We've gathered our homeowners' most frequently asked questions about managing their Homepoint mortgage and account. If you can't find the answer online, call us at (800) 686-2404 .
Refinancing a home
To determine whether or not it is a good idea for you to refinance, you should look at your specific situation and your motivation for refinancing. The most common reasons are lower refinance rates and/or payment, convert from an adjustable to a fixed rate, or a cash out refinance to consolidate debt or improve your home.
If your goal is to reduce your rate and payment, you should review your current interest rate and see how much you can save. If you are converting your adjustable rate home loan into a fixed rate. Going this route you may experience an increase in your rate and payment, but you'll get peace of mind knowing your rate will never increase again.
If you are using the equity in your home to consolidate debt, your overall loan balance and payment may go up, but you could save monthly because you will eliminate the monthly obligations that you are paying off. Your mortgage loan officer can run some numbers for you and help you determine if refinancing makes sense for you.
Want more info on when to refinance? Read more:When to refinance
Standard documentation collected for a refinance transaction includes:
- Income Info
- Pay stubs covering the most recent 30 days
- W-2s for the last two years
- Asset information
- Bank Statements
- Investment statements (retirement, stocks, etc)
- Current loan information
- Most recent mortgage statement
- Homeowners insurance declarations page
A refinance could take up to 90 days based on the complexity of the loan. Talking with a dedicated loan officer can give you a better idea of what to expect.
Purchasing a home
Buying a home may be right for you because it offers:
- Predictable Payments: Tired of rent increases? Purchasing a home with a fixed rate mortgage loan adds peace of mind and ensure you lock in a consistent mortgage payment for the duration of your loan.
- An Investment Opportunity: Unlike a rental, a home is a tangible asset that has the ability to appreciate in value. Plus, you can even rent out a spare room in your home for extra income!
- Tax Benefits: Put money back in your pocket: Many expenses associated with owning a home, such as property taxes, interest and accounting costs, could all be tax deductible. Consult a tax professional for additional information
- Personalization Opportunities: Whether it's a simple paint job or an extensive renovation, purchasing a home puts you in control. Plus, any value added to the property goes directly into your pocket.
- Equity Savings: Each monthly loan payment means greater equity for the home owner. This translates into savings that benefit you, the owner.
- Lower Monthly Costs: If you crunch the numbers, the monthly cost of owning a home (excluding the down payment and closing costs) is often much less than renting in the majority of U.S. markets.
- Review your credit history with Equifax, Experian or TransUnion—or all three—to ensure your credit score and credit history look good. If you discover any issues, don't worry! Now is the time to resolve outstanding issues or strive to raise your credit score.
- Gather the documents you'll need to begin your loan application:
- 30 days of pay stubs
- Two years of tax returns and W-2s
- Year to date business statements (if you're self-employed)
- Explanations and paper trail for deposits or withdrawals above $1,000
- Homeowners insurance quote
- Information about any additional homes/businesses you own
Determine what you can afford
It is important to determine what kind of monthly payment you can afford for your mortgage. Use our online calculator to help you establish this price range.
Consider getting pre-approved and review loan plans
- Meet with a loan officer to determine which loan options make the most sense for you. Do you qualify for a government loan program, such as FHA, VA or USDA?
- Work with your loan officer to get pre-approved for the loan; this can help let sellers know you are a serious home buyer.
Set shopping priorities
Determine your "wants" versus your "musts" for your new home. For instance, is there a minimum square footage, bathroom or lot size that your are expecting?
Find a real estate professional
Seek out a trusted real estate agent who will confidently guide you through the home buying process. They will set up viewing appointments on your behalf and provide you with information about the homes in which you are interested. Your real estate agent should be knowledgeable about your area so they can provide information about schools, crime rates, transportation, etc.
Find a property
- Look at properties in your price range and explore neighborhoods to see what you like—and what you don't like.
- Research past home sales around the properties you prefer to determine if they are gaining value each year.
- Investigate the community and school district to see if this is where you could see yourself living long-term.
- Visit open houses in your preferred shopping areas or schedule private showings.
To sign up for Flex Pay, which enrolls you in bi-weekly automatic payments, please download and fill out the Flex Pay form hereDownload the form
In accordance with the terms of your loan, your monthly payment may change if certain situations arise, such as:
- You have an escrow account and your monthly escrow payment changes as a result of your annual escrow analysis.
- You have an adjustable rate loan and your interest rate changes as a result of a scheduled interest rate adjustment.
As part of the Auto Pay setup process, you authorize Homepoint to adjust the monthly Auto Pay as changes occur.
The following reasons may prevent you from modifying your one-time payment:
- The account is not in good standing, for example: two instances of a “not sufficient funds” payment stop, an active bankruptcy, suspense amounts on the loan, the loan is more than 60 days past due, or you are enrolled in Flex Pay)
- The total amount due or the fees due have changed since you created the payment and the payment includes fees
Bi-Weekly Payments with Flex Pay
You can switch back to mailed monthly paper statements in a few simple steps:
- Log in to your account.
- Click on your property address.
- Navigate to settings
- Switch the toggle off next to “Say yes to paperless”
Year-end tax reporting
Electronic billing (E-bill)
Updating your personal information
Please login at my.hpfc.com to update this information. Settings for your personal information can be found under the "Borrower Information" section, and preferred contact methods settings can be found under "Settings."
Alternatively, call us at (800) 686-2404 to update this information with a Customer Care Associate.
Both HO-3 and HO-6 have six different types of coverage:
- Dwelling coverage: This covers anything that's physically a part of your house. Think permanent fixtures like drywall, plumbing, cabinetry.
- Other Structures coverage: This covers structures on the property, but not attached to your house, like a shed or detached garage.
- Personal Property coverage: Covers all of your personal property no matter where it is located (even if it's not in your home!)
- Loss of Use coverage: This coverage is applied when your insured property is considered uninhabitable to cover living expenses or fair rental value if you're renting out your home. Your property could be considered uninhabitable due to natural disasters like fires or tornadoes.
- Liability coverage: his covers you against lawsuits for injury or property damage that your or your family members may be "at fault" for. It also pays for damage caused by your pets.
- Medical Payments to Others coverage: This pays for medical payments of any third parties who were injured on your property, regardless of who is at fault.
Each of these coverages will have a coverage limit, meaning the maximum amount that the insurance will cover. It is important that you adjust these limits as needed when you receive your insurance quote.
Perils are events that cause damage or loss to your property. Under an HO-3 policy, you are covered for everything except for things that are specifically listed as perils that policy won't cover. This is called an "open perils" basis of coverage. There are also "named perils" (usually like fire, theft, etc.) that it will cover you against.
Basically, your insurance company will pay to repair or replace your damaged property as long as it is listed as a "named peril" or it's a peril that is not excluded in writing.
If you are buying a new home or refinancing
If you are buying a new home, signing up for Hippo’s monthly escrow option means that you don't need to bring as much cash to the closing table because we are able to reduce the required balance in your Homepoint escrow account
If you are switching to a Hippo Insurance policy with the monthly payment option
If you are a homeowner switching from a current provider to a Hippo Insurance policy, you may get cash back if there are excess funds in your escrow account now.
Sign up in three simple steps:
- Sign up for a Hippo Policy at www.myhippo.com/homepointfinancial
- At the end of registration, pick the “Monthly escrow” option
- After you've signed up, call Homepoint at (800) 686-2404. Request an escrow analysis and mention that you have signed up for Hippo's monthly escrow option.
We will take it from there!