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Homepoint Financial mortgage review

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 payment (Conventional)3%
State availabilityAvailable in all states
NMLS #7706

Our take on Homepoint Financial

Homepoint Financial offers a clean, zen-like website that makes for easy navigation — but the simplicity ends there. It’s unclear how to apply for a loan and the only way to get started as a new customer is to fill out the contact form or call the company and get looped around the phone menu.

It doesn’t seem that Homepoint’s phone menu is geared toward new loans. After pressing multiple options that had nothing to do with applying, we were able to break through the wall and get a loan officer on the phone. But there’s no online application and you must wait for a loan officer to send you an application link via email.

If you’re looking for low- or no-down-payment loan options, however, Homepoint Financial may work. But its initial service isn’t user-friendly, branch locations are limited and customer reviews are mixed, with many customers complaining of errors with taxes, insurance and escrow accounts.

If Homepoint doesn’t fit the bill, we recommend comparing lenders and lender marketplaces to find the best home loan for your situation.

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.

Alternatives to Home Point Financial

Home Point Financial offers a solid selection of mortgage products, including government-backed loans and HELOCs for those looking to tap into their home equity with a revolving line of credit.

But we found its website and phone menus hard to navigate if you’re a new customer looking to reach a loan officer directly. In addition, branch locations are limited and customer reviews are mixed, citing poor communication and unexpected costs.

Getting in touch with a loan officer shouldn’t be this difficult, and you may want to shop around to find a lender that’s a bit more user-friendly. A few options that come to mind are Rocket Mortgage, Better and Guaranteed Rate.

But whichever company you ultimately choose, comparing lenders and lender marketplaces is the best way to find the right lender and lowest interest rate for your needs.

Name Product Loan products offered State availability Min. credit score
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.
AmeriSave
(NMLS #1168)
AmeriSave
Conventional, Jumbo, FHA, VA, USDA, Refinance
Not available in: NY
620
Great customer reviews and customized rate quotes in three minutes with no SSN needed.
Veterans United
(NMLS #1907)
Veterans United
Conventional, FHA, VA, USDA, Jumbo, Refinance
Available in all states
620
Veterans United stands out from other lenders for its focus on serving the military community.
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.
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Compare up to 4 providers

Home Point Financial reviews and complaints

As of August 2021, Home Point Financial has a 4.89 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 2.87 out of 5 rating from 180 customer reviews, with 103 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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