Home Point Financial Reviews

At the time of publishing, there are no current mortgage rates available on the Home Point Financial website. To find out this information, you’ll have to contact an officer directly or fill out an application to see what you qualify for.

Home Mortgage Disclosure Act data shows that its home purchase rate average in 2021 was 0.16% lower than the national average. In 2019 and 2020, it was nearly identical to the national average.

Home Point Financial offers both fixed-rate mortgages and adjustable-rate mortgages (ARMs). ARMs may save you money at the beginning of the loan term, but once your rate adjusts (usually after three, five or seven years), you may be stuck with a higher interest rate. For that reason, ARMs aren't always the best decision — it depends on your financial situation and homeownership plans.

Home Point Financial average home purchase rate vs. national average

Home Point Financial has an easy-to-follow online application system. During the mortgage application process, it gathers your personal information, including income and demographics, and loan property details. You can directly upload your documents or securely link your accounts for automatic syncing.

After submitting your application, you’ll be able to lock in your loan rate. Once underwriting and approval are complete, you’ll sign the necessary documents. To close on your home, you’ll have to provide documentation of homeowners insurance and other requirements.

After closing, your loan might stay with Home Point Financial; otherwise, the lender may transfer your loan to another company for loan servicing.

Home Point Financial application features

Home Point Financial’s products are fairly standard and include fixed- and adjustable-rate conventional mortgages, FHA loans, USDA loans, VA loans and jumbo loans. For conventional mortgages, 10- to 30-year terms are available.

Home Point Financial received over 72,000 home purchase loan applications in 2021. It closed on about 79% of these loans and denied about 7% of the applications.

Loan applications for home purchases only by year

Refinancing

Current homeowners can also refinance their loans with Home Point Financial. The lender offers conventional, FHA and VA refinance options, as well as Fannie Mae and Freddie Mac products.

In 2020 and 2021, when mortgage rates were extremely low, refinancing accounted for well over 50% of Home Point Financial’s loans. During these years, refinancing was popular across the board; the low rates meant homeowners could save thousands on their mortgage payments.

In 2022, rates are higher, so refinancing is losing its appeal. Refinancing also costs money, so unless the interest rates are significantly lower than the ones you currently have, it might not make sense financially.

Home purchase vs. refinance loans by year

Aside from VA loans, all Home Point’s programs (including FHA loans, which typically allow scores as low as 500) require a credit score of at least 620. The company allows a score of 580 for VA loans.

Your credit score isn’t the only factor lenders use to decide how much house you can afford. They also look at how much money you can put down, your income, your employment history and your debt-to-income (DTI) ratio. Your DTI ratio tells lenders how much of your monthly income goes toward paying debts.

National mortgage requirements by type

For more information on other loan types, see our guide on jumbo loans.

Home Point Financial doesn't disclose loan costs before you apply. After you apply, you’ll get a Loan Estimate that shows estimated costs and fees, such as closing costs. Closing costs typically include charges such as appraisal fees, credit reporting fees, title fees and other fees. On average, these costs add up to 2% to 5% of the loan amount. Before you close on your loan, Home Point Financial will provide a Closing Disclosure with all the loan’s costs and fees.