About Us
Lenda provides a unique and straightforward way to refinance your mortgage loan online. The company was founded in 2012 by Jason van den Brand and Elijah Murray. Unlike other mortgage companies that offer a variety of mortgage products, Lenda specializes in mortgage refinancing. Comparison shopping is imperative when exploring your refinance options, and with Lenda, you can receive multiple refinance quotes with a single inquiry. All you have to do is compare rates and choose the option that offers the most savings.
How It Works
- To get started, visit Lenda’s website and complete the form to request a no-obligation mortgage refinance quote. You’ll need to provide basic information, such as the desired loan amount, your home’s current value, property ZIP code and your estimated credit score.
- Once you receive your quotes, review each offer and choose the loan with your desired rate and mortgage term. Complete an official mortgage loan application through the site, and then upload the appropriate documents through Lenda’s secured portal.
- A mortgage professional will review and underwrite your home loan application. This includes verifying your income and credit score. If you’re approved for a refinancing, the lender will schedule a closing date.
Tools
If you don’t know whether refinancing is the right choice, Lenda’s refinance calculator can help you compare costs and decide the next move. It doesn’t matter if you’re looking to reduce your monthly mortgage payment or cash-out some of your equity for home improvements or debt consolidation, use the site’s refinance calculator to estimate your costs based on the loan amount, interest rate and loan term. Other resources available on the site include a mortgage refinance blog that offers advice related to mortgages and refinancing. You can read about common refinancing terms, how to prepare for a mortgage refinance, as well as other personal finance information.
Customer Support
For customer support or questions about mortgage refinancing, you can either email them or give them a call.
The Good
Refinancing a mortgage involves paying closing costs, which can run thousands of dollars. Since Lenda is an online mortgage company with less overhead expenses, you’ll pay fewer closing costs than working with a big bank or a larger mortgage company.
It can take between 30 and 45 days to close on a mortgage loan when applying through a big bank. However, Lenda clients enjoy faster service and quicker closings. Lenda loans typically close three times faster than other financial institutions.
The Bad
Although you can receive multiple refinance options through Lenda’s online form, you have to provide an email address and create a password before you can view rate information.
And The Ugly
Unfortunately, Lenda is currently only licensed to originate refinances in California, Oregon and Washington.
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Mortgage Refinance Loans
A mortgage refinance creates a new mortgage with new terms. There are several reasons to apply for refinancing. For example, a refinance can lower your mortgage interest rate, reduce your mortgage payment, remove someone’s name from a mortgage loan and convert an adjustable-rate mortgage to a fixed-rate mortgage. Apply for a refinance with Lenda and then choose between several terms. Options include a 30-year, 20-year, 15-year and 10-year term.