Currently, Lendtrain product is only available in Georgia. If you’d like to be notified of when we’re available in new states, please sign up to be notified when we expand into new states.

We offer conventional 30-year and 15-year mortgages for only for homeowners who are refinancing. We currently do not offer other types of mortgages or purchase transactions.

Yes! We’re rewiring the entire mortgage process from the ground up, which requires that we build custom technology to make getting a mortgage faster and more transparent. One by one, we’ll tackle different types of mortgages. We do plan to offer conventional mortgages for new home purchases in the new future. Please sign up to be notified when these are available.

First, you’ll answer a few questions to see if you’re eligible to apply. If you are eligible to apply, we’ll verify your income, employment and assets instantly as you complete our simple online application. After that, you’ll eSign a bunch of disclosures (don’t worry, you can do it on your phone) and lock your rate.

Within 24 hours of you completing the application, we’ll let you know if an appraisal is needed and submit your loan to underwriting for initial approval. If your loan is approved, we’ll notify you of any items needed to clear your loan to close right away. We’ll also order a payoff on your existing mortgage and start preparing your loan for closing, which usually takes 7-10 days.

When your loan is cleared to close, we’ll give you a heads up to eSign your Closing Disclosure and schedule a time and day to close. If the property you're refinancing is in Georgia, you’ll still be able to close from the comfort of your home, but will need to ink-sign the final docs.

When your refinance closes, we will pay off your existing mortgage and replace it with a new mortgage. If you have automatic payments set up on the old loan, you’ll need to cancel those when the new one closes.

The principal balance you see on your statement or online banking is not your payoff balance. Each day, a little bit of interest accrues on your mortgage until you make your next payment, at which point the interest is paid off and begins accruing again.

This can be hard to explain, so here’s an example:

  • Principal Balance: $250,000
  • Interest Rate: 5.00%
  • Payment: $1,342.05

Let’s say you bought this house last year and made 12 on-time payments of exactly the amount due. After the 12th payment, your principal balance should be $246,311.59.

For your 13th payment, your $1,342.05 payment would consist of $1,026.30 in interest and $315.76 in principal.

But you’re refinancing...so you’re not going to make that 13th payment! Your old lender will add the unpaid interest along with any escrow shortages and/or unpaid mortgage insurance to the principal balance when they send us a payoff. We’ll post a copy of the payoff in our client portal so you can see the exact breakdown.

Your exact closing costs will depend on the circumstances of your loan. To give you a general idea — most of our loans over the past year had closing costs between $1,500 and $3,500.

Closing costs include:

  • Points or credits, as determined when you select your rate;
  • Third-party settlement fees, which are noted on all loan estimates and disclosures;
  • Per diem, which is prepaid interest from the day of closing through the end of the month prior to your first payment.

Within 3 days of submitting your application, we’ll send you a loan estimate that outlines your expected closing costs. If anything changes before closing, we’ll send you an updated loan estimate.

At least 3 days prior to closing, we’ll provide a closing disclosure that gives a fully itemized list of closing costs.

We understand you don’t want to set your pay-off day farther out in the future. However, getting a lower rate on your mortgage usually saves you money in the long run. When you get your new mortgage, just keep making the old monthly payment, and you maypay it off even faster than the original pay-off date!

Yes! The process is smooth and fast. Getting a better rate can save you thousands of dollars over the life of your loan. We require the minimum amount of paperwork and waiting time.

The application will take you only about 5 minutes to fill out. Because we use the vendors to electronically verify income with your employer, we don’t have to request the standard documentation from you.

Within 24 hours of you completing the application, we’ll let you know if an appraisal is needed and submit your loan to underwriting for initial approval. If your loan is approved, we’ll notify you of any items needed to clear your loan to close right away. We’ll also order a payoff on your existing mortgage and start preparing your loan for closing, which usually takes 7-10 days.

When your loan is cleared to close, we’ll give you a heads up to eSign your Closing Disclosure and schedule a time and day to close. If the property you're refinancing is in Georgia, you’ll be able to close from the comfort of your home, but will need to ink-sign the final docs.

To refinance with Lendtrain, you need to have at least 20% equity in your home, live in Georgia, and work for a company who uses our approved vendor to electronically verify income and employment. This is a common, time-saving practice with many employers.

At this time, we’re not offering other types of mortgages or working with other homebuyers or homeowners than what’s been described above. However, we’ll be tackling more inefficiencies and more types of mortgages as we grow. Please sign up to be notified when we offer new mortgages at the lowest possible rates.

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