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Homefinity
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Homefinity

 4.3/5 (46 ratings)
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Homefinity

About Homefinity

Homefinity is an online, direct-to-consumer mortgage lender with multiple home purchase and refinancing loan options. Homebuyers and homeowners work directly with loan officers to create financial plans that work best for them. Loan officers have an average of more than 15 years of industry experience. While no rates are available online, customers do receive help from a dedicated loan officer.

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

Pros

  • Online or phone support
  • Multiple loan options
  • Physician loans

Cons

  • No in-person assistance
  • No online quotes

Bottom Line

Homefinity is an easy-to-use online mortgage lender with multiple loan options. Though there is no in-person support, it is backed by one of the leading lenders in the industry, Fairway, and offers dedicated support.

What is Homefinity?

Homefinity is an online, direct-to-consumer mortgage lender offering home purchase loans and refinance loans across the United States. It is an online subsidiary of Fairway Independent Mortgage Corporation, which is a large mortgage company with more than 10,000 employees and 690 branch and satellite locations. This means that its services are backed by years of experience and expertise in the industry, which can be a big selling point for those comparing online lenders.

How does Homefinity work?

With Homefinity, customers can choose to either take advantage of its easy online application process or call one of its loan officers to complete an application. Both options will cover a few basic questions about your goals and finances so Homefinity can assess your options. While some online lenders offer rates, terms and approvals all online, Homefinity does not. Instead, it combines the ease of online applications with the helpfulness of a real loan officer.

Its loan professionals use the information you provide in your online or phone application to compile a list of home loan options, helping you figure out which one makes the most sense for your situation. The dedicated loan officer is your point person throughout the process and will walk you through the preapproval process step by step, with the ultimate goal of locking in the most competitive rate available.

As you advance through the homebuying process, your loan officer will help facilitate the closing of your loan. You have the flexibility to choose the day, time and place for closing. Homefinity prioritizes a “humility-first” approach to customer service, with values including creating an amazing experience, providing consistent and honest communication and fostering growth and knowledge.

Homefinity products

  • Conventional loans: Conventional loans are available with either fixed or adjustable rates. Features include down payments as low as 3% and a nothing-out-of-pocket closing cost option.
  • FHA loans: Designed for first-time homebuyers, FHA loans allow down payments as low as 3.5% and offer a no-closing-cost option. They also let you make a down payment with gift money.
  • VA loans: VA loans are available for current or former service members and their families. VA loans have more flexible requirements for both credit scores and debt-to-income ratios than other loans. You can get a VA loan without a down payment or mortgage insurance.
  • Physician loans: Homefinity’s physician loans are designed specifically for doctors and medical professionals. Features include low down payment requirements, no private mortgage insurance and flexible DTI requirements. Finance up to 95% of a home’s value (up to $1 million).
  • Refinancing: Rate-and-term and cash-out refinancing are available. Closing costs are usually between 2% and 6% of the loan amount, depending on the situation.

Homefinity mortgage rates

Homefinity doesn’t publish rates anywhere on its site, though it does have information about Treasury rates and a news feed about the mortgage industry. In order to see rate options, you'll have to apply on the site and wait for a loan officer to reach out to you with more information. You can also call to speak with a loan officer.

Homefinity FAQ

Homefinity offers conventional loans, VA loans, FHA loans and loans designed specifically for physicians. Customers can also refinance their home loans through Homefinity.
Homefinity is based in Madison, Wisconsin.
Homefinity doesn’t publish rates on its website. You can apply to see your specific offer and rates, or you can try calling to ask about general rates.
Homefinity doesn’t specifically state what its minimum credits score is, though it does say that most lenders require a minimum score of at least 580 and that more options are available if you have a score of at least 620. A loan officer can walk you through low-credit options.

Is Homefinity legit?

Homefinity is a legitimate option for online mortgage lending. The company assigns customers a dedicated loan officer to provide service and support throughout the process. Its loans are available throughout the U.S. for purchasing a home or refinancing an existing mortgage. With its specialized physician loans, the company may be especially useful for medical professionals.

Homefinity Reviews

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Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Jan. 22, 2022

We reached out to Cindy and she gave us some more information about the rates that they were showing, and the opportunity for points. Everything was online. But Cindy was also available to answer questions. She answered her emails really quickly. I had a house, and I was wanting to purchase. And I had already put in an offer on it.

We closed the same month that I put the request in. So, we got the turnaround done fast on it. When graduation came on, it was clear to close on December 23rd. The conditional approval was on the 20th. And loan submitted on the 8th. So, it was three weeks. And that was from the very start, finding them, talking to Cindy, putting in the interest form, putting in the application, uploading all the documents, doing all the revised forms. Because we changed some stuff as we went, too. Look for a lender that's a lender and not so much through a bank because they have your interest more in mind, they want to work with you and help you get the best rate possible. And they're only focused on that one thing, so the availability is a lot better as far as asking questions.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 16, 2022

    I was shopping around for rates and I came across Dan who was the guy that I worked with there at Homefinity. He was the most responsive. He was very helpful. They killed me with customer service. So, everything went very well. He had competitive rates, he was on top of everything as far as answering questions, and I didn't feel like I was just another number. I was really impressed with the level of service that I got from them compared to others that I've had in the past. The overall timeframe was very fast. Everything just kept rolling. Even the closing was moved up earlier than we had expected because all the stuff was there and there were no issues. So, it was a really great experience.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 13, 2022

