Homefinity Mortgage Review 2024

How Bankrate scored Homefinity

• Affordability: Homefinity doesn’t charge lender fees, and its rates are very competitive compared to Bankrate’s averages (as of this review).
• Availability: This lender works with borrowers in all but two states.
• Borrower experience: Homefinity’s loan officers are available 24/7, and you’ll likely work with the same person throughout the process.

Affordability: 9.8/10

Homefinity showcases its latest mortgage rates on its website, and doesn’t charge lender fees. As of this review, the lender’s rates on 30-year loans were below Bankrate’s averages, making it a favorable option for those looking to compare the lowest rates.

Availability: 10/10

Homefinity provides conventional, FHA, VA and USDA mortgages, as well as loans tailored to physicians. The lender is available in all but two states (Nevada and New York).

Borrower experience: 7.3/10

Homefinity parent Fairway Independent Mortgage has been accredited with the Better Business Bureau since 2003 with an A+ rating. Fairway also ranked above average in J.D. Power’s 2021 and 2022 customer satisfaction surveys for mortgage origination.

How to apply for a mortgage with Homefinity

You can apply for a mortgage with Homefinity online or by phone at 800-614-1227. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Homefinity

Homefinity offers rate-and-term refinancing options.

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%
  • Availability: Loan products - 50%; licensing - 40%; credit score - 10%
  • Borrower experience: Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.