Lending Tree - yea or nay?

LordSnailz

Diamond Member
Nov 2, 1999
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We're getting closer to getting our first home! So I'm looking around to see what I need to know about getting a rate - I've heard a lot about Lending Tree and even seen a commercial on it; how's it different and how does it compare to some of the local mortage lenders. You can talk to 10 different co-workers and you'll get 10 different answers about who's the best ...
 

CPA

Elite Member
Nov 19, 2001
30,322
4
0
Lending Tree doesn't lend. They hook you up with lenders who pay Lending Tree for sending business their way. They are really nothing more than an advertising portal.
 

RossMAN

Grand Nagus
Feb 24, 2000
78,794
266
116
Originally posted by: CPA
Lending Tree doesn't lend. They hook you up with lenders who pay Lending Tree for sending business their way. They are really nothing more than an advertising portal.

What he said.

If you're just shopping around are you penalized if you sign up with LendingTree, you receive 4 offers but don't go with any of them? Does it cost you a penny?
 

Bryophyte

Lifer
Apr 25, 2001
13,430
13
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Beware and do your homework! We got hooked up with a lender through them and it was a nightmare. We ended up successfully getting our money back from them (that's damn near impossible, tells you how bad they were). Tried to leave negative "feedback" about them and we couldn't because our transaction didn't go through to the end. So...any awful experiences that people have that are so bad that lenders are dropped will not get recorded for posterity.
 

waggy

No Lifer
Dec 14, 2000
68,145
10
81
we went through them for a car loan.

Im pretty happy so far. though the place that we went through are a-holes. we over pay each month (by $50) but one month i ended up in the hospital and my wife forgot to make the payment. The place called and threatened us with repo and such. We were never late and overpaid for the first year and half of a 3 year loan! WTF!

the %9 on a used car is not worth the BS we had to put up with.
 

RossMAN

Grand Nagus
Feb 24, 2000
78,794
266
116
waggy - In the future I would go with a local credit union for a new or used auto loan.

We refinanced our 02 Accord for 4.75% way better than what Honda Finance wanted (8.5% or 10.50%).
 

waggy

No Lifer
Dec 14, 2000
68,145
10
81
Originally posted by: RossMAN
waggy - In the future I would go with a local credit union for a new or used auto loan.

We refinanced our 02 Accord for 4.75% way better than what Honda Finance wanted (8.5% or 10.50%).

yeah we found that out about 5 months after we took this loan. We now belong to the credit union at my wife's work. next car we get should have far lower interest amount.

Since i don't buy new and used cars get higher interest I'm always try to pay it off faster.
 

LordSnailz

Diamond Member
Nov 2, 1999
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thanks for the input guys, guess I'll just pass up on lending tree and go with suggestions from my co-workers.