Homefinity Reviews

Homefinity is a good choice if you want a conventional home loan or refinance at competitive rates. Most of the reviewers on ConsumerAffairs used Homefinity for one of those transactions and over 90% gave the lender a four- to five-star rating. We recommend Homefinity for saving on closing costs and fees.

However, Homefinity may not be the best choice for borrowers who prioritize efficiency in the mortgage process, since several reviewers mentioned mistakes or having to re-upload documents. While Homefinity offers a digital mortgage platform, the application process may take longer than some other online-only lenders. Additionally, this is not the right lender for buyers looking for a USDA or jumbo loan.

We rated Homefinity excellent for its costs and fees. Not only is the company upfront with updated published fees, but several reviewers were happy with how much Homefinity’s fees cost.

We thought that Homefinity could improve its application process so it is as streamlined as some of its competitors. While the lender does not have many complaints, the main issue was with the application system.

Homefinity is transparent about its rates, publishing interest rates and annual percentage rates (APRs) for 15-, 20- and 30-year fixed-rate loans on its website. You can get a customized rate quote by entering your ZIP code, credit score range, purchase price and down payment. However, this quote won’t be as accurate as obtaining preapproval. The customized rate quotes don’t consider your debt-to-income ratio, which is an important factor lenders use to determine your interest rate.

Many reviewers found that Homefinity’s rates were better than other lenders when they did a comparison shop. Several customers also described Homefinity’s rates as “competitive.”

One Indiana reviewer said, “I was happy with the rate, and the terms were wonderful. They were able to offer me some things that other lenders were not able to offer me.”

While many reviewers praised the lender for its low and competitive rates, we only rated the company as good since the Home Mortgage Disclosure Act (HMDA) data showed that Fairway Independent Mortgage Corp. had slightly higher than average home purchase rates between 2019 and 2021. (Fairway also does business as Homefinity.)

Homefinity offers both fixed-rate and adjustable-rate mortgages (ARMs). An ARM could make sense if you anticipate refinancing your loan or selling your property before the interest rate adjusts for the first time.

Homefinity average home purchase rate vs. national average

You can start the application process with Homefinity by requesting a rate quote online. The company will ask for some preliminary information, like the type of property you want to buy and your decision-making timeline. After you answer a few short questions, you'll input your name and email address for the company to send you a quote.

You’ll receive the quote by email and a link to start your application. A loan officer will also contact you by phone or email to see if you need assistance. It may be a good idea to chat with the loan officer before you complete the application; they can offer recommendations for loan options based on your situation.

Be prepared to give your loan officer information about your assets, debt and income. It may be helpful to have ready recent pay stubs, bank statements, previous years’ tax returns and retirement account statements. You’ll be asked to upload these documents to the loan portal to complete an application.

After you’ve submitted your application, you could receive a preapproval decision in one hour or less. Your loan officer will help you through the entire closing process. Once your loan has closed, it’s possible that it may be sold to another lender for servicing. However, keep in mind that your loan terms won’t change with a new servicer.

Our reviewers had mixed feelings about the application process. Some described it as “easy” and “simple,” while others felt it took longer than they expected.

One Indiana customer used Homefinity for refinancing and said, “The application process was a pain as I had to upload this and that and prove this and that. Sometimes, I had to re-upload documents. Some of the documents I had to sign made me concerned. Some of the questions they asked were strange and made me feel they didn't trust me.”

Another reviewer in Indiana had a different experience, saying, “The application was smooth, the portal was easy to use and Homefinity was very clear about the lock period and how much it would cost for different lengths of time..”

Homefinity application features

Homefinity offers conventional loans (fixed-rate or adjustable-rate), FHA loans and VA loans. Conventional loans come in 15- and 30-year terms. You can also refinance with Homefinity, whether you want to get cash from your equity or lower your monthly payment.

Most of our reviewers used Homefinity for conventional loans or refinance loans. We rated loan types as good since buyers looking for a USDA loan or jumbo loan will have to shop elsewhere.

In 2021, Fairway received 188,143 home purchase loan applications. About 75% turned into closed loans. About 6% were denied.

Loan applications for home purchases only by year

In 2021, Homefinity originated more home purchase loans than refinance loans. About 64% of loans originated by Homefinity in 2021 were for home purchases, while about 36% were a combination of rate-and-term refinance loans and cash-out refinances.

In 2020 and 2021, many borrowers refinanced their existing mortgages in order to take advantage of low interest rates. Refinancing to lock in a lower rate can lower your mortgage payment and reduce the total amount of interest you’ll pay on the loan.

Home purchase vs. refinance loans by year

Homefinity does not list its minimum credit score requirements. However, the industry standard is 620 for a conventional loan, 500 for an FHA loan and 580 for a VA loan. Credit score is just one factor lenders use to determine what loans you qualify for, what interest rate you pay and how much you can borrow.

The company does list its minimum down payment requirements. You’ll need to offer 3% down to qualify for a conventional loan, but its FHA loans have slightly higher standards than industry norms. You can offer a 3.5% down payment if your credit score is 620 or above (industry standard is 3.5% with at least a 580 score). VA loans have no down payment requirements.

A reviewer from Oregon found Homefinity easy and quick to work with despite the “couple of hoops to jump through” since they own their own business.

Homefinity mortgage requirements by type

Homefinity shows estimated fees with the daily mortgage rates, and you can input your information for a personalized quote. Most reviewers were happy with the fees they paid for a new home purchase or refinance.

“Homefinity was very upfront with everything. With the dollars, the charges, and the fees, they were able to put it in writing,” said a reviewer from Florida.

Another reviewer said, “The fees that were charged were reasonable or lower than most others.”

Most lenders charge a flat fee of 0.5% to 1% of the loan amount in origination fees (which includes the processing and underwriting of your application).The origination fee is just part of the overall closing costs you’ll pay to purchase your home. Closing costs can include appraisal fees, attorney fees, credit reporting fees, discount points, escrow funds, mortgage insurance, homeowners insurance, title insurance, prepaid interest, title fees and recording fees. Altogether, this can add up to 2% to 5% of the loan amount.

To help you plan for your closing, lenders will provide you with a Loan Estimate within three business days of your application. Keep in mind that this is just an estimate. You’ll receive a more accurate Closing Disclosure form at least three days before your scheduled closing, which will state all the costs and fees associated with the loan.

Compare Homefinity to other lenders