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LendingTree home equity review
Fill out one application to choose from multiple loan offers
LendingTree is a lender-matching service that connects you with a variety of home loans, including home equity loans. Through a single online application, this service matches you with trusted lending partners.
But signing up puts your information on marketing lists for bank offers, even from the lenders you don’t choose, and you may receive a number of unsolicited calls and emails.
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Details
| Type | Marketplace/Broker |
|---|---|
| Loan products offered | HELOC, Home Equity loans |
| Minimum credit score | Good to excellent credit |
| State availability | Available in all states |
| NMLS # | 1136 |
What types of fees does LendingTree charge?
Your fees may vary by lender, but LendingTree estimates that you’ll pay between 2% and 5% of your loan in closing costs. You’ll be responsible for the following fees:
- Appraisal fee
- Credit report
- Document preparation
- Loan origination fee
- Notary and title fees
Pros and cons of LendingTree
Pros
- Multiple lenders. Get matched up with a wide range of lenders.
- Simplified process. Fill out a single online application to receive multiple offers.
- Alerts on better deals. If LendingTree finds a better rate than your current loan, it sends an alert to your LendingTree account.
Cons
- Residual offers. You may continue to receive phone calls or emails from lenders even after you’ve accepted a loan offer.
- Not all offers are competitive. Depending on your qualifications, you may receive up to five offers — but not all options will be good options. Be sure to compare interest rates, terms and other features you find important to make sure you’re getting a good deal.
LendingTree requirements
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, and each one might have different requirements, including minimum credit score.
- Loan-to-value ratio. You’ll need a loan-to-value ratio (LTV) of around 80 percent.
- Income. You’ll need to show you have sufficient income to cover your mortgage payment and the new loan payment.
- Strong credit. Lenders want to know you have a history of paying your debts.
- Debt-to-income ratio. Lenders also like to see a low ratio between your overall debts and your income.
- Other assets. Additional assets help lenders feel more comfortable lending money to you.
Documentation
Have the following documentation ready before you apply:
- Original purchase price of your home
- Up-to-date loan amount
- Estimated current market value of your home
- Amount you wish to borrow
- Proof of employment
- Income and expense information
- Personal information, such as your name, address and phone number, along with your Social Security number and date of birth
How to apply for a home equity loan through LendingTree
You can’t apply for a loan through the LendingTree site, but to find lenders willing to work with you, follow these steps:
- On the LendingTree Home Equity page, click or tap Access your Equity.
- Select the type of home you own, such as a single-family home, condo or townhome.
- Step through the prompts to supply your personal information so that LendingTree can connect you with lenders that work with borrowers in your area.
What types of home equity services can you access through LendingTree?
You can expect the following services from LendingTree:
- Many loan options to choose from. Connect with many types of lenders competing for your business.
- Wide range of loan amounts. The amount you’re eligible to borrow depends on the value of your home and how much you owe on it. But lender criteria varies, which could give you a range of amounts to meet your needs.
- One form. You won’t have to fill out multiple forms to get multiple offers.
Other mortgage services offered through LendingTree
This service connects borrowers with lenders for home purchase and home refinance products as well. You can also access a variety of mortgage loan-related calculators to help you suss out what kind of loan is best for you.
How LendingTree’s home equity services compare to its competitors?
Compared to direct lenders, which typically can only offer you one or two home equity loans to choose from, LendingTree gives you access to more options. And they do the research for you. The list of lenders you’re connected with is specific to the loan you want and your eligibility statistics.
There are other marketplace services out there that offer access to a pool of lenders, but none with LendingTree’s nationwide reach.
Compare home equity loan and HELOC options
Compare these lenders and lender marketplaces by the type of home equity product you're searching for, state availability and minimum credit score. Select See rates to provide the company with basic property and financial details for personalized rates.LendingTree reviews and complaints
The majority of reviews for LendingTree are favorable. As of December 2020, the company earns 4.5 out of 5 stars from Trustpilot, with over 8,600 reviews ranging from “easy to use” to “awesome experience.”
LendingTree is not accredited with the Better Business Bureau (BBB), but receives an A+ rating from the organization for closing 214 complaints over the last three years. The company has also earned 2.27 out of 5 stars from 86 BBB customer reviews, with most of the negative reviews complaining of increased spam after signing up for the service and hard credit pulls that lowered credit scores.
Frequently asked questions
Review by
Heather Petty
heather.petty@finder.comHeather Petty is a personal finance writer at Finder specializing in home loans, banking and insurance. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing has been featured on MSN, Credit.com and MediaFeed.org, among others. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She holds a bachelor’s degree in English with a minor in journalism from the University of Nevada, Reno.
Expert review
LendingTree is for homeowners looking to compare their home equity loan options across multiple lenders with one application. But if you’re concerned about your information being shared with lenders you don’t intend to work with, consider applying directly to a lender instead.
