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LenderFi Mortgage Review 2021

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Editor’s note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone. The information in this article is accurate as of the date of publishing.

LenderFi is an online direct lender based in Calabasas, Calif. Since its founding in 2006, LenderFi has provided borrowers with a digital lending platform that preapproves borrowers within minutes of applying.

A key part of LenderFi’s mission is to close loans within two weeks — or in as little as eight days for purchase loans.

Pros and cons of a LenderFi mortgage


  • Provides a digital mortgage application process
  • Provides home loans free of lender fees
  • Offers mortgages in most states
  • Provides the potential to close within two weeks of applying
  • Publishes updated information on current mortgage rates


  • Provides limited information about available mortgage products
  • Doesn’t offer VA or USDA loans
  • Doesn’t offer home equity loan products
  • Website lacks information on minimum borrowing requirements

Working with LenderFi

LenderFi is licensed to operate in 45 states and the District of Columbia. The five states LenderFi doesn’t operate in are:

  • Hawaii
  • Missouri
  • Nevada
  • New York
  • Utah

One of the lender’s key advantages is that it doesn’t charge any lender fees to originate loans.

LenderFi borrowing requirements

The company doesn’t provide information online about minimum credit scores or its other mortgage requirements.

However, based on the options given on LenderFi’s rate search page, borrowers can get home loans for the following property types:

  • Single-family homes
  • Multifamily homes (two to four units)
  • Condominiums
  • Co-ops
  • Townhouses
  • Manufactured homes
  • Planned-unit developments

LenderFi mortgage products


  • Conventional loans. LenderFi offers 30-year, fixed-rate conventional mortgages, which follow guidelines put in place by Fannie Mae and Freddie Mac. To qualify, you typically need a minimum 620 credit score and 3% down payment. LenderFi also offers 5/1 and 7/1 adjustable-rate mortgages (ARMs).
  • FHA loans. The lender also offers 30-year, fixed-rate loans insured by the Federal Housing Administration (FHA). To make the 3.5% minimum down payment, you’ll need at least a 580 credit score.


LenderFi offers the following type of mortgage refinances:

  • Rate-and-term refinance loans. If you’re simply looking to lock in a better mortgage rate, change your repayment term or switch from an ARM to a fixed-rate loan, a standard rate-and-term refi is likely the best option.
  • Cash-out refinance loans. A cash-out refi allows you to tap your available home equity to fund home improvements, consolidate high-interest debt or fulfill some other financial goal. The catch here is that your new loan balance will be higher than your existing loan.

Home equity products

LenderFi doesn’t offer any home equity loan or home equity line of credit options.

The mortgage application process

  • How to apply. The first step toward applying for a LenderFi mortgage is to create an online account. To do so, you’ll fill out basic contact details and information about the property you’d like to buy or refinance. You have the option to call a LenderFi loan officer to ask any questions you have about the application process.
  • Disclosure process. On its website, LenderFi declares that “paperwork is the enemy!” The lender works to reduce as much paperwork as possible through its technology offerings. You’ll have the ability to upload and sign documents digitally through LenderFi’s online platform.
  • Submitting loan for approval. Once a home seller accepts your purchase offer, you may request a mortgage rate lock for up to 30 days. LenderFi will then order a home appraisal to verify your home’s value for final loan approval.
  • Final approval. The underwriting team will request additional documentation from you to finalize your approval. The faster you submit those documents, the faster you can get to the closing table.
  • Closing. LenderFi aims to close loans within eight days to two weeks of receiving a mortgage application. Once you’re cleared to close, you’ll sign documents and exchange money to transfer ownership of the home from the seller to yourself.
  • Servicing. LenderFi provides loan servicing for its closed loans through its MyLoanWeb platform. Borrowers can use the website to make mortgage payments and manage their loan.

Communication during the process

You’ll work with a dedicated loan officer — who will be your main point of contact — after submitting your mortgage application. However, if you have general questions throughout the process, you can reach LenderFi representatives Monday through Friday, from 8 a.m. to 6 p.m. PT, at (855) 679-2439. You can also email [email protected].


Today's Mortgage Rates

  • 2.41%
  • 2.18%
  • 2.60%
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