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Homefinity (NMLS #2289) is a mortgage lender with multiple home purchase and refinancing options. It’s part of Fairway Independent Mortgage Corp., which funded over $72.5 billion in loans in 2021. You can apply for a mortgage loan online and work directly with an experienced loan officer through the process.
Pros & Cons
- Convenient online application
- Dedicated loan officer to assist with application
- Customizable rate quotes
- Fast preapproval decisions
- No jumbo loans or USDA loans
- No in-person branches
Homefinity is an easy-to-use online mortgage lender with personalized loan options and quick preapproval decisions. The entire loan process can be completed online. It’s a solid option for borrowers with good credit who want the convenience of a digital application process.
I've closed on homes before in Florida and it has not been so easy. My rate was great. I was totally satisfied with everything. I told one of the brokers that I was a little nervo...Read full review
It was complicated for someone of my age because I had to produce 21 PDFs of documentation, and they walked me through that process when I had problems with it. A lot of people be...Read full review
Our editors’ take on Homefinity
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.
How we rated Homefinity
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
|Year||Difference from national average|
Application process: Good
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
|Mobile document upload|
|Publishes minimum rate on website|
|Rate lock||30 days|
|Pre-qualification (no hard credit pull)||X|
|Certified approval letter|
Loan types: Good
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
|Home purchase applications||188,143||180,706||138,878|
|Home purchase loans closed||141,220||133,125||107,018|
|Home purchase applications denied||11,408||9,260||5,272|
|Home purchase preapprovals denied||1,780||810||688|
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
|Home purchase loans||63.55%||60.40%||75.74%|
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
Cost and fees: Excellent
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
|Homefinity||New American Funding||Rocket Mortgage|
|# of reviews||110||816||1,191|
|Purchase options||Conventional, FHA and VA loans||FHA, USDA, conventional, refinance, HELOC and reverse||Conventional, jumbo, FHA and VA loans|
|Refinancing options||Cash-out, rate and term||Cash-out, rate and term, cash-in||Cash-out, rate and term|
|Minimum credit score||580 to 620||580 to 640||580 for government-backed loans; 620 for conventional|
|Read Reviews||Read Reviews||Read Reviews|
What is Homefinity by Homefinity?
Homefinity powered by Homefinity is an online, direct mortgage lender that offers home purchase loans and refinance loans across the U.S. It is part of Fairway Independent Mortgage Corp., which is a large mortgage company with more than 10,000 employees and 750 branch and satellite locations.
Is Homefinity by Homefinity legit?
Homefinity is a legitimate option for online mortgage lending. It is part of Fairway Independent Mortgage Corp., which has been in business since 1996. In 2021, Fairway originated nearly 236,000 home loans throughout the U.S.
Where is Homefinity by Homefinity available?
Homefinity’s mortgage products are available in 46 states and Washington, D.C.
ConsumerAffairs has collected 110 reviews and 22 ratings.
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Reviewed July 26, 2022
Homefinity's rep was really easy to work with and the process was fairly quick. We had a couple of hoops to jump through because I own my business, but it went through as smoothly as it could. So, I'm happy.
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Reviewed July 7, 2022
I used Homefinity for a refi years ago and I've just kept using them. I really liked JP. He has always been amazing. So, major kudos to him.
Great to hear! Thank you so much for your repeat business!!
Reviewed June 26, 2022
The mortgage lender I was with didn't seem like they wanted to negotiate the best deal. They were just trying to make as much money off of me as possible and the interest rates started climbing. I could have gotten a much lower interest rate if I had gone through Homefinity at first. I did their program for refinancing. 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. They leave a lot of things hanging open and you don't know what you're signing unless you're a lawyer. Even when you close, you don’t really have time to go through every document. It would take hours.
There were a couple of open-ended documents that were really long form documents. The closer said, “Sign here.” They explained quickly what it was about but you don't really have a chance to read anything about what you're signing. I was joking with the closer, saying, “You’re gonna fill this in and put anything you want in there.” I just laughed but I was serious. I’ve been through this process before when I bought my first home and some of the forms have changed because that was 20 years ago.
I'm not blaming the company. I’m blaming the mortgage process. All these companies have to do that because it’s part of the government's requirement. I just don’t like the invasiveness and the open-ended questions. You got to sign this, sign that, and you don’t really understand everything about it. They then say, “If you violate any of this information, if it’s not true, we can come back on you.”
Also, a lot of different people were involved during the process. A new person kept popping up. That was awkward and strange because I thought I sent everything to the loan officer. That aside, my loan officer was a nice young guy named Greg. He was smiling. He helped me switch over from the other mortgage lender. The rates I got from Momefinity were fair because Greg tried to work with me. He was explaining how all mortgage loan officers manipulate numbers. They work their numbers so that they can make sure they get their profit. It depends on how greedy they get or how much profit the company they work for requires. The first mortgage company was very inflexible. Greg explained what was going on there. He said, “We have to make a certain amount of money too. But we're not gonna rip you off. We're kind of upfront.”
