Lenox Financial Mortgage Corporation Review: Is it Right for You?

In the market for a new home? But you are unsure how to find a good mortgage banker?  If so, then, you might be interested in Lenox Financial Mortgage. However, before filling out an application form with Lenox Financial Mortgage, there are some essential factors that you need to keep in mind. 

In this Lenox Financial Mortgage Corporation review, we’ll cover some important aspects such as credit score requirements, loan options available, eligibility criteria and fees. So sit back and read on to ensure that you make an informed decision when choosing Lenox Financial Mortgage as your potential lender.

Lenox Mortgage offers a wide variety of loan products which include FHA loans, VA loans, USDA loans, conventional loans, adjustable loans, fixed rate loans and non QM loans.

To see if you qualify for a Lenox Financial Mortgage loan, simply fill out their online application. You’ll need to provide some basic information about yourself and your financial situation. They are based in Santa Ana, California and they have been in business since 1999, but they are considered a high fee mortgage lender. 

How Much Money Can You Borrow from Lenox Financial Mortgage Corporation

When it comes to borrowing money from Lenox Financial Mortgage, there are a few important factors to keep in mind. First and foremost, the amount of money you can borrow will be based on your credit score and financial history. If you have a good credit score and a strong financial history, you’ll likely be able to borrow more money than someone with a lower credit score or weaker financial history. 

Additionally, the interest rate on your loan will also play a role in how much money you can borrow. The higher the interest rate, the less money you’ll be able to borrow. Finally, Lenox Financial Mortgage does have a maximum loan limit of $500,000, so even if you qualify for a higher loan amount, that will be the maximum amount you can borrow.

Lenox Financial Mortgage Corporation Pros & Cons

As with any other mortgage company, Lenox Financial Mortgage also has its own pros and cons that should be considered. We will list them down below and are encouraging you to weigh them out before making a final decision. 

There are many benefits of working with this company, including its big variety of loan options. On top of that, they are a BBB-accredited business and have an A+ rating. They are a HUD accredited company which brings a lot to the table in the terms of being a reputable mortgage company. 

On the other hand, they are considered a high-fee lender and you will be met with origination fee and closing costs. We also saw that they had some problems with some of their clients, where the main issue was miscommunication between loan officers and clients. They also had a lot of complaints in regards to the customer service being very slow in giving back a response. 

Pros:

• HUD accredited 
• BBB accredited 
• NMLS accredited 
• Long time in business 
• Good loan options 

Cons:

• No interest rates disclosed 
• High fee lender 
• Many complaints 
• Not available in all states 

What is the Longest Loan Term You May Obtain from Lenox Financial Mortgage Corporation?

The longest loan term you can decide to obtain from Lenox Financial Mortgage Corporation is 30 years.

That’s quite a long time to make mortgage payments, but it also means that your monthly payments will be lower than with a shorter-term loan. Of course, you shouldn’t overlook the fact that you’ll pay more interest over the life of the loan, so take into consideration shorter-term options like 20, 15 or even 10-year terms.

By choosing them you will need to pay more on the monthly basis but this will ensure you’ll be out of this debt faster.

What Mortgage Rates Do Lenox Financial Mortgage Corporation Offer?

Lenox Financial Mortgage hasn’t disclosed their interest rates anywhere on their website. In order for you to actually get an estimate of how much your interest rate will be you will need to submit an application and then you will get a reply. 

This can present a major problem for potential clients since they will not be able to know what to expect until they officially apply.

With this said, we do recommend you find a mortgage banker that is fully transparent with you. Also, make sure to speak with your loan officer before signing the loan agreement.

What is the Estimated Funding Time?

This mortgage banker offers a variety of mortgage products, including FHA, VA, and conventional loans. And due to this, the funding time will differ depending on the loan type you are trying to take out.

What we found is that the estimated funding time for a loan through Lenox Financial  Mortgage Corporation is 10-15 days from the time your application is approved.

This is relatively fast compared to some other lenders, who can take up to 30 days or more to fund a loan.

Do They Charge Mortgage Origination Fees?

