Expert Lenda Review 2019

In a Nutshell: A fully online mortgage lender, Lenda offers competitive rates on both mortgage loans and mortgage refinancing. You can get pre-qualified or pre-approved allowing you to show sellers that you are a serious candidate. They also let you lock in mortgage rates so you know exactly how much your monthly payment will be.

Overview

With a focus on speed and convenience, Lenda is a fully online direct mortgage lender. With Lenda you can quickly get pre-approved or pre-qualified, making it much easier to determine which home you can afford. They show you real-time rates and allow you to lock in a fixed term for the duration of your mortgage.

Lenda also works with those looking to refinance an existing mortgage. They offer a convenient on-site mortgage refinance calculator, allowing you to view your refinance options.

Eligibility & Process

Unlike other mortgage applications which ask questions about the type of home you wish to purchase, Lenda first asks about your mortgage goals. They offer multiple options: estimate monthly payments, get pre-approved, get pre-qualified, and check rates. These options allow you to first asses the type of mortgage and rates you will be eligible for - perfect for first-time buyers.

Typically, Lenda approves buyers who have at least 10% down payment and a 620 credit score. You can easily check your eligibility on their site.

Fees & Rates

Lenda is a direct mortgage lender and their rates are calculated based on the 10-Year Treasury market rate, plus a spread. These rates can continuously change due to a wide variety of factors including market conditions and expectations.

Once you are pre-qualified with a mortgage rate, Lenda locks that rate in for you for 45 days, giving you plenty of time to consider the payment plan.  

Payment Terms

One of Lenda's biggest strengths is the amount of term options they offer on traditional fixed-rate mortgages. Some mortgage lenders and mortgage marketplaces offer only 15 and 30-year terms, but Lenda also offers 10 and 20-year fixed rates. 

Customer Support

Lenda support staff has received rave reviews online, though their availability is sometimes limited. They offer regular email support but their phone support is only available from 6AM to 6PM PST Monday to Friday. They also offer a 'Learn' center with a comprehensive home buyers guide for first time buyers.

Video Review

Joe Schwartz | Mortgage Loans Editor

Our chief content editor, Joe manages a diverse team of content writers. He holds a degree in online communications and his writing has been featured in a wide range of online publications.

Top 5
1
9.9
2
8.7
3
8.5
4
8.0
5
7.9
Pros
  • No origination fees
  • Average closing of 36 days
  • Live rates
Cons
  • Only operates in 12 states
  • No government products
Bottom Line
Get pre-approved or pre-qualified and lock in a mortgage rate.

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