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Home Point Financial

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Founded in 2005, Home Point Financial is a leading, publicly-traded integrated mortgage company that originates, finances, and services agency and non-agency residential mortgages through its network of retail offices and approved third-party originators.

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The Good

  • Variety of Loan Options
  • Communication With Customers
  • Minimum Credit Score

Variety of Loan Options

Home Point Financial offers a wide selection of loan options, including fixed rate, adjusted rate, FHA, VA, USDA, and non-agency high balance loans.

Communication With Customers

Home Point Financial is very personable with its clients and provides them with loan status updates for every step of the mortgage process.

Minimum Credit Score

Home Point Financial has set its minimum credit score requirement at 620, meaning that borrowers with less-than-perfect credit still have a shot at qualifying for a home loan.

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The Bad

  • Interest Rates
  • Undisclosed Closing Costs

Interest Rates

As of December 2016, for a borrower with excellent credit purchasing a $250,000 home with a $50,000 down payment and a 30-year fixed rate loan from Home Point Financial, the interest rate comes out to be 4.38 percent, which is one of the highest disclosed rates out of all the home loan companies we've reviewed.

Undisclosed Closing Costs

Home Point Financial has not disclosed closing costs on its corporate website, making it difficult for potential borrowers to have an idea about how much they will end up paying in fees.

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The Bottom Line

Home Point Financial offers a variety of loan options, frequent communication throughout the process, and a low minimum credit score. However, the company's interest rates are higher than industry average and it has not disclosed closing costs on its website.

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