Like Quicken Loans and SoFi, Lenda is an online mortgage lender with its own software to approve or deny loan applications with the ideal combination of digital speed and human accuracy. By relying on its high-tech algorithm, Lenda is able to close mortgages relatively faster than lenders who rely on human loan officers. Because its method reduces processing cost and time, Lenda passes on these savings to you in the form of low rates and fees.
In A Nutshell
- Offers mortgage and refinance loans
- Fast loan process
- Online-only system lets you easily manage your application 24/7
- No origination fees or broker commissions
- FHA & VA loans not available
- Limited availability in the East Coast
- No brick-and-mortar branches
Mortgage Options & Rates
Lenda’s loan products aren’t as diverse, compared to the competition. The lender only covers conventional fixed-rate loans for purchases and refinancing. That means government-backed mortgages, like FHA and VA loans, are not options. If you’re looking for home equity lines of credit (HELOCs), adjustable-rate mortgages, or subprime loans, then you should consider other lenders.
Also keep in mind, Lenda does not offer mortgages for mobile homes, manufactured homes or commercial properties.
Because Lenda wants to keep its application process quick and human-free, there isn’t much flexibility when it comes to negotiating the nitty-gritty details.
Lenda processes applications online efficiently, and in doing so the company can cut out quite a bit of cost. Lenda then passes on these savings to you by waiving origination fees for borrowers. To compare, other companies usually charge an origination fee between 0.5% to 1% of the loan. If your mortgage is $200,000, the fee would normally be between $1,000 to $2,000. With Lenda, you can use that money towards discount points or your down payment instead.
Below are closing estimates for a $200,000 loan amount with 10% down (for purchasing) and a credit score of 740.
Fixed 30 yrs
Fixed 15 yrs
Fixed 30 yrs
Fixed 15 yrs
|Total Closing Costs||$4,424||$3,779||$4,992||$3,973|
You can find Lenda’s rate and fee information clearly on its website and online tools. With other lenders, details are not so transparent.
Lenda’s online quote tool comes with a user-friendly slider that lets you see the difference in rates and fees by adding and removing discount points. This is not a common feature on lender websites.
Although Lenda has an online-only method of processing loans, you’ll get quality support from a dedicated Home Loan Advisor when you need it. Lenda’s high level of customer satisfaction is strongly related to letting their customers know about their loan costs upfront and keeping you informed at every stage of the process.
Lenda has kept its focus primarily on the West Coast. Currently, you can apply for a loan with Lenda if you live in Arizona, California, Colorado, Florida, Georgia, Illinois, Michigan, Oregon, Pennsylvania, Texas, Virginia and Washington states.
Lenda makes applying for a mortgage loan super easy. All you have to do is start your application online and move at your own pace with access to the entire process 24/7. Lenda’s user-friendly rate quote tool helps you price out different scenarios to find the best one for your personal financial situation.
According to Lenda, your Home Loan Advisor will reach out to you within one business day of submitting your mortgage application. You’ll be able to track the progress of your loan through the user dashboard, much like the UPS delivery tracking system.
If you’re OK with a completely online origination process, Lenda is an excellent option. It will approve your loan quickly and share as much information as possible with you the entire way. Unfortunately, Lenda is only available in 12 states and only offers fixed-rate conventional loans.
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