F. A.Q's
Frequently Asked Questions
Buying a home or refinancing your mortgage can be a complex process. To help you navigate it, we’ve compiled answers to some of the most common questions about mortgages.
-
About lendexa
-
How Lendexa Works
-
Who can use Lendexa
-
Types of Loans
-
Rates
-
Locking
-
Buying a home with Lendexa
-
Refinancing with Lendexa
-
Pre-Approval
-
Loan Process
-
Credit Scores
-
What is an appraisal?
Edit Content
About lendexa
Lendexa is the mortgage marketplace that finds mortgages as unique as today’s homeowners. We've developed advanced technology that searches well beyond the confines of most lenders to find mortgage options perfectly suited to you. The best part? You'll only enter your information once and get rates from a list of great lenders. Lendexa is everything you need, in one place.
With our advanced technology, you’ll enter your information once and get rates from a list of great lenders. Then, you'll select a loan to move forward with, track your application progress, and close on your mortgage
Lendexa currently offers a variety of both adjustable and fixed rate loans for single-family homes (including condos, townhouses, co-ops, and planned unit development) and multi family homes (up to 4 units). We offer both purchase and refinance loans.
Yes, we built privacy and security as part of our top priorities. We use bank-level encryption to ensure your private information is kept safe and secure.
Yes, we built privacy and security as part of our top priorities. We use bank-level encryption to ensure your private information is kept safe and secure.
The lender will send you instructions on how to make your monthly payments within 30 days of closing, with ample time before any payment is due.
Edit Content
How Lendexa Works
With our advanced technology, you’ll enter your information once and get rates from a list of great lenders. Then, you'll select a loan to move forward with, track your application progress, and close on your mortgage — all in one place.
Â
Applying with Lendexa will not affect your credit score because we do a soft credit pull. We'll do a hard credit pull only after you decide to submit your application, and even then, your credit score will only be minimally impacted. This is standard practice when you get a loan, and unfortunately there is no way around it.
Â
You don't need much to get started and find your rates. Our digital application only takes a few minutes to complete.
Â
Yes, our goal is to make it as easy as possible for you to get a mortgage. The technology that we've built, and continue to evolve, is designed to allow you to complete the whole process without the help of a human advisor. In some cases, you may need to talk to a Lendexa Loan Expert to provide additional details. And of course, if you want help from a human advisor, we're here to help.
Â
We’re here to help! You can schedule a call with a Lendexa Loan Expert and we’ll gladly help you find what you are looking for.
Edit Content
Who can use Lendexa
Lendexa is the mortgage marketplace that finds mortgages as unique as today’s homeowners. We've developed advanced technology that searches well beyond the confines of most lenders to find mortgage options perfectly suited to you. The best part? You'll only enter your information once and get rates from a list of great lenders. Lendexa is everything you need, in one place.
Â
We typically provide loans to customers who have a 620 credit score or higher. If your credit score is slightly below 620 we might still have options for you, so you should still complete our digital application.
Â
Yes, at Lendexawe understand that everyone has their own story. We have options for you even if you don't tick all the normal boxes. What's normal these days, anyway?
Â
Yes, we have options for foreign nationals.
Â
Edit Content
Types of Loans
Lendexa currently offers a variety of both adjustable and fixed rate loans for single-family homes (including condos, townhouses, co-ops, and planned unit development) and multi family homes (up to 4 units). We offer both purchase and refinance loans.
Â
Yes, we offer loans for investment properties
Yes, we offer FHA and VA loans.
Unfortunately, we do not offer Second Mortgages or Home Equity Lines of Credit (HELOCs) at this time.
Yes, we offer loans for the purchase of foreclosure or bank-owned properties.
Yes, we have many options for refinancing homes that are held in LLCs.
Edit Content
Rates
There isn't a perfect lender for everyone. We recognize that you're an individual with your own unique story, and we search high and low to find you the best lender. We use technology to keep our costs drastically lower than traditional mortgage companies, and then pass on those savings to you. Our mission is to help you get the best possible mortgage at the best possible rate.
Yes, we work hard to ensure that the price you're quoted is the price you get. If you provide accurate information during your digital application, the rate quote you're given will almost always be available to you.
We use technology to connect you with the best available rates available across all of our lenders. The price that we quote you will be driven by your credit history, market conditions, and the characteristics of the subject property, among other factors.
Typically, the monthly payment will include your interest, principal, taxes, and insurance.
A 30-year fixed rate mortgage is a loan that's outstanding for 30 years, and where the rate is fixed for the whole time. 30-year fixed rate mortgages amortize over time, which means that a portion of the principal is paid back every month. The monthly payment is the same every month for 30 years, and at the end of 30 years, the loan is paid off in full. Because you can own your home outright at the end of 30 years, these types of mortgages are the most popular in the United States.
Adjustable-rate mortgages typically have a fixed rate for a certain period of time, usually between 5 and 10 years, and then have an adjustable rate for the remaining term of the loan. Adjustable-rate mortgages typically have a 30-year term and the rate changes every month after the initial fixed period.
Adjustable-rate mortgages typically have a fixed rate for a certain period of time, usually between 5 and 10 years, and then have an adjustable rate for the remaining term of the loan. Adjustable-rate mortgages typically have a 30-year term and the rate changes every month after the initial fixed period.
Adjustable-rate mortgages typically have a fixed rate for a certain period of time, usually between 5 and 10 years, and then have an adjustable rate for the remaining term of the loan. Adjustable-rate mortgages typically have a 30-year term and the rate changes every month after the initial fixed period.
Edit Content
Locking
When you lock your rate, we guarantee your rate won't change for a certain period of time no matter what happens in the market. This gives you peace of mind while we work to gather all of your information and get you to the finish line.
