Purchasing a home is an exciting time, whether you are looking to move into your first house or are a seasoned homebuyer. Even if your intentions are to purchase a home for the sake of an investment, it is best to have an experienced and dedicated team on your side every step of the way.
At Lenox/WesLend Financial, we are committed to providing you with the necessary financial backing, while instilling the confidence you need to move forward in your purchase process. Our goal is to help you attain your homeownership dream, and we achieve this through personal service, affordable rates, low costs and no closing costs mortgage options.*
Are you a first-time homebuyer?
As a first-time homebuyer, there is a lot to learn, and not knowing can cause you to second guess your decisions and potentially make mistakes, such as settling on something that doesn’t support your financial plan. At Lenox/WesLend Financial, we are here to ensure you have a smooth and rewarding homebuying experience. We want what’s best for our customers, which means a quick and hassle-free process and the most affordable rates and mortgage options based on each individual financial situation. Don’t wait any longer – get the home you want with Lenox/WesLend Financial.
Why purchase with Lenox/WesLend?
Since 1999, we have been helping our customers save thousands of dollars while purchasing the homes of their dreams. Our expert staff knows that everyone’s purchasing goals and financial situations are unique, so we find mortgage solutions that make sense for your long-term finances as well as tackle your immediate needs. This means reduced costs you can afford and a stress-free mortgage process!
Take the steps toward fulfilling your dream by purchasing a brand-new home and sense of security with Lenox/WesLend Financial. We’re dedicated to finding a solution that works for you.
Contact us today, lock in your low rate and let us help you move forward with your home purchase process.
Home Purchase options…the choice is yours!
Fixed Rate Mortgage
- 30 Year
- 25 Year
- 20 Year
- 15 Year
- 10 Year
Adjustable Rate Mortgage
Other loan programs you may be interested in…
* No closing costs options are NOT available in Washington.
How much house I can afford?
With a wide range of programs that fit a variety of lifestyles and financial needs, this depends mostly on the loan program you decide to go with. Each loan program will have different requirements for down payment amount, credit and income and offer different rates and terms. A conversation with one of our mortgage advisors will help you narrow down your options and determine the price you can afford.
At Lenox/WesLend Financial, we will typically look at your income, credit, debt and assets. Then we will help you sort your financial information to help you figure the price range you can afford. Your assets will show how much money you have for a down payment, points, closing fees and other costs you may need to pay to close your loan.
Ask your Lenox/WesLend mortgage advisor if you qualify for any local or state down payment assistance programs.
A mortgage pre-approval is the best way to find out what loan programs you qualify for, and how much you’ll be able to afford within those programs. Lenox/WesLend provides a pre-approval at no cost.
What is the difference between mortgage pre-qualification and mortgage pre-approval?
A pre-qualification will give you a good idea about what may be in your budget, including a loan amount estimate.
A pre-qualification is an informal overview and discussion about your finances and ability to obtain a loan while a pre-approval is more formal and is a conditional agreement between you and your lender.
During the pre-approval process, your credit, assets and income will be documented and verified. Because sellers and real estate agents take home buyers with a mortgage pre-approval more seriously this may give you an advantage in the home buying process. Some real estate agents won’t work with home buyers without a pre-approval.
At Lenox/WesLend Financial, a simple phone call can accomplish both of these processes.
When buying a house how much money do I need?
Depending on the price of the home you would like to buy, this answer can vary. Lenox/WesLend’s Federal Housing Administration (FHA) program allows home buyers to put just 3.5 percent down. Standard conventional financing generally requires at least a 5 percent down payment, but there are other conventional loan products available that allow a 3 percent down payment for first time home buyers. For those Veteran buyers and their families who qualify, our VA home loans have $0 down.
Beyond the down payment there are other costs to factor in. You’ll need to account for closing costs, pre-paid interest, homeowners insurance and property taxes. Reach out to one of our mortgage advisors, they can give you a better idea of how much you’ll need.
To obtain a purchase loan what information do I need to provide?
You will need to provide some income-related information, such as:
- The past month’s paystubs
- W-2s and tax returns for the past two years
- The past two months asset information, including bank, mutual fund or stock statements
By providing this information it will give us an idea of how much you can afford, and how much you already have that can go toward your down payment, closing costs and other funds needed to close the loan.
You may need to provide some additional information depending on the underwriting review.
How much time does it take to buy a home?
Typically it takes 30 to 60 days to make a purchase. Once you have decided on the type of loan that works specifically for you, then you will know the amount of time it will take to finance the loan. From there the final closing time can be negotiated between the seller and yourself.
Do I have to get a home inspection?
Although this isn’t required it is highly advised. A home inspection will tell you if there are underlying concerns that may cause problems even though a home might look perfect on the outside. It can also show you if there are problems that may be costly and time-consuming to fix now or in the future. If there are, you can address the issues with the seller or have the option to change your mind about buying the house. A home inspection can give you peace of mind and confidence to move forward with your purchase.
What happens at the loan closing?
When it’s time to close the loan, you may meet at a designated settlement office such as an attorney’s office or a title company. In the presence of a notary you will review and sign all documents.
Any remaining fees due at the loan closing will also have to be paid. This usually includes the down payments and closing costs, and other applicable fees. You have several options to make these payments, including:
- A cashier’s check
- A certified check
- Money wired to the title company
Your loan processor will give you advice on what needs to be done and walk you through the whole mortgage process. And finally, once all the fees are paid and the documents are recorded, the home is officially yours!