Lenda Mortgage Review 2019
The Smart Investor reviews are unbiased, and reflect the views of our editorial staff. We’ve collected the information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.
Lenda – About The Lender
Lenda began their journey in the summer of 2014 and since then, they have processed $60 million in just 3 of the states they offer their business to. Lenda is an onlineonly company with 16 employees based out of San Francisco, California. All transactions are done via their website, telephone or email. They do business in 12 states but are currently working to be licensed in all others.
Lenda has been said to be one of the best new online mortgage lenders of 2018. Their online services offer everything from learning about what a mortgage is, the types of mortgages best fit for your situation, to creating your own account either to look at the status of your current loan, upload documents, and keep in touch with your loan officer during the process of your loan. Lenda makes your home purchase and refinancing sufficient, fast, and convenient for the borrowers at all cost.
- Phenomenal Customer Service
- Government loan programs
- Turn times which is normally 30 days or less
- Reasonable interest rates
- Availanle only in 12 states
- Does not offer adjustable rate mortgages
- Does not offer Home Equity Lines of Credit (HELOCs) or second mortgages
Lenda Mortgage Products, Fees, and Conditions
Lenda offers 10, 15, 20, 25 and 30 year fixed loan programs ranging from Conventional, FHA, VA, and USDA. You can either use these programs for a new home purchase or a rate and term refinance, which is a refinance of your current mortgage to either better your rate or your terms without getting cash back, or you can apply for a cash-out refinance, which can also better your rate and/or terms but you can also consolidate your debts to be paid at closing or get cash back at the closing table depending on how much equity is in your home.
Lenda, like some mortgage companies, offers a refinance option called a HARP loan. A HARP loan is better used for a borrower that has little to no equity in their home and needs to better their loan terms, rate, or to remove mortgage insurance. This product also helps borrowers that don’t have the best credit scores.
Lenda Mortgage Process – How To Get a Loan
After completing your loan application online, you will be contacted within 1 business day by a mortgage loan advisor. At that point credit will be pulled and they will discuss your options. Once you have a loan program and rate selected, you will need to provide them with income and asset documentation. Depending on your employment or asset situation, you may be required to provide additional documents.
Lenda does request full federal tax transcripts from the IRS to make sure there are no other obligations you have to pay for. You will not have to pay any fees up front other than the $500 appraisal fee. There are no other fees included in the loan or outside of the loan. You are fortunate to be able to go online and get an estimated fee sheet that will reflect all closing costs.
After that, the closing table is the next step. Lenda will schedule the closing with the borrower, realtors, and the title company. Even if the borrower is in another state than where the property is located, Lenda will schedule for a mobile notary to come to the borrower to sign documents.
Lenda’s average loan from start to finish is within 30 days but if deadlines are an issue, they will make sure that closing date is met earlier.
Should You Consider Lenda Mortgage?
Lenda mainly focus’ on refinances and benefiting the borrower with a better interest rate, loan term, or consolidating debt. The average credit score they work with is 695 but they are more than happy to help you out with advice on what you will need to do to increase that.
If you currently have a terrible mortgage you are in, Lenda would be a great option to refinance. They are able to work with your credit, if needed, they have loan options if you don’t have equity in your property, their rates are better than most mortgage companies, they have no lender fees, and their customer service is out of this world. If you want a smooth process, wonderful people to work with, and want to have everything told to you upfront, Lenda is the mortgage company you want.