Finance of America Mortgage Review

Finance of America

Finance of America is a great choice if you're looking for multiple mortgage options.

Customer Satisfaction
3.6 / 5.0
Finance of America
  • Perks
  • Credit Check
  • Customer Satisfaction
  • Product Variety
  • Fees
Full review

Our Two Cents — Finance of America offers multiple mortgage options to meet your needs but doesn't offer details on rates, fees or term lengths.

Finance of America at a glance

Lender Loan Amount 30-Year Fixed Rate Products Key Benefit
Finance of America Not listed* Not listed* FHA/VA/USDA Loans

  • Jumbo
  • ARM’s
  • Multiple mortgage options for borrowers

    What we like about it

    Finance of America offers multiple mortgage options to help clients find their best fit. For example, the company offers FHA loans backed by the Federal Housing Administration and can help you secure a mortgage even if your credit score isn’t great. Other options include reverse mortgages and jumbo loans.

    Reverse mortgages are available to borrowers 62 and over, and these mortgages leverage the equity in your existing home to help you pay for a new home, conduct repairs on your existing property or enjoy retirement. Jumbo loans, meanwhile, are for borrowers who need larger loan amounts up to a maximum of $4 million.

    When it comes to customer service, Finance of America reviews make it clear that this lender is above-average. Along with positive reviews for the company’s mortgage application process and advisor knowledge, Finance of America ratings are A+ with the Better Business Bureau (BBB) and a score of 4.93 out of 5 across more than 30,000 Social Survey reviews.

    Things to consider

    If you’re looking for clear data around Finance of America home mortgage rates, fees and APR, you won’t find it on the Finance of America website. While the lender offers a host of FAQs and blog posts about mortgage options, term lengths and rates, it doesn’t include specific details. All applications are handled in-person by advisors in different states, making it difficult to compare Finance of America to other lenders on the market and ensure you’re getting the best mortgage rates available.

    It’s also worth noting the company doesn’t have an online account portal or mobile application, meaning buyers will have to rely on more traditional methods of mortgage account management — and speak directly to their advisor if they need to make specific loan adjustments.

    What you need to know

    If you’re looking for a mortgage, the Finance of America website can help you get started with mortgage, refinancing and affordability calculators. You can also easily locate an advisor in your area, and if you choose to contact the company online, it will answer your inquiry within one business day. Worth noting? There is no online application process for Finance of America mortgages. While you can start the qualification process online, you’ll need to meet with a loan advisor in person to complete your application.

    To apply for a Finance of America mortgage, start with the company’s pre-qualification process. If you qualify, you’ll need to set a meeting with a mortgage adviser in-person to assess your current financial situation, available downpayment and total debt ratio.

    Collateral and criteria

    Finance of America doesn’t post information about required credit scores, collateral or fees. This makes it difficult to predict exactly what the company will approve and what it won’t. This also makes it a challenge to compare its rates and terms online. While some of its loan solutions — such as Jumbo mortgages and USDA loans — include specific location or financing requirements, the company is short on details when it comes to collateral and criteria.

    Finance of America vs. SunTrust Bank

    Much like Finance of America, SunTrust also offers a variety of mortgage options for qualified lenders including 30-year and 15-year fixed, 5-, 7- and 10-year ARMs and jumbo loans. Unlike Finance of America mortgage options, however, SunTrust is more up-front about its rates: The company offers a low rate of 2.875% on a 30-year fixed loan when you have a down payment of 20%.

    Given the abundance of details available directly from SunTrust, it’s often a better choice than Finance of America for homebuyers.

    Finance of America vs. Rocket Loans by Quicken

    Rocket Loans by Quicken offer a best possible rate of 4.56% and a minimum down payment of 3%, plus a host of mortgage options including refinance loans, jumbo loans, VA loans, FHA loans and USDA loans. The company also excels in customer service, earning 4/5 stars on the JD Power 2019 U.S. Primary Mortgage Server Satisfaction Study.

    Applying for a Rocket mortgage can happen entirely online. While you can speak with lenders directly, Rocket Loans by Quicken make it easy to complete the application, approval and funding processes virtually.

    If you’re looking for great mortgage options that also require an in-person connection, consider Finance of America. If you prefer more upfront details and the ability to easily apply online, try Rocket Loans by Quicken.

    Too long, didn’t read?

    While Finance of America doesn’t clinch a spot as one of the best mortgage lenders in 2020, this lender does offer some advantages for new borrowers. With multiple mortgage options to choose from and above-average customer support, Finance of America is a great fit if selection and service are your priorities. If you’re looking for detailed information around rates, fees and terms, however, other lenders may be your best choice.

    Keep reading


    The SimpleScore is our proprietary scoring metric to compare products and services at The Simple Dollar in a transparent, evidence-based way. Our editorial team identifies five quantifiable aspects to compare for every brand, determines the rating criteria for each aspect score, then averages the five aspect scores to produce a single SimpleScore. For mortgages, we compared perks, credit check process, product variety, customer satisfaction and fees for every major lender. Our ratings are meant to be a directional tool to help you in the process of choosing a mortgage loan provider. Be sure to continue your research and shop around for the best mortgage that fits your specific needs.

    We welcome your feedback on this article and would love to hear about your experience with the mortgage loans we recommend. Contact us at with comments or questions.

    An award-winning finance, technology and security writer, Doug has a knack for distilling complex concepts down into actionable, readable copy that generates interest and drives engagement.

    Reviewed by

    • Andrea Perez
      Andrea Perez
      Personal Finance Editor

      Andrea Perez is an editor at The Simple Dollar specializing in personal finance. Prior to that she specialized in digital marketing content for online learning websites. She holds a master’s degree in journalism and media studies from the University of South Florida.