Guide to RoundPoint Mortgage [Review]

Guide to RoundPoint Mortgage [Review]

Work with this lender to finance your future home purchase or refinance your existing home equity.

If you’re dreaming of home ownership and need a loan, RoundPoint can offer a great solution. RoundPoint is among the 25 largest mortgage servicers in the nation and offers home loans and also mortgages for new purchases, refinances, and home equity loans through a partnership with Freedom Mortgage.

Looking at RoundPoint’s website, there several sections that can help you with the necessary information about the services offered by the company. The company offers a payment and amortization calculator, rent vs. own calculator, and a debt consolidation calculator for public use.

In addition, RoundPoint offers excellent support that aims to clarify the entire process and the company’s loan policy.

Loan Programs Offered

Conventional

Conventional loans need a down payment of at least 3%.

FHA Loans

FHA loans are backed by the Federal Housing Administration and are ideal for first-time homebuyers. This loan program requires a down payment of at least 3.5%.

VA Loans

VA loans are backed by the Department of Veterans Affairs and offer homeownership support for active-duty service members, veterans, and qualifying spouses. Eligible service members and veterans can get a home loan insured by the US Department of Veterans Affairs with 0% down payment options available.

Refinances

Via its partnership with Freedom Mortgage, existing loans may be refinanced with Roundpoint.

USDA Loans

If you live in a rural area, you can probably count on help from the U.S. Department of Agriculture. With this type of loan, you can count on low or zero down payments, low-interest rates, and flexible credit guidelines.

Fees

RoundPoint Mortgage Servicing doesn’t charge any origination fees. Borrowers are responsible for third-party fees, such as:

  • Appraisal fee up to $2,000
  • Inspection fee up to $675
  • Title search fee up to $200
Payments

The biggest concern of those who acquire a loan is how to repay it on time. With that in mind, RoundPoint offers some services that can help in this process.

There are several forms of payment that can be used by RoundPoint customers, such as automatic payment. If you choose this payment method you can easily set up automated payments through the website.

Other popular forms made available by the company are mailing a payment, calling the company’s customer service department to make a payment by phone, or sending a check or money order.

Information and contact details for each of these payment options are available on the company’s website.

Qualifications

Qualifying for a loan with RoundPoint depends on your credit history. The higher you are, the greater your chances of getting the long-awaited loan.

Credit Score Category Likelihood of Approval
760 or higher Excellent Very likely
700-759 Good Likely
621-699 Fair Somewhat likely
0-620 Poor Somewhat unlikely
None N/A Unlikely

Documentation

If you wish to take out a loan with RoundPoint, it is important to have the following documents ready and up to date:

  • Government-issued ID
  • Social Security number
  • Most recent two years of W-2 statements and tax returns
  • List of assets, such as bank accounts statements
  • List of debts, such as credit card statements
  • Proof of income, such as paystubs and employment history

Conclusion

Applying for a loan can often be a very complicated thing to do. However, RoundPoint has some features that make this whole process easier, in addition to having several different types of loans, which increase your chances and open up a wide range of possibilities.

At first glance, you have to search around on the website to find what you’re looking for. However, with patience and interest, you will gather the information you need to kick-start a loan that could change your life. Website interface aside, this is a solid lender to consider.

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