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.
|Mortgage types||Home purchase
|Mortgage amount||Lender dependent; Conventional loan
limit of $510,400 and $765,600 in
|Repayment terms||Lender dependent|
|APR||Lender dependent 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
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
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.
Both 30-year and 15-year conventional loans are common options. Since LendingTree is a marketplace with many mortgage companies in their network, repayment terms and the type of loan offered depend on the lender you choose.
Privacy & Security
When you give LendingTree your phone number and email, which is required to process your preliminary mortgage application, you also give LendingTree permission to share that information with their vast network of lenders. Salespeople will call you and email you to try to gain your business. Since it’s likely that they work on commission, they can be quite persistent. You can’t complete the first basic questionnaire or get rate estimates with a soft credit pull without offering a verifiable phone number and email address.
The company has over 7,500 customer reviews on Trustpilot, with an average of 4.5 out of five stars. They also have an A+ rating with the Better Business Bureau (BBB). The most frequent complaint among reviewers is the number of phone calls they receive from lenders after sharing their phone number with LendingTree.
LendingTree is a marketplace, so after you fill their preliminary online form, you’ll speak directly with the mortgage companies you choose from their list. During the application process, you can call LendingTree for assistance at (800) 813-4620. Their hours of operation are Monday through Thursday 8:00 a.m. to 9:00 p.m. Eastern Standard Time, Friday 8:00 a.m. to 8:00 p.m. and Saturday, 10:00 a.m. to 7:00 p.m.
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.
Some of LendingTree’s partners offer certain types of loans, so it’s possible to get in contact with a sub-prime lender if your credit scores are lacking. You can also get in touch with lenders that specialize in VA or FHA loans through LendingTree.
This marketplace is a real timesaver for people who want to compare lenders side-by-side without filling out multiple forms or initiating contact with many companies on their own.
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.