Overview

Purchasing a home is likely one of the biggest financial decisions you’ll make in your lifetime. Lendgo Mortgage can help with the home-buying process. The online marketplace provides a place for banks to compete for borrowers. That means that through your Lendgo application, you can shop around for the best rates on your home loan.

With Lendgo, prospective home buyers can fill in a single application. Then banks compete for the best rate, potentially saving home buyers thousands of dollars on their home loans.

Lendgo Mortgage connects applicants with their network of banks, so you can shop around and compare the best rates. Whether buying your first home, looking to save on your current mortgage, or simply shopping around for quotes, Lendgo provides a convenient online marketplace for the best rates on a mortgage.

Not sure if Lendgo is the right choice for you. Continue reading to learn about this online mortgage marketplace before you apply for a home loan.

Eligibility Process

To begin the application process, head to the Lendgo website. Their easy-to-use online form will walk you through everything from start to finish. They’ll ask you a few details such as the home loan type (home refinance, mortgage, or veteran loan), property type, estimated purchase price, approximate downpayment, and credit rating. This step is completely free, with no charges or obligations. In addition, your initial mortgage inquiry will not affect your credit score.

Basic information is reviewed during prequalification, including:

• Credit score
• Income
• Outstanding debts
• Assets

During the initial pre-approval, banks will also look at any document related to your financial stability. This includes tax returns, employment documents, retirement accounts, rent payments, and divorce information.

Eligibility requirements will vary from lender to lender. Ultimately, your home loan approval will come down to four factors: credit, equity, income, and assets. Even applicants with less than great credit may still qualify. Active service members, veterans, and surviving spouses can apply for a VA loan, which generally has more flexible eligibility requirements.

Fees & Rates

Mortgage loans available through Lendgo include 10-year, 15-year, and 30-year mortgages, mortgage refinancing, and VA loans.

Home Loan: Lendgo matches borrowers with 10-year, 15-year, and 30-year mortgages, including for primary and secondary residences as well as for purchasing investment properties. Although you are not required to put a downpayment of 20%, doing so will save you money on pricey private mortgage insurance.

Home Refinance: Looking to secure better rates on your current mortgage? You could save on interest through the refinancing process. Lendgo will help you review your mortgage to see if you could qualify on a better rate based on market rates. You could also stop paying private mortgage insurance if your home value has increased and/or you have enough equity to eliminate this costly monthly payment. Refinancing can also help extend your loan to reduce monthly payments.

Cash-Out Refinance Eligibility:

• Home appraisal to verify property value
• Credit score of 620 or higher
• Maximum 50% debt-to-income ratio
• Must keep 20% equity in the home or a maximum 80% loan-to-value ratio (how much of your home's value you can borrow)

VA Loans: Provided by private lenders, VA loans are also partially guaranteed by the Veterans Benefits Administration. These loans help active service members, veterans, and eligible surviving spouses purchase a home. Benefits include no down payment required, low-interest rates, no private mortgage insurance, and limited closing costs.

When applying for your home loan, you’ll want to consider a few factors that will ultimately affect what you pay over the lifetime of your mortgage:

Loan term: The length of your loan. Spreading out the loan over a longer period of time will reduce monthly payments but result in higher interest overall.

Fixed vs. adjustable rates: A fixed-rate mortgage locks in your interest rate based on the current market. Whereas, an adjustable interest rate can and will change during the life of the loan.

Interest rate vs APR: Consider the annual percentage interest rate (APR), which includes closing costs, fees, any loan insurance, and other costs.

Closing costs: Costs related to closing your home loan pay for the services of lenders, closing agents, and attorneys.

Repayment Terms

Banks offering home loans through Lendgo offer 10-year, 15-year, and 30-year mortgages. Applicants can get an idea of monthly repayments by using the free online mortgage calculator. You can save money over the lifetime of your loan by paying it off early through a 10- or 15-year repayment plan. Or, borrowers can extend their loan to lower the monthly payments (although this accrues more interest over time).

Customer Support

Lendgo Mortgage has a wealth of free resources available on its website, from its active blog to a mortgage calculator. That way, before you apply, you can find out all you need to know to make smart money decisions when taking out a mortgage. If you have any questions, you can reach support 24/7 through the online contact form.

With mentions on CNN, Forbes, FOX, MSNBC, and USA TODAY, Lendgo is a well-reputed mortgage lender with an A+ rating from the Better Business Bureau. But what do customers have to say about their experience? Unfortunately, many customers complained about receiving spammy emails and calls once they filled in their initial inquiry.