Biggest no brainer in the history of Earth | lenox financial
Has anyone worked with this guy? Please share your experiences on this post. I hear this advertising on the radio all the time for the “biggest no brainer in the history of the earth..”.
Every mortgage company can do no closing cost loans… it’s up to the borrower to decide which option is best after seeing all options available.
Tags: John Shibley no closing costs, lenox financial no closing costs
May 27th, 2009 at 9:50 am
I think it’s worse than that. I have heard from many people that they don’t actually pay the closing costs on many loans as they claim. Anyone can do a no closing cost deal though it’s much harder these days than in the past. EVERYTHING should be paid except the escrows and interest in my opinion.
May 26th, 2009 at 4:55 pm
He was, is, and will always be a con man. The government needs to investigate this crook! Any broker can do this deal. YSP pays for the closing costs and he splits what is left with his broker. What a clown.
May 12th, 2009 at 2:54 pm
Craven,
DO NOT CLOSE WITH THEM. I don’t know the size of your loan but $5300 in closing costs seems high. Not to mention that they are always running around claiming no closing costs. Just say no. Email me if you want some free advice to not get scammed by these people.
May 11th, 2009 at 4:49 pm
I,m About to close with Lenox,closing costs about $ 5,300.Seems like a hell of a lot for an ad that says no closing costs.
January 17th, 2009 at 11:01 pm
Johnny thanks for chipping in. I am sure there are good and bad people just like any job or company. You nailed it, sometimes they make sense but right now they don’t and the yields not really there.
January 15th, 2009 at 1:50 am
These people advertise in the Los Angeles area. Sparing all the details, i had excellent credit and they told me i didn’t qualify for the “no closing costs” because my credit wasn’t good enough. When they say “not all loans apply”, they mean you need to have perfect credit which i don’t believe anybody has. Also, they have been sued in Arizona for false advertising, (which i found out afterwards), and lost.
December 20th, 2008 at 11:10 pm
I worked there for over 4 years. For the most part, they do as advertised. You may have some rogue loan officer’s try to pull a bait and switch, but it’s definately not encouraged or part of the culture. You’re right, everyone can do a no cost loan. I honestly belive they make sense unless rates are at an all time low like right now. Currently, the lenders aren’t paying enough yield to make no cost an attractive alternative. Good company with some great ideas and marketing. It is lacking in management and oversight. Basically just a big brokerage shop that makes the phone ring and the LO’s don’t have much supervision.
December 19th, 2008 at 12:17 am
Does anyone know the current Lennox rate for a “no cost refinance”?
December 16th, 2008 at 2:33 pm
OK, This post needs to be started up again. I would like to hear more responses from Lennox clients’ past, present and future. Some of the stories here are hard to believe. A no closing cost loan is real and happen all the time. Many loan officers abuse them though and the customers don’t understand enough to make an informed decison. Once I get some feedback I will look back and give the true definiton of the no closing cost loan. Maybe I should go undercover and see what exactly Lennox is offering these days?
December 16th, 2008 at 11:41 am
I was in the mortgage industry so I know what I’m talking about and am completely unbiased. John did find a “niche” in advertising, but yes, any lender can do a “no closing cost” loan. It is a perfectly valid loan. The closing costs are NOT rolled into the loan, but you must accept a higher rate which in turn WILL cover the closing costs. Let’s face it – there’s NO way to eliminate closing costs. Don’t let anyone fool you on that. Nobody is going to do a loan for free. One way or the other, you will pay them. The best deal you can get is to negotiate the closings costs and rates with different lenders. This is not a bate and switch loan. For some situations it’s perfect. Just try to get someone to do it at the lowest rate.
September 10th, 2008 at 9:34 pm
I’m sure you’ve heard Lenox Financial’s ads where they say there are no closing costs.
Two days before the closing, they sent me an estimate of closing costs that was $4,000. I had to pay the $4,000 or risk losing my $25,000 down payment because there was not enough time to get another loan from someone else.
Buyer beware. I’ll never deal with them again.
PS
They did not advertise their $1,000 loan origination fee.
August 6th, 2008 at 8:14 am
I refinanced our mortgage in 2007 and my closing costs were almost $9,000…do not let anyone fool you here, there is no such thing as NO CLOSING COSTS, they are calculated and rolled in in some way. When I asked for the mortgage to be redone as stated on the commercial “when interest rates drop”….I was told it was too soon [so much for when interest rates drop] and could not be done, and the closing costs would not be advantageous to the overall loan amount [so much for free]. Not sure why WGN radio station allows this guy to say these things on his commercial as nothing said is true….
May 28th, 2008 at 11:13 pm
They are full of crap. They offer me a rate with no closing costs and a better rate with closing costs. They say they do not “roll them in…” to the loan but they charge a premium rate then take the loan to the wholesale market and sell it. They write premium rate paper and wholesale it. it’s BS!
March 11th, 2008 at 5:07 pm
I was curious so I looked into what past customers of his had to say. The reviews were not good at all. It sounded like some bait and switch to me. It certainly wasn’t as straightforward as they made it sound. Any company can have a few complaints but it looked like alot to me. Anyone know the size of Lennox?
Thanks,
Brett
March 7th, 2008 at 4:30 pm
Guys like John Shibley love to be the “hero” to save borrowers from the evil lenders out there. He’s another salesman who found a niche to exploit. Every mortgage co. out there can do no closing costs.