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Home Point Financial mortgage review

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This lender offers a wide variety of mortgage products, but there’s no online application and your experience depends on your loan officer.

finder.com’s rating: 3.8 / 5.0

★★★★★

Home Point Financial is a multichannel mortgage loan originator and servicer available in all 50 states. It offers a wide range of home loan products for borrowers of different income levels and financial needs. But its loan application process isn’t as streamlined as other lenders, and mixed customer reviews reveal that the quality of service you receive depends on who you work with.

Details

Loan products offeredConventional, FHA, VA, USDA, HELOC, Refinance
Minimum credit scoreConventional: 620
Minimum down payment3%
State availabilityAvailable in all states
NMLS #7706

Home Point Financial requirements

To find out if you meet the requirements for a Home Point Financial mortgage, call the company to speak with a loan officer.

Basic eligibility for a loan with Home Point Financial includes:

  • Employment history for the past two years
  • No history of bankruptcy in the last two years
  • A FICO credit score of at least 620 or higher

Documentation

Here’s what you need to apply for a mortgage from Home Point Financial.

  • Photo identification
  • Pay stubs for the past 30 days
  • Most recent two years’ tax returns, W-2s and/or 1099 forms
  • Bank statements and a list of current debts
  • Additional documentation requested by your loan officer

If you’re self-employed, you’ll also need:

  • Most recent two years’ business federal income tax returns
  • A year-to-date P&L statement and current balance sheet

Costs and fees

Home Point Financial doesn’t disclose costs, nor does it allow fee estimates using an online mortgage interest-rate calculator. Ask your loan officer about specific fees associated with your pending loan, and keep an eye out for additional fees in your loan documentation. Expect to pay about 2% to 5% of your home’s total cost in fees and other closing costs.

How to apply for a mortgage with Home Point Financial

Home Point Financial does not have an online application, and its process for applying for a home loan is somewhat clunky compared to other lenders.

To apply for a home loan, call the company to speak with a loan officer, who will send an application link to your email. When you call, you may have to press a few options to reach a customer representative as the main phone menu lacks new customer options.

After you receive an email with an application link, select the Apply now link provided to open and fill out the application. Unfortunately, the link we received didn’t work, but the loan officer responded to the issue right away.

What types of mortgages can I get through Home Point Financial?

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
This company accepts mortgage refinance applications.

Other mortgage products offered by Home Point Financial

Home Point Financial also offers these specialized types of mortgages.

  • Home-equity line of credit (HELOC). A HELOC from Home Point Financial allows you to borrow from your home’s equity to consolidate debt or pay for other expenses.
  • Mortgage refinance. Can help lower your interest rate, shorten your loan term or be used to consolidate other debts or pay off expenses.

How Home Point Financial’s mortgage products compare to other lenders

Compared to other lenders, Home Point Financial offers a solid selection of mortgage products, including government-backed loans, and HELOCs — which are the only loans you can apply for online and get an instant rate quote without a hard credit check.

Compare mortgage lenders and brokers

Compare these lenders and lender marketplaces by the type of home loan you're searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates.
Name Product Loan products offered State availability Min. credit score
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: AK, HI, MO, NH, NM, NY, SD, WV
620
No hidden fees, multiple loan terms, and member discounts available.
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
Axos Bank
(NMLS #524995)
Axos Bank
Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance
Available in all states
620
Purchase, refinance, and home equity options available with lender fees as low as $0 (restrictions apply).
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
LendingTree
(NMLS #1136)
LendingTree
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
620
Connect with vetted home loan lenders quickly through this online marketplace.
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Home Point Financial reviews and complaints

As of March 2021, Home Point Financial has a 4.9 out of 5 rating on Zillow from over 2,200 customers, although there are several negative reviews listed. While many customers report being happy with the service provided, others complain of unnecessary delays and incompetence.

Home Point Financial is not accredited with the Better Business Bureau (BBB) and has a 1.72 out of 5 rating from 92 customer reviews, with 172 complaints closed in the last three years.

Pros and cons of Home Point Financial

Pros

  • Loan choices. Home Point Financial provides a wide range of mortgage options for borrowers, including specialized loans for low-income borrowers or high-value homes.
  • Learning center. This lender’s website contains guides, articles, videos and calculators to help you learn more about your home loan options and finding the right fit.
  • Hippo Insurance. Home Point partners with Hippo Insurance, which can help you save money on your homeowner’s insurance. Only available in some states.

Cons

  • Website is unclear. The Homepoint website is geared towards existing customers, and it’s not clear how to apply for a loan. Also, the phone number listed on the website doesn’t provide a clear way to contact someone about applying for a new home loan.
  • 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.
  • Mixed customer reviews. While many customers rave about Home Point Financial’s service, there are also quite a few past customers expressing frustration about poor communication, misinformation and unexpected costs.

What is Home Point Financial?

Home Point Financial was founded in 2015 and is based in Ann Arbor, Michigan, although it offers loans in all 50 states. The company has been growing rapidly, and in 2017, Home Point Financial acquired Stonegate Mortgage.

Reviews on the company are mixed, with some customers praising Home Point Financial’s great customer service and others complaining that it’s less than stellar. While good reviews outnumber bad reviews on this lender, there is a pattern of negative reviewers complaining about the same communication issues.

Because each borrower uses a different loan officer, your own experience with the process will depend on the person assigned to your case.

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Review by


Kat Aoki is a mortgage writer at Finder. Since 2011, she’s helped consumers make better financial decisions with their home loans, credit cards, insurance and more. As a business writer for the real estate, mortgage and personal finance industries, she’s written hundreds of helpful, informative articles for some of the leading brands around the globe that include iSelect, InfoChoice, realestate.com.au, GE Money and Amex. Kat earned a BS in Marketing from California State University, Sacramento. She enjoys travel, hiking and photography in her spare time.

Expert review

Home Point Financial feels like a bit of an enigma. The website is straightforward to navigate, but it’s unclear how to apply for a loan and the phone number listed doesn’t take you to a menu where you can contact a loan officer or inquire about a new loan. Rather, you are looped around options that don’t apply to new customers until you’re finally given the option to speak to someone.

For those looking for low-or-no-down payment loan options, Home Point Financial may work well. But the website and phone menu is confusing, branch locations are limited and customer reviews are mixed, citing poor communication and unexpected costs. As such, you may want to shop around to find a lender that’s easier to work with.

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