Yes, in most cases you can choose a different product after you lock your loan. Contact your Simplist Loan Expert if you want to make changes after locking your rate.
Once you lock your rate, you can have peace of mind knowing that your rate won't be affected by what happens in the market.
If your lock expires before your loan closes, you can usually extend the lock period for up to an additional 60 days. Simplist offers locks from 30 to 90 days, and most of our loans close before the lock expires. Once you lock, Lendexa loans can close in as few as 15 days if you provide us with the required information. If you need to extend your rate lock, please call your Simplist Loan Expert.
Yes, we recommend you lock your rate. Once you lock, your rate is guaranteed while we work together on the loan process. Market conditions can change daily, and once you lock your rate you can finish the process with the peace of mind that market conditions won't affect your monthly payments.
Edit Content
Buying a home with Lendexa
Yes! At Lendexa, we want to help you navigate this complicated process. If you're ready to get pre-approved to buy a home, we can help you understand how much you can afford.
It depends on the type of loan that's right for you, and the purchase price of the home. In most cases, you’ll want to have at least 3% of the home’s purchase price for a down payment, and between 2% and 5% of the purchase price for closing costs (even for no-down payment loans, such as VA loans).
Once you lock your rate, you can have peace of mind knowing that your rate won't be affected by what happens in the market.
Yes, simply fill out our short digital application and upload your purchase contract. We'll make sure to take into consideration any timeframes you may need to meet, and will expedite our process to make sure you close on time.
Unfortunately, Lendexa does not currently offer loans for mobile or manufactured homes.
Yes, we can help you get the perfect loan for your new condo.
Yes, we can help you get the perfect loan for your new condo.
In addition to the down payment, there are a variety of other costs you'll have to pay to purchase a home. For example, the appraisal fee, title insurance, and transfer taxes. Additionally, there are prepaid items such as an escrow deposit and prepaid interest which will be paid at closing. Lendexa will provide you with an estimate of all closing costs once you complete your online application.
You will need to pay these costs when your loan closes. The only fee that you will need to pay prior to closing is your appraisal fee, which we will collect before you lock your loan.
In order to get you the best possible loan, several third parties will be involved in getting you to the finish line. These might include an appraiser, a lawyer, and a title company, among others. You will be responsible for these fees if your loan closes. lendexa will not upcharge you or earn any compensation whatsoever related to third-party fees.
For a typical home purchase, you're responsible for paying the following third-party fees: appraisal fee, credit report, title insurance fees, recording fees, flood certification, real estate taxes, and settlement/escrow fees.
In most cases, the seller does not pay any third party fees. However, some states require the seller to pay certain fees, but this is on a case-by-case basis.
Edit Content
Refinancing with Lendexa
Lendexa offers two types of refinance loans: Rate & Term and Cash Out. In a Rate & Term refinance transaction, the borrower seeks to lower their monthly payment and/or change the term of their existing loan. A Cash Out refinance allows you to increase the size of your loan, and extract equity out of your home which you can then use for other purposes.
Unfortunately, we do not offer HELOC's at this time.
Unfortunately, Lendexa does not currently offer loans for mobile or manufactured homes.
Yes, we can help you get the perfect loan to refinance your condo.
Yes, you can use Lendexa to refinance a second home or investment property.
Your closing costs will vary based on a number of factors, including the location of the property, pre-paid interest (which is based on your scheduled closing date), and third-party fees (which may vary depending on the loan you choose).
Once you select a loan and schedule an appraisal, we will collect payment of the appraisal fee (Lendexa does not conduct the appraisal and does not make money from the appraisal process). You will pay all other fees at closing.
Please continue to pay your current mortgage payments until you close the new loan. Lendexa will coordinate with your current lender prior to closing to determine the final payoff amount. The final payoff amount will be included in the closing disclosure that we provide you a few days before closing.
Edit Content
Pre-Approval
A pre-approval letter is a document Lendexa provides stating the exact loan amount you're eligible to borrow based on the information you provide in your application. A pre-approval letter is always contingent on the future confirmation of your financial standing, an appraisal, and a title report. Obtaining a pre-approval letter will allow you to determine the price of the house you can afford and help you narrow your search. It can also be used to signal you're a serious buyer to a potential seller or real estate agent.
Our pre-approval process only requires a soft credit pull and is based on the information you provide us. This is typically what you want to get if you're at the beginning of your home buying journey, as it can help you determine how much you can afford.
The Lendexa digital application only takes a few minutes to complete, and our technology allows us to provide you with a pre-approval letter in a matter of seconds once we have your information.
Pre-approval letters are free!
No, we will not need to pull your full credit in order to provide you with a pre-approval letter.
Unfortunately, we can't reinvent the mortgage industry overnight—even though we wish we could! There are industry best-practices as well as individual lender guidelines that can influence how your verified income is calculated. This number is influenced by your income type, how long you have been earning it, and how long you expect to keep earning it. The good news is that Lendexa works with many lenders and has hundreds of different loans available for different types of people. We know our customers all have their own unique story, and we have options for just about everyone.
There are some cases when verified assets might be lower than you expect. Here are a few examples: 1) If you're using a retirement account, the lender will only allow you to use a percentage of these assets for qualification. 2) If you're using a business account, we can only use these accounts on a case-by-case basis. 3) If there's a large deposit in one of your accounts that is ineligible (cash, cash advance, or undocumented).
Edit Content
Loan Process
Yes, we built Lendexa with privacy and security as part of our top priorities. We use bank-level encryption to ensure your private information is kept safe and secure.
Yes, you will be assigned a Lendexa Loan Expert once you complete our application. It only takes a few minutes!
