If you are someone who values time and are looking for the fastest and best mortgage lender in the United States, then this article is for you.
LenderFi is an online mortgage lender, and in this Lenderfi review, we are going to fill you in with all the essential information that you must know in order to know if LenderFi is for you.
Summary
| Guide | LenderFi Review |
|---|---|
| Founded | 2006 |
| Features | Online process, quick approval and more |
| Minimum credit score | 580 or above |
| Processing fee | Zero |
| Downpayment cost | 3% – 3.5% |
| Rating | 4.9\5 |
| Website | Click here |
Key Takeaways
- LenderFi offers services like Fast pre-approval, Flexible rate of insurance, 24×7 service, and Transparency.
- LenderFi is best for first-time home buyers or for those who want conventional loans.
- They do not charge any lender closing fee or processing fee.
- It does not offer jumbo, equity home, and VA loans and is not available in Hawaii, Nevada, New York, Missouri, and Utah.
- Customers have given a rating of 4.8/5 stars to LenderFi on ConsumerAffairs.
What Is LenderFi?
LenderFi is an online national mortgage lender that offers home loans at low-interest rates along with full transparency.
If you are looking to get conventional home loans or if you are a first-time homebuyer, then LenderFi is a great option for you.
However, know that it does not offer jumbo loans, equity home loans, and VA loans. Hence, avoid it if that is something that you are looking for.
Another thing that we absolutely love about LenderFi is that it offers 24×7 service, and you can get started with the application process almost instantly; get rates quotes, instant approval, etc., online without any hassle.
Also, they do not charge any lender closing fee making it all the more an appealing option.
Let’s discuss the various essential features and things that will help you decide whether LenderFi is for you or not.
Read: Guild Mortgage Review
Features And Services
Fast pre-approval – Potential borrowers can simply visit LenderFi’s website and check if they are even eligible for the loan that they are seeking. You get your pre-approval within a matter of fifteen minutes, that too by providing minimum details.
Flexible rate of insurance – Another interesting thing that we love about LenderFi is that it promises to lower your interest rate. This means that if the mortgage rates fall at least a quarter of your interest rate, then in order to match it, they will lower your interest rate.
Transparency – Unlike so many other mortgage lenders, LenderFi is high on the transparency game. If you visit their website, you can very easily get a quote on the prices and interest rates by simply visiting their website and filling in minimum details like your credit score, ZIP code, etc.
Pros And Cons
Pros
- Transparent pricing.
- Lower rates as compared to others.
- Offers a low downpayment option.
- Easy online process.
Cons
- VA loans, Jumbo loans, USDA, and home equity loans are not available.
- Not available in Hawaii, Nevada, New York, Missouri, and Utah.
Types Of Loans Offered
These are the following types of loans offered by LenderFi:
- Conventional loans
- FHA loans
- Adjustable rates
- Refinancing
- Fixed rates
Borrowing Requirement
Different mortgage lenders have different requirements.
Have a look at the below-mentioned points to see if you are eligible for opting for a loan from LenderFi:
Minimum Credit Score
- 620 for a conventional loan
- 580 for an FHA loan
Minimum Down Payment
- Conventional loans require a downpayment of 3%.
- FHA loans require a 3.5% of downpayment.
Fees
LenderFi does not charge any processing fee, which makes it all the more an alluring option apart from the many other advantages it offers.
How To Apply?
You can apply for a home loan on LenderFi by getting in touch with their representative on call.
For this, make sure to keep the following documents handy:
- Two recent bank account statements.
- Two year’s tax returns and W-2s.
- Driver’s license.
- Recent pay stubs.
- Contact information of your settlement or real estate agents.
- Short sale agreement.
Once they receive your loan documents, they claim to close the deal in two weeks.
Once your application is approved, you will receive a thirty-day rate lock which you can also extend for thirty additional days if you purchase an extension fee of 0.625-0.25 points.
Customer Service
You can get in touch with their customer service by calling them at 1-855-910-7014. They have an excellent support team who will help you sort your query in no time.
NPC LenderFi Ratings
| Type | Rating |
| Customer Service | 4.2/5 |
| Responsive | 4.3/5 |
| Affordable | 4.3/5 |
| Quality of service | 4.8/5 |
| Ease of use | 4.6/5 |
Customer Ratings And Reviews
LenderFi has an excellent customer reputation online. It has been given a 4.8 rating out of 205 votes on google reviews, a 5-star rating by ConsumerAffairs, and more.
Our Experience
I wanted to enquire about LenderFi’s services, so I called them and talked to their representative to discuss the prospects of a conventional loan.
So they filled us in all the necessary information so quickly and effortlessly.
Also, we were impressed by the low fee and rates that they were offering.
They offered us the lowest rate as opposed to other mortgage lenders that we talked to. We recommend LenderFi for a fast, effortless, and solid experience.
What Differentiates It?
LenderFi is one of the best mortgage lenders in the industry; it offers low-interest-rate options, lightning-speed closing, and excellent services, making it one of the best lending options to go for.
Although it does not offer Jumbo loans, home equity loans, VA, and USDA loans, it is best for people looking for conventional, FHA, and refinancing loan options.
We personally recommend LenderFi for a real quick and affordable house-loan process.
Comparison
| Guide | QuickenLoans | LenderFi |
|---|---|---|
| Founded | 1985 | 2006 |
| Features | Online process, customized loan options and more | Online process, quick approval and more |
| Minimum credit score | 580 | 580 or above |
| Payout limit | $3 million | Not available |
| Downpayment cost | 0% – 3% | 3% – 3.5% |
| Processing fee | Not disclosed | Zero |
| Trustpilot rating | 4.8\5 | 2.8 |
| BBB Rating | Not accredited | A+ |
Read QuickenLoans Review
Final Verdict
We like LenderFi because it does not charge any processing fees and has low rates as compared to other options. Also, it requires you to have a credit score of 580, which is per the industry average.
However, it requires a downpayment of 3 – 3.5% and does not offer VA loans, USDA, and Jumbo loans which many of you might want to get. Also, it does not serve in Hawaii, Nevada, New York, Missouri, and Utah.
So if you are looking for the best company that serves in these cities and also offers the option of VA loans, USDA, and Jumbo loans, then you should go for AmeriSave. AmeriSave offers VA loans, USDA, and Jumbo loans, along with many other options.
It requires a downpayment of 0-3.5% and an application fee of $500. Also, it is rated #3 in our top ten list of mortgage companies. To know more about it make, you can read our detailed review.
FAQ’s
Where is LenderFi available?
LenderFi is available in the entire United States of America except for Hawaii, Nevada, New York, Missouri, and Utah.
How much is LenderFi's processing fee?
LenderFi does not charge any lender fees.
Is LenderFi legit?
Yes, LenderFi is legit and has helped thousands of people get loan approvals in no time.
Can I get a quick pre-approval on LenderFi?
Yes, you can get a pre-approval within five-ten minutes on LenderFi.
What is the maximum amount of money that I can borrow from LenderFi?
LenderFi has not revealed their maximum payout cap yet.
Shefali Jain is a Content Editor & Writer at National Planning Cycles.
After completing her graduation in hospitality, Shefali decided to follow her passion and started writing. Shefali has been writing for two years now and contributes to our website as a skilled editor and content writer with strong research skills. Writing product and service reviews, biographies, and book reviews are some of her key areas, among many others in which she specializes.