LendingTree
4.0
6.1
Overall Score
Author: Kalicia Bateman
Founded in 1996, LendingTree is an online mortgage loan marketplace, providing a list of multiple lenders to easily compare rates and fees. The company provides lending services for mortgages, auto loans, business loans, personal loans, and more.
LendingTree offers nationwide coverage so you can use the company as your lending marketplace regardless of your state of residence. To access a list of mortgage lenders, consumers need to fill out a form before receiving personalized rates and terms.
Continue reading for a full review of this mortgage company or jump down to read LendingTree mortgage reviews.
The Good
- Multiple Loan Options
- Competitive Mortgage Rates
- Educational Resources
Multiple Loan Options
LendingTree allows customers to view multiple home loan options simultaneously from various lenders - LendingTree doesn't originate home loans.
LendingTree provides free and easy comparisons entirely online and is available to consumers in all 50 states. The company displays interest rates and fees from many of the top mortgage lenders in the country.
Lending Tree provides the following loan types through its mortgage lender network:
- Conventional loan
- 30 and 15-year fixed mortgages
- Adjustable rate mortgage loan (ARM)
- FHA loan
- VA loan
- USDA loan
- Jumbo loan
- Home refinance loan
- Reverse mortgage loan
- Home equity loan
The variety of options allows customers to find the loan type that best fits their needs.
Competitive Mortgage Rates
As a mortgage marketplace, LendingTree puts its network of lenders in direct competition with one another. Because of this competition, lenders are more likely to provide lower rates and terms to catch the attention of the consumer.
It is important to note that while you may receive more competitive rates when you apply for a home loan with LendingTree, the rates and terms you will receive are dependent upon multiple factors, including your credit score and debt-to-income ratio (DTI) — the lowest rate can't be guaranteed.
Educational Resources
LendingTree offers a wide selection of educational resources on its website, which is useful for customers who are new to home loans. The company provides tools for checking your home's value, deciding between renting and buying, and several interactive financial calculators.
In addition, you can find a glossary of common mortgage terms on its website, as well as mortgage news and articles.
The Bad
- Personal Info Required
Personal Info Required
In order to access a list of mortgage lenders, prospective buyers must provide their city and state, loan amount, annual income, employment status, credit score, date of birth, bankruptcy and foreclosure history, and street address. All of this information is crucial for a lender to have in order to determine eligibility, interest rate, and beyond, but it would be helpful for users to be able to see a list of lenders before sharing their information.
The Bottom Line
LendingTree is a reliable platform to shop around for a mortgage loan, allowing a borrower to secure a favorable interest rate on their chosen loan product. After filling out an information form, the company displays mortgage rates from several different companies at once so the consumer can compare lenders all at once.
One downside of the LendingTree platform is that your personal information is required before receiving access to a list of compatible mortgage lenders. Keep in mind that you'll likely want to verify fees and additional costs directly with each lender before going through with the mortgage, since rates are subject to change.
LendingTree mortgage reviews are currently limited, but they are a mix of 5 and 1-star ratings. One large customer complaint is that you may get inundated with calls since your information will be shared with third parties. However, many customers speak to LendingTree's competitive rates and fast funding times.
Read LendingTree reviews from real customers below.
Dale L Farmer Littleton, CO
7 years ago