No, you are not committing to anything by getting pre-approved.
Once you select your loan and decide to move forward with a lender, you will also be given the opportunity to lock your rate.
Processing times vary for each person and type of mortgage. We work to get you the right mortgage as quickly as possible and many of our customers are closing in as few as 10 to 14 days from submitting their application.
An escrow account is an account that is set up by the lender to collect your taxes and insurance payments.
Â
Most lenders we work with require an escrow account. An escrow account is an account set up by the lender to collect your monthly taxes and insurance payments. In some cases, the lender will allow the borrower to waive an escrow account. Please contact your Simplist Loan Expert if you need additional information.
No, unfortunately it's not possible to transfer an escrow account. Your current lender will typically refund any balance in your current escrow account within 3 weeks of closing.
Edit Content
Credit Scores
All other things equal, lenders are willing to lend at a lower rate when you have a higher credit score. That said, if your credit score is lower than you thought or hoped, we're here to help you find the best possible loan for your particular circumstances.
Unfortunately, Simplist does not provide this service. There are a number of different ways to check you credit score online. The FTC also offers information, including how you can get a free copy of your credit report every 12 months from each of the three nationwide credit reporting companies.
A soft credit check does not affect your credit score in any way. Soft credit checks allow Lendexa to paint a more accurate picture of your borrower profile to our lenders, and then match you with the best possible loan options.
If you don't recognize something on your credit report, the best course of action is to call the credit bureaus directly. Lendexa does not have any input on your credit report.
If you're shopping for a loan, it's normal to have multiple credit checks. Typically within a 30-day period of your first credit check, performing additional credit checks will not affect your credit score. That means that if you’ve already done a credit check with another lender but want to switch to Lendexa, it probably won’t have any impact on your credit score.
Lendexa pulls your credit scores from all three major credit bureaus, then uses the median score for pricing purposes (in other words, we discard the highest and the lowest score). If you have a co-borrower we use the lower of the two median scores.
If you're applying with a co-borrower, we'll use the lower of your median score and your co-borrower's median score. If you or your co-borrower has a low credit score, we recommend that the applicant with the higher score apply individually to get the best available terms. You can always add an additional co-borrower later in the process should you need to for qualifying purposes.
We typically provide loans to customers who have a 620 credit score or higher. If your credit score is slightly below 620 we might still have options for you, so you should still complete our digital application.
Edit Content
What is an Appraisal?
An appraisal is an expert opinion of the value of a property based its location, condition, and specific attributes. Appraisals are conducted by independent real estate professionals, and are used to establish the current market value of the property.
Â
The amount you can borrow is in part determined by the value of the property you are using as collateral for the loan. Lenders do not typically visit the property themselves, and instead rely on an appraisal to assess the value of your property.
No, the lender has to order the appraisal on your behalf. Luckily, Lendexa is here to help—we will work with you to schedule the appraisal at a time that's convenient for you.
No, unfortunately not. The lender chooses the appraisal company.
The appraisal is generally pretty quick. It typically takes under 30 minutes for a home under 3,000 square feet.
A home inspection determines the condition of the home, whereas an appraisal determines the estimated value of the home.
The appraiser visits the property in person to see how it compares to other similar properties. They'll also look at recent sales of other properties in the neighborhood, and make adjustments for differences between the properties.
No, the appraised value will not have an impact on your taxes. It's used by the lender to determine the fair value of the property, but the appraisal and any findings listed within, aren't shared with the tax assessor.
You will receive a copy of your appraisal report once it's complete. Appraisals are standardized reports that make it easy for lenders to complete their analysis.
When it comes to valuing real estate, there isn't a one-size-fits-all answer. That said, generally bathroom and kitchen renovations add the most value relative to the refurbishment cost.
-
About lendexa
-
How Lendexa Works
-
Who can use Lendexa
-
Types of Loans
-
Rates
-
Locking
-
Buying a home with Lendexa
-
Refinancing with Lendexa
-
Pre-Approval
-
Loan Process
-
Credit Scores
-
What is an appraisal?
Edit Content
About lendexa
Lendexa is the mortgage marketplace that finds mortgages as unique as today’s homeowners. We've developed advanced technology that searches well beyond the confines of most lenders to find mortgage options perfectly suited to you. The best part? You'll only enter your information once and get rates from a list of great lenders. Lendexa is everything you need, in one place.
With our advanced technology, you’ll enter your information once and get rates from a list of great lenders. Then, you'll select a loan to move forward with, track your application progress, and close on your mortgage
Lendexa currently offers a variety of both adjustable and fixed rate loans for single-family homes (including condos, townhouses, co-ops, and planned unit development) and multi family homes (up to 4 units). We offer both purchase and refinance loans.
Yes, we built privacy and security as part of our top priorities. We use bank-level encryption to ensure your private information is kept safe and secure.
Yes, we built privacy and security as part of our top priorities. We use bank-level encryption to ensure your private information is kept safe and secure.
The lender will send you instructions on how to make your monthly payments within 30 days of closing, with ample time before any payment is due.
Edit Content
How Lendexa Works
With our advanced technology, you’ll enter your information once and get rates from a list of great lenders. Then, you'll select a loan to move forward with, track your application progress, and close on your mortgage — all in one place.
Applying with Lendexa will not affect your credit score because we do a soft credit pull. We'll do a hard credit pull only after you decide to submit your application, and even then, your credit score will only be minimally impacted. This is standard practice when you get a loan, and unfortunately there is no way around it.
You don't need much to get started and find your rates. Our digital application only takes a few minutes to complete.
Yes, our goal is to make it as easy as possible for you to get a mortgage. The technology that we've built, and continue to evolve, is designed to allow you to complete the whole process without the help of a human advisor. In some cases, you may need to talk to a Lendexa Loan Expert to provide additional details. And of course, if you want help from a human advisor, we're here to help.
