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LendingTree Mortgages: Pros and Cons
LendingTree’s main advantage can be summed up in one word: convenience. Potential borrowers only need to fill out one application to receive offers from at least five different lenders. By allowing multiple lenders to compete for your business, LendingTree puts customers in a favorable position as they get to compare offers and choose what best suits their needs without having to go to each lender individually. Borrowers can also use competing offers to their advantage by negotiating with lenders to match other lower rates.
In addition to the convenience provided, LendingTree offers resources and instructional material for novice homebuyers. Aside from being an easy-to-use comparative tool when shopping for mortgages, LendingTree’s website also features several mortgage calculators and the ability to check and monitor your credit score.
These benefits notwithstanding, the way LendingTree operates can also mean unwanted lender spam coming your way. As a marketplace, LendingTree shares the information you provide with its partnered lenders so that their offers make their way to you. However, some of these lenders may engage in aggressive marketing campaigns when you no longer require their services. Although LendingTree itself does not participate in this type of communication, it is a common complaint we found in online customer reviews.
Further, customers should be aware that, even though LendingTree performs a soft credit pull, the lenders that match up with you could also perform their own hard credit inquiries. When shopping for a mortgage, multiple pulls within a 45-day window will only be considered as a single inquiry by the credit bureaus. But if done outside of that window, your credit score could take multiple hits and go down.
And even with LendingTree’s promise of five different offers, you won’t necessarily be getting the lowest possible rate on the market. That’s because not all lenders participate in LendingTree’s marketplace, meaning that you could potentially look for companies outside of LendingTree and find better offers.
LendingTree Mortgage Rates
|Connects borrowers with five different lenders|
|Qualifications such as minimum credit scores and debt-to-income ratios (DTI) will depend on the lender.|
|Types of loans and terms will also depend on each lender.|
LendingTree Company Information
Founded as Credit Source USA in 1996, the company launched nationally in 1998 after changing its name to LendingTree. With its headquarters in Charlotte, North Carolina, LendingTree began by offering home loans and mortgage refinancing. Over the years, it has expanded its product offerings to include auto, business, personal, and student loans as well as credit cards and banking products. Its QuoteWizard subsidiary connects customers with auto, life, and home insurance providers.This variety has made LendingTree the nation’s largest online marketplace.
LendingTree Mortgage Products
LendingTree connects customers with participating companies that offer a variety of home loan products for purchase, refinance, or tapping into home equity. These include:
- Conventional Mortgage Loans
- FHA Loans
- VA Loans
- Home Equity Loans
- Home Equity Lines of Credit (HELOC)
- Reverse Mortgages
LendingTree’s website features a “Home Loans” menu that makes it possible for borrowers to begin their loan search by choosing a general category, such as “Mortgage” and “Refinance,” or dive directly into more specific products such as “Home Equity Loans,” “Reverse Mortgage,” “FHA Loans,” and “VA Loans.”
It even has related products to home loans, such as the “Home Insurance” section that redirects to their QuoteWizard sister site.
Since LendingTree is a third-party that does not directly offer loans to customers, the available products will vary depending on the answers that customers provide in the application form. For example, although LendingTree does not have a specific section for requesting a jumbo loan, customers can receive offers for this type of loan if they state that they’re looking for a mortgage over the current conforming limit of $510,400.
Other answers during the initial application will determine the types and terms of the loan offers that companies put forth, such as fixed- or adjustable-rate mortgages, or 15- and 30-year terms. This customization stems from the personal and financial information provided by the customer. If you began your application through the regular “Mortgage” section but answered affirmatively that you or your spouse have served in the military, you would get VA loan options.
LendingTree Customer Service
Since LendingTree is not a loan purveyor, it doesn’t provide customer service for loans purchased through their marketplace. Each lender should provide its own customer service experience. However, LendingTree does have representatives available over the phone from Monday through Saturday to assist with any technical issues regarding the application process.
LendingTree Application Process
|Visit the LendingTree website or use its mobile app.|
|Answer questions (with details) so that LendingTree can determine the type and purpose of the loan you’re looking for.|
|At this point, borrowers should be aware that the information requested may include phone number, physical address, social security numbers, and financial details such as annual salary.|
|LendingTree matches you with up to five lenders’ offers so that you can compare. Borrowers should also be conscious of the fact that those same companies now have their information and will attempt to contact them.|
|If you find an offer to your liking, you can contact the lender directly and continue the mortgage application process with them. If you’re not satisfied with the offers, you can negotiate with the lenders to get a more beneficial offer.|
|At this point, LendingTree has done its job and provided you with multiple offers for you to choose from. All additional processes are completed with the lenders.|
LendingTree Mortgage Rates Fees and Services
As stated previously, LendingTree is not a mortgage lender and does not service loans in any way. The participating companies make all the credit decisions, including approval and the rates and terms. These are determined by the information provided by the customer and each individual company’s criteria.
Therefore, LendingTree does not charge fees for the use of its service and does not guarantee quoted rates or terms. Their function is strictly to match your request with participating lenders. The mortgage process then continues directly with the lender.
LendingTree Mortgage Rates FAQs
Does LendingTree service their loans?
No. LendingTree is an online marketplace in which customers are provided with up to five offers from participating lenders.
Which lenders are part of LendingTree’s network?
There isn’t a readily available catalog of LendingTree’s partners or in-network lenders. However, among the lenders featured in LendingTree’s most recent list of top customer-rated companies within its network are loanDepot, NBKC Bank, Insight Loans, J.G. Wentworth, and AmeriSave, to name just a few.
Does LendingTree have fees?
There are no costs associated with using LendingTree’s services. Customers can submit a loan request and receive loan offers completely free of charge.
Lenders might charge fees during the mortgage process such as processing, origination, or closing fees. But these fees associated with the mortgage process are established and presented by the lender to the customer before any agreement is arrived upon. LendingTree has no bearing on these fees.
How does LendingTree make money?
LendingTree does not make money by charging customers. The company receives compensation from lenders that participate in the marketplace. In other words, companies pay LendingTree to be able to offer you mortgage products.
What types of loans or financial products can I apply for through LendingTree?
Aside from their home loan products, LendingTree offers personal loans, credit cards, auto loans, business loans, student loans, debt relief, and credit repair. LendingTree also offers a variety of banking products such as certificates of deposit, checking, savings, money market, and IRA accounts.
LendingTree Mortgage Rates: Summary and Key Takeaways
- The country’s largest online loan marketplace, connecting customers with up to five loan providers
- Not a direct lender and does not charge the customer for the use of its services
- Marketplace saves time by providing several offers with only one online application
- Borrowers looking for lower rates can negotiate with lenders
- Borrowers could receive unwanted communication from persistent lenders
- Marketplace does not guarantee the lowest rates on the market