Lenox Mortgage Review

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.