Home Point Financial Mortgage Review 2021

House Level Monetary Mortgage Overview 2021

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House Level Monetary is a nationwide mortgage lender that focuses on loan origination and servicing. The lender is licensed in all 50 states and is headquartered in Ann Arbor, Mich.

House Level Monetary was based in 2015 and the corporate is on a mission to grow to be a top-10 mortgage lender.

Professionals and cons of a House Level Monetary mortgage


  • A variety of mortgage merchandise
  • A web based mortgage utility course of
  • Lending choices for nontraditional debtors
  • Licensed to lend in all 50 states and the District of Columbia


  • Restricted variety of department areas, which is inconvenient for those who desire in-person interplay
  • No USDA refinancing choices
  • Web site lacks data on present rates of interest

Working with House Level Monetary

House Level Monetary is presently licensed in all 50 states and the District of Columbia. There are bodily branches in:

  • Alabama
  • Arizona
  • North Carolina
  • Texas

A mortgage applicant’s preliminary contact with House Level Monetary occurs over the telephone, after which they’re in a position to submit a web-based utility for mortgage preapproval, which entails upfront loan underwriting earlier than selecting a property.

Candidates can attain House Level Monetary by telephone each day from 8 a.m. to eight p.m. ET.

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House Level Monetary borrowing necessities

The minimal required credit score rating varies by loan program. For instance, you’ll want a minimal 580 credit score rating for loans backed by the Federal Housing Administration (FHA) and the U.S. Division of Veterans Affairs (VA), however at the least a 620 rating for standard mortgages and loans backed by the U.S. Division of Agriculture (USDA).

House Level Monetary provides mortgages for a number of property varieties, together with:

  • Single-family properties
  • Multifamily properties
  • Cellular properties

If you happen to’re curious whether or not different property varieties are eligible, attain out on to House Level Monetary at [email protected].

House Level Monetary mortgage merchandise


  • Standard loans. Adjustable-rate and fixed-rate loans accessible for as little as 3% down.
  • FHA loans. Adjustable-rate and fixed-rate loans accessible for as little as 3.5% down.
  • VA loans. 0% down fee adjustable-rate and fixed-rate mortgages accessible. Fastened-rate loan phrases vary from 15 to 30 years.
  • USDA loans. Obtainable in 30-year fixed-rate loan phrases solely.
  • Renovation loans. Obtainable for homebuyers who need to mix their residence buy or refinance with restore prices. The minimal required credit score rating is 620.
  • Jumbo loans. Adjustable-rate and fixed-rate mortgages accessible as much as $2.5 million.


House fairness

  • House fairness strains of credit score (HELOCs). Most credit score line allowed is $350,000.
  • Piggyback loans. Most mixed loan quantity for the acquisition and second mortgage is $1.5 million.

House Level Monetary particular mortgage packages

House Level Monetary additionally provides the Edge program, which caters to potential homebuyers who could not meet conventional borrowing necessities, equivalent to self-employed debtors. Minimal down funds could vary from 5% to 10% with loan quantities of as much as $1 million and $1.5 million, relying on the kind of program used.

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The mortgage utility course of

  • The best way to apply. You’ll be able to full your mortgage utility on-line and will likely be requested to supply details about who you might be. You’ll additionally share your revenue historical past and supporting documentation.
  • Disclosure course of. As soon as your utility is submitted, you may signal disclosures and add any extra paperwork through the web portal. Your loan officer will pull your credit score historical past and work with you to decide on one of the best loan program to your state of affairs.
  • Submitting loan for approval. After you’ve chosen your loan program, your loan will undergo the underwriting course of. The loan underwriters will confirm the knowledge you submitted and request extra documentation as wanted.
  • Ultimate approval. After you efficiently full the underwriting, residence inspection and residential appraisal processes, your loan will obtain closing approval and also you’ll be cleared for closing.
  • Closing. House Level Monetary says most of its loans shut inside 30 to 45 days, however varies by loan program. Relying in your state legal guidelines, this may increasingly happen at your actual property agent’s workplace, the title firm’s workplace or an legal professional’s workplace.
  • Servicing. After you’ve accomplished the closing course of, you’ll create a web-based account to your loan servicing wants. This consists of making funds and accessing up-to-date information about your mortgage.

Communication throughout the course of

  • Preliminary contact. A loan officer will begin the appliance course of and aid you resolve on a loan program finest suited to your wants.
  • Underwriting. When you full your utility and choose a loan program, count on an underwriter to achieve out and request extra documentation to confirm your revenue, belongings and debt. All through the method, you may examine on the standing of your loan and evaluation and signal paperwork by way of the web portal.
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