Origination fees are just one of many fees that you may be charged when you take out a mortgage. As for Lenox Financial Mortgage Corporation, they do charge these fees which can range from 0.5% to about 1% of your total loan amount.

These fees are paid by the borrower, but sometimes they are rolled into the loan itself. In either case, it is important to ask your lender about origination fees before you agree to a loan.

Other common fees include appraisal fees, title insurance, and closing costs. Lenox Financial Mortgage Corporation closing costs are from $ 1,000 to $5,000. Be sure to ask your lender about all of the fees associated with your loan so that you can be prepared for them.

Does Lenox Financial Mortgage Corporation Charge Prepayment Fees?

Lenox Financial Mortgage Corporation also charges prepayment fees. These are fees some lenders will add to your payments in case you decide to pay off your loan early.

While we cannot tell you the exact amount you will need to pay, as they are calculated based on the loan type you took out and the remaining payments you need to make, we can assure you the cost can be high.

Due to this, Lenox Financial Mortgage Corporation is considered to be a high-fee lender. Although they do not have as many fees when you decide to refinance your loan through them.

What Mortgage Programs Are Available?

There are a variety of mortgage programs available through Lenox Financial Mortgage Corporation. Some of the most popular programs include fixed-rate mortgages, adjustable-rate mortgages, and government-backed loans.

This variety of loan options helps the company meet the needs of all kinds of borrowers. Whether you’re a first-time homebuyer or an investor, they have a loan program that’s right for you.

Here is what their offer includes:

• Fixed-rate
• Adjustable-rate 
• USDA 
• VA 
• FHA 
• No-closing costs home loan 
• Non-qualifying mortgage 
• Refinancing loan

What Property Usage Types Does Lenox Financial Mortgage Corporation Allow?

By taking a loan from Lenox Financial Mortgage, you can finance: 

• Primary residence 
• Second home
• Vacation home
• Condo or townhouse
• Investment properties

So no matter what type of property you’re looking to purchase, this mortgage bank likely has a loan program that can fit your needs. You can also speak with your loan officer to find the most suitable mortgage for your needs.

How Do People Rate the Customer Service and User Experience?

While we were conducting thisLenox Financial Mortgage Company review, we came upon many customer ratings. And to be honest, they are not good. A lot of people are complaining about their customer service, saying they are very bad and not helpful at all.

On top of that, a lot of users also complained about the company changing the loan agreement and not notifying them about it. It’s safe to say that customer satisfaction is non-existent with this company. Their rating of only 3.2 shows that. 

In case you are interested in working with a reliable and reputable lender, feel free to reach us at any time. We are glad to help and assist you. 

Contacts of Lenox Financial Mortgage Corporation

In case you are interested in working with Lenox Financial Mortgage Company, we will provide you with the office location, phone number and email. 

Office location: 200 E. Sandpointe Avenue, 8th Floor Santa Ana, CA
Phone number: (888)395-3669
Fax: (949) 428-5101
Email:  [email protected]

Availability of Lenox Financial Mortgage Corporation

Lenox Financial Mortgage company is based in Santa Ana, California but they are licensed to do business in 42 states. Those states include the following:

• California 
• North Carolina 
• Texas
• New York
• Indiana
• Washington 
• Tennessee 
• Florida
• Utah

Lenox Financial Mortgage Corporation Summary

• Lenox Financial Mortgage Corporation is a mortgage lender based in Santa Ana, California.
• They offer a wide variety of both conventional and government-backed loans.
• Their overall online ratings are average and the company does have both the BBB and HUD accreditation.
• The company operates in 42 different states.
• They are considered a high fee lender as they do charge an origination fee and prepayment fee, but they are much more affordable as a refinancing option. 

FAQs About Loan Company

1.How to Contact Lenox Financial Mortgage Corporation?

You can contact Lenox Financial Mortgage Corporation on this phone number (888)395-3669 or on this email: [email protected]

2.What Services Does Lenox Financial Mortgage Corporation Offer?

Lenox Financial Mortgage Corporation offers a variety of mortgage programs to eligible borrowers across the US.

3.How Can I Obtain a Loan at Lenox Financial Mortgage Corporation?

You can obtain a loan through this lender by going into one of their offices and filling-out an application form.