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WesLend Financial

2022 review

Lenox/WesLend Financial offers a wide range of home loans, including mortgage loans with low down payments and refinance loans with less than 20% home equity.

7.5 / 10
Editorial Score
Andrew Koopman
Finance Writer
April 28, 2022


WesLend Financial, also known as Lenox Financial Mortgage Corporation, specializes in mortgages and mortgage refinancing. Depending on the type of loan, you can put down as little as 3.5% on a new home or refinance up to 95% of your home’s value.

With WesLend, you can get both preapproved and prequalified in less than one day. The application process starts online with some basic information, but you have to continue over the phone with a loan officer before you can see your rates and terms.

I’m in my late twenties and it’s time for me to start looking for a home to buy. That process starts with finding the right mortgage lender. Since WesLend Financial claims to be “the biggest no-brainer in the history of mankind,” I decided to fill out the application form to request a quote and see what would happen. The wide range of loan options with no closing costs is a huge benefit, but there are some things you’ll want to know before signing on the dotted line.

7.5 / 10
Editorial Score
WesLend Financial
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Editorial Score
7.5 / 10
Online Services
Applications, Quote management, etc.
7.0 / 10
Customer Service
9.0 / 10
Available in all states
9.9 / 10
Available loan types
9.5 / 10
0.0 / 10

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Products & Services


WesLend Financial is a direct mortgage lender, meaning you only deal with the company itself rather than an external lender network. You’ll also get to work with the same loan officer from the time you submit your application through closing day. This helps make mortgage lending from Weslend a smooth process.

One of WesLend’s biggest benefits is its wide range of available loan types. The company offers fixed-rate conventional loans, adjustable-rate mortgage (ARM) loans (5/1 ARM, 7/1 ARM, and 10/1 ARM), FHA loans, VA loans, jumbo home loans, and USDA loans.

Depending on the type of loan, you’ll likely need to come up with a down payment ranging from 3.5% to 20% of the purchase price. That said, VA and USDA loans don’t require any down payment at all.

WesLend also offers loans with no closing costs (in all states except Washington), which can potentially save you thousands of dollars at settlement. While a full list of rates and terms is not provided, you should be able to lock in 15- to 30-year terms on most of the loan types the company offers.

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Mortgage Refinancing

WesLend Financial also offers comprehensive mortgage refinancing. The company uses many of the same principles for refinancing that it does for mortgages. This includes the same types of loans, the same 15- to 30-year terms, and even the same no-closing-cost options.

Unlike many other mortgage lenders, WesLend doesn’t require you to have at least 20% equity in your home to refinance. Depending on the type of loan, you can refinance up to 95% of your home’s value instead of the industry-standard 80%. This can potentially unlock a substantial amount of money via cash-out refinancing that you can use for home improvements, investing, and more.

When you apply to refinance through WesLend, the process is similar to what you’ll see below for standard mortgages. In addition, you must provide information about your home’s value, the existing mortgage (balance and rate), and the lender.

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Rates and Terms

Unfortunately, WesLend Financial does not publish its rates and terms for any of its loans.

WesLend offers 5/1, 7/1, and 10/1 ARM loans. This means that with a 5/1 loan, for example, the interest rate is fixed for the first five years of the loan. After this period (5, 7, or 10 years), the rate adjusts up and down with the market.

For fixed-rate loans, 15-year mortgages start at 3.50% APR and 30-year loans start at 4.125% APR. These rates are competitive within the industry, but you might find lower rates elsewhere with a site like Credible.

Application Process and Qualifications

WesLend’s online application process that begins with what the company calls a Quick Quote.After reviewing your information, a loan officer reaches out to you to discuss your available rates.

To get started, you’ll be asked to provide the following information:

  • Purchase or refinance
  • Type of property
  • Intended use of the property
  • State where the property is located
  • Estimated purchase price
  • Estimated loan amount
  • Credit profile
  • If you’ve had any foreclosures in the last three years
  • If you’ve had any bankruptcies in the last two years
  • Number of late mortgage payments in the last three months
  • If you currently have an FHA loan
  • Active or previous U.S. Military
  • First and last name
  • Email address
  • Phone number

When you submit this information, you’ll have to consent to be contacted via telephone, mobile device, text messaging, email, and automated calling lists, even if you are on a Do Not Call Registry. To avoid this, you can call WesLend for a direct quote from a representative.

