The listings featured on this site are from companies from which this site receives compensation.
BestMoney logo

Lenox Mortgage Review {year}

Reviews 459
Lenox
Lenox
Great
Reviews 459
Patrick Sather
Oct. 04, 2021
3 min read
Patrick Sather
Lenox Summary
Lenox Financial Mortgage Corporation is licensed to provide mortgage solutions in 39 states. Services include fixed-rate loans, ARMs, jumbo loans, FHA, VA, and USDA loans, and refinancing. If you are a first-time homebuyer, you can qualify for a 3% down payment. In addition, Lenox offers a no closing cost loan option in every state except Washington. Conventional loans require a minimum credit score of 620 and are capped at $548,250.

Pros

  • No closing cost loans
  • First-time homebuyers program
  • Chat and pre-qualify with a loan officer online

Cons

  • No closing cost loans unavailable in Washington
  • $548,250 limit on conventional loans

Lenox at a glance

8.4
Editorial score

Customer Service and Support

Chat directly with a loan officer
8.0

Variety of Loan Types

Purchase, refinance, jumbo, FHA, VA, USDA
8.0

Variety of Products

10-30 years; 5/1, 7/1, or 10/1 ARM
10.0

Online Experience

Rates are easily accessible
10.0

Geographical Availability

Available in 39 states
6.0

Overview

Since 1999, Lenox Financial Mortgage Corporation has provided mortgage services in 39 US states. It offers fixed-rate mortgages, ARMs, jumbo loans, VA, FHA, and USDA loans, and refinancing. In addition, you can apply for a no closing cost loan, but this option is not available in Washington. Although conventional loans require a 5% down payment, first-time homebuyers can qualify for a loan with a 3% down payment. The minimum credit score for most loans is 620. In addition, the upper limit for a conventional loan is $548,250.

Lenox does not provide services in:

  • Alaska
  • Delaware
  • Mississippi
  • Nebraska
  • Nevada
  • North Dakota
  • South Dakota
  • Vermont
  • West Virginia
  • Wisconsin
  • Wyoming

Suitable For?

A Lenox Financial Mortgage Corporation loan is suitable for first-time homebuyers who want to pay lower closing fees. While most conventional loans require a 5% down payment, Lenox allows first-time homebuyers to qualify for a 3% down payment. In addition, with its no closing cost loans, you can avoid paying any fees at closing, although the APR on your loan will be higher if you choose this option. 

Types of Loans/Products

Lenox offers fixed-rate mortgages, ARMs, FHA, VA, and USDA loans, jumbo loans, no closing cost loans, and refinancing. Fixed-rate loans come in 10, 15, 20, 25, and 30-year terms. Meanwhile, ARMs are available in 5/1, 7/1, and 10/1 terms. The APR for a 15-year fixed-rate loan starts at 2%, while the APR for a 30-year fixed-rate loan starts at 2.625%. 

Lenox Financial requires a minimum credit score of 620 for conventional loans and 700 for jumbo loans. Although most conventional loans require a 5% down payment (10% for jumbo loans), first-time homebuyers can qualify for a loan with a 3% down payment. In addition, Lenox’s no closing cost loan grants you the option to avoid paying closing costs in exchange for a higher interest rate.

  • Minimum credit score: 620 
  • Terms: 10, 15, 20, 25, and 30-year fixed
  • APR: 2% (15-year fixed), 2.625% (30-year fixed)
  • Minimum down payment: 5% (3% for first-time homebuyers)
  • No closing cost loans: Yes

The Application Process

Steps to apply for a loan through Lenox include:

  1. Pre-qualify online or over the phone
  2. Complete your application
  3. Choose from eligible loan options
  4. Submit supporting documentation
  5. Close on your loan

You may be required to submit the following documentation:

  • Your most recent month’s pay stubs
  • Tax returns and W-2s for the past 2 years
  • Bank statements, mutual fund holdings, and investment portfolios

The average loan through Lenox takes 30–60 days to complete, so make sure to submit your documentation on time to avoid delays.  

Repayment Terms

With Lenox Financial, fixed-rate loans are available in 10, 15, 20, 25, and 30-year terms. ARMs come in 5/1, 7/1, and 10/1 terms. The APR for a 15-year fixed-rate loan starts at 2%, while the APR for a 30-year fixed-rate loan starts at 2.625%. However, terms and rates vary, and the limit for conventional loans is $548,250. 

