Home Point Financial Corporation Mortgage Interest Rate and Cost Review

Is Home Point Financial Corporation a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Home Point Financial Corporation with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratesimilar to average (-0.07%)
Loan Related Closing Costslower than average (-$511)
National Rate and Closing Cost Rating(4.0)

On average, Home Point Financial Corporation’s interest rates were similar to those of other lenders (-0.07%) for a comparable set of borrowers. Its average total loan related closing cost was lower than those of other lenders, with a difference of -$511. Overall, combining interest rates and closing costs we estimate that Home Point Financial Corporation tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 4.0 out of 5.0 stars.

Home Point Financial Corporation’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Home Point Financial Corporation was most active in:

  1. Los Angeles, CA
  2. Chicago, IL
  3. Jersey City, NJ
  4. Tampa, FL
  5. Denver, CO

Furthermore, Home Point Financial Corporation is our top ranked mortgage lender in terms of interest rate and closing costs in:

  1. Sacramento, CA, for FHA mortgages
  2. Fresno, CA, for FHA mortgages
  3. Modesto, CA, for FHA, and VA mortgages
  4. North Port, FL, for FHA mortgages
  5. Lafayette, LA, overall
  6. Stockton, CA, for FHA mortgages
  7. Baton Rouge, LA, for Conforming mortgages
  8. Fort Collins, CO, for FHA mortgages
  9. Cape Coral, FL, for FHA mortgages
  10. Lake Charles, LA, for FHA mortgages
  11. Redding, CA, for VA mortgages
  12. Yuma, AZ, for FHA mortgages
  13. Easton, MD, for FHA mortgages
  14. Abilene, TX, for Jumbo mortgages
  15. Rock Springs, WY, for FHA mortgages
  16. Winston-Salem, NC, for FHA mortgages
  17. Laredo, TX, for Conforming mortgages
  18. Columbus, GA, for FHA mortgages
  19. Valdosta, GA, for FHA mortgages
  20. Liberal, KS, for VA mortgages

You can click through to check out Home Point Financial Corporation’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

Home Point Financial Corporation’s Rates by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Home Point Financial Corporation originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases and refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.04%-0.13%+0.06%-0.01%-0.05%
Loan Related Closing Cost Difference-$245-$701+$70-$65-$204
Cost Adjusted Rate Difference-0.06%-0.18%+0.06%-0.01%-0.06%
Star Rating(4.0)(4.5)(3.0)(3.5)(4.0)
Refinance MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.04%-0.08%+0.05%-0.00%-0.09%
Loan Related Closing Cost Difference-$690-$746-$11-$6-$538
Cost Adjusted Rate Difference-0.08%-0.12%+0.05%-0.00%-0.12%
Star Rating(4.0)(4.0)(3.5)(3.5)(4.0)

As a summary, Home Point Financial Corporation is cheap for Conforming, FHA and VA purchase mortgages. It is similar to other lenders for USDA purchase mortgages. It is more expensive than other lenders for Jumbo purchase mortgages. For refinancing, Home Point Financial Corporation is cheap for Conforming, FHA and VA mortgage refinance. It is similar to other lenders for Jumbo and USDA mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about Home Point Financial Corporation:

Registered name: Home Point Financial Corporation
Registered city and state: Ann Arbor, MI, 48105
Regulator: United States Department of Housing and Urban Development (HUD)

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Home Point Financial Corporation’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.