Lenox Financial – A Proud History Of Change

In 1994 Lenox Financial was established as a reasonably standard mortgage broker service, arranging high quality mortgages at the lowest possible rates for homebuyers. However, in these same early years, they also bid to introduce a revolutionary new product to the market – the no closing cost mortgage. The concept of arranging a mortgage without having to pay closing costs was something that many homebuyers simply didn’t trust initially because it was such a radical idea. However, through a program of re-education and convincing, consumers began to come round to the idea in abundance.

By arranging a mortgage with no closing costs, buyers were afforded several distinct advantages. Primarily, it meant that any home buyer, whether first-time or experienced, was able to arrange a mortgage quickly without the need to budget thousands of extra dollars in up-front costs. This money could certainly be put to better use, either being put towards the deposit on a home or paying for the renovations or redecorating that most homes undergo when a new buyer moves in.

The other benefit to using mortgages with no closing cost is that they free the buyer to change mortgages as market conditions improve. Paying closing costs of thousands of dollars means that you are financially tied to that mortgage for months or years before it becomes financially viable to change. With no closing cost mortgages, this isn’t the case, so if rates improve 6 months down the line and it would be beneficial to change mortgage then buyers can do exactly that.

Additional Resources

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Lenox Financial :: Article on 4WorkLife