I’m sure a good sum of you are already quite familiar with Lenda Mortgage and their Mortgage Made Easy platform. The tech-savvy online lender aims to get rid of onerous loan documents and overly price fees with loan approvals ranging in a matter of hours. With the utmost transparency an online lender can offer, Lenda Mortgage plans to make your mortgage experience memorable. Whether it be a new home purchase or refinancing, Lenda’s got you covered.
For starters, Lenda Mortgage offers a refreshing modernized touch with their online platform. When reviewing online lenders, I have a heavy criteria when it comes to their online page because, simply, it tells a lot about the services you’re going to get. Being that Lenda is a centralized tech-savvy online lender, they have further leeway into customer satisfaction with visibly competitive lower rates, lesser fees, and faster turnaround times. There’s definitely a lot of room for opportunities appealing to a millennial demographics.
Lenda Mortgage Summary:
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- Account Type: Conventional, jumbo, FHA, VA, USDA and ARM loans
- Availability: Nationwide
- Expiration Date: None
- Additional Advise: Have the necessary documents and validation information ready to make your process as smooth as possible.
- Closing Loan: Standard lock period is less than 30 days
Lenda Mortgage Features:
- Fast Turn-around time – Technology that evaluates your loan application quickly, and identifies any key missing items on day one, so we can get your loan funded hassle free.
- Concierge Service – Lenda provides a personalized experience and a dedicated Home Loan Advisor to work with you from the initial conversation to the last. We will be with you every step of the way.
- Convenient – Start your application online and move at your own pace with 24/7 access. Our online rate quote experience helps you price out the scenario that will work the best for your financial situation.
- Transparency & Fairness – They will keep you informed during each stage of the process so you never feel ‘out of the loop.’
- Low-cost – Their digital loan officer model enables them to save on costs tied to the traditional loan officer model, and pass the savings on to you.
- Paperless process – Gone are the days of providing hard copies of your loan documents. Their paperless process helps expedite your application and we save trees in the process.
Lenda Mortgage Basic Requirements:
Below are examples of supporting documents which may be included in a loan file:
- Pay Stubs covering the customer’s most recent two pay periods for each applicant.
- W-2 Forms for the previous two years.
- Two most recent years’ federal tax returns (e.g. for a loan in 2015, the customer need to submit the customer’s 2014 and 2013 federal tax returns). All the pages and all schedules.
- If the customer is self-employed, the two most recent years’ business tax returns are also needed.
- For self–employed or investment income, the two most recent years’ 1099’s and K-1 forms are also needed
- For self–employed business income,year-to-date profit and loss statement and balance sheet.
- For retired customers, copy of Social Security and/or Pension “award letters” detailing the amount of retirement income.
- Two most recent months’ bank statements. All of the pages.
- Homeowner’s Insurance statement(s) for all properties owned showing the customer’s coverage and the annual premium.
- Mortgage statements for all properties owned that have liens.
- Copy of driver’s license or State I.D.card for all customers.
- If divorced, the customer’s fully executed divorce decree.
Lenda Mortgage is a perfect platform for new and upcoming homeowners with an abundance of mortgage technology resources, no paperwork, no origination fees or broker commission and reasonably low-competitive rates; all to suit the betterment of your home buying experience. One thing I’d like to note is that a minimum credit score of 620 is necessary for approval. There’s still a chance that you could be denied approval. Also, Lenda does not offer FHA, VA, or USDA loans in their portfolio. If you’re interested, try their prequalification service today! Also, be sure to check out our Best Mortgage Rates!
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