While filling out the Quick Quote information above only takes a few minutes, you’ll have to go through a final application process (to verify your income) after the company reaches out to you with a quote. WesLend says that the full application should only take about 20 minutes if you have all of the required documents scanned and ready to go. At a minimum, you’ll need:

  • Pay stubs from the last month
  • Tax returns and tax forms for the past two years (W-2, 1099, etc.)
  • Asset information for the past two months (bank statements, investments, etc.)

Applying for a mortgage through WesLend is a combination of speaking to a loan officer over the phone and filling out information online. During the application process, WesLend also performs preapproval and prequalification services at no cost to you.

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Approval Time

Getting preapproved for a mortgage loan through WesLend takes less than one day. When you call the company (or wait for a loan officer to call you), you can get prequalified and preapproved right over the phone after verifying your income and assets.

Getting prequalified is a quick process that gives you an idea of how much you can afford. Preapproval is a bit more formal and happens after the verification of your finances and income. Without preapproval, realtors often won’t take you (or your offer) seriously.

In the bigger picture, it takes between 30 and 60 days to purchase a home with WesLend Financial, which is right at the industry average. This includes everything from starting your application online through signing the papers and getting the keys on closing day.

That said, the approval time can be shorter than with other companies since WesLend doesn’t require a home inspection before approving a loan. This can help keep the total time from application to closing day towards the lower end of the spectrum.

Customer Service

WesLend Financial offers customer support via phone, email, online contact form, and online chat. The customer service team works Monday through Friday from 8 a.m. to 5 p.m. Pacific Standard Time (PST). There are different phone numbers for existing loans and new loans, making it a bit easier to get in touch with the right representatives a little more quickly.

The only place where the customer service could improve would be with weekend hours. To help with this, WesLend does have a 24/7 chatbot on its website, but you’ll have to wait for normal business hours to get in touch with a real person.


In the end, the no-closing-cost loans are reason enough to check out WesLend Financial during your search for the right mortgage lender. Combining that with the eight different types of available loans and multiple channels of customer service, WesLend can be a decent option for just about anyone, even if you have poor credit.

The biggest drawbacks of using WesLend Financial are that you can’t see any rates or terms, nor can you get preapproved or prequalified for a loan online. You have to fill out some basic information and wait for a loan officer to reach out to you.

While WesLend is worth checking out, some competitors are a bit more transparent about the rates and terms on their loans. Consider looking at Credible to see rates from multiple mortgage lenders so that you can quickly decide which one is right for you.

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Is WesLend Financial a legitimate company?

Yes, WesLend Financial is a legitimate mortgage company that has been in business for decades. The company has an A+ rating with the Better Business Bureau (BBB) and 4.4/5.0 stars on Trustpilot with more than 450+ reviews.

Are Lenox and WesLend the same company?

Yes, Lenox Financial Mortgage Corporation and WesLend Financial are the same company. WesLend is the company’s “Doing Business As” (DBA) name, meaning it operates as WesLend Financial, but the actual registered name of the company is Lenox.

What types of home loans does WesLend offer?

WesLend offers home loans for new purchases as well as mortgage refinancing. The types of loans that the company offers are conventional, FHA, fixed rate, jumbo, USDA, VA, and adjustable rate mortgage (ARM) loans (5/1 ARM, 7/1 ARM, and 10/1 ARM).

Andrew Koopman
Written by

Andrew Koopman is a freelance finance writer. He's written hundreds of articles over the years, specializing in topics such as improving credit, paying off debt, and applying for loans. Andrew graduated from Miami University with a Master's degree in mechanical engineering. He loves watching sports and enjoying the great outdoors with his friends and family.

  • No-closing-cost loan options
  • You can refinance up to 95% of your home’s value
  • Multiple customer service channels
  • No rate quotes are given online
  • No weekend customer support
  • No online preapproval
Bottom Line

WesLend Financial offers mortgages and mortgage refinancing. The company has a wide range of loans available and even offers loans with no closing costs. With these benefits along with low down payment options, you can save a lot of money financing through WesLend.

Even though you can’t quickly see the rates and terms you qualify for online, WesLend is still an option worth considering. You’ll enjoy personalized customer service from beginning to end.