LendingTree simplifies searches for mortgage and refinance services by submitting your application to multiple mortgage companies that then compete for your business. LendingTree’s online lending exchange business model was an innovation when it launched and it has proven to be successful. Since inception, LendingTree has facilitated more than 25 million loan requests and closed more than $185 billion in loan transactions. The service is free to borrowers because the lenders pay LendingTree to compete for your business. You can use the online calculators and educational materials for free. When lenders respond to your online mortgage application, you are not under any obligation to use them. LendingTree only services U.S. loan requests. We consider LendingTree to be the best way to find a mortgage or refinance an existing loan. LendingTree wins the TopTenREVIEWS Gold Award.
LendingTree publishes current mortgage and refinance rates from a sample of the lenders in the LendingTree network. The rates assume a FICO score of at least 720 and a loan-to-value ratio of 80 percent for a primary home mortgage. The rate that you actually wind up getting is subject to many factors and the rates continually fluctuate. Nevertheless, the list of current rates on LendingTree is useful for approximating the market.
To apply for a home mortgage or to refinance a mortgage, you begin with LendingTree’s online form. As many as five lenders then respond with loan offers customized for you, at which point you are in position to make a selection. Even if your credit history is not the very best, there are mortgage and refinancing companies within LendingTree’s circle that will consider your application.
By the way, the fact that multiple home mortgage lenders will pull your credit report does not mean that your FICO score will take a tumble. The company that provides FICO scores, the Fair Isaac Corporation, disregards inquiries from the 30 days prior to your application. Furthermore, as long as you are applying for a mortgage or refinance, all credit inquiries that take place within a 14-day period count as a single inquiry.
After you apply, you can sign in to your account at any time and see the results of your loan request, including a list of the lenders reviewing it. LendingTree works with as many as 250 lenders. A loan request through LendingTree simply initiates the best mortgages matching process. Once you compare the interest rates and terms and settle on a lender, you will complete a loan application with the lender that you chose. You do not pay LendingTree anything. Once you get going with the lender that you pick out of all the offers, you will work with that lender’s loan officer, who might ask for an interest rate lock fee along with an application fee or an appraisal fee. The loan officer assigned to you will have you provide proof of income and other information to support your application through the underwriting process.
LendingTree lenders provide various mortgages:
You can also apply for refinancing through LendingTree. You could refinance to decrease monthly payments. Or you could replace the mortgage that you have now with a larger one (cash-out refinancing). If you want to keep your current mortgage but you want to release some equity, there are always home equity loans. And if you are at least 62 years old, you could apply for a reverse equity loan.
You can reach LendingTree by email or telephone from 8 a.m. to 9 p.m. (Eastern Time) Monday through Thursday or from 8 a.m. to 8 p.m. on Friday. Saturday hours are from 10 a.m. until 7 p.m.
By applying for a mortgage or a refinance through LendingTree, you multiply your efforts. Instead of submitting one application to one lender, your LendingTree application goes to five lenders, some or all of which will bid for your business so that you are in position to select from different proposals. You will be able to monitor the progress of your loan online, and you can consult LendingTree along the way for information to help you understand every detail of the loan application process.
LendingTree mortgage and refinance applicants receive multiple offers from several competing lenders.
Given the volume of transactions brokered by LendingTree and the number of lenders involved, there are the inevitable online complaints.
LendingTree is an efficient way to discover the best lender for your specific mortgage or refinancing requirement.