We’re here to help! You can schedule a call with a Lendexa Loan Expert and we’ll gladly help you find what you are looking for.
Edit Content
Who can use Lendexa
Lendexa is the mortgage marketplace that finds mortgages as unique as today’s homeowners. We've developed advanced technology that searches well beyond the confines of most lenders to find mortgage options perfectly suited to you. The best part? You'll only enter your information once and get rates from a list of great lenders. Lendexa is everything you need, in one place.
We typically provide loans to customers who have a 620 credit score or higher. If your credit score is slightly below 620 we might still have options for you, so you should still complete our digital application.
Yes, at Lendexawe understand that everyone has their own story. We have options for you even if you don't tick all the normal boxes. What's normal these days, anyway?
Yes, we have options for foreign nationals.
Edit Content
Types of Loans
Lendexa currently offers a variety of both adjustable and fixed rate loans for single-family homes (including condos, townhouses, co-ops, and planned unit development) and multi family homes (up to 4 units). We offer both purchase and refinance loans.
Yes, we offer loans for investment properties
Â
Yes, we offer FHA and VA loans.
Unfortunately, we do not offer Second Mortgages or Home Equity Lines of Credit (HELOCs) at this time.
Yes, we offer loans for the purchase of foreclosure or bank-owned properties.
Yes, we have many options for refinancing homes that are held in LLCs.
Edit Content
Rates
There isn't a perfect lender for everyone. We recognize that you're an individual with your own unique story, and we search high and low to find you the best lender. We use technology to keep our costs drastically lower than traditional mortgage companies, and then pass on those savings to you. Our mission is to help you get the best possible mortgage at the best possible rate.
Yes, we work hard to ensure that the price you're quoted is the price you get. If you provide accurate information during your digital application, the rate quote you're given will almost always be available to you.
We use technology to connect you with the best available rates available across all of our lenders. The price that we quote you will be driven by your credit history, market conditions, and the characteristics of the subject property, among other factors.
Typically, the monthly payment will include your interest, principal, taxes, and insurance.
Â
A 30-year fixed rate mortgage is a loan that's outstanding for 30 years, and where the rate is fixed for the whole time. 30-year fixed rate mortgages amortize over time, which means that a portion of the principal is paid back every month. The monthly payment is the same every month for 30 years, and at the end of 30 years, the loan is paid off in full. Because you can own your home outright at the end of 30 years, these types of mortgages are the most popular in the United States.
Â
Adjustable-rate mortgages typically have a fixed rate for a certain period of time, usually between 5 and 10 years, and then have an adjustable rate for the remaining term of the loan. Adjustable-rate mortgages typically have a 30-year term and the rate changes every month after the initial fixed period.
Â
Adjustable-rate mortgages typically have a fixed rate for a certain period of time, usually between 5 and 10 years, and then have an adjustable rate for the remaining term of the loan. Adjustable-rate mortgages typically have a 30-year term and the rate changes every month after the initial fixed period.
Â
Adjustable-rate mortgages typically have a fixed rate for a certain period of time, usually between 5 and 10 years, and then have an adjustable rate for the remaining term of the loan. Adjustable-rate mortgages typically have a 30-year term and the rate changes every month after the initial fixed period.
Â
Edit Content
Locking
When you lock your rate, we guarantee your rate won't change for a certain period of time no matter what happens in the market. This gives you peace of mind while we work to gather all of your information and get you to the finish line.
Â
Yes, in most cases you can choose a different product after you lock your loan. Contact your Simplist Loan Expert if you want to make changes after locking your rate.
Â
Once you lock your rate, you can have peace of mind knowing that your rate won't be affected by what happens in the market.
Â
If your lock expires before your loan closes, you can usually extend the lock period for up to an additional 60 days. Simplist offers locks from 30 to 90 days, and most of our loans close before the lock expires. Once you lock, Lendexa loans can close in as few as 15 days if you provide us with the required information. If you need to extend your rate lock, please call your Simplist Loan Expert.
Â
Yes, we recommend you lock your rate. Once you lock, your rate is guaranteed while we work together on the loan process. Market conditions can change daily, and once you lock your rate you can finish the process with the peace of mind that market conditions won't affect your monthly payments.
Â
Edit Content
Buying a home with Lendexa
Yes! At Lendexa, we want to help you navigate this complicated process. If you're ready to get pre-approved to buy a home, we can help you understand how much you can afford.
Â
It depends on the type of loan that's right for you, and the purchase price of the home. In most cases, you’ll want to have at least 3% of the home’s purchase price for a down payment, and between 2% and 5% of the purchase price for closing costs (even for no-down payment loans, such as VA loans).
Â
Once you lock your rate, you can have peace of mind knowing that your rate won't be affected by what happens in the market.
Â
Yes, simply fill out our short digital application and upload your purchase contract. We'll make sure to take into consideration any timeframes you may need to meet, and will expedite our process to make sure you close on time.
Â
Unfortunately, Lendexa does not currently offer loans for mobile or manufactured homes.
Â
Yes, we can help you get the perfect loan for your new condo.
Â
Yes, we can help you get the perfect loan for your new condo.
Â
In addition to the down payment, there are a variety of other costs you'll have to pay to purchase a home. For example, the appraisal fee, title insurance, and transfer taxes. Additionally, there are prepaid items such as an escrow deposit and prepaid interest which will be paid at closing. Lendexa will provide you with an estimate of all closing costs once you complete your online application.
Â
You will need to pay these costs when your loan closes. The only fee that you will need to pay prior to closing is your appraisal fee, which we will collect before you lock your loan.
