Comments on: LendingTree Review: Do You Really Win?

By: Can't say since they have my info

Can't say since they have my info — Tue, 03 Nov 2009 23:49:39 +0000

Totally agree with Kerri above. The rates they offered were very high. Actually helped me decide my broker was honest. Once I was funded then the calls really set in. “What was the rate you got, oh I guess that’s ok, etc etc. I have asked them after every call to remove me from their call list and receive another call from them 2 weeks later.

By: Kerri

Kerri — Fri, 10 Apr 2009 18:57:34 +0000

I just got off the phone with a Lending Tree rep because I want to refinance my mortgage. What a joke. They want to charge $7700 in closing costs to refinance a $225,000 loan. The rep was a typical salesman trying to make me feel like I wasn’t smart enough to understand the complex financials. They’re a bunch of swindlers and I would deter anyone from using them.

By: Rourke

Rourke — Wed, 22 Oct 2008 07:39:46 +0000

Let me give you a little info from a former mortgage broker’s perspective: LendingTree is nothing more than a lead-generating source! Once you sign up, your info is sent to at least three lenders who pay heavily for the info. LendingTree is a much sought-after and valued lead source for mortgage lenders because of their tremendous advertising. Brokers pay an initial sign-up fee of about $10,000 and then pay an additional fee of about $895 for every LendingTree loan that closes. Guess what, that cost is passed on to you, the borrower.

Bottom line, you will pay either a higher mortgage rate or higher closing fees if you get your loan through LendingTree. You can save money by simply contacting a few banks and/or mortgage lenders in your area.

By: Frank

Frank — Fri, 19 Sep 2008 04:42:24 +0000

Lending Tree blows. Don’t you know that Lending Tree gets a huge cut?

Cut out the middle man and you win!

I’m a Realtor, and just today my client got screwed by a Lending Tree loan that didn’t (and wont) close on time.

Frank

By: james

james — Thu, 17 Jul 2008 05:15:55 +0000

they are the only person i know who will honor there terms down to the penny once you lock, even the third party costs. Who else will do that for you? not your local broker or bank. you will always find someone with a better rate allegedly. There parent company is IAC which is good to know. From start to finish it was 9 days till i was signing my final loan documents, in this market that is more important than shopping around to see who has the cheapest credit report, cheapest processing. Once you lock your good to go. Lending Tree is in bizz to make money just like your local bank is just make sure you feel you got a fair shake.

By: Felice

Felice — Thu, 12 Jun 2008 02:14:12 +0000

Honestly, good for you but…BUYER BEWARE~~~Initially the person I began the loan process with was WONDERFUL!! Communicative, polite, responsive…once my loan went to my personalized loan processor everything went down the tubes, esp as far as customer service. She never made an initial contact as promised and then every time I had a question or concern it took a minimum of two (usually three) contacts on my part before she ever responded & then in a brief, laid-back, don’t worry, “you are fully approved” manner or an “I need this ASAP”. I was questioned deeply as to where funds came from and although I was applying for the mortgage on my own my live-in lesbian partner had supplemented my down payment but that did not seem to fit well with my so-called personal loan processor. Although she never made any direct derogatory comments she asked a lot of questions relative to my relationship to the person who contributed to my down payment. It is my understanding that legally it no longer needs to be a ‘relative’ who provides ‘gift money’. An incredible amount of documentation was required & more & more as the process went on. Since I am in FL and LT is based in CA that communication from her usually did not occur until around 3ish her time which made it 6ish my time and need I explain further? She lied to my attorney’s office repeatedly, did not return phone calls or send out paperwork she promised, not only in a timely manner, but NOT AT ALL! It was not until 4:30 CA time THE DAY BEFORE MY CLOSING(actually night for me–7:30 p.m.!!!) that I was informed after several phone calls initiated by me to supervisors, that I was ineligible for my mortgage! I was told this was because of recent changes to PMI requirements, but after doing some of my own investigating I found out these changes had been initiated MONTHS AGO! Then after that I still tried but it got worse & the lies on LT’s part increased. Not only that, but this process was about seven weeks & THE VERY SAME DAY THAT THEY DENIED MY LOAN THEY HIT MY CREDIT AGAIN! This, then, had a plummeting effect on my FICO. I have a hard time believing this was not done intenitionally as I had called “my personal loan processor”s’ supervisors several times to get a response. If they needed my $600 that badly I would have much rather given it to outstreched honest hands.