    I reached out to three different lenders but Homefinity responded to me the most quickly. We have a complex situation and they seemed up to the challenge. One of the other lenders that I spoke to didn't seem like she could manage getting all the pieces to come together. We have done several home purchases and refinances in the past and Homefinity's system was by far the easiest to work with, because instead of trying to send different documents via a secure email link, they had a very streamlined process for telling us specifically what they were looking for and how to upload those documents. Their system was secure and streamlined that process.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 12, 2022

    My loan officer with Homefinity was the first one to call me. She was super responsive, knowledgeable, helpful, and no pressure. Her willingness to share that knowledge with me regardless of whether I used her or not was what ended up sealing the deal for me. I liked working with her. The application took me less than 20 minutes. Six weeks for the underwritings. But there should be a little more frequent communication towards the end of the loan. I had to reach out to the processor and the loan officer multiple times to get clarification on things that they easily could have just included in an email sent to me. But outside that, it was great. Homefinity was fantastic through the whole process.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 27, 2021

    Homefinity did an amazing job of not only matching an existing offer, they also managed to beat an already low rate, bringing me under 2% APR. This was just amazing. I also enjoyed working with the closing team, who did a great job of contacting me for necessary documents via email. Winn was very responsive as my sales broker, replying quickly to phone calls and answering questions clearly. The main thing I would change is the web document upload site, which does not really have many "back" or "cancel" options, and the document management was a bit haphazard. Also, it should not be required for me to ask for signed copies of documentation - this should be part of the deliverables. But that small nit aside, it was a very positive experience.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 14, 2022

    Winn was super helpful; very attentive and helped us understand all the various options. Refinancing isn't an easy thing to do, but he made it a breeze. We've recommended him to friends and family. I would definitely work with him again.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 24, 2021

    The overall process was relatively easy. I had delayed refinancing as I was dreading retrieving the needed documents, however Homefinity linked my employer, tax records and back statements so very little fell on me. I would have given 5 stars, however steer the loan closed I’ve received 3-4 letters/postcards daily strong arming mortgage protection.

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    Rated with 2 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 24, 2021

    My refinance experience with Homefinity was unpleasant. First, the application process was unsatisfactory. After filling out my application from my responses over the phone, the Homefinity rep emailed me the written application to sign. There were several errors on the application and I did not want to sign such an incorrect application. But they insisted they could not correct the mistakes and that everything was okay and I would get a chance to sign a correct application on the day of closing.

    This was unnerving. In my previous refinance the lender assisted me in ensuring I had a correct application that I was comfortable signing. Not Homefinity. They are interested in Getting you through quickly, with no attention to detail and no effort to make the customer comfortable about signing an application for something as impactful as a mortgage. Then, from the day the application process began to the day of the closing, the estimated closing costs varied dramatically - up and down by thousands of dollars. It was very stressful to see closing costs increase and decrease by so much over the span of about a month and a half. I asked for explanations and was told it had to do with my property taxes.

    Initially they needed to pay my regular property taxes as a closing cost. I asked them to make sure my previous lender didn’t pay the taxes out of escrow also and essentially make a payment twice. The underwriter assured me this wouldn’t happen. It almost did. Three days before the closing (at the time I wasn’t even aware of the date of closing) my previous lender paid my taxes out of escrow, and my closing costs swung back down.

    The experience of not knowing my closing costs until literally the day before was very stressful as I just don’t have thousands of dollars easily accessible to get a cashier's check on a whim to bring to the closing. Then, after being assured that I would be given several days advance notice of the date of the closing, a notary called me the day before to tell me he was coming the next day to notarize the closing documents. This was the first time anyone confirmed to me the day of closing and it was several days prior to the estimated closing date on all the documents I had seen until then. Homefinity never confirmed the date - just assurances that they would.

    After the notary called me I emailed the rep and their response suggested to me that they were not expecting the closing date to be the next day like that. I had to cancel several work appointments to be available on that unexpected date of closing. In all, of the six or so mortgage experiences I’ve had throughout my life, this was among the least pleasant. Unless you are very flexible on your available time, willingness to sign incorrect applications, and available funds from which to draw at the last minute an unknown amount for closing costs, I would recommend going with another lender with greater attention to detail, clearer communications, and an a greater willingness to make you comfortable during the process.

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    Rated with 3 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 23, 2021

    Property taxes were not paid by Homefinity with County fees assessed. Problem is pending resolution. Once the matter is resolved I will be in a better position to provide an assessment of how this matter was handled.

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    Rated with 2 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 23, 2021

    Let me just say that Angela ** was professional and responsive for the items in the transaction that she could control. I just don't understand why I got no information as to a delay with closing until I inquired only to wait another week or two because supposedly the inspector was on vacation. I would not recommend or use again. I do loan closings for a living and I know of other lenders with same or similar rates that are more speedy to close.

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    Homefinity Company Information

    Company Name:
    Homefinity
    Website:
    homefinity.com