Today we’ll review yet another online mortgage lender called “Lendova” that says it can provide lower rates with no hidden fees and all the latest technology.
Those are probably the top three things borrowers are looking for these days, which collectively result in a better user experience and a lower monthly payment when all is said and done.
What’s not to like about an easier mortgage process and a cheaper loan? You got me.
Let’s find out more about this direct lender based out of Texas to see if they could be a good fit for you.
Lendova Fast Facts
- Direct-to-consumer mortgage lender
- Offers home purchase financing and refinance loans
- Founded in 2002, headquartered in Dallas, Texas
- Parent company is American Heritage Capital, LP
- Licensed to do business in seven states at the moment
Lendova is a direct-to-consumer mortgage lender that operates entirely online.
They are actually a dba of their parent company American Heritage Capital, which also operates brands like Texas Trust Home Loans and AHC Lending.
The company is based out of Dallas Texas and has been around since 2002 – my assumption is Lendova is the much younger digital offshoot.
Like other online mortgage lenders, they strive to make the home loan process a lot less painful and much faster by leveraging the latest technology.
This is accomplished via their “All Digital Mortgage,” which as the name implies means you should be able to complete most tasks electronically.
Currently, Lendova is only licensed in seven states nationwide, including California, Colorado, Florida, New Jersey, Texas, Virginia, and Washington.
How to Apply for a Mortgage with Lendova
- You can call them directly or schedule a phone consultation online
- Or simply begin on your own by clicking on “Apply Now” via their website
- Alternatively fill out a short contact form and a loan consultant will call you back
- Once signed up you’ll be able to manage your loan via the online borrower portal
You’ve basically got four options when it comes to starting the home loan process with Lendova.
You can visit their website and simply click “Apply Now” and you’ll begin the loan application on your own. Or you can fill out a short contact form and a loan consultant will call you to discuss your needs.
Alternatively, you can simply call them up on the phone directly or schedule a phone call at an allotted time using their online scheduler powered by Calendly.
The nice thing about Lendova is they let you price your loan online without the need for a loan officer, so for those who are comfortable, you can get pricing then dive right into the application.
Those who want a bit more hand-holding, or simply prefer to speak to humans, can go with the other options.
Either way, you’ll be able to review and electronically sign loan documents online, upload necessary paperwork, and manage everything from a borrower portal.
They also offer a mortgage pre-approval process whereby you can obtain your credit scores and a renewable pre-approval certificate in under five minutes.
So if you’re a prospective home buyer looking to determine what you can afford and/or want to show a real estate agent you mean business, this could serve as a quick solution.
Loan Programs Available at Lendova
- Home purchase loans
- Refinance loans: rate and term, cash out, debt consolidation
- Conforming loans backed by Fannie Mae and Freddie Mac
- Jumbo home loans
- Fixed-rate mortgages: 10, 15, 20, 25, and 30-year loan terms
- Adjustable-rate mortgages: 5/1, 7/1, and 10/1 ARMs
Like most mortgage lenders, Lendova offers both home purchase financing and refinancing for existing homeowners.
They lend on all the usual property types, including single-family homes, condos/townhouses, and 1-4 unit properties.
You can get a mortgage on a primary residence, second home, or investment property.
While they appear to offer both conforming loans backed by Fannie Mae and Freddie Mac and jumbo loans, it’s unclear if they fund government loans like FHA, VA, or USDA loans.
If that’s the case, borrowers seeking such financing will have to look elsewhere unfortunately.
Those who can make do with a conventional loan can take advantage of their fixed-rate or adjustable-rate loan options, which are available in a wide variety of different terms.
Lendova Mortgage Rates
One nice thing about Lendova is they lead with their mortgage rates. That means you’ll find them on their homepage front and center.
Additionally, you can create personalized mortgage rate quotes if you click on the “Rates” tab via their website’s top menu. And you don’t need to sign up or speak to a human!
From what I saw, their mortgage rates were very competitive and they display three main options for each loan program, including the lowest rate, reduced closing costs, and no closing costs.
And even more options beyond that if you really want to drill down and see different rate and fee combinations.
All of their mortgage rates seemed to come free of any lender fees, with only third-party fees like home appraisal and title insurance listed, along with the usual government recording fees.
So it appears they don’t charge their borrowers any fees directly, which is also a plus and makes their mortgage rates look that much better.
They mention on their website that there are “no hidden fees or charges,” so perhaps they simply don’t charge a loan origination fee or underwriting/processing fees.
If that’s the case, you can take their mortgage rates at face value – just pay attention to any discount points required.
On LendingTree, Lendova has a perfect 5-star rating from about 300 customer reviews, with a 99% recommended rate.
In the past, they’ve also made it into the quarterly list of the top customer-rated lenders on the LT platform.
At Bankrate, the company has a 5-star rating from over 200 customer reviews, with nearly all of them totally perfect. Additionally, 100% of reviewers would recommend them to others.
And over on Google, they have a similarly solid 4.6-star rating out of 5 from about 70 reviews.
While their parent company American Heritage Capital isn’t Better Business Bureau accredited, they do have a perfect ‘A+’ rating based on customer complaints.
In summary, Lendova gets high marks for transparency, customer service, and mortgage rate pricing.
So if you’re looking for a deal on your home loan, Lendova might be a lender to consider. They also seem to make things easy for borrowers with their “All Digital Mortgage.”
Lendova Pros and Cons
- Offer a fully digital mortgage application
- You can apply directly from their website in minutes
- Mortgage rates are prominently displayed online
- Can create your own personalized rate quotes in seconds without signing up
- Excellent customer reviews across all ratings websites
- A+ BBB rating
- Say they thrive to close loans in 15-21 days
- Only licensed in a handful of states
- No physical locations
- May not offer government-backed mortgages (FHA/VA/USDA)
- No second mortgages or home equity loans