point Financial review

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Home Point Financial

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finder.com’s rating: 2.0 / 5.0


Find out how Home Point Financial can help you

Formerly Stonegate Mortgage, Home Point Financial is a multi-channel mortgage originator and servicer. Whether buying a new home or refinancing, it offers a wide selection of mortgages in all 50 states.

Name Home Point Financial
Description A licensed mortgage lender offering multiple loan products in all 50 states.
Loan types Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA
Minimum credit 620
Minimum down payment 3%
Origination fee N/A
Other fees N/A
Home Point Financial is not accredited with the BBB nor is it rated with the organization. But the lender has received just one complaint with the BBB in the past three years, which has been resolved. Online reviews for Home Point Financial are good, with some praising the loan process as “smooth sailing from start to finish.”

However, you will find a small number of negative reviews complaining about the records-keeping system, which might be due to its recent acquisition of Stonegate.

What can I expect with Home Point Financial?

  • Low or no down payment. Some loans offered by Home Point require only a 3% down payment. While a VA or USDA loan requires no down payment at all for those you meet the requirements.
  • Renovations. If you’ve found a fixer-upper but don’t have the cash on hand for renovations, Home Point offers a mortgage that finances the home as well as repairs and updates to the home.
  • Home Point Rewards. Get up to $6,500 back when you buy or sell with Home Point Rewards.

Compare to other lenders

Name Product Min. down payment Origination fee
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0.5% to 1.0%
Flexible options, fast approvals and support online backed by a trusted brand.

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Do I qualify for a mortgage with Home Point Financial?

Factors that Home Point Financial consider when determining whether a homebuyer qualifies for a mortgage include credit score, debt to income ratio, how well you’ve managed prior credit and length of credit history. That said, Home Point has several loans with flexible qualifying criteria. An FHA or VA loan only requires a minimum credit score of 580, while the Home Affordable Refinance Program (HARP) has no minimum credit score requirement.

What are the benefits of getting a mortgage through Home Point Financial?

  • Choice. From owner-occupiers to investors and those looking to refinance, Home Point Financial provides a wide range of mortgage options for borrowers.
  • Mortgage advisers. Home Point Financial provides a team of licensed mortgage advisers to offer advice and assistance specially tailored to your situation.
  • Specialist loans. From high-value purchases to members of the military and borrowers who want to access financing under the HARP program, Home Point provides mortgage options to meet the needs of many different people.

What to watch out for.

  • Limited branch offices. If you prefer face-to-face access when managing your mortgage, check to see if Home Point Financial has a location close to you.

How do I get started?

  1. To being the application process with Home Point, you first need to create an account. home point financial
  2. Then you must agree to the terms of use. home point
  3. Move through the application process by answering several questions, including your contact info and marital status, as well as your assets, income, demographic info and info about your current home.
  4. When you are finished, review and submit your application.
  5. Finally, you will be requested to upload documents to help verify the information you provided.

Required documentation

  • Tax returns
  • Bank statements
  • Retirement account statements
  • Proof of employment
  • Monthly debt payments
  • Mortgage statement, if you are refinancing
  • Social Security number

I got the mortgage. Now what?

  • Review your loan agreement. Familiarize yourself with any prepayment fees or late penalties that could result from early or late payments.
  • Secure important documents. Keep your mortgage paperwork together in a safe spot.
  • Look into a homestead form. You may be able to get a reduction in your assessed value, which provides a discount on your property taxes, with a form saying you occupy the home you just bought.
  • Reach out to Home Point. Contact customer service at 800-686-2404 with any questions or concerns. Or fill out an online message form on the Contact Us page.

Bottom line

Home Point Financial is available in all 50 states and offers many loan programs, from low- or no down-payment loans to ARMs and HELOCs. But as always, compare your full options before making a decision.

Frequently asked questions

Home loans ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews and borrower experience.

Read the full methodology of how we rate home loan providers.

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