LendingTree Mortgage Review
LendingTree is an online platform offering borrowers the opportunity to receive multiple competing loan offers after filling out an online form. The LendingTree platform facilitates many types of loans in addition to mortgage refinance loans, home purchase loans, and home equity loans.
The main selling point of LendingTree is that you only have to fill out one form and then you can compare mortgage loan offers from multiple companies.
These different parties will then be vying to get the customer’s loan, often leading to more competitive prices. This review will take a deep dive into everything else you need to be aware of with LendingTree.
|Mortgage types||Purchase, refinance, HELOC, reverse mortgage, FHA loans, VA loans, cash-out refinance, home equity loans|
|Mortgage amount||Lender dependent; Conventional loan
limit of $510,400 and $765,600 in
|Repayment terms||Varies by lender|
|APR||Varies by lender based on qualification|
|Minimum credit score||500|
LendingTree Mortgage Loans: Pros
- Lenders in the LendingTree network uniquely offer manufactured or mobile home loans and multi-family home loans
- You can apply for a mortgage through LendingTree as a primary home, secondary home, or rental property
- Getting several offers after filling a single form makes it easier to negotiate for your best possible rates
- Simple process to get quotes. Covers a range of different property types
LendingTree Loans: Cons
- Customers receive many emails and phone calls from various companies
- A hard credit check, that could affect your credit score, is made after you apply to a lender
Online Form Process
First, you’ll choose the type of property you want to purchase:
- Single-family home
- Multi-family home
- Manufactured or mobile home
After answering a few other general questions about the geographical area of the potential property, where you are in the buying process, and how much money you’d like to spend, you’ll answer some questions about your income, employment status, and estimated credit situation.
LendingTree offers online confirmation of accounts with Wells Fargo, Bank Of America, Citibank, US Bank, and Chase. You’ll offer your name and email address, then set a password so you can access your estimated rates.
LendingTree conducts a soft credit pull, which doesn’t affect your credit scores. You’ll get a list of rates for various loan types. If you want to proceed with a more formal application, you can do so right away.
LendingTree uses your social security number to get your FICO credit score. They also collect information from you about your income, employment, debts, and assets. After submitting this information to their network of lenders, you may receive offers from four to five companies. Your preliminary quotes may come via phone call from these companies. It’s crucial to take notes about each offer. Listen to all of them and then call them back to see if they can compete with each other. One of the main advantages of using LendingTree’s marketplace is that you complete one basic online form to work with several mortgage lenders. You can allow them to compete for your business, which means you’ll get your best possible deal if you negotiate.
Lenders in the LendingTree network may require these documents:
- W-2s for the past two years
- Pay stubs for the past 30 days, including proof of bonus and commission income
- Bank statements for the past 60 days
- Tax returns for the past two years
- 1099 forms for self-employed people or those with a side-gig
- Proof of assets, including pension statements, stock earnings, dividends, disability or social security income award letters
- Gift letter if you receive part or all your down payment from someone else
- Signed purchase agreement
- Verification of employment including position and salary printed on company letterhead or signed employment verification form
Taking a Home Equity Loan with LendingTree
Lending Tree will help you find the best home equity loan lender for your specific needs. You will be able to go through an easy online application process, providing details about the home that you currently have, its value, and the balance of your mortgage.
This will allow Lending Tree to figure out what exactly you are looking for and then present you with each of the viable options. This means that you are going to have many different loan options to choose between, varying loan sizes, and well as competitive rates.
Terms & Requirements
Conventional mortgages have the same basic requirements, no matter the lender. For example, you must have a maximum debt-to-income ratio of 50% or less, but lenders prefer a 45% DTI unless you have a credit score over 740. Here are some other requirements for a conventional mortgage:
- Credit score above 620
- Proof of steady income with two years of consistent employment
- Down payment of 20% or the loan requires private mortgage insurance (PMI) of 0.15% to 2.5% of the loan amount, depending on credit score
Mortgages backed by the government, like FHA and VA loans have more relaxed credit requirements. Lenders who participate in these programs require a minimum credit score of 500 with a 10% down payment, although some VA loans may approve a borrower without a credit score and down payment. With an FHA loan, you’ll pay PMI twice. Once as an upfront premium of 1.75% of the loan and again as an annual premium of 0.45% to 1.05% of the total loan amount. FHA loan PMI premiums amounts aren’t affected by credit scores.
