LendingTree.com

[imported_KuJaX]

Has anyone used LendingTree.com or know of someone that has? What is your opinion/experience? Any special links other than lendingtree.com/pga (for callaway gift card)

I'm like everyone else: looking for the lowest in closing costs, overall fee's and interest rate. From my understanding, lendingtree accesses your credit once and then gets quotes from a few separate mortgage companies and lets you pick and choose what you want.

Anyway, let the thread begin!

 

[QED]

I used to be a mortgage broker myself, but when I went to look for a refinance loan I went to lendingtree.com.

I don't think I actually went with any of their lender's offers, but a few of them were VERY competitive and did give me some leverage with the lender I eventually went with.

Just be warned that once you apply with lending tree (or really any other lender for that matter), be prepared to be inundated with lenders and brokers trying to secure you businesses.

 

[Reel]

My friend went with them when closing his property. He had a scheduled closing after the weekend. Right before the weekend, he got a call saying that he was not actually eligible for the loan they had sold him on and they would try to get him in another loan for a higher rate. I don't know if this is typical or one person's unhappy story.

 

[SearchMaster]

I used them many years ago (almost 8 I think) for my current mortgage. I had an outstanding experience - they even sent someone out to my house to sign the papers instead of having to go to someone's office.

 

[Vette73]

Originally posted by: Reel
My friend went with them when closing his property. He had a scheduled closing after the weekend. Right before the weekend, he got a call saying that he was not actually eligible for the loan they had sold him on and they would try to get him in another loan for a higher rate. I don't know if this is typical or one person's unhappy story.

I have heard/read a lot of stories like that. Some even say you have to give a $$$ deposit and then if the loan does not close in time, even if its there fault, then you lose the $$$ and have to reapply or pay again.

So be careful if you use a online one as some will drag their feet and might not tell you all the items involved.

 

[imported_KuJaX]

Any more experiences/opinions?

 

[SirChadwick]

I'd like to hear more also... a friend suggested that I go through this site to get a loan on a house. Any more info?

 

[onemo]

I can chime in on a refinance using lending tree.

Just went from a 30yr fixed at 7% (did it in 2003) to a 15yr fixed at 4.8%. My payments are almost the same as the 30yr loan now. Your credit score and bank assets hold a lot of weight when getting the offers. I only received 3 offers, but one of them really wanted to broker the loan and ate a bunch of the fees. The broker that I dealt with caved on most of my gripes when I got a preliminary copy of my closing paper work and they ate the fees for some lawyer documents, appraisal, etc... Guess this economy is good for something right now. Make sure you have all the documentation from your original loan if it's a refinance, it helps to streamline the process greatly. They do indeed send a public notary to your house to sign all the paper work and explain the documents.

Oh, and if you are a member of priorityclub (holiday inn etc...) you can get 2250 points per 10,000 refinance and I think 5000 per 10,000 of a new loan. The link is on the priority club website under the partners section.

edit And no I don't work for any of the above companies /edit

 

[waggy]

I used lendingtree a few years ago to get a Car loan. i recieved 3 offers with one being really good. Far better then anything i was getting around here.

when we were shopping for a mortgage i tried useing them again. nothing they offered was even close to what my local bank offered.

 

[onemo]

Originally posted by: waggy
I used lendingtree a few years ago to get a Car loan. i recieved 3 offers with one being really good. Far better then anything i was getting around here.

when we were shopping for a mortgage i tried useing them again. nothing they offered was even close to what my local bank offered.

The current economy is kicking banks in the nuts right now. You should see the kind of deals and how much they are willing to negotiate right now on large purchases. Just got the wife a new Honda Pilot and I almost felt bad about the deal I got. Almost

edit Of course my investments and retirement funds aren't doing so well /edit

 

[Yreka]

Originally posted by: Reel
My friend went with them when closing his property. He had a scheduled closing after the weekend. Right before the weekend, he got a call saying that he was not actually eligible for the loan they had sold him on and they would try to get him in another loan for a higher rate. I don't know if this is typical or one person's unhappy story.

Pretty common from the "Online" lenders from what I hear. Same thing happened to a friend with Quicken Loans, and also to another co-worker with Ditech. I guess the "scam" is to wait until you ( or your wife) falls in love with the place, its more leverage against you to pay the extra points.

Of course this doesnt have anything to do with Lending Tree, rather the Lenders themselves.. I m sure there are legit ones on there.

 

[mshan]

"When banks compete, you win."

Yeah right. Lending Tree adds their layer of costs and profit margins on top of already high overhead operations of brick on mortar banks.

And in the current market, I would recommend finding a reputable LOCAL mortgage broker / lender / bank, so hopefully the likelihood of surprises (loan not getting approved, lots of junk fees or higher rate than "promised" on good faith estimate). And remember, there are no real penalties for lying to you about actual closing costs or mortgage rate on good faith estimate, so you really need to make sure you are dealing with ethical individuals (unethical ones know you are often stuck or so confused at closing that you just sign everything they put in front of you).

Get this book (http://www.amazon.com/Mortgage...&qid=1210887163&sr=8-1 ) and make sure you end up dealing with an institution that seems very ethical and straight forward to you (both in everything they say and all paperwork they give you).

EDIT: and if spreads between best qualified borrower (20% equity, fully documented, great credit, low overall debt to equity ratios), you will only get a great refinance rate if you are in that ideal borrower category, or close to it.

 

[onemo]

Originally posted by: mshan
...
EDIT: and if spreads between best qualified borrower (20% equity, fully documented, great credit, low overall debt to equity ratios), you will only get a great refinance rate if you are in that ideal borrower category, or close to it.

I probably fell under this, but it seems (refering to the offers I received) that you aren't necessarily dealing with banks but with mortgage brokers who are working for banks.

According to my closing papers the mortgage brokers owned the loan and then immediately sold it to a bank. Which is almost exactly what happened when I closed on the house with my initial financing with a local mortgage lender. They received a fee for negotiating the terms of the financing, but as I said, they ate many of the fees they tried to tack on in an effort to close the deal. Sort of like dealing with a Realtor and having them absorb some of the costs out of their commission.

In addition, it seems as if lendingtree is awaiting their cut from the mortgage broker because I received follow up calls from lendingtree to inquire if the transaction took place or not. I'm thinking membership fee (to have access to initial inquires) + a final value fee, sort of like a quasi-ebay business model.

I'm not in real estate, and this is my 1st house and the first time I've gone through lendingtree, but it was a decent enough experience as long as you have your sh!t together.