Introduction
RoundPoint Mortgage is a major mortgage lender in the United States that provides a variety of home loan products and services. The company is headquartered in Charlotte, North Carolina and has loan officers located across the country. RoundPoint offers conventional, FHA, VA, and USDA loans and specializes in jumbo mortgages.
In this article, we’ll provide an in-depth review of RoundPoint Mortgage based on customer experiences and industry expert opinions. We’ll cover RoundPoint's pros and cons, mortgage rates and fees, customer service, loan options, and more. Whether you're considering getting a mortgage with RoundPoint or just want to learn about their services, this comprehensive review has all the details you need.
About RoundPoint Mortgage
RoundPoint Mortgage is a subsidiary of Freedom Mortgage Corporation, one of the largest mortgage lenders in the U.S. RoundPoint operates as a separate mortgage division within the Freedom Mortgage family. The company was originally founded in 2007 under the name WorthPoint Corp before rebranding to RoundPoint in 2015.
RoundPoint provides a wide array of home loan products including conventional, FHA, VA, USDA, jumbo, and more. They have over 1,600 employees and mortgage loan officers in branches across 43 states. The company boasts that they can close loans in half the industry average time.
RoundPoint’s Pros
- Competitive interest rates and fees: RoundPoint offers some of the lowest mortgage rates available today. They have discount programs that can save borrowers money on closing costs. Their fees are also reasonable for the mortgage industry.
- Strong customer service: Many reviewers mention RoundPoint provides excellent customer service throughout the mortgage process. Borrowers have access to knowledgeable loan officers and support staff ready to answer questions.
- Fast closing times: RoundPoint has invested a lot of resources into streamlining the underwriting and approval process. The company says they can close purchase mortgages in just 18 days and refinances in 16 days—significantly faster than industry averages.
- Wide loan product selection: Borrowers can choose from nearly any type of mortgage with RoundPoint—from conventional to adjustable rate to jumbo and more. Their loan programs are competitive with other national lenders.
- Online tools and resources: RoundPoint offers online applications, mortgage calculators, and account management tools to simplify the loan process for tech-savvy borrowers. Customers can upload documents and track their application online.
RoundPoint’s Cons
- Requires large down payments on some loans: RoundPoint does offer low down payment conventional loans. However, borrowers with lower credit scores may need at least 10% down. Jumbo loans also require at least 15% down.
- Loan modifications can be difficult: Some borrowers say RoundPoint can be unwilling to modify or refinance existing RoundPoint mortgages that are underwater or facing default. The process is more difficult than with other lenders.
- Poor communication and coordination: A common complaint is that RoundPoint has communication issues during the loan process, especially when transferring between different loan officers and departments. This can lead to delays and confusion.
- Too reliant on technology: Having an online account is great, but some borrowers felt like RoundPoint emphasizes technology too much. It can be difficult reaching an actual person to get questions answered.
- Small lender struggles: As a non-bank mortgage lender, RoundPoint has fewer resources than mega lenders. This can occasionally lead to underwriting and processing delays.
RoundPoint Mortgage Rates
Interest rates are a major factor for any mortgage loan. RoundPoint offers competitive rates across a wide range of products. Here are some current rate estimates for top RoundPoint mortgage programs:
- Conventional 30-year fixed: 6.125% APR with 0.625 points
- FHA 30-year fixed: 5.875% APR with 0.125 points
- VA loan: 6.000% APR with 0.625 points
- Jumbo 15-year fixed: 5.750% APR with 0.375 points
Actual mortgage rates offered to individual borrowers will vary based on financial and credit qualifications, loan type, down payment amount, and more. RoundPoint allows borrowers to check rates fully online by completing a simple form with some basic details.
RoundPoint’s origination fees are in line with average fees charged by other top national lenders. First-time homebuyers and those with excellent credit may qualify for lender discounts to lower closing costs.
RoundPoint Mortgage Reviews From Borrowers
RoundPoint currently holds an A+ rating and accreditation from the Better Business Bureau, which is a good sign. The company has been nationally recognized for its outstanding customer experience and lending technology.
However, as with any major mortgage lender, borrower experiences can vary. Here are examples of both positive and negative RoundPoint mortgage reviews from actual customers:
Positive RoundPoint Mortgage Reviews
“My loan officer was very knowledgeable and helped me get an excellent rate. The entire process went smoothly with no surprises.” – Brian S., California
“RoundPoint made the mortgage process hassle-free. They had the lowest rates and fees compared to other lenders I got quotes from. I would recommend them.” – Sara K., Florida
“The online loan application was really easy to use. I was able to upload all my documents electronically. Funding was fast too—only 14 days to close!” – James R., Texas
Negative RoundPoint Mortgage Reviews
“Communication was poor throughout the approval process. I had to constantly contact my loan officer for status updates when things were delayed.” – Emma V., Ohio
“I didn’t like that I got handed off to different loan officers without explanation. It was confusing dealing with new people.” – David M., Pennsylvania
“The fees at closing were much higher than I was originally quoted. I felt misled about what the final costs would be.” – Elizabeth P., North Carolina
These reviews show that experiences can vary when taking out a mortgage with RoundPoint. While many borrowers are satisfied, others encounter poor communication, bait-and-switch lending tactics, and coordination issues—especially during busy times.
RoundPoint Mortgage Loan Options
RoundPoint offers an extensive menu of home loan programs to suit different needs:
- Conventional mortgages: Fixed-rate and adjustable-rate mortgages with flexible terms and low down payments for qualifying borrowers.
- FHA loans: FHA-backed mortgages that allow down payments as low as 3.5% with looser credit requirements.
- VA & USDA loans: Specialty mortgages for veterans and rural homebuyers backed by government agencies. $0 down payment options.
- Jumbo mortgages: Jumbo loans up to $3 million for high-cost luxury homes. Competitive interest rates and flexible repayment terms.
- Refinancing: Rate/term and cash-out mortgage refinances available for existing homeowners looking to save money or tap equity.
- Bad credit mortgages: Subprime programs for borrowers with past credit issues that provide better financing opportunities.
RoundPoint also offers specialty mortgage products like physician loans, renovation loans, and more. Home buyers have praised their wide selection of home financing options.
Is RoundPoint Mortgage Recommended?
RoundPoint Mortgage is a solid option for borrowers looking for a variety of loan products and competitive interest rates. First-time home buyers, in particular, may benefit from RoundPoint's loan programs and online resources. Their fast closing times are also a major plus.
However, borrowers with more complex financial situations or those looking to modify existing mortgages may have better luck working with other lenders. Communication and coordination issues have negatively impacted some customers’ experiences.
We recommend comparing quotes from RoundPoint alongside 2-3 other top national lenders to find the very best mortgage rates and fees. Be sure to get full transparency from all lenders on closing costs. While RoundPoint makes financing easy and affordable for many, proceed with caution and understand their risks.
