Lenox Financial Mortgage Corporation dba WesLend Financial, known as Lenox/WesLend, was founded in 1999 and has since become a trusted provider of mortgage services. The company’s expertise and dependable service has allowed it to thrive in a market with many ups and downs. Lenox/WesLend offers low rates and no closing cost options to customers, but it is the company’s commitment to effective communication and customer service that sets it apart from the competition. Lenox/WesLend is dedicated to helping customers achieve their financial goals.
Lenox Mortgages Terms & Requirements
Lenox/WesLend offers a range of mortgage options, including fixed-rate loans, adjustable-rate mortgages (ARMs), FHA loans, VA loans, and USDA loans. The company also offers no-closing-cost loans. Lenox/WesLend is licensed to provide mortgages in most states and has a reputation for providing simple and straightforward mortgage solutions to borrowers. The company’s terms and requirements align with the market standard and provide competitive rates and repayment options.
- Typically a credit score of 620+
- Pay stubs for the last month
- A down payment of at least 5% of the home’s purchase price or as little as 3% for some loan products
- Proof of income, assets, and liabilities
- Private mortgage insurance if the down payment is less than 20% of the home’s value.
They may have specific requirements for their loan products, such as only offering loans to borrowers who meet certain criteria (e.g., first-time homebuyers, veterans, etc.) or only offering loans for certain types of properties (e.g., single-family homes, condominiums, etc.). It is important to carefully review the requirements for each loan product to determine if you meet the eligibility criteria.
The information that may be required includes:
- Name and contact information (phone number, email, address)
- Proof of identity (driver’s license, passport, or other government-issued ID)
- Social security number
- Credit score
- Proof of income (pay stubs for the past month, tax returns and W-2s for the past two years)
- Statements for assets such as bank accounts, mutual funds, and stocks for the past two months.
- Desired loan amount and type of mortgage
- Information about purchased or refinanced property (address, value, etc.)
Application Steps & Time Frames
After the initial request and the prequalification process, the steps to complete the mortgage or refinancing process with Lenox/WesLend are as follows:
- Complete a full loan application and provide additional information and documents as requested by Lenox/WesLend.
- Review and sign the loan documents, including the loan estimate and closing disclosure.
- At the time of closing, sign the final documents to complete the transaction.
The initial prequalification process and completion of the full loan application can typically be done within a few days. The time it takes to receive funding will depend on the specific loan program and the borrower’s circumstances, but Lenox/WesLend averages just above 30 days in funding time. The complexity of the process may vary depending on the type of loan and the borrower’s situation. Still, Lenox/WesLend’s team of experienced loan officers is dedicated to providing personalized guidance and support to make the process as simple and stress-free as possible.
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