Today we’ll check out a Southern California-based mortgage broker named “Lendevity,” which has been earning rave reviews lately.
Their name is actually a combination of lend and longevity, their way of saying they’ll be by your side throughout the loan process and beyond.
The company says it takes an “advisory approach” to better understand your financing needs and create a custom solution that fits your goals.
They do so using the latest technology, charge $0 lender fees, and aim to close loans in three weeks or less.
And they’ve got a loyalty program to boot if you come back to them a second time. Let’s learn more.
Lendevity Fast Facts
- Online mortgage broker that offers home purchase and refinance loans
- Founded in 2018, headquartered in Woodland Hills, CA
- Licensed to do business in five states (AZ, CA, CO, OR, WA)
- Charge $0 lender fees on most loans
- Offer a loyalty program for repeat customers that waives 3rd party fees
As noted, Lendevity is a mortgage broker, meaning they connect consumers with their wholesale lender partners.
This gives them the ability to shop your loan so you don’t have to in order to find the best price.
They may also have access to unique loan programs the bigger banks might not offer.
The company is located in Woodland Hills, California and was founded in 2018. Despite being rather young, they’ve got consistently excellent reviews.
At the moment, they are licensed to do business in just five states, including Arizona, California, Colorado, Oregon, and Washington.
One benefit to using them is their lack of lender fees, along with a loyalty program if you come back a second or a third time.
How to Apply for a Mortgage with Lendevity
To begin, you can call them up, visit their office, or simply cruise over to the website and apply.
Since they like to take a hands-on approach, your best move might be speaking to a rep first to discuss your loan scenario.
From there they can determine eligibility and loan pricing, then you can apply via their website.
Their digital home loan application, which allows you to complete most tasks electronically, is powered by ICE Mortgage Technology.
You can fill out the app from any device, upload necessary documents, eSign disclosures, and track loan progress from start to finish.
They aim to close their loans in three weeks or less, which is also a plus if you’re in a hurry or simply don’t want the process to be dragged out.
So you can get the best of both worlds when using a local broker. And those who need a little more attention get a loan guide throughout as well.
Loan Programs Offered by Lendevity
- Home purchase loans
- Refinance loans
- Conforming loans backed by Fannie Mae and Freddie Mac
- FHA loans
- VA loans
- Jumbo loans
- Bank statement loans
- Band-Aid loans
One of the benefits of a being a mortgage broker is the ability to offer home loan programs from a variety of different companies.
This allows Lendevity to extend a complete lending menu to its customers, even if they’ve had issues obtaining financing elsewhere.
Lendevity has options for new home buyers (home purchase loans) and existing homeowners (refinance loans), including cash out solutions.
They’ve got all the usual stuff like conforming loans backed by Fannie Mae and Freddie Mac, FHA loans, and VA loans.
The only major program they don’t seem to offer is USDA loans, which are reserved for rural home buyers.
They even offer jumbo loans with loan amounts up to $10 million. So even if you’re buying or refinancing an absolute mansion, they should offer a solution.
Those who’ve had trouble qualifying for a home loan in the past can take advantage of their so-called Band-Aid Loan, which pays off debts to improve credit scores and DTI ratios.
Then they can get you more permanent financing six months or so later.
If you’re a self-employed borrower, Lendevity also offers bank statement loans that don’t require tax returns to qualify.
Both fixed-rate and adjustable-rate mortgages are available in a variety of different loan terms to suit different needs.
Lendevity Mortgage Rates and Fees
While Lendevity doesn’t post their mortgage rates on their website, they do claim to utilize a transparent pricing model.
This means showing you a variety of mortgage rate and fee options that you can choose from depending on your needs.
For example, you may want to pay discount points for an even lower mortgage rate. Or you could be satisfied with a slightly higher rate in exchange for no fees whatsoever.
Lendevity says they don’t charge lender fees. And claims you won’t be charged an origination fee unless the circumstances of your loan program require it.
Not exactly sure what that means, but it sounds like they don’t charge fees in the vast majority of cases.
And either way, will probably structure your loan as a no cost mortgage, meaning nothing is paid out-of-pocket.
Anecdotally, I’ve seen their rates advertised on third-party websites like Zillow and they were among the lowest listed.
So my guess is they’re pretty competitive with other online, low-cost lenders out there, which may be cheaper than big banks and other household names.
If they can help you snag a low mortgage rate at the same time, it’s a win-win. No costs and a low monthly payment for as long as you keep your loan.
Speaking of, they have a loyalty program for existing customers who refinance a mortgage. In short, they’ll waive all third-party fees, such as title insurance and escrow.
That might give them another leg up on the competition if they’re already matching the lowest rate you find elsewhere.
Lendevity Mortgage Reviews
On Zillow, Lendevity has a perfect 5-star rating from 55 reviews. Nearly all of them indicated that either the interest rate or closing costs were lower than expected, or both in some cases.
They’ve also got a perfect 5-star rating on Yelp from 45 reviews and a similarly solid 4.9-star rating out of 5 on Google from nearly 120 reviews.
It’s the same story on the Better Business bureau (BBB) website, a perfect 5/5 from 28 customer reviews.
Lendevity is also an accredited business with an ‘A+ rating at the moment.
All in all, they appear to be very well-liked by their customers, despite not having hundreds or thousands of reviews. Hopefully it’s a sign of more good things to come.
To sum things up, Lendevity seems to be big on customer service like many mortgage brokers are.
They could be a good fit for a first-time home buyer who needs some additional hand-holding, or someone with a more complex loan scenario that a big bank might fumble.
If their mortgage rates are also low, they could be a good pick for just about any home buyer or existing owner looking to refinance.
Lendevity Pros and Cons
- Can apply for a mortgage online in minutes
- Offer a digital mortgage process
- Do not charge lender fees
- Loyalty program that waives third-party fees for return customers
- Lots of loan programs to choose from
- 3-week average closing time
- Excellent reviews from past customers
The Maybe Not
- Only licensed in five states currently
- Do not offer USDA loans