Your mortgage terms depend entirely on the lender you choose and your financial situation. To compare one lender to another, use the annual percentage rate. The APR represents your total cost of borrowing the money through a specific lender.
Since mortgage rates change frequently, you can find out current interest rates in your neighborhood by entering your loan type, home price, down payment amount, home type, and estimated credit score range on LendingTree’s rate comparison page. You don’t have to disclose your personal information to use this feature of LendingTree’s website.
With LendingTree, you can also fill our online forms for personal loans, auto loans, student loans, debt consolidation, and business loans. LendingTree is a marketplace lender, so they have relationships with many different lenders, so you’ll see a range of loan options when you prequalify with lenders in LendingTree’s network.
Most lenders will have conventional loans of term lengths of between 15 years and 30 years. Some will be more flexible than others in this regard, providing a range of different options. You should also check to see what fees will be in place for a given mortgage, as well as if there are any prepayment penalties.
Privacy & Security
Lending Tree puts a huge emphasis on protecting the sensitive data of its user base, being particularly important as this is a marketplace model rather than being a direct lender. This means that your information will have to be shared with different lenders. You can often get calls from these lenders and sometimes they are persistent.
You are able to control exactly how Lending Tree stores and uses your data If you have concerns, you can request them to delete certain information. Encryption technology ensures that the transportation of data is done in a safe and secure way.
Lending Tree has built up a very good reputation during its time in business. It has great reviews on Trustpilot, and it holds an A+ rating with the Better Business Bureau (BBB). Therefore, you know you are dealing with a company that takes the interests of its customers very seriously.
As Lending Tree acts as a marketplace, you will largely be dealing with the different lenders after you have submitted your initial online form. Therefore, you will deal largely with the customer support teams of these lenders. However, there are phone lines that you can use to contact Lending Tree if needed.
These opening times vary during the week. Monday to Thursday the lines will be open between 8 am and 9 pm ET, 8 am to 8 pm on Friday, and between 10 am and 7 pm ET on Saturdays. You can also send the team an email if you prefer going down this route. Generally, the Lending Tree support team has proven to be effective at resolving issues that arise for users.
LendingTree offers an easy-to-use online interface where you can get multiple rate quotes and contact several mortgage companies in just moments. However, be ready to field multiple calls from lenders.
Reputable lenders will be competing with each other for your business, often leasing to some great rates. You can shop around to your heart’s desire and be able to do so all in one place. Therefore, you can save a lot of time when you use Lending Tree in your search for a mortgage loan.
The advantage of using Lending Tree is that you are able to quickly shop around for the best home equity loan lender for your needs. This can save you a lot of time as you don’t have to research each lender on a one-by-one basis. With competitive fees and a great range of options, home equity loans through Lending Tree are always a good option.
11115 Rushmore Drive
Charlotte, North Carolina
LendingTree Disclaimer:LendingTree, LLC is a Marketing Lead Generator and is a Duly Licensed Mortgage Broker, as required by law, with its main office located at 11115 Rushmore Dr., Charlotte, NC 28277, Telephone Number 866-501-2397 (TDD/TTY). NMLS Unique Identifier #1136. LendingTree, LLC is known as LT Technologies in lieu of true name LendingTree, LLC in NY. LendingTree technology and processes are patented under U.S. Patent Nos. 6,385,594 and 6,611,816 and licensed under U.S. Patent Nos. 5,995,947 and 5,758,328. © 2016 LendingTree, LLC. All Rights Reserved. This site is directed at, and made available to, persons in the continental U.S., Alaska and Hawaii only.