WesLend Financial is a DBA of Lenox Financial Mortgage Corporation. It offers fixed-rate mortgages, ARMs, jumbo loans, VA, FHA, and USDA loans, and refinancing. Except for in Washington state, WesLend also features a no closing cost loan option, which saves you money on fees in exchange for a higher APR. Conventional loans require a minimum credit score of 620 and a 5% down payment, but first-time homebuyers are eligible for loans with a 3% down payment. However, the limit on conventional loans is $548,250.
WesLend mortgage services are not available in:
A mortgage from WesLend Financial is suitable for first-time homebuyers who want to avoid paying closing costs. First-time homebuyers can qualify for a 3% down payment, which provides more flexibility than the traditional 5% down. In addition, you can avoid paying higher fees with a no closing cost loan, but expect to pay a higher interest rate for this privilege.
WesLend offers fixed-rate mortgages, ARMs, FHA loans, VA loans, USDA loans, jumbo loans, no closing cost loans, and refinancing. For fixed-rate loans, 10, 15, 20, 25, and 30-year terms are available, while ARMs come in terms of 5/1, 7/1, and 10/1. APR for a 15-year fixed-rate loan starts at 2%, while APR for a 30-year fixed-rate loan starts at 2.625%.
The minimum credit score for conventional loans is 620, while jumbo loans require a minimum score of 700. In addition, most conventional loans require a 5% down payment, while jumbo loans stipulate a 10% down payment. However, first-time homebuyers are eligible to qualify for a loan with 3% down.
Steps to apply for a loan include:
Required application documents include:
In addition to these documents, an underwriter may require additional information to process your application. On average, it takes between 30 and 60 days to complete a home purchase.
WesLend Financial offers 10, 15, 20, 25, and 30-year fixed-rate terms. Meanwhile, ARMs come in 5/1, 7/1, and 10/1 terms. For a 15-year fixed-rate loan, APR starts at 2%, while APR for a 30-year fixed-rate loan starts at 2.625%. Terms and rates vary depending on eligibility, and the limit for conventional loans is $548,250.
Support is available over the phone from 8 am–5 pm PT, Monday–Friday. If you need help servicing your loan, you can also reach out via email at loanservicing@lenoxhomeloans.com.
In addition, WesLend’s website features a chat function where you can get answers to general questions and chat directly with a loan officer.
WesLend Financial is a direct mortgage lender licensed in 39 states. It provides fixed-rate mortgages, ARMs, jumbo loans, FHA, VA, and USDA loans, and refinancing. With WesLend, the minimum credit score for a conventional loan is 620, and down payments start at 5%. However, first-time homebuyers may be eligible to make a reduced 3% down payment. In addition, WesLend features a no closing cost loan option which saves you money on fees in exchange for a higher APR. You can pre-qualify online or over the phone with a loan officer and lock in rates as low as 2% for a 15-year fixed-rate loan or 2.625% for a 30-year fixed-rate loan.
Your loan officer will ask you questions about your debt, income, and assets to help you determine how much you can afford for a home loan.
Pre-qualification is an informal process that allows you to see how much you can afford for a home loan. Meanwhile, pre-approval is a more formal process that includes the lender documenting your income and credit to help speed up your loan application.
No, but WesLend strongly encourages you to get a home inspection before purchasing a property to see if any structural issues will need to be addressed in the future.
On average, it takes 30–60 days to close on a home loan.
200 Sandpointe Ave, Santa Ana, CA 92707
This review was created based on information from WesLend Financial’s website, third-party reviews, and conversations with loan officers.