By: bill mullen

bill mullen — Tue, 22 Apr 2008 21:51:07 +0000

If you know of anyone from South Carolina who has obtained a mortgage using Lending Tree, please let me know.

By: Crystal

Crystal — Fri, 14 Mar 2008 00:39:42 +0000

I will be closing with Lending Tree on 3/14/08! What a relief! In November 2007, I submitted information to Lending Tree at the same time my husband talked with a mortgage broker to refinance our home. I had ONE point of contact (Austin Crigger)with Lending Tree who was extremely helpful and not pushy and my husband had ONE point of contact with his friend of 40 years, the mortgage broker. In December 2007, in the interest of friendship, we went with the mortgage broker (though I really felt much more comfortable with Lending Tree). We paid for the appraisal (which could only be used by this broker) and began the process. By the end of February 2008, we had been through so many ‘locks’ that never materialized but that left us having to keep ‘locking in’ at a higher rate that I finally refused to do this again and sent an email to Austin. He was unable to answer but, fortunately for me, Saeed Gazemzadeh called me and continued right where Austin left off – quoting me daily rates and ranges and a firm lending cost – until I was ready to lock the rate. Now, three weeks later, we are signing and will have money in hand in less than a month! All this with only ONE credit pull from Lending Tree (the other broker had three pulls during the previous two and a half months – two of which lowered my credit rating). I am pleased as punch, happy as a lark and a lot less stressed because I made the choice to go back to Lending Tree. Due to my very pleasant experience, I highly recommend Lending Tree to those looking to refinance.

By: Louis

Louis — Thu, 07 Feb 2008 15:03:04 +0000

I found Lending Tree to be useless. The “bids” that lenders give you are not binding in any way. Often lenders will just post low bids to get your attention and once you start dealing with them the rates change. If rates go up during the process the bid is meaningless. You are better off shopping around on your own.

By: Mr Credit Card

Mr Credit Card — Fri, 17 Aug 2007 03:16:59 +0000

I have spoken to mortgage firms and every one said you actually pay more with lending tree. If you bother to shop around, you will pay less. Lendingtree is a broker and takes in “fees”.

This is the real scoop that folks who just go online thinking it is the cheapest because of competition have got it all wrong.

By: Rich

Rich — Thu, 16 Aug 2007 22:39:23 +0000

I looked at Lending Tree a few years ago when I refinanced. If you read the fine print, there is nothing that says they will get you a low rate, only multiple offers. The lenders are chosen at random. I got a much better rate and lower costs from Wachovia on my own.

By: jim

jim — Thu, 16 Aug 2007 22:11:31 +0000

Thanks for sharing your experiences, just one point worth mentioning is that the credit bureaus count all mortgage lender inquiries within a 30 day period as only one because they recognize you’re going to be shopping around, not getting 30 mortgage loans.

By: NewHomeOwner

NewHomeOwner — Thu, 16 Aug 2007 20:43:40 +0000

I purchased a house in March of this year, and this is whom I contacted regarding financing the property (My FICO score was above 750, and I had 10% down payment and income documentation, so this was for a prime loan):

1) Independent Mortgage Broker
2) Washington Mutual
3) CountryWide
4) LaSalle Bank
5) My Credit Union
6) LendingTree.com

For the above 6, by far the worst offers were from Lending Tree. Washington Mutual, Countrywide, the independent mortgage broker and my credit union all had the same rates and loans, just different amounts for closing costs. LaSalle bank was about a half point higher.

And LendingTree.com assailed me with loans a point higher of interest, higher closing costs, and no real way to distinguish a reputable lender from a fly-by-night operation.

In my experience, lendingtree.com was useless. And since when you go to lendingtree.com, EACH lender hits your credit report, so it can also potentially lower your credit score.

The web makes it easy to know what the current rates are, but you still have to pick up the phone.