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Lenox Review

Andrew Omalley Andrew Omalley Last update:
NMLS#
3304
Min Credit Score
620
Repayment Terms
10-30 Years

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)
APR 3.5%-4.1%
Minimum Credit Score 620+
Lender Type Direct

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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

Application Process

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:

Requirements

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.

Terms

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.

Repayment Terms

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.

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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.

Customer Support

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.

Final Thoughts

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.

Address

200 Sandpointe Ave floor 8, Santa Ana, CA 92707, USA

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Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Andrew Omalley Andrew Omalley
Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.
This review is based on the writer's personal opinion.