Lenox Financial Mortgage Corporation (also known as WesLend Financial) is a direct mortgage lender serving borrowers in 39 states. Lenox underwrites a range of conventional and non-conventional mortgage products. It is best known for offering low down payment and no closing cost options for borrowers buying a primary residence.
To get an initial quote without a hard credit pull, fill out the “hassle-free quote” form on the Lenox website and wait for a Lenox agent to call you back or call Lenox directly to speak with a loan agent.
To get pre-approved, begin by creating an account on the Lenox Financial website. This account will enable you to save your application and return at any time, submit any supporting documentation, check the status of your loan application, and securely communicate with your loan officer.
It should take you 20-30 minutes to complete a full application, and your progress will be saved as you complete each step. You will need to provide these items as part of the process:
- Current and Previous Addresses (2 years)
- Property Information (if applicable)
- Current and Previous Employment Information and dates including monthly salary
- Bank Account Statements
- Current monthly housing expenses such as rent and mortgage payments
- Address and Market Value information for properties you own, including taxes & insurance
- Sources and Income Amounts for all Borrowers. If a W-2 employee, pay stubs for the last 30 days
- If working with a real estate agent, their name, company and phone number
Pros
Low down payment options
No closing cost options
20+ years in the mortgage business
Cons
Not licensed in 11 states
No jumbo loans
Lenox stands out for its low down payment and no closing options. It offers first home buyers the option of purchasing a home with as little as a 3% down payment, and all other borrowers the option of purchasing with a 5% down payment. It also offers a range of closing cost options, including wrapping your entire closing costs into your monthly payments so as to avoid paying anything upfront.
There are a couple of limitations to Lenox’s service. Firstly, Lenox is available in only 39 states. It isn’t licensed in Alaska, Delaware, Mississippi, North Dakota, Nebraska, Nevada, South Dakota, Vermont, West Virginia, Wisconsin, or Wyoming. Also, it doesn’t offer jumbo loans, meaning borrowers are limited to loan amounts of up to $548,250 in most areas.
Lenox Financial offers a wide range of conventional and government-backed loans for the purpose of purchasing or refinancing.
Products include:
- Conventional loans – with low down payment options of 3% for first-time buyers and 5% for all other buyers
- FHA loans – targeted at borrowers with poor credit, with down payments as low as 3.5
- VA loans – for qualified military borrowers, with zero down payment
- USDA loans – for low-income borrowers in rural or suburban areas
As we discussed earlier, Lenox offers plenty of flexibility, including low down payments and no closing options.
Highlights of a Lenox Financial loan include:
- No closing costs – Rather than make you pay your closing costs upfront, Lenox allows you to spread the costs over the life of your loan. (N.B. This option is not available in Washington state)
- Mostly digital process – The application process combines assistance from a dedicated Lenox agent with the option of uploading all your documentation and tracking your status through Lenox’s online platform.
- Dedicated loan agents – Lenox has 20+ loan agents working out of company headquarters in California, and a handful of agents at additional branches throughout the country.
Lenox Financial’s starting rates (as of September 2021) are 2.125% APR for a 15-year fixed-rate loan and 2.875% for a 30-year fixed-rate loan, both of which can be considered competitive but not world-beating.
Loan terms are 10, 15, 20, 25, or 30 years for a fixed-rate mortgage, with 5/1, 7/1, and 10/1 options for adjustable rate mortgages.
Lenox has an A+ rating from the Better Business Bureau and a 4.4/5 rating on Trustpilot, which is better than average for a mortgage lender.
To speak with a loan agent, use the loan agent search tool on the Lenox website or call Lenox directly at 888.395.3669.
Lenox Financial Mortgage Corporation is headquartered at 200 E. Sandpointe, Santa Ana, CA 92707.
Lenox Financial has built a reputation among medium-sized lenders for its low down payment and no closing cost options. With down payments as low as 3% for first-time buyers taking a conventional loan, Lenox is worth consideration for anyone jumping into the housing market for the first time.