Homefinity Mortgage Review 2023 | US News

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There are several home loan options offered by Homefinity, including fixed- and adjustable-rate conventional mortgages with 15- and 30-year terms, FHA and VA mortgages, and mortgage refinancing.

The lender also specializes in physician home loans, which are designed to meet the unique financial needs of doctors who may be saddled with high student loan debt and need to relocate for their jobs.

Once you’re ready to buy a home, you can apply to receive a quote online and get preapproved for a mortgage. After you’ve gathered your personal documents, including bank statements and credit reports, you can submit your information online. A Homefinity loan officer will follow up with you to answer any questions and walk you through the loan application process.

Closing time length will depend on factors like negotiating with the seller, getting an inspection and appraisal, and doing a final walk-through.

Homefinity allows borrowers to put down as little as 3%, or 3.5% for FHA loans. It also offers a no-closing-cost option for some loans and refinances. Loans have terms of either 15 or 30 years.

Homefinity does not disclose which, if any, discounts it offers.

Homefinity evaluates a number of factors when approving you for a mortgage or refinance, including your credit score, savings, debt-to-income ratio, employment history and more. The exact qualifications needed to qualify for a Homefinity mortgage loan will depend on your specific personal details and financing needs.

Homefinity doesn’t disclose the minimum credit score required to qualify for a home loan. However, it does note that most lenders require a score of at least 580. A score of 620 will mean more loan options are available, and a score of 720 or higher results in the best terms for those who are approved.

Homefinity is headquartered in Madison, Wisconsin, though as an online lender, it doesn’t offer any brick-and-mortar branches. Instead, Homefinity conducts its business via the internet, and is licensed to work with residents of all U.S. states except for Arizona, Connecticut, Nevada or New York.

Homefinity’s parent company, Fairway Independent Mortgage Corp., has an A+ rating with the Better Business Bureau and is a BBB-accredited business. The Consumer Financial Protection Bureau received 44 complaints about Fairway Independent Mortgage’s mortgage services, mostly about the application and closing processes. All 44 were resolved in a timely manner, 33 with an explanation and 11 with monetary relief.

If you need to contact a Homefinity customer service representative, you can call 855-411-0043 or send a message via an online contact form.

Since Homefinity is an online lender, it offers plenty of web features. Prospective customers can request a quote online by answering a few questions and submitting some basic personal details. The process only takes a few minutes.

Once you submit your quote request, a mortgage loan officer will contact you within an hour. Homefinity also offers a mobile app that allows users to apply for a loan in under 10 minutes, track loan progress with real-time push notifications, and scan and submit loan documents.

  • People who prefer to manage their finances online.
  • People who want a robust mobile experience.
  • Physicians who need a mortgage loan tailored to their needs.

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