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This lending matchmaker can help you borrow against your home’s equity at low interest rates.
LendingTree is a lender matching service that can connect you with a variety of home loans, including home equity loans. Learn how to get connected to its trusted lending partners through a single online application.
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.
The majority of reviews for LendingTree are favorable. The company earns a 9.1/10 TrustScore from TrustPilot, with reviews ranging from “easy to use” to “awesome experience.” LendingTree is not accredited with the BBB, but receives an A- rating from the organization.
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.
Pros and cons
Pros
Multiple lenders. Get matched up with a wide range of lenders.
Simplified process. Fill out just one 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.
Why we like:
Fast turnaround and competitive fixed rates for qualified borrowers with only an origination fee.
Competitive rates.
Low fees.
Quick preapproval.
Why we like: Figure
Fast turnaround and competitive fixed rates for qualified borrowers with only an origination fee.
Do I qualify for a home equity loan with LendingTree?
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.
Eligibility requirements
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 ration. 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.
Required documentation
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 do I get started?
1. To get started, click the Find out more 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, including ZIP code, and LendingTree will start connecting you with lenders.
I got the loan. Now what?
Understand all terms and conditions. Be sure you understand what interest you’ll be charged and how payments 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.
Frequently asked questions
Home equity loans give you money in a lump sum, whereas a line of credit provides access to money as you need it up to the credit limit, much like a credit card. Home equity loans tend to have more fees than lines of credit, so make sure you look into all of your home loan options to determine the right fit for you.
LendingTree makes money by providing your information to lenders who’ll likely approve your loan application. LendingTree could receive a referral fee and/or commission once the loan is funded.
Start by requesting to be put on LendingTree’s Do Not Call list. To stop any future calls from specific lenders, you may need to ask individual lenders to take your name off their contact lists.
Aliyyah Camp is a publisher helping folks compare personal, student, car and business loans. Prior to joining Finder, she ran her own personal finance blog and wrote for numerous finance sites. Aliyyah earned a BA in communication from the University of Pennsylvania. She regularly attends industry conferences to stay in the know about market changes that can affect consumers. When she's not helping people with their personal finances, you can find her at the movies or going for a run outdoors.
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finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
