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LendingTree Not As Fast, or Good, With Refinancing Quotes Now

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When I bought my house three years ago, I used LendingTree to get some financing offers to get a better feel for what rates for someone like me. Within an hour or two of when I submitted the request, I had someone from LendingTree call me to tell me they were coordinating the lending offers. Within an hour of that I had a response from LendingTree that included several rate quotes from multiple lenders, I was genuinely impressed with how quickly that process was.

Today was a totally different story. I submitted my request in the morning and it wasn’t until 5 PM that I saw some “quotes” roll in. I put that in quotes because it was one lender with three quotes depending on what loan I wanted. By then I had talked to a local lender and a loan officer from BB&T, where my current mortgage is. The loan offer was from a lender in Kentucky and it was far inferior to the one offered by BB&T (the local lender will get back to me tomorrow). Maybe it’s because we’re so close to the holidays, maybe it’s because we’re in a sagging housing market, or maybe because I’m a weak borrower, but it’s overall a pretty lackluster response.

Here are the offers so far on the table (obviously pending credit checks and whatnot):

  • BB&T Mortgage said that I could get a 20 or 30 fixed year mortgage at 4.875% or a 15 year mortgage at 4.75%, with no points. The closing costs, which would include all the document fees, escrow setup, and title insurance BS would run about $3,100 to $3,200.
  • SurePoint Lending had three offers – $4.875% on a 30 year fixed with one point, 5% on a FHA 15 year fixed with no points, and 5.25% on a 30 year fixed with no points.

Assuming the closing costs are going to be similar, the SurePoint offer doesn’t come close to the MM&T Mortgage and I’m inclined to stick with the bank I’m already with. I didn’t set up my loan with BB&T, they bought it, but I haven’t had any problems and they’re offering a much cheaper option.

Perhaps tomorrow will bring more quotes but I’m not holding my breath, it looks like the number to beat is 4.875% with no points.

{ 6 comments, please add your thoughts now! }

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6 Responses to “LendingTree Not As Fast, or Good, With Refinancing Quotes Now”

  1. Dave says:

    I bought my house in June and when I submitted my request to lending tree, I got ZERO quotes. My wife and I have awesome credit (both over 800), so I thought there was perhaps a mistake. When I called up lending tree, they told me that everything was correct, but no one wanted my mortgage. I had selected a quote on only a 30 yr fixed (I also had 20% to put down), so I thought that perhaps I had entered in some data incorrectly. Once I spoke with them, I figured that only the mortgage company sharks (who are now mostly out of business) worked through lending tree and typically offered bad deals to people with “subpar” credit.

    • jim says:

      That’s really interesting… the guy I talked to didn’t really seem like he knew what was going on. He didn’t say his firm’s name at first, didn’t mentioned LendingTree until a few sentences in, it seemed all in all pretty shady.

      Do you think it’s the market? Or LendingTree?

      • Dave says:

        I honestly don’t know if its the market or lending tree- when you first used lending tree and got a bunch of offers, were any of them for 30yr fixed through major banks, or just mortgage companies that probably bundled them up and sold them off? My gut tells me that the people at lending tree are honest themselves (they are probaby getting paid a commission, like any other mortgage broker) but that they attract smaller banks/mortgage companies who don’t have the big name.

        • jim says:

          They were major banks offering standard rates, but you select what you want. I only entertained 30-fixed, 15-fixed, 5/1 and I think 10/1 just for comparisons sake. This time I only put 15-year and 30-year, no ARMs, and that could’ve been the difference.

          I don’t doubt LendingTree’s honesty, but I’m certain a bunch of the mortgage brokers that buy the data are a little less clean, but that’s how the business is.

  2. philip says:

    I am hoping to bring my credit score up within the next 6 months and hopefully get some decent equity into my house. I have a smaller loan comparativly <$135,000, but what are your thoughts on if the rates will still be down in 6 months, possibly even lower if the gov’t gets them down around the 4.5? At that point it will not be worth it for you to refi again, but you may have missed out on some .25% or so.

    • jim says:

      I’ll take 4.875% today rather than a potential 4.5% in six months, given the option because you never know what can happen. Think of everything that’s happened in the last month or two months, it’s unpredictable. The whole mantra of a bird in the hand is worth two in the bush comes to mind in this case.

      I’ve been doing the research now just to get my mind all right about how the process goes, what’s important, how the process works, etc. I haven’t done anything home financing related in three years so none of this stuff is fresh in my mind, it might be worth it for you to see what your options are today (it costs nothing, LendingTree does a soft pull on your credit, which has no effect) like I’m doing just so that in 6 months you’ll be familiar with the process and just focusing on the particulars.

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