I like that about him and that was why I stuck with him because he tried to help me negotiate a fair deal for both of us so that we both could be happy with it. I really appreciated that. That’s what really impressed me about him. I could usually call anytime too. Some of the other people I dealt with at Homefinity were very nice as well.
Reviewed June 25, 2022
Homefinity was very upfront with everything. With the dollars, the charges, and the fees, they were able to put it in writing. I developed trust with them because they stuck to their word. They were an honest company. Communication was clear and customer service was very responsive and timely. They were amazing. The process was very easy and I did everything online. The initial broker, John, that I spoke with was very easy to speak with. He answered all my questions in a language that I understood and not in their company jargon.
It was really a great experience. I've closed on homes before in Florida and it has not been so easy. My rate was great. I was totally satisfied with everything. I told one of the brokers that I was a little nervous because I was going through a lot. She said, “If I could, I would send you a hug through the phone.” That was just so comforting. That's what I like to deal with. They exceeded my expectations.
This is an awesome review, we really appreciate you taking the time to provide this. Thanks so much!
Reviewed June 24, 2022
I signed up with my bank here locally. But on one Sunday evening, I was just online searching and looking at rates. I went into Bankrate.com and they gave me the top 3, 4, 5 lenders. The next thing I hear is from Steve and within a couple of talks, he made me buy into Homefinity. I had to have a learning curve a little bit as to who they are. But after that, it was prompt and excellent communication. It was quick and professional. Those things turned me off from the bank and came with Homefinity. The process was perfect.
I'm coming for the mortgage loan. The appraisal and underwriting process was new to me. I thought that Homefinity is a lender. But Homefinity is only an agent and Fairway Independent Mortgage Corporation is the lender. I paid the fee to the appraiser. Immediately, it was returned back to me. At 15 years and 30 years rate, I had to rethink myself. There was in consultation with my agent. I went from 15 to 30. Again, back from 30 to 15. I paid the 20% down payment. I was ready to go with the 30, with all the terms and conditions. But then the little changes happened. If I was informed ahead of time of all aspects, I would have clearly chosen one and not flipped back and forth. I had to redo all the process again. That aside, I will definitely recommend Homefinity.
Thank you for giving us the opportunity to work with you!
Reviewed June 23, 2022
I liked the rates that Homefinity had. They did excellently and they took care of everything. I was able to upload all my stuff on their portal. They were very responsive and I would work with them again if I had the need. The loan officer, his assistants and even the guy that looked over all the loan docs were very accommodating and nice. They had their stuff together and answered questions. They all did a great job.
Thank you for your business! We hope to work with you again, too!
Reviewed June 22, 2022
The whole process went well. The whole team was great. We worked with Angela. 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, and if it somehow overshot the lock period, what the fees would be. So, they gave us a good picture of what we might deal with. Most of the stuff, they were able to do in the background. And they kept us up to date. They had everything squared away before we even got the close date. They were, “Well, we're just waiting on the builder to tell us when we can send the inspector, and then we'll be all set to go.”
This is great to hear! We're glad this was a smooth process for you!
Reviewed June 2, 2022
The application process with Homefinity was very easy and the rep I talked to was very good. It was probably the best mortgage experience I've had out of all the mortgages. I’m overwhelmingly satisfied.
Thank you so much for your business! We're always striving to improve and ensure our process is easy!
Reviewed May 18, 2022
I was out of town when I started the process and it took just over a month by the time we were closed. Everything was super easy and John and his team were very helpful throughout the whole ordeal. He was honest, upfront, and very quick with his responses. He was very respectful with all of the requests and I didn't feel rushed.
Thank you for your review, and congratulations on your purchase!
Reviewed May 3, 2022
I got a response right away from a loan officer, then Homefinity had multiple people contact me throughout the process. Everything went pretty well. We had to have an appraisal done, and we had two weeks to prepare for that. Once the appraisal was done, the process was within days. The paperwork was in the works to be signed and the new rate and terms were very competitive. The rates have gone up a little this spring, so I expected it to be a little higher than what we had dealt with in the past, but there wasn't anything unusual about it. It was just the straight rate based on our credit. Overall, I've had four refinance experiences in the past and this was the best one, the smoothest, and the most transparent. They were very open about everything that was going on.
This is great! We'll always give the very best deal we can. If rates do drop significantly, let's connect and see if we can save you some more money!
Homefinity Company Information
- Company Name:
- Formerly Named:
- Home.com by Homefinity