Many consumers aren’t aware of the importance of shopping around and finding the lender that is right for their personal situation and finances. With our TopTenREVIEWS Gold Award winner, Lending Tree, customers have the ability to enter their information into an online form. Lending Tree then uses that information to match the customer to four different lenders that the customer can then compare to determine the best rates, features and other benefits and disadvantages of each one. This streamlines the process and can move the mortgage or refinancing along more quickly and allows customers the chance to really research before selecting a mortgage or refinancing lender. This is much easier than individuals attempting to locate lenders on their own and finding which one has the lowest rates, etc. Lending Tree boasts a network of more than 150 lenders, so individuals are not simply receiving the same comparisons from the same three and four lenders – it’s varied and balanced.
In addition to the benefits of being able to compare lenders, Lending Tree offers a variety of services and tools customers can use to learn what to expect and how the process works. With mortgage refinancing calculators, individuals can put in the length of the loan term, the amount of the loan, and the interest rate and determine what their monthly payments will be. Because the figures can be drastically different depending on individual finances, credit ratings and more, these mortgage calculators can only give an approximate idea of the payment type, but they’re very helpful nonetheless. This gives them a beginning platform to determine what they can and cannot afford. The refinance calculator allows individuals to determine whether refinancing their current mortgage could save them money or not, while the Cash-Out Refinance Calculator allows individuals to determine whether cash out refinancing or a home equity loan is a better choice. There are other calculators to help with various issues as well.
There are a number of articles and a lot of helpful information that can be used to better understand the programs and how the mortgage and refinance process works. Lending Tree has had an online presence since 1996, and is listed as having an A+ rating with the Better Business Bureau. This means that Lending Tree has asked to receive an accreditation and strives to comply with the Better Business Bureau’s guidelines regarding customer service and satisfaction. Not having an accreditation from the Better Business Bureau doesn’t mean that a company is in poor standing, but it taking the time and initiative to secure the BBB’s approval is certainly a good sign.
The Better Business Bureau has also been known to be critical (on the general consumer’s behalf) of financial-related services such as credit repair, debt management, etc. However, Lending Tree has secured the organization’s highest possible rating, an A+. This is comforting to individuals who aren’t sure where to start and what companies or organizations they can trust. Lending Tree is a secure site as well, meaning individuals can be assured that the information they enter (such as personal numbers, names, etc.) will be protected and will not fall into the wrong hands.
Individuals are able to browse the current mortgage rates in their respective state, and check out the most recent fees in the Lending Tree network. There are several different kinds of refinancing offered to customers, including Fixed Rate at 10, 15, 20, 25, 30, 35, and 40 years. The adjustable rates offered include 1/1 ARM, 2/1 ARM, 3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM, and FHA refinancing is offered as well.
Lending Tree offers hybrid mortgages as well. While most people understand that mortgages either come with a fixed interest rate that will never change for the life of the loan, or variable rates which go up and down depending upon the market at the time – Lending Tree offers individuals the chance to have it both ways. The hybrid mortgage works a little differently than a traditional one. Typically, it starts out with a fixed rate and stays that way for a period of time before it switches to a variable rate that will change at regular intervals. For instance, if an individual receives a 7/1 mortgage, their interest rate will stay the same for seven years and then after that initial seven years, the rate will change yearly. If the numbers were 7/2, the rate would change twice a year after the initial seven years. One of the benefits of receiving a hybrid mortgage is that for the initial fixed rate period, most individuals pay less interest than a typical mortgage holds. Of course, after the initial period, when the interest changes, it has the potential to dramatically increase – as any variable refinancing mortgage rate could. However, having the option to choose the hybrid mortgage is something customers should all have – as more options increases the possibility of a customer’s satisfaction with the company and the mortgage all in one.
The initial cost for finding lenders to compare with Lending Tree is free. However, the fees the individual will pay regarding the interest rates for refinancing and mortgages are entirely dependent upon the lender they choose as well as the type of refinancing or mortgages the individual chooses. This is one benefit of the customer being able to compare lenders before selecting one – they will get a very good idea of the kinds of fees they will be paying, depending on circumstances like credit score, loan amount and repayment term.
Typically, customers with higher credit scores receive lower interest rates on mortgage refinancing loans and mortgages. Lending Tree does provide information on credit repair as well as the opportunity for individuals to monitor their credit through Lending Tree to ensure the rating is as good as it can be. The credit monitoring is free for the first 30 days through Lending Tree, and can be a vital step in receiving a good interest rate on a mortgage refinance.
Lenders look at credit scores before anything else, to determine whether an individual has a positive or negative history of paying his or her bills. If an individual is given the help he or she needs (such as the information from Lending Tree and the ability to monitor their credit rating), they will be more likely to receive an offer from a lender and to have a lower interest rate than if they approach lenders with negative blips on their credit.
Lending Tree offers a variety of customer service tools and support options for individuals, which is particularly helpful for those seeking mortgage refinancing and aren’t sure what steps to take next. In addition to the website being jam-packed with articles on advice and tips for refinancing, Lending Tree maintains a huge list of Frequently Asked Questions on their site, along with the instructions to reach customer service if needed. Lending Tree also maintains a blog, where updated information is given on a regular basis. Along with these tools, Lending Tree offers online chat, email assistance, and customer service telephone numbers.
Lending Tree has been found to be particularly helpful, answering questions promptly and providing resource information so that individuals are able to find the answers or information they need.
Lending Tree assists you in finding the type of mortgage most suitable for you and your needs. Once you put in the information required, Lending Tree then goes to work in listing down the different types of mortgages available for you as well as giving you an option of comparing rates with their network of more than 150 lenders.
Aside from mortgages, Lending Tree also has options for those seeking information about Auto, Home, Health, and Life Insurance. All you need to do is enter your Zip code and the type of insurance you want to know about and Lending Tree does the rest.
We strongly recommend Lending Tree to our readers. This is based on several factors, including the ability to compare lenders and the network of more than 150 lenders that customers have access to. The website is laid out in a helpful, easy-to-maneuver way and has a high reputation for providing helpful services to individuals all over. It’s also based on the prestigious ranking of Lending Tree through the Better Business Bureau – this means that Lending Tree has had no unsolved complaints or has been found incompetent in any way. It’s difficult for companies to receive that high of a score from the BBB, and this speaks volumes for the type of company that Lending Tree is. In addition to this, Lending Tree offers many different types of support to individuals who visit their website – from a thorough FAQ to email services and telephone numbers where customers can receive answers to their questions or information regarding their situations. One thing that stands out about Lending Tree is that customers can chat online with professionals if they have questions or concerns – all right from the Lending Tree website. This gives individuals the chance to ask quick questions that they can’t find available on the FAQ sections, and allows them the opportunity to make informed decisions when it comes to a mortgage refinancing, which, after all is a big decision.
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An overall great site as they have a lot of information available as well as a network of more than 150 lenders.
A somewhat slow response time could be looked into.
Definitely a company customers should look into. A complete one-stop shop.