{"id":4262,"date":"2023-11-17T08:36:00","date_gmt":"2023-11-17T08:36:00","guid":{"rendered":"https:\/\/thewealthcircle.com\/?p=4262"},"modified":"2023-11-17T08:55:30","modified_gmt":"2023-11-17T08:55:30","slug":"lenda-mortgage-reviews","status":"publish","type":"post","link":"https:\/\/kiiky.com\/wealth\/lenda-mortgage-reviews\/","title":{"rendered":"Lenda Mortgage Reviews: How It Works | Is It Legit Or A New Mortgage Scam","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n

If at one time in your life you had a real estate issue then you’d understand why it’s important that I review Lenda\/Reali mortgage and loans.<\/p>\n\n\n\n

Getting my first apartment wasn’t easy at all, I didn’t have enough money for it nor did I have a good job to leverage on. I had a broker and yet it felt like I was making no headways. <\/p>\n\n\n\n

Because of the first awful experience, I’ve always appreciated the existence of good mortgage companies. Also, I’ve recognized how important they are in the lives of people looking to own their own houses.<\/p>\n\n\n\n

If you have ever been in this situation, you’d understand how I felt then and you’d also understand this Lenda mortgage reviews will help those going through the same situation.<\/p>\n\n\n\n

According to BusinessDictionary.com as cited by Wikipedia, The home-ownership rate in the United States is the percentage of homes that are owned by their occupants. <\/p>\n\n\n\n

In 2009, it remained similar to that in some other post-industrial nations<\/a> with 67.4% of all occupied housing units being occupied by the unit’s owner. <\/p>\n\n\n\n

In 2018, homeownership dropped to a lower rate than it was in 1994, with a rate of 64.2%.<\/p>\n\n\n\n

When you look at the figures above and the hassles one must go through to own a house, it might seem easier to pay rent. But really it isn’t, you just haven’t discovered the right mortgage company.<\/p>\n\n\n\n

Mortgage companies like Lenda\/Reeali exist for these times, and it’s even more interesting that they provide their loans and other services online. Get with the Program!!<\/p>\n\n\n\n

Before we get into this article fully, take a look at our table of content for an overview of this piece.<\/p>\n\n\n\n

What Is Lenda Mortgage?<\/strong><\/span><\/h2>\n\n\n\n

Lenda Mortgage now known as Reali Loan is a lending company that was founded in 2011 by Jason van den Brand and Elijah Murray as Gorefi. <\/p>\n\n\n\n

The company completed a Series A<\/a> funding round in September 2017, raising $5.25 million in total. <\/p>\n\n\n\n

With their headquarters in San Francisco, Reali or Lenda is operational in twelve states. Its goal is to help Americans get a home loan in a manner that is easy, transparent, fast, and free of commissions and fees.<\/p>\n\n\n\n

Lenda uses software to help people buy homes online. However, these mortgages are only available In 12 states of the United States.<\/p>\n\n\n\n

They offer conventional fixed-rate loans to homeowners in five-time increments: 10, 15, 20, 25, and 30 years. Reali only offers the fixed-rate purchase and refinances. If you’re looking for more like USDA or VA loan, or an adjustable-rate mortgage, Lenda\/Reali isn’t for you. At least not at the moment.<\/p>\n\n\n\n

You could buy a house with lesser stress read How To Buy A House With No Money Down In 2022: 7 Legit Ways<\/a>.<\/p>\n\n\n\n

Where Can I Get Reali\/Lenda Services?<\/strong><\/span><\/h2>\n\n\n\n

Lenda\/Reali loans and mortgages are available in only twelve states in the United States. They operate in Arizona, California, Colorado, Illinois, Georgia, Florida, Michigan, Oregon, Pennsylvania, Texas, Virginia, and Washington and plans to expand to more states as quickly as possible. <\/p>\n\n\n\n

What Kind Of Mortgage Can I Get With Lenda\/Reali?<\/strong><\/span><\/h2>\n\n\n\n

Lenda\/Reali offers only one type of loan system with three different timelines for home purchases. They also offer to refinance loans. The kind of loan Lenda offers is a Fixed Rate Mortage loan which is probably the most popular type in the U.S. A.<\/p>\n\n\n\n

With a Fixed Rate Mortgage Lenda locks in your interest rate for either 30, 25, 20, 15, or 10 years. <\/p>\n\n\n\n

Your monthly principal and interest payment will stay the same the entire time you\u2019re paying the loan. <\/p>\n\n\n\n

This can help with budgeting, as you\u2019ll always know how much you need to pay each month. This is the only type of loan Lenda offers, either as a 10, 15, 20, 25, or 30-year note.<\/p>\n\n\n\n

For Lenda to offer you a loan, you must have enough equity or good or better credits to qualify. You must also be able to pay a 3% down payment(for this to be accepted, you must have private mortgage insurance or an untraditional financing option such as a piggyback loan).<\/p>\n\n\n\n

What Else Can You Do With lenda\/Reali?<\/strong><\/span><\/h2>\n\n\n\n

Lenda like we’ve been saying is a mortgage company that offers its services all online. They try to give their customers the best experience while applying for a loan. <\/p>\n\n\n\n

They do this by creating a dashboard for each customer and assigning them to a loan advisor. This Advisor you can reach via Email text or phone when you need to.<\/p>\n\n\n\n

Additionally, they have built-in some feature tat allows pre-qualify and apply for pre-approval all from any device with internet access.<\/p>\n\n\n\n

How Can I Qualify For Mortgage With Lenda\/Reali<\/strong><\/span><\/h2>\n\n\n\n

To qualify for a loan with Reali or Lenda as it’s formerly called you actually need a better credit system. They have a minimum 620 FICO score and you need to meet that to qualify for a mortgage from Lenda.<\/p>\n\n\n\n

It is so because Lenda offers solely a conventional home loan. These loans have higher standards because the government does not provide a guarantee for untraditional borrowers. <\/p>\n\n\n\n

With this, what it also means is that you will need nothing less than 20% of the purchase price. If you have anything less, then you will need private mortgage insurance (PMI ).<\/p>\n\n\n\n

There’s another way to qualify for Lenda’s loan and that’s the Debt-to-income-ratio<\/a> (DTI) factor. This is simply how knowing how much of your income goes to service previous loans every month. <\/p>\n\n\n\n

Having these numbers will help them ascertain if you’re capable of paying a mortgage every other month, say if they give you the loan. Debt like student loans, car payments credit cards debt, and child support factors into your monthly liabilities and thus, will be calculated.<\/p>\n\n\n\n

Give yourself a head start of knowing if you can qualify through this method by calculating your monthly debt payments and dividing by your gross (pre-tax) monthly income. <\/p>\n\n\n\n

To be on the safer side, keep the number at 45% or below. However, they might take 50% if you have a good credit score and enough money to make a 20% down payment.<\/p>\n\n\n\n