Everything You Need to Know About Lending Tree Mortgages
Table of Contents
- Our Review of Lending Tree
- Lending Tree Mortgage Process
- Lending Tree Pros & Cons
- What States Does Lending Tree Offer Mortgage Services?
- Lending Tree Available Mortgage Types & Programs
- Lending Tree Mortgage Fees & Rates
- Lending Tree Customer Service
- Lending Tree Borrower Qualifications & Requirements
- Lending Tree Online Reputation
Lending Tree is a revolutionary lending marketplace that acts as a middleman between borrowers and lenders. Instead of providing direct finance, Lending Tree hosts an extensive network of brokers and direct lenders that will offer mortgages to potential customers.
Lending Tree was founded in 1996 in North Carolina and is now a publicly-traded company.
Our Review of Lending Tree
Overall, Lending Tree offers an accessible platform that makes it easy to find multiple mortgage quotes at the same time. Instead of manually filling out applications at numerous lenders, Lending Tree allows you to input core details and receive offers from various lenders.
If you’re looking for a customer-focused lender that provides an easy-to-use platform and strong comparison tools, this is undoubtedly a great option and should not be a surprise that Lending Tree made our list of best mortgage lenders. Of course, your experience with Lending Tree will be largely determined by the lender that you’re partnered with, so it’s impossible to predict your satisfaction with the process ahead of time — without already knowing your partner lender. Nonetheless, in what follows, we will take an in-depth look at the core components of this unique lending marketplace so you can decide if Lending Tree is a good fit for your needs.
Lending Tree Mortgage Process
If you want to find a mortgage using the Lending Tree marketplace, you will need to start by heading to their website. You can begin by clicking on ‘Home Loans’ and then selecting the type of loan you’re looking for (and entering your zip code).
After entering some basic information, Lending Tree will provide you with offers from up to five different lenders. You can compare rates, negotiate with lenders, and assess terms before you make a final decision on applying for a loan from a particular lender. You can also access calculators and other tools to help you gauge your expected costs.
As mentioned previously, Lending Tree is not providing you with funding to purchase a home. Instead, it is a gateway that allows you to access financing from various brokers and direct lenders. Also, keep in mind that the quotes that you receive won’t necessarily be your final rate. You might end up paying more or less once you complete a formal application with your lender.
Lending Tree Pros & Cons
There are positives and negatives associated with all modern lending platforms. Here are some pros and cons associated with Lending Tree.
What States Does Lending Tree Offer Mortgage Services?
Many lenders are restricted from offering mortgages in certain jurisdictions. So, can you apply for a mortgage in the Lending Tree marketplace? At present, it appears you can use Lending Tree in all 50 states. In fact, the company’s website provides information regarding the average mortgage rates in each state.
Lending Tree Available Mortgage Types & Programs
Because Lending Tree isn’t a direct mortgage provider, they’re able to offer a wide range of home loan products to their users. The products available to you depend on which lending partners (on the marketplace) are willing to offer you a loan. You can obtain both fixed and variable interest mortgages via Lending Tree.
There are many government-sponsored mortgages available: FHA loans, VA loans, and USDA loans. In addition to traditional mortgages, you can also access jumbo loans, refinance loans, home equity loans, and reverse mortgages.Have a house to sell before moving? Read our guide here. (March 31, 2020)
Lending Tree Mortgage Fees & Rates
Lending Tree’s mortgage fees and rates are primarily dependent on the lenders that you choose to work with. As Lending Tree is simply a marketplace that matches you with potential lenders, they don’t actually set the interest rates that are offered by lending partners. Instead, the rate that you’re offered will be determined by your creditworthiness, income, mortgage type, and a host of other factors.
While it’s impossible to predict what interest rate you’ll be offered at Lending Tree, rates do start from just over 3% APR. Still, one of the primary benefits associated with Lending Tree is that you’re offered quotes from multiple lenders. You’ll be able to view a broad range of interest rates and fees.
Lending Tree Customer Service
Lending Tree offers convenient customer support options to borrowers that use its platform. If you need to get in touch with customer service, you can either fill out an online form or call the company’s office at 800-813-4620.
Customer service hours are 8 AM to 9 PM (EST), Monday through Friday. Weekends have reduced hours. Lending Tree also accepts written correspondence to its head office in North Carolina.
Lending Tree Borrower Qualifications & Requirements
At Lending Tree, you will need a minimum of a 600-credit score to apply for a loan. You also need three years of credit history and a debt-to-income ratio below 40%. The debt-to-income threshold may be lower if you are married.
If your current credit score and income are better, you’re more likely to be offered a broad range of mortgage products or reduced interest rates.
Lending Tree Online Reputation
If you’re going to work with an online lending platform, it’s a good idea to find out if they are reputable. Never trust your money with a company that isn’t verifiable online. To gauge the online reputation of Lending Tree, we took a look at reviews and complaints on some of the industry’s leading consumer watchdog groups.
On the Better Business Bureau (BBB), Lending Tree has been issued an A+ rating. While there are some minor customer complaints, it’s clear that Lending Tree has established itself as one of the industry’s most reputable partners.
Because the company itself doesn’t provide lending services, your experience will be largely dependent on the lender that you choose to work with. Be sure to do your research on partner lenders before applying for a loan or accepting a finance offer.
More From ISoldMyHouse.com: Be sure to check out our other mortgage company reviews!
About the Author: Kris Lippi is the owner of ISoldMyHouse.com and the broker of Get LISTED Realty. He actively writes about real estate related topics such as buying and selling homes, how-to guides for around the house and home product recommendations. He has been featured in Inman, Readers Digest, American Express, Fit Small Business, Policy Genius, Lending Tree, GoDaddy, Manta as well as other major websites. Read more about us here.