Lending Tree Mortgage

Lending tree is not a mortgage company nor are they a lender nor a broker of loans. Lenders and Brokers pay a monthly fee that is usually passed onto borrowers in the form of higher rates and fees to belong or be listed on their site as a service provider.

Call your mortgage broker to check all rates against Lending Tree. Most mortgage brokers offer rates that are more competitive in pricing and terms than Lending tree and are easier to deal with.

Lending Tree Mortgage sells information provided by prospective consumers to lenders that have paid a large sum of money to join the Lending Tree network. Mortgage brokers have the ability to shop your loan with hundreds of lenders, not just four, and are able to offer lower rates and fees.

Lending tree sells your information to 4 different mortgage lenders who will call you constantly. Even after you have selected a lender. Most of these lenders will be out of state and you may never meet them face to face.

Borrowers who apply at LendingTree will have their information sold to many Brokers. They can expected to be contacted by numerous mortgage companies.

Shopping for a mortgage online can be a great way to obtain a home mortgage. You can either shop online through companies such as Lending Tree who sell your information to multiple lenders and be bombarded by phone calls from these numerous lenders or you can simply find a couple of mortgage brokerage firms online and talk with them so that you know exactly who you are dealing with. Working with mortgage brokers has many advantages over using a company such as Lending Tree. For example mortgage brokers can shop your loan around with hundreds of lenders whereas with Lending Tree they are only providing your information to the 4 lenders who are willing to pay the high fees to have a chance at getting your business. Another example is that mortgage brokers usually have a much lower overhead than the large lenders and thus they can usually provide a better deal than the Lending Tree Lenders. Lower closing costs and lower rates equal a much better deal for you, the borrower.

Lending Tree Mortgage applications generally result in numerous enquiries against your credit. If you do not refinance or execute your home purchase within several weeks of the application, you can expect that your credit scores will decline, at least temporarily.

» DISCLAIMER: The information contained in this article on 'Lending Tree Mortgage' is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.