Lenox Financial Mortgage Corporation
Is This Your Business?Author: Kaitlyn Short
Founded in 1999, Lenox Financial Mortgage Corporation dba (“doing business as”) WesLend Financial (Lenox/WesLend)has two decades of experience in providing simple mortgage loan solutions.
Lenox Financial offers fixed rate loans, adjustable rate mortgage (ARM) loans, FHA loans, VA loans, USDA loans, and jumbo loans. In addition, the company offers "no closing cost loans."
Offering both home purchase and home refinance options for a wide range of borrowers, Lenox Financial seeks to establish connections and communication with each customer to help them find the best mortgage solutions.
Attention: Lenox Financial Mortgage Corporation is most widely known under the WesLend Financial name.
Lenox Financial Mortgage Corporation does business as WesLend Financial in 32 states, while Lenox Financial itself only serves seven states.
Top Ranked Companies
The Good
- Variety of Loan Types
- Low Mortgage Rates
- No Closing Cost Home Loans
- Home Loan Assistance Available
- Helpful Mortgage Calculators
Variety of Loan Types
Lenox Financial offers conventional loans, as well as government-backed loans, providing borrowers with a variety of loan options:
- Fixed Rate Loan
- Adjustable Rate Mortgage (ARM) Loan
- FHA Loan
- VA Loan
- USDA Loan
- Jumbo Loan
A Lenox Financial mortgage professional will work with you to choose the best loan type based on your needs and finances.
Low Mortgage Rates
Although mortgage rates change daily based on the market, Lenox Financial consistently offers rates that are much lower than you might see with a larger online mortgage lender, such as Quicken Loans.
*Current rates on 11/24/2021. Rates are subject to change.
It is important to note that the interest rate you will qualify for depends upon various financial factors, such as your credit score and debt-to-income ratio (DTI). In most cases, the lowest advertised rates will only be available to those with excellent credit, a strong credit history, and the ability to pay at least 20 percent down on their loan.
No Closing Cost Home Loans
To simplify the mortgage process further, Lenox Financial has a "no closing cost home loan" option, allowing you to skip the closing costs on your mortgage — a unique practice in the mortgage industry.
To determine whether you are eligible for this loan product, you will need to get a quote which can be completed quickly on either the Lenox Financial Mortgage Corporation or WesLend Financial websites.
Approval for this home loan product is not guaranteed, and no closing costs options are not available in Washington.
Home Loan Assistance Available
Lenox Financial understands that your financial circumstances may change over time, affecting your ability to make your monthly payment. For this reason, the company offers various home loan assistance options.
If you foresee that your financial circumstances will change in the future, or they’ve changed suddenly, you must call Lenox Financial and submit required forms and documentation to qualify for an option to avoid foreclosure.
After calling and speaking with a company representative, you can email or mail your forms and documents to Lenox Financial. Once received, appropriate relief options will be discussed and approved.
Helpful Mortgage Calculators
Lenox Financial provides three calculators to help you plan out your mortgage expenses and prepare for your home purchase or refinance:
- What Home Can I Afford Calculator
- What Would You Qualify For Calculator
- Your Mortgage Payment Calculator
The Bad
- Services Not Available Nationwide
- Higher Minimum Down Payment for Conventional Loans
Services Not Available Nationwide
While Lenox Financial is licensed under its name in only seven states:
- Louisiana
- Minnesota
- Missouri
- New York
- South Carolina
- Tennessee
- Virginia
If you don't reside in any of the states listed above you will need to look into other mortgage lender options. However, Lenox Financial dba WesLend Financial is licensed in 32 states.
Higher Minimum Down Payment for Conventional Loans
For its conventional loan products (e.g., a fixed rate loan), Lenox Financial requires a 5 percent minimum down payment. This is higher than many other lenders, particularly large online mortgage companies, which typically require a 3 percent minimum down payment on a conventional mortgage loan.
However, first-time homebuyers may qualify for a 3 percent down payment with Lenox Financial.
The Bottom Line
If you are looking to secure a low mortgage rate and reduce your costs, Lenox Financial could be a good option for you. The company offers a variety of mortgage loan options, as well as a unique “no closing cost home loan” option that could save you hundreds of dollars at the close of the mortgage process. However, approval for the no closing cost option is not guaranteed and no clear eligibility requirements disclosed, if any.
Lenox Financial prides itself on its excellent customer service and boasts reliability and personalized communication throughout the entire mortgage loan process. Thus, if you live in any of the 40 states that it is licensed to lend in, you may rest easy knowing that your mortgage is in good hands.
There are currently no Lenox Financial reviews, and so it is difficult to draw conclusions on the quality of customer service and overall company customer satisfaction.
