This lending matchmaker can help you borrow against your home’s equity at low interest rates.
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LendingTree is a lender matching service that can connect you with a variety of home loans, include home equity loans. Learn how to get connected to its trusted lending partners through a single online application.| Product Name | LendingTree Home Equity Loans |
|---|---|
| Min Loan Amount | Depends on home value |
| Max. Loan Amount | Depends on home value |
| Requirements | You have at least 20% equity in your home, a debt-to-income ratio less than 45% and good to excellent credit. You must be a US citizen, 18 years old or older. |
What makes LendingTree home equity loans unique?
LendingTree simplifies the process of getting multiple loan offers from different lenders. You’ll enter your personal and financial information — like your income, credit score and the size of your home. LendingTree then shares this information as a referral to lenders, who contact you with loan offers. Basically, LendingTree connects you with lenders that compete for your business.
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What is a LendingTree home equity loan?
Home equity loans are kind of like second mortgages — after you buy your house and build up enough equity, you can borrow against the value of your home to receive another loan.
People usually use home equity loans to finance the costs of education, pay for home improvement projects or consolidate debt. The specifics of your LendingTree home equity loan will vary depending on the lender you work with and the loan you agree on.
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What are the benefits of LendingTree home equity loans?
- Many options. Connect with many types of lenders and loans.
- Wide range of loan amounts. The amount you’re eligible to borrow depends on the value of your home and home much you owe on it.
- Tax-deductible. Like all home equity loans, you can typically deduct them on your taxes.
- One application. You won’t have to fill out multiple applications to get multiple offers.
What to watch out for
- Residual offers. You may continue to receive phone calls or emails from lenders even after you’ve accepted a loan offer.
- May hurt credit score. LendingTree doesn’t perform credit checks directly, but the lender you accept a loan offer from will likely run a hard inquiry on your credit report to verify your information. This could case a temporary dip in your credit score.
- Not all offers are competitive. Depending on your qualifications, you may receive up to five offers — but not all options are good options. Be sure to compare interest rates, terms and other features you find important to make sure you’re getting a good deal.
- Fees. Home equity loans can have more fees than a home equity line of credit (HELOC). Look into which financing solution could be best for your needs.
Am I eligible?
Finding a home equity loan can be tougher to qualify for than other loans, especially if you’ve struggled with maintaining good credit or paying down debt. Remember that LendingTree connects you with lenders, but there’s no guarantee that you’ll find a deal that doesn’t require a minimum amount of equity owned or minimum credit score.
To qualify for a LendingTree home equity loan, you must:
- Be at least 18 years old.
- Be a US citizen.
- Maintain a 20% stake in your property.
- Have a debt-to-income ratio under 45%.
What information do I need to provide?
You’ll need to provide personal information like your income, address and employment status as well as information about your home to complete the form through LendingTree.
1. To get started, click the “Go to site” button on this page to go to LendingTree’s website.
2. Select the type of home you own, such as a single-family home, condo or townhome.
3. Enter your personal information, and LendingTree will start connecting you with lenders.
I got the LendingTree home equity loan. Now what?
- Understand all terms and conditions. Be sure you under what interest you’ll be charged and how repayments will be deducted, among other important factors.
- Avoid late payment penalties. Although specific fees vary by loan, most lenders charge late payment fees. One way to avoid them is to set up autopay.
Bottom line
LendingTree could be a good fit for homeowners who want to receive multiple home equity loan offers through one application. However, make sure you’re OK with potentially receiving multiple phone calls, emails and information requests from lenders.