Â
In order to get you the best possible loan, several third parties will be involved in getting you to the finish line. These might include an appraiser, a lawyer, and a title company, among others. You will be responsible for these fees if your loan closes. Lendexa will not upcharge you or earn any compensation whatsoever related to third-party fees.
Â
For a typical home purchase, you're responsible for paying the following third-party fees: appraisal fee, credit report, title insurance fees, recording fees, flood certification, real estate taxes, and settlement/escrow fees.
Â
Â
In most cases, the seller does not pay any third party fees. However, some states require the seller to pay certain fees, but this is on a case-by-case basis.
Â
Edit Content
Refinancing with Lendexa
Lendexa offers two types of refinance loans: Rate & Term and Cash Out. In a Rate & Term refinance transaction, the borrower seeks to lower their monthly payment and/or change the term of their existing loan. A Cash Out refinance allows you to increase the size of your loan, and extract equity out of your home which you can then use for other purposes.Â
Â
Unfortunately, we do not offer HELOC's at this time.
Â
Unfortunately, Lendexa does not currently offer loans for mobile or manufactured homes.
Â
Yes, we can help you get the perfect loan to refinance your condo.
Â
Yes, you can use Lendexa to refinance a second home or investment property.
Â
Your closing costs will vary based on a number of factors, including the location of the property, pre-paid interest (which is based on your scheduled closing date), and third-party fees (which may vary depending on the loan you choose).
Â
Once you select a loan and schedule an appraisal, we will collect payment of the appraisal fee (Lendexa does not conduct the appraisal and does not make money from the appraisal process). You will pay all other fees at closing.
Please continue to pay your current mortgage payments until you close the new loan. Lendexa will coordinate with your current lender prior to closing to determine the final payoff amount. The final payoff amount will be included in the closing disclosure that we provide you a few days before closing.
Â
Edit Content
Pre-Approval
A pre-approval letter is a document Lendexa provides stating the exact loan amount you're eligible to borrow based on the information you provide in your application. A pre-approval letter is always contingent on the future confirmation of your financial standing, an appraisal, and a title report. Obtaining a pre-approval letter will allow you to determine the price of the house you can afford and help you narrow your search. It can also be used to signal you're a serious buyer to a potential seller or real estate agent.
Â
Our pre-approval process only requires a soft credit pull and is based on the information you provide us. This is typically what you want to get if you're at the beginning of your home buying journey, as it can help you determine how much you can afford.
Â
The Lendexa digital application only takes a few minutes to complete, and our technology allows us to provide you with a pre-approval letter in a matter of seconds once we have your information.
Â
Pre-approval letters are free!
Â
No, we will not need to pull your full credit in order to provide you with a pre-approval letter.
Â
Unfortunately, we can't reinvent the mortgage industry overnight—even though we wish we could! There are industry best-practices as well as individual lender guidelines that can influence how your verified income is calculated. This number is influenced by your income type, how long you have been earning it, and how long you expect to keep earning it. The good news is that Lendexa works with many lenders and has hundreds of different loans available for different types of people. We know our customers all have their own unique story, and we have options for just about everyone.
Â
There are some cases when verified assets might be lower than you expect. Here are a few examples: 1) If you're using a retirement account, the lender will only allow you to use a percentage of these assets for qualification. 2) If you're using a business account, we can only use these accounts on a case-by-case basis. 3) If there's a large deposit in one of your accounts that is ineligible (cash, cash advance, or undocumented).
Â
Edit Content
Loan Process
Yes, we built Lendexa with privacy and security as part of our top priorities. We use bank-level encryption to ensure your private information is kept safe and secure.
Yes, you will be assigned a Lendexa Loan Expert once you complete our application. It only takes a few minutes!
Â
No, you are not committing to anything by getting pre-approved.
Once you select your loan and decide to move forward with a lender, you will also be given the opportunity to lock your rate.
Processing times vary for each person and type of mortgage. We work to get you the right mortgage as quickly as possible and many of our customers are closing in as few as 10 to 14 days from submitting their application.
An escrow account is an account that is set up by the lender to collect your taxes and insurance payments.
Most lenders we work with require an escrow account. An escrow account is an account set up by the lender to collect your monthly taxes and insurance payments. In some cases, the lender will allow the borrower to waive an escrow account. Please contact your Simplist Loan Expert if you need additional information.
No, unfortunately it's not possible to transfer an escrow account. Your current lender will typically refund any balance in your current escrow account within 3 weeks of closing.Â
Edit Content
Credit Scores
All other things equal, lenders are willing to lend at a lower rate when you have a higher credit score. That said, if your credit score is lower than you thought or hoped, we're here to help you find the best possible loan for your particular circumstances.
Unfortunately, Simplist does not provide this service. There are a number of different ways to check you credit score online. The FTC also offers information, including how you can get a free copy of your credit report every 12 months from each of the three nationwide credit reporting companies.
A soft credit check does not affect your credit score in any way. Soft credit checks allow Lendexa to paint a more accurate picture of your borrower profile to our lenders, and then match you with the best possible loan options.
A hard credit check tells the credit bureaus that you're interested in opening a new loan or line of credit (a credit card, a personal loan, a mortgage, etc.). Hard credit checks usually have a small impact on your credit score (typically less than 5 points).
If you don't recognize something on your credit report, the best course of action is to call the credit bureaus directly. Lendexa does not have any input on your credit report.
If you're shopping for a loan, it's normal to have multiple credit checks. Typically within a 30-day period of your first credit check, performing additional credit checks will not affect your credit score. That means that if you’ve already done a credit check with another lender but want to switch to Lendexa, it probably won’t have any impact on your credit score.
