Lenox Financial Mortgage Corporation Home Equity Loan Review
Lenox Financial Mortgage Corporation is a company that operates out of its base in Southern California and also does business in the space as WesLend Financial. The company has been in operation since 1999 and it is a direct lender. There is also a loan servicing department and wholesale lending division in place.
WesLend Financial currently has a license to provide mortgages in pretty much every state. It covers a wide range of different mortgage types, such as direct loans and the standard range of government loans like VA, USDA, and FHA. There is also the option to get a home equity loan. This particular review will be focusing on the cash-out refinancing offering that is available through Lenox Financial Mortgage Corporation and WesLend Financial.
|Mortgage Type||Cash-Out Refinancing|
|Amount||Up to 95% of the home value|
|Repayment Terms||Fixed (10, 15, 20, 25, 30 years) and Adjusted (5/1, 7/1, 10/1)|
|Minimum Credit Score||620+|
Lenox Home Equity Loan Pros
- Wide range of term lengths
- Can avoid paying closing costs
- Widely accessible option
- Competitive APR rates
Lenox Home Equity Loan Cons
- Only cash-out refinancing is available
If you are looking to get some money out of your existing mortgage, then you will be able to do so through Lenox Financial Mortgage Corporation. You can apply for cash-out refinancing directly through the website. Otherwise, you can get a quote from a loan officer after having a conversation over the phone.
If you decide to go down the online route, it is very fast and efficient. You will be asked simple questions about your property and current mortgage loan. This includes the type of property, the intended use of it, the state in which it is located, its estimated value, and how much you still owe on your mortgage loan.
Once you have completed this process, you will then be given a quote as to what sort of cash-out refinance arrangement you would be looking at if you proceeded. At this stage, there will just be a soft credit check. However, if you decide to proceed and submit an official application, there will be a hard credit check completed. Lenox Financial Mortgage Corporation aims to close loans in a little more than 30 days in general.
Terms & Requirements
Just like with any type of loan, there are going to be different terms and requirements associated with getting cash-out refinancing from Lenox Financial Mortgage Corporation. Here is a look at the main considerations to have when you are thinking about availing of some cash-out refinancing:
There are a few different requirements in place if you are looking to get a Lenox Financial Mortgage Corporation cash-out refinancing loan. You will need to be at least 18 years old and living in the United States. Some of the income-related information you’ll need to provide includes W-2s and tax returns for the past two years, pay stubs for the previous month, as well as asset information covering the past two months.
If you have a good enough credit score, you will not have to pay any closing fees. Usually, the closing fee on cash-out refinancing from different lenders can be 3%-6% of the total amount that you borrow.
The rates in place tend to be competitive and will vary depending on when you are looking at cash-out refinancing. They will be clearly displayed on the website. You can choose between fixed repayment terms of 10 years, 15 years, 20 years 25 years, and 30 years. The adjustable-rate mortgage options will be 5/1, 7/1, and 10/1.
Privacy & Security
Lenox Financial Mortgage Corporation has a solid reputation, having been in business since 1999. It previously held an A+ rating with the Better Business Bureau (BBB). However, it is no longer accredited. WesLend Financial does have a good range of reviews through Trustpilot.
In terms of privacy, the technology that is deployed on the Lenox Financial Mortgage Corporation website has been tried and tested to make sure that there are no breaches of security. Personal information is treated in a very safe and secure manner. This means that all data that you enter through the Lenox Financial Mortgage Corporation website will be done so in an encrypted and safe manner.
Lenox Financial Mortgage Corporation has a very good customer support team that can be reached by email or through the live chat feature on the website. You can also get in touch with a loan officer over the phone in order to discuss your options. They tend to be very knowledgeable and helpful when it comes to all types of loan options.
The cash-out refinancing option offered by Lenox Financial Mortgage Corporation and WesLend Financial is a solid option for people who are looking to make some money out of their homes. The APR rates are competitive, you have a good variety of terms lengths, as well as have the ability to often avoid pricy closing costs.
200 Sandpointe Ave floor 8, Santa Ana, CA 92707, USA