Homefinity Review: The Online Lending Division of Fairway Independent Mortgage

Posted on December 17th, 2020
Homefinity Review: The Online Lending Division of Fairway Independent Mortgage

One trend I’ve seen a lot lately is larger mortgage companies launching smaller tech-centric divisions that operate entirely online.

Instead of attempting a complete transformation from brick-and-mortar bank/lender to a fintech company, they’re simply creating new, nimble brands.

The latest such example is “Homefinity,” which is a dba of the massive Fairway Independent Mortgage Corp., a top-10 mortgage company nationally.

While Fairway originated nearly $40 billion in mortgages last year, Homefinity appears to be just two years old.

A similar example is Sebonic Financial, which is a division of Cardinal Financial.

Homefinity Fast Facts

  • Direct-to-consumer mortgage lender that offers purchase loans and refinances
  • A subsidiary of top-10 lender Fairway Independent Mortgage Corp.
  • Appear to have launched as recently as 2018
  • Headquartered in Madison, Wisconsin
  • May be licensed to lend nationwide thanks to their parent company

How to Apply for a Mortgage with Homefinity

  • You can apply via their smartphone app or from their website
  • They’ll ask you who you’re working with first so you must select a loan officer
  • Otherwise you’ll need to fill out a rate request form and wait for someone to contact you
  • Their digital mortgage loan process is known as Homefinity Xpress

One nice thing about Homefinity is the ability to apply for a home loan directly from their website (or via smartphone app).

However, because their loan officers may not be licensed in all states, you’ll need to select one that is before you begin.

You can check out their bios on the Homefinity website or simply request a quote and have someone who is licensed reach out to you.

Once you’ve discussed loan pricing and know who you’ll be working with, simply click on “Apply Now” from the drop-down menu and you’ll be asked to enter the name of the loan officer you spoke with.

If you indicate that you haven’t spoken to a loan officer, they’ll have to fill out a mortgage rate quote request, whereby someone will reach out.

If you want to expedite, you may be able to select a loan officer on your own if you know they’re licensed in your state and get to the application that way.

It’s also possible to simply call them up on the phone directly or use the contact form on their website.

They use a digital mortgage process known as Homefinity Xpress that lets you start an application or mortgage pre-approval online or via smartphone app.

You can also calculate payments, securely scan and upload paperwork, eSign documents, and track your progress as you go.

The app also lets you message your loan officer instantly and get updates as you make your way to the funding table.

Overall, Homefinity appears to be big on technology, which should make the loan process a little less painful.

They say their “cutting edge technology” can allow you to close in days as opposed to months.

Loan Types Offered by Homefinity

  • Home purchase loans
  • Refinance loans (rate and term and cash out)
  • Conforming loans backed by Fannie Mae and Freddie Mac
  • FHA loans
  • VA loans

While Homefinity is an online mortgage lender, their website might not be as informative as we’d like.

They do list some of the mortgage programs they offer, such as home purchase loans and refinances, including cash out refis and no out-of-pocket closing cost options.

Additionally, they appear to offer loans backed by Fannie Mae and Freddie Mac, FHA loans, and VA loans.

But it’s unclear if they offer USDA loans, construction loans, renovation loans, and jumbo loans.

So you’ll need to inquire about that before you proceed. Their parent company certainly offers all the loan programs you could need, so assuming they do as well, it shouldn’t be an issue.

I just wish they’d provide more information regarding loan type so we knew more.

I assume they offer all the usual stuff like 30-year and 15-year fixed mortgages, along with adjustable-rate mortgages like the 5/1 ARM.

But I doubt they offer any sort of home equity products like HELOCs.

Homefinity Mortgage Rates

While they have a mortgage rates page on their website, it only briefly explains how mortgage rates move and provides information about mortgage-backed securities (MBS) and Treasuries.

In other words, you won’t see anything about daily mortgage rates, so in order to get pricing you’ll need to get in touch with a loan officer first.

I’ve seen their mortgage rates on the Zillow Mortgage Marketplace and they were close to being the best relative to the others listed there, but perhaps not the very lowest available. But it may depend on your loan details.

They say they charge “low fees to save you money,” so it’s possible you can get a good deal if their interest rates are also cheap.

You’ll just need to take the time to shop around with other mortgage lenders to see where they stand.

It’d be nice to have a little more transparency on the pricing front, including if they charge things like a loan origination fee, but that doesn’t mean they aren’t competitive.

Homefinity Reviews

On Zillow, Homefinity has a very impressive 4.97-star rating out of 5 based on about 300 customer reviews.

Aside from being close to perfection, many reviews indicated that either the interest rate or fees/closing costs were lower than expected, or both.

So aside from quality customer service, lots of homeowners appear to have been pleased with their pricing as well.

The company also has a 4.9-star rating out of 5 on Bankrate from 300 reviews, so they seem to be very consistent. Some 99% of reviewers recommend them.

Their parent company Fairway Independent Mortgage Corp. is BBB accredited and has been since 2003. They currently have an ‘A+’ rating and a rather impressive 4.97/5 rating based on customer reviews.

In summary, Homefinity seems to be very well-liked in their relatively short history, and could be a good choice for someone who only needs an online mortgage lender to get the job done.

They may be better-suited for mortgage refinances rather than home purchase loans because you’ll be working remotely, but should be competent when it comes to both types of transactions based on the reviews.

Homefinity Pros and Cons

The Pros

  • Can apply for a mortgage online or via app without a human
  • Offer a digital mortgage loan process
  • Appear to be licensed nationwide
  • No out-of-pocket closing cost options are available
  • Excellent reviews from past customers
  • Parent company is BBB accredited with A+ rating
  • Free mortgage calculators and home buying guides available
  • Free smartphone app

The Cons

  • Do not publicize their mortgage rates
  • Do not list lender fees on their website
  • No brick-and-mortar locations
  • May not offer USDA loans or home equity products

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