Lendexa pulls your credit scores from all three major credit bureaus, then uses the median score for pricing purposes (in other words, we discard the highest and the lowest score). If you have a co-borrower we use the lower of the two median scores.
If you're applying with a co-borrower, we'll use the lower of your median score and your co-borrower's median score. If you or your co-borrower has a low credit score, we recommend that the applicant with the higher score apply individually to get the best available terms. You can always add an additional co-borrower later in the process should you need to for qualifying purposes.
We typically provide loans to customers who have a 620 credit score or higher. If your credit score is slightly below 620 we might still have options for you, so you should still complete our digital application.
Edit Content
What is an Appraisal?
An appraisal is an expert opinion of the value of a property based its location, condition, and specific attributes. Appraisals are conducted by independent real estate professionals, and are used to establish the current market value of the property.
Â
The amount you can borrow is in part determined by the value of the property you are using as collateral for the loan. Lenders do not typically visit the property themselves, and instead rely on an appraisal to assess the value of your property.
No, the lender has to order the appraisal on your behalf. Luckily, Lendexa is here to help—we will work with you to schedule the appraisal at a time that's convenient for you.
No, unfortunately not. The lender chooses the appraisal company.
The appraisal is generally pretty quick. It typically takes under 30 minutes for a home under 3,000 square feet.
A home inspection determines the condition of the home, whereas an appraisal determines the estimated value of the home.
The appraiser visits the property in person to see how it compares to other similar properties. They'll also look at recent sales of other properties in the neighborhood, and make adjustments for differences between the properties.
No, the appraised value will not have an impact on your taxes. It's used by the lender to determine the fair value of the property, but the appraisal and any findings listed within, aren't shared with the tax assessor.
You will receive a copy of your appraisal report once it's complete. Appraisals are standardized reports that make it easy for lenders to complete their analysis.
When it comes to valuing real estate, there isn't a one-size-fits-all answer. That said, generally bathroom and kitchen renovations add the most value relative to the refurbishment cost.
-
About lendexa
-
Types of Loans
-
How Lendexa Works
-
Who
can use
Lendexa -
Rates
-
Locking
-
Buying a home with Lendexa
-
Refinancing with Lendexa
-
Pre-Approval
-
Loan Process
-
Credit
Scores -
What is an appraisal?
Edit Content
About lendexa
Lendexa is the mortgage marketplace that finds mortgages as unique as today’s homeowners. We've developed advanced technology that searches well beyond the confines of most lenders to find mortgage options perfectly suited to you. The best part? You'll only enter your information once and get rates from a list of great lenders. Lendexa is everything you need, in one place.
With our advanced technology, you’ll enter your information once and get rates from a list of great lenders. Then, you'll select a loan to move forward with, track your application progress, and close on your mortgage
Lendexa currently offers a variety of both adjustable and fixed rate loans for single-family homes (including condos, townhouses, co-ops, and planned unit development) and multi family homes (up to 4 units). We offer both purchase and refinance loans.
Yes, we built privacy and security as part of our top priorities. We use bank-level encryption to ensure your private information is kept safe and secure.
Yes, we built privacy and security as part of our top priorities. We use bank-level encryption to ensure your private information is kept safe and secure.
The lender will send you instructions on how to make your monthly payments within 30 days of closing, with ample time before any payment is due.
Edit Content
Types of Loans
Lendexa currently offers a variety of both adjustable and fixed rate loans for single-family homes (including condos, townhouses, co-ops, and planned unit development) and multi family homes (up to 4 units). We offer both purchase and refinance loans.
Yes, we offer loans for investment properties
Yes, we offer FHA and VA loans.
Unfortunately, we do not offer Second Mortgages or Home Equity Lines of Credit (HELOCs) at this time.
Yes, we offer loans for the purchase of foreclosure or bank-owned properties.
Yes, we have many options for refinancing homes that are held in LLCs.
Edit Content
How Lendexa Works
With our advanced technology, you’ll enter your information once and get rates from a list of great lenders. Then, you'll select a loan to move forward with, track your application progress, and close on your mortgage — all in one place.
Applying with Lendexa will not affect your credit score because we do a soft credit pull. We'll do a hard credit pull only after you decide to submit your application, and even then, your credit score will only be minimally impacted. This is standard practice when you get a loan, and unfortunately there is no way around it.
You don't need much to get started and find your rates. Our digital application only takes a few minutes to complete.
Yes, our goal is to make it as easy as possible for you to get a mortgage. The technology that we've built, and continue to evolve, is designed to allow you to complete the whole process without the help of a human advisor. In some cases, you may need to talk to a Lendexa Loan Expert to provide additional details. And of course, if you want help from a human advisor, we're here to help.
We’re here to help! You can schedule a call with a Lendexa Loan Expert and we’ll gladly help you find what you are looking for.
Edit Content
Who can use Lendexa
Lendexa is the mortgage marketplace that finds mortgages as unique as today’s homeowners. We've developed advanced technology that searches well beyond the confines of most lenders to find mortgage options perfectly suited to you. The best part? You'll only enter your information once and get rates from a list of great lenders. Lendexa is everything you need, in one place.
We typically provide loans to customers who have a 620 credit score or higher. If your credit score is slightly below 620 we might still have options for you, so you should still complete our digital application.
Yes, at Lendexawe understand that everyone has their own story. We have options for you even if you don't tick all the normal boxes. What's normal these days, anyway?
Yes, we have options for foreign nationals.
Edit Content
Rates
There isn't a perfect lender for everyone. We recognize that you're an individual with your own unique story, and we search high and low to find you the best lender. We use technology to keep our costs drastically lower than traditional mortgage companies, and then pass on those savings to you. Our mission is to help you get the best possible mortgage at the best possible rate.