Help & Support

You can contact Lenox Financial via phone from 8 am–5 pm PT, Monday–Friday. Support is also available via email at loanservicing@lenoxhomeloans.com.

If you would like to see if you pre-qualify for a loan, you can chat with a loan officer through the chat feature on Lenox’s website. 

Summary

Lenox Financial Mortgage Corporation provides direct mortgage lending services in 39 US states. The available services include fixed-rate mortgages, ARMs, jumbo loans, FHA, VA, and USDA loans, and refinancing. With Lenox, first-time homebuyers can qualify for a 3% down payment instead of the traditional 5% on conventional loans. In addition, Lenox offers a no closing cost loan option, which removes closing fees in exchange for a higher APR. The minimum credit score for a conventional loan is 620. The upper limit on conventional loans is $548,250, and rates on 15-year fixed loans start at 2%, while 30-year fixed rates start at 2.625%.

FAQs

How much money do I need to buy a house?

Conventional financing requires a 5% down payment, but first-time homebuyers may qualify for a 3% down payment. In addition, certain options have special requirements, such as FHA loans which require a 3.5% down payment.

Is home loan assistance available?

Yes, if you are struggling to pay your mortgage, you can apply for home loan assistance over the phone or in writing.  

What happens at loan closing?

At loan closing, you will sign all the required documents in the presence of a notary and pay any remaining closing fees via check or wire. 

How long does it take to buy a home?

Most Lenox Financial loans take between 30 and 60 days to close.

Physical Address 

200 Sandpointe Ave, Santa Ana, CA 92707

Methodology

Information for this review came from Lenox Financial Mortgage Corporation’s website, online reviews, and conversations with loan officers. 


Patrick Sather
Written by
Patrick Sather
Patrick Sather is an award-winning personal finance writer and licensed broker who has worked for some of the largest financial firms in the United States, including TD Ameritrade and Pacific Life. A graduate of the University of Nebraska in both Economics and International Trade and English, his articles on life's most common financial decisions and quandaries are straightforward, practical, and always easy to understand.

Must Reads

Is A 15-Year Mortgage Right for You?
Mar. 04, 2024
How to Choose a Mortgage Lender for a First-Time Home Buyer
Mar. 04, 2024
Read all articles
Trustpilot reviews
See what some customers are saying about Lenox
Great • Reviews 459
on
Excellent
77%
Great
8%
Average
3%
Poor
2%
Bad
9%
We upload 100 to 400 Trustpilot reviews to our website daily, displaying them by default from "best" to "worst". You have the option to adjust the sorting criteria. If you wish to see all reviews, you can visit Trustpilot's website here.
Sort by
SP
Scott Parker
1 year ago
Lenox with Joseph Medina
Joseph, and others we worked with were very helpful and considerate. They assisted with all of our many questions!
SR
S Robinson
2 years ago
Good Experience with WesLend
This is our first refi experience with WesLend Financial, and we are pleased with all aspects. We obtained the interest rate initially discussed, and had a choice of conventional and VA loans. Michael and Van provided constant updates and were both informative and pleasant. I'm no expert on the loan industry, but did a basic level of research beforehand.
SH
Steve Helgeson
2 years ago
Van Ngyuen and Kiley Shank are two of…
Van Ngyuen and Kiley Shank are two of the nicest most efficient and honest people I’ve ever dealt with. They know their jobs inside and out and are quick to answer any concerns that I may have had. And even though my loan has closed they still take the time to help me with any questions I may have. They don’t forget their customers!
SD
SDHob
3 years ago
Good experience
Our experience with Lenox/WesLend was a positive one. Both Kiley Shank and Van Nguyen were communicative and helpful throughout the entire process. It was also a pretty quick turn around which we appreciated.
SA
Stacy Auka
3 years ago
This was my first time refinancing my…
This was my first time refinancing my mortgage and Joseph Medina and Van Nguyen with Weslend Financial were extremely helpful, very professional and answered all of my questions. I was very impressed with their knowledge and services, they answered my emails right away or they called me to make sure that I received the information requested. The whole process took about 41/2 weeks from start to finish! I would highly recommend them to anyone who would like to refinance their mortgage!
1
2
3
...
20