Homefinity was launched in 2018 as the online lending division of Fairway Independent Mortgage. It offers a variety of mortgage products, including conventional mortgages, Federal Housing Administration and veterans mortgages, physician mortgages, and mortgage refinances.
- Easy online quote request.
- Full app with mobile specific features.
- Loans tailored to physicians with high student debt are available.
- No physical branches.
- Not available to borrowers in Arizona, Connecticut, Nevada or New York.
There are several home loan options offered by Homefinity, including conventional fixed and adjustable rate mortgages with terms of 15 and 30 years, FHA and VA mortgages, and mortgage refinances.
The lender also specializes in physician home loans, which are designed to meet the unique financial needs of physicians who may be struggling with high student debt and need to relocate for work.
Once you’re ready to buy a home, you can request an online quote and get pre-approved for a mortgage. After gathering your personal documents, including bank statements and credit reports, you can submit your information online. A Homefinity loan officer will contact you to answer all your questions and guide you through the loan application process.
How long the closing takes will depend on factors such as negotiating with the seller, obtaining an inspection and appraisal, and completing a final visit.
Homefinity allows borrowers to deposit as little as 3%, or 3.5% for FHA loans. It also offers a no closing cost option for certain loans and refinances. Loans have terms of 15 or 30 years.
Homefinity does not disclose the discounts it offers, if any.
Homefinity assesses a number of factors when approving your mortgage or refinance, including your credit score, savings, debt-to-equity ratio, employment history, and more. The exact qualifications required to qualify for a Homefinity mortgage will depend on your personal details and financing needs.
What credit score do you need?
Homefinity does not disclose the minimum credit score required to qualify for a home loan. However, he notes that most lenders require a score of at least 580. A score of 620 means more loan options are available, and a score of 720 or higher yields the best results for those who are approved.
Homefinity is headquartered in Madison, Wisconsin, although as an online lender it offers no physical branches. Instead, Homefinity operates through the Internet and is authorized to work with residents of all US states except Arizona, Connecticut, Nevada, or New York.
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Homefinity’s parent company, Fairway Independent Mortgage Corp., has an A+ rating with the Better Business Bureau and is a BBB accredited business. The Consumer Financial Protection Bureau has received 44 complaints about Fairway Independent Mortgage’s mortgage services, mostly about the application and closing processes. All 44 were resolved in a timely manner, 33 with an explanation and 11 with monetary relief.
If you need to contact a Homefinity customer service representative, you can call 855-411-0043 or send a message via an online contact form.
Since Homefinity is an online lender, it offers a lot of web features. Prospective customers can request a quote online by answering a few questions and submitting some basic personal information. The process only takes a few minutes.
Once you submit your quote request, a mortgage loan officer will contact you within one hour. Homefinity also offers a mobile app that allows users to apply for a loan in less than 10 minutes, track loan progress with real-time push notifications, and scan and submit loan documents.
- People who prefer to manage their finances online.
- People who want a robust mobile experience.
- Physicians who need a mortgage tailored to their needs.