Yes, we work hard to ensure that the price you're quoted is the price you get. If you provide accurate information during your digital application, the rate quote you're given will almost always be available to you.
We use technology to connect you with the best available rates available across all of our lenders. The price that we quote you will be driven by your credit history, market conditions, and the characteristics of the subject property, among other factors.
Typically, the monthly payment will include your interest, principal, taxes, and insurance.
A 30-year fixed rate mortgage is a loan that's outstanding for 30 years, and where the rate is fixed for the whole time. 30-year fixed rate mortgages amortize over time, which means that a portion of the principal is paid back every month. The monthly payment is the same every month for 30 years, and at the end of 30 years, the loan is paid off in full. Because you can own your home outright at the end of 30 years, these types of mortgages are the most popular in the United States.
Adjustable-rate mortgages typically have a fixed rate for a certain period of time, usually between 5 and 10 years, and then have an adjustable rate for the remaining term of the loan. Adjustable-rate mortgages typically have a 30-year term and the rate changes every month after the initial fixed period.
Adjustable-rate mortgages typically have a fixed rate for a certain period of time, usually between 5 and 10 years, and then have an adjustable rate for the remaining term of the loan. Adjustable-rate mortgages typically have a 30-year term and the rate changes every month after the initial fixed period.
Adjustable-rate mortgages typically have a fixed rate for a certain period of time, usually between 5 and 10 years, and then have an adjustable rate for the remaining term of the loan. Adjustable-rate mortgages typically have a 30-year term and the rate changes every month after the initial fixed period.
Edit Content
Locking
When you lock your rate, we guarantee your rate won't change for a certain period of time no matter what happens in the market. This gives you peace of mind while we work to gather all of your information and get you to the finish line.
Yes, in most cases you can choose a different product after you lock your loan. Contact your Lendexa Loan Expert if you want to make changes after locking your rate.
Once you lock your rate, you can have peace of mind knowing that your rate won't be affected by what happens in the market.
If your lock expires before your loan closes, you can usually extend the lock period for up to an additional 60 days. Simplist offers locks from 30 to 90 days, and most of our loans close before the lock expires. Once you lock, Lendexa loans can close in as few as 15 days if you provide us with the required information. If you need to extend your rate lock, please call your Simplist Loan Expert.
Yes, we recommend you lock your rate. Once you lock, your rate is guaranteed while we work together on the loan process. Market conditions can change daily, and once you lock your rate you can finish the process with the peace of mind that market conditions won't affect your monthly payments.
Edit Content
Buying a home with Lendexa
Yes! At Lendexa, we want to help you navigate this complicated process. If you're ready to get pre-approved to buy a home, we can help you understand how much you can afford.
It depends on the type of loan that's right for you, and the purchase price of the home. In most cases, you’ll want to have at least 3% of the home’s purchase price for a down payment, and between 2% and 5% of the purchase price for closing costs (even for no-down payment loans, such as VA loans).
Once you lock your rate, you can have peace of mind knowing that your rate won't be affected by what happens in the market.
Yes, simply fill out our short digital application and upload your purchase contract. We'll make sure to take into consideration any timeframes you may need to meet, and will expedite our process to make sure you close on time.
Unfortunately, Lendexa does not currently offer loans for mobile or manufactured homes.
Yes, we can help you get the perfect loan for your new condo.
Yes, we can help you get the perfect loan for your new condo.
In addition to the down payment, there are a variety of other costs you'll have to pay to purchase a home. For example, the appraisal fee, title insurance, and transfer taxes. Additionally, there are prepaid items such as an escrow deposit and prepaid interest which will be paid at closing. Lendexa will provide you with an estimate of all closing costs once you complete your online application.
You will need to pay these costs when your loan closes. The only fee that you will need to pay prior to closing is your appraisal fee, which we will collect before you lock your loan.
In order to get you the best possible loan, several third parties will be involved in getting you to the finish line. These might include an appraiser, a lawyer, and a title company, among others. You will be responsible for these fees if your loan closes. Simplist will not upcharge you or earn any compensation whatsoever related to third-party fees.
For a typical home purchase, you're responsible for paying the following third-party fees: appraisal fee, credit report, title insurance fees, recording fees, flood certification, real estate taxes, and settlement/escrow fees.
In most cases, the seller does not pay any third party fees. However, some states require the seller to pay certain fees, but this is on a case-by-case basis.
Edit Content
Refinancing with Lendexa
Lendexa offers two types of refinance loans: Rate & Term and Cash Out. In a Rate & Term refinance transaction, the borrower seeks to lower their monthly payment and/or change the term of their existing loan. A Cash Out refinance allows you to increase the size of your loan, and extract equity out of your home which you can then use for other purposes.
Unfortunately, we do not offer HELOC's at this time.
Yes, we can help you get the perfect loan to refinance your condo.
Yes, you can use Lendexa to refinance a second home or investment property.
Your closing costs will vary based on a number of factors, including the location of the property, pre-paid interest (which is based on your scheduled closing date), and third-party fees (which may vary depending on the loan you choose).
Once you select a loan and schedule an appraisal, we will collect payment of the appraisal fee (Lendexa does not conduct the appraisal and does not make money from the appraisal process). You will pay all other fees at closing.
Please continue to pay your current mortgage payments until you close the new loan. Lendexa will coordinate with your current lender prior to closing to determine the final payoff amount. The final payoff amount will be included in the closing disclosure that we provide you a few days before closing.
Edit Content
Pre-Approval
A pre-approval letter is a document Lendexa provides stating the exact loan amount you're eligible to borrow based on the information you provide in your application. A pre-approval letter is always contingent on the future confirmation of your financial standing, an appraisal, and a title report. Obtaining a pre-approval letter will allow you to determine the price of the house you can afford and help you narrow your search. It can also be used to signal you're a serious buyer to a potential seller or real estate agent.
