WesLend Financial
Is This Your Business?5.0
7.1
Overall Score
Author: Kaitlyn Short
Lenox Financial Mortgage Corporation DBA ("doing business as") WesLend Financial (Lenox/WesLend) provides simple mortgage solutions to borrowers across the country, specializing in fixed-rate loans, adjustable-rate mortgages (ARM), FHA loans, VA loans, and USDA loans. In addition, the company offers "no closing cost loans".
Lenox Financial Mortgage Corporation DBA WesLend Financial provides mortgage services to 32 states.
Lenox Financial Mortgage Corporation is more widely known under the WesLend Financial name because it does business under that name in in a wide range of states. Lenox Financial Mortgage Corporation (not doing business as WesLend) only offers home loan products in seven states: Louisiana, Minnesota, Missouri, New York, South Carolina, Tennessee, and Virginia.
Top Ranked Companies
The Good
- Increased State Coverage
- Variety of Loan Types
- Low Mortgage Rates
- No Closing Cost Home Loans
- Home Loan Assistance Available
- Helpful Mortgage Calculators
Increased State Coverage
Lenox Financial Mortgage Corporation DBA WesLend Financial is licensed to lend in 32 states, an increase of 25 states covered by Lenox Financial itself.
Variety of Loan Types
WesLend Financial offers a variety of loan options:
- Fixed-rate loan
- Adjustable-rate mortgage loan (ARM)
- FHA Loan
- VA Loan
- USDA Loan
- Jumbo Loan
To choose which loan type will best fit your needs, a WesLend mortgage professional will work with you and your finances.
Low Mortgage Rates
WesLend provides updated rates on its website. Mortgage rates change frequently, if not daily, based on the market. But, WesLend consistently offers lower rates than you might see with other online mortgage lenders.
However, WesLend’s lowest advertised rate will typically 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. The lowest rate can’t be guaranteed.
No Closing Cost Home Loans
WesLend offers a "no closing cost home loan" option, allowing you to skip the closing costs on your mortgage — a unique practice in the mortgage industry. However, the no closing cost options are not available in Washington.
Approval for this loan product is not guaranteed. To determine whether or not 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 website.
Home Loan Assistance Available
If your financial circumstances change during the life of your loan, you can assess different home loan assistance options with a WesLend representative. Certain information and documentation is required, and it is your responsibility to contact the company if you foresee or experience any changes in your ability to make your monthly payment.
Helpful Mortgage Calculators
WesLend provides three helpful mortgage calculators to assist you in preparing for your home purchase or refinance:
- Home affordability calculator
- Mortgage qualification calculator
- Mortgage payment calculator
The Bad
- Higher Minimum Down Payment for Conventional Loans
Higher Minimum Down Payment for Conventional Loans
For its conventional loan products, WesLend requires a five percent down payment. Many other lenders require a three percent minimum down payment.
However, WesLend does have three percent down payment options for eligible first-time homebuyers.
The Bottom Line
WesLend Financial, an affiliate of Lenox Financial Mortgage Corporation, services a wide range of states across the nation and offers traditional loan types with competitively low mortgage rates.
One benefit of borrowing from WesLend for your mortgage needs is the company’s “no closing cost home loan” product that could save qualifying borrowers hundreds of dollars at the close of their mortgage.
WesLend reviews are currently limited, but all reviews award the company 5 stars. Common praise for the company includes the following:
- A straightforward and fast mortgage process
- Excellent customer service, often mentioning specific loan officers by name
- Lower rates than competitors
More than anything, WesLend customers are quick to praise the company's personlization and communication throughout the mortgage process — customer questions and concerns are addressed quickly, and company representatives ensure that customers are informed throughout every aspect of the process.
