Lennar Mortgage is a mortgage lender based in Miami, Florida. The firm is a subsidiary of Lennar Corporation, a NYSE-listed home construction and real estate company also based near Miami. It used to be known as Eagle Home Mortgage and assumed its current name in December of 2020. The firm is licensed in 27 states and offers fixed-rate mortgages, adjustable-rate mortgages, jumbo loans, FHA loans, VA loans and USDA loans.
|30 year fixed||5.21%||5.13%||+0.08|
|15 year fixed||4.39%||4.32%||+0.07|
|30 yr fixed mtg refi||5.29%||5.22%||+0.07|
|15 yr fixed mtg refi||4.40%||4.31%||+0.09|
|7/1 ARM refi||4.85%||4.82%||+0.03|
|15 yr jumbo fixed mtg refi||3.06%||3.10%||-0.04|
National Mortgage Rates
Regions Served by Lennar Mortgage
Does Lennar Mortgage Operate in My Area?
Lennar is licensed to originate loans in the following states: Arizona, California, Colorado, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, West Virginia and Wisconsin.
What Kind of Mortgage Can I Get With Lennar Mortgage?
Fixed-rate mortgage. This is by far the most popular type of mortgage in America. An interest rate is negotiated at the beginning of the loan and remains the same for the life of the loan. While a 30-year repayment period is common, shorter loan periods are often available.
Adjustable-rate mortgage. With an adjustable-rate mortgage, you’ll have an interest rate which is set for a certain time period at the beginning of the loan - a period of several years, generally. After that, the interest rate is adjusted each year. This type of loan will often have a lower rate at the beginning, but you could end up with higher rates down the line.
Jumbo loan. A jumbo loan works the same way as a conventional loan, but is for higher loan totals. For 2022, the max for a conventional loan is $647,200. It can go up to $970,800 in some high-cost areas.
FHA loans. FHA loans are offered with the backing of the Federal Housing Administration. These require a smaller down payment than usual (just 3%) and can ba a good option for those with less-than-sterling credit records.
VA loans. Veterans of the military are eligible for these loans, backed by the U.S. Department of Veterans affairs. There is no down payment required and interest rates are generally better than conventional loans.
USDA Loans. A USDA loan is backed by the Department of Agriculture. There is no down payment required, and low credit scores are ok. That said, they are only available in designated rural areas.
What Can You Do Online With Lennar Mortgage
You can go through the preapproval process online with Lennar Mortgage and get personalized rates. You can upload all relevant documents and get support from Lennar throughout the process. If you’re interested in buying a new home, Lennar can help connect you with the building side of the firm’s business.
Lennar prefers mortgage payments be made by phone or by mail, and there is no mobile phone app to speak of.
Would You Qualify for a Mortgage From Lennar Mortgage?
Lennar Mortgage doesn’t publish a required FICO score. Generally, though to get a conventional loan you’ll need to have a score of at least 620. There are different requirements, though, for government-backed loans like VA, FHA and USDA loans.
The minimum down payment is 3%, though most buyers put down closer to 20%. With at least 20% down, lenders won’t need mortgage insurance.
What’s the Process for Getting a Mortgage With Lennar Mortgage?
To get a loan from Lennar Mortgage, you’ll first have to apply online and get prequalified. This requires giving information about your financial situation and other important factors, including your social security number. You’ll also upload any relevant documents.
After this, you’ll find and put an offer in for a house. If your offer is accepted, you’ll go back to Lennar for final approval. An underwriter will review your loan and confirm it assuming everything checks out. The money will be dispersed, your sale will close and then get ready to move in to your new home!
How Lennar Mortgage Stacks Up
Lennar offers most of the major types of loan a potential homeowner could want. The fact that it accepts relatively low down payments is a plus, and the fact that mortgage insurance is waived once a borrower has 20% of the equity in the home.
The biggest place where Lennar is lacking is in online usability. There is no app, so those who like to run all their finances through their mobile phone are out of luck. In fact, payments need to be made on the phone or by mail, so there is a distinctly 20th century feel to the way you’ll manage your mortgage if you use Lennar.
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