Our pre-approval process only requires a soft credit pull and is based on the information you provide us. This is typically what you want to get if you're at the beginning of your home buying journey, as it can help you determine how much you can afford.
The Lendexa digital application only takes a few minutes to complete, and our technology allows us to provide you with a pre-approval letter in a matter of seconds once we have your information.
Pre-approval letters are free!
No, we will not need to pull your full credit in order to provide you with a pre-approval letter.
Unfortunately, we can't reinvent the mortgage industry overnight—even though we wish we could! There are industry best-practices as well as individual lender guidelines that can influence how your verified income is calculated. This number is influenced by your income type, how long you have been earning it, and how long you expect to keep earning it. The good news is that Lendexa works with many lenders and has hundreds of different loans available for different types of people. We know our customers all have their own unique story, and we have options for just about everyone.
There are some cases when verified assets might be lower than you expect. Here are a few examples: 1) If you're using a retirement account, the lender will only allow you to use a percentage of these assets for qualification. 2) If you're using a business account, we can only use these accounts on a case-by-case basis. 3) If there's a large deposit in one of your accounts that is ineligible (cash, cash advance, or undocumented).
Edit Content
Loan Process
Yes, we built Lendexa with privacy and security as part of our top priorities. We use bank-level encryption to ensure your private information is kept safe and secure.
Yes, you will be assigned a Lendexa Loan Expert once you complete our application. It only takes a few minutes!
No, you are not committing to anything by getting pre-approved.
Once you select your loan and decide to move forward with a lender, you will also be given the opportunity to lock your rate.
Processing times vary for each person and type of mortgage. We work to get you the right mortgage as quickly as possible and many of our customers are closing in as few as 10 to 14 days from submitting their application.
An escrow account is an account that is set up by the lender to collect your taxes and insurance payments.
Most lenders we work with require an escrow account. An escrow account is an account set up by the lender to collect your monthly taxes and insurance payments. In some cases, the lender will allow the borrower to waive an escrow account. Please contact your Simplist Loan Expert if you need additional information.
No, unfortunately it's not possible to transfer an escrow account. Your current lender will typically refund any balance in your current escrow account within 3 weeks of closing.
Edit Content
Credit Scores
All other things equal, lenders are willing to lend at a lower rate when you have a higher credit score. That said, if your credit score is lower than you thought or hoped, we're here to help you find the best possible loan for your particular circumstances.
Unfortunately, Simplist does not provide this service. There are a number of different ways to check you credit score online. The FTC also offers information, including how you can get a free copy of your credit report every 12 months from each of the three nationwide credit reporting companies.
A soft credit check does not affect your credit score in any way. Soft credit checks allow Simplist to paint a more accurate picture of your borrower profile to our lenders, and then match you with the best possible loan options.
A hard credit check tells the credit bureaus that you're interested in opening a new loan or line of credit (a credit card, a personal loan, a mortgage, etc.). Hard credit checks usually have a small impact on your credit score (typically less than 5 points).
If you don't recognize something on your credit report, the best course of action is to call the credit bureaus directly. Lendexa does not have any input on your credit report.
If you're shopping for a loan, it's normal to have multiple credit checks. Typically within a 30-day period of your first credit check, performing additional credit checks will not affect your credit score. That means that if you’ve already done a credit check with another lender but want to switch to Simplist, it probably won’t have any impact on your credit score.
Lendexa pulls your credit scores from all three major credit bureaus, then uses the median score for pricing purposes (in other words, we discard the highest and the lowest score). If you have a co-borrower we use the lower of the two median scores.
If you're applying with a co-borrower, we'll use the lower of your median score and your co-borrower's median score. If you or your co-borrower has a low credit score, we recommend that the applicant with the higher score apply individually to get the best available terms. You can always add an additional co-borrower later in the process should you need to for qualifying purposes.
We typically provide loans to customers who have a 620 credit score or higher. If your credit score is slightly below 620 we might still have options for you, so you should still complete our digital application.
Edit Content
What is an appraisal?
An appraisal is an expert opinion of the value of a property based its location, condition, and specific attributes. Appraisals are conducted by independent real estate professionals, and are used to establish the current market value of the property.
The amount you can borrow is in part determined by the value of the property you are using as collateral for the loan. Lenders do not typically visit the property themselves, and instead rely on an appraisal to assess the value of your property.
No, the lender has to order the appraisal on your behalf. Luckily, Lendexa is here to help—we will work with you to schedule the appraisal at a time that's convenient for you.
No, unfortunately not. The lender chooses the appraisal company.
The appraisal is generally pretty quick. It typically takes under 30 minutes for a home under 3,000 square feet.
A home inspection determines the condition of the home, whereas an appraisal determines the estimated value of the home.
The appraiser visits the property in person to see how it compares to other similar properties. They'll also look at recent sales of other properties in the neighborhood, and make adjustments for differences between the properties.
No, the appraised value will not have an impact on your taxes. It's used by the lender to determine the fair value of the property, but the appraisal and any findings listed within, aren't shared with the tax assessor.
You will receive a copy of your appraisal report once it's complete. Appraisals are standardized reports that make it easy for lenders to complete their analysis.
When it comes to valuing real estate, there isn't a one-size-fits-all answer. That said, generally bathroom and kitchen renovations add the most value relative to the refurbishment cost.
F. A. Q's
Copyright © 2024 Lendexa Mortgage, All rights reserved.
Services
Services
Copyright© 2024 Lendexa Mortgage, All rights reserved.
