Dealing with mortgages, has anyone used Lending Tree, what do you think of them?

Question

If Lending Tree is not the best choice, any other mortgage suggestions?

Answer 1

my opinion is that you should find a mortgage broker. They have your best interest in mind.

according to an ezine article by Loui Latour:
If you are considering mortgage refinancing online with the Lending Tree website, you need to read this discussion first. Filling out Lending Tree’s contact form will result in overpaying as much as $1,300 for your next mortgage loan. Here is what you need to know about computerized loan origination junk fees to avoid overpaying for your next mortgage loan.

To understand how companies like Lending Tree make their money, click on the licenses and disclosure link at the bottom of their web page. Scroll down a bit and you’ll find a section entitled “GFE Addendum – Disclosure and Fee Acknowledgment." Lending Tree claims they do not charge you for their services, while this is only partially true, the fine print found on the licenses and disclosure page tells the whole story.

The Good Faith Estimate Addendum discloses the “Computerized Loan Origination Fee” you will pay when closing on your new mortgage. Your lender will charge you up to $1300 for filling out Lending Trees form. This is the fee you pay for using Lending Tree to find a mortgage loan. While Lending Tree is not charging you this fee directly, had you gone to the mortgage lender's website directly you would not be out of pocket $1300 at closing.

Lending Tree isn’t the only big named website that charges this hidden fee. How can you avoid paying “Computerized Loan Origination” fees? Do your own research and go directly to lenders websites without using a third party portal like lending tree. Closing costs and origination fees are expensive enough without third party companies like Lending Tree bilking you out of your hard earned money.

fukinluck is right, use local brokers and get different quotes, and dont do bankrate, they will promise you the best rate and close the deal with a different rate. In this business if its to good to be true, it probably is. Best of luck.

Im a Mortgage Consultant, let me know your scenario I do no cost no obligation consultations, ,Ill guide you in the right direction, according to your situation. If you need assistance feel free to contact me and I let you know who might have the best answer for your situation.


Chris Diaz
mortgage Consultant
[e-mail]
www.pelicanlending.com

Answer 2

NOOOOOO!!! This is not a biased opinion it's a Factual Statement. Lending Tree is a Lead Generation company in disguise. They will SELL your Information to random people Nationwide for as much as $150. You will get bombarded with phone call's. Then the trickle down effect will happen. These people who you did not choose will sell off your information to another slimy Lead Generation Company and they will Sell your information for $50 to $5 depending on how old your information is. This can go on for about two years. Yeah you say your on the Do Not Call list. But you just voluntarily gave over your information.

Your best bet is to pick up the phone and call around. Ask friends or family.

Always ask for a GFE or Good Faith Estimate.

If you want I will overlook your GFE and tell you whether it's worth it or not. Just a Free Service I offer with no obligations.

STAY AWAY FROM LENDING TREE AND SAVE YOUR PHONE BILL OR MINUTES.

Answer 3

I used lending tree for my auto loan, and it worked out great for me, no complaints at all!
I don't know how they work on mortgage, but like the first answer said, you are not obligated to go with any of the offers they present to you.
More importantly, why are you going this route? Do you have a low credit score? If your credit is fine, then I would suggest going with the bank that currently holds you checking/savings, and anything else. That way one call takes care of all your financial needs.

Answer 4

I am a loan officer and work for a mortgage broker. Lending Tree can offer pretty competitive rates. But please watch out for the closing costs. They usuallly are RIDICULOUS. I agree that your best bet is to stay local. Call local banks as well as mortgage brokers. And always always always tell mortgage broker what either a bank or another broker has offered you, most times they will compete so they will get your loan.

Answer 5

Your best bet is always to stay local. Talk to your friends, family, coworkers, etc... Get a couple referrals to people in your area. You'll want to talk with 1-2 brokers, 1-2 banks, and see what they all offer you.

I'd avoid bankrate. I'm in the business, and in my experience, a good chunk of the rates posted are not actually available. You'll be baited and switched into something higher before closing.

Answer 6

You can use lending tree because you are NOT obligated to go with any of the four choices they give you. Also, check out bankrate.com as they have some more data.