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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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620
Minimum credit score
Available in all states
State availability
Details
| Type | Marketplace/Broker |
|---|---|
| Loan products offered | HELOC, Home Equity loans |
| Minimum credit score | 620 |
| State availability | Available in all states |
| NMLS # | 1136 |
Review by
Heather Petty
heather.petty@finder.comHeather Petty is a personal finance writer at Finder, specializing in home and personal loans. 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, 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 earned 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.
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 interest rates for home equity loans, HELOCs and cash-out refinancing
Use our tool to get personalized estimated rates from top lenders based on your location and financial details. Select whether you’re looking for a Home Equity Loan, HELOC or Cash-Out Refinance.
If you selected a home equity loan or HELOC, enter your ZIP code, credit score and information about your current home to see your personalized rates.
In the Cash-Out Refinance tab, select Refinance and enter your ZIP code, credit score and other property details to see what you might qualify for.
Searching for the best rates...
LendingTree reviews and complaints
The majority of reviews for LendingTree are favorable: As of July 2022, the company earns 4.6 out of 5 stars from Trustpilot from over 11,000 reviewers. Customers mention that the service is “fast” and “easy to use” and provides a “great” experience. However, this is for a range of loans, including personal loans, home loan products and more.
LendingTree has been accredited with the Better Business Bureau (BBB) since 2019 and has an A+ business rating. The company has a 1.38 out of 5 stars from 101 BBB customer reviewers, with most of the negative reviews reporting increased spam after signing up for the service and hard credit pulls that lowered credit scores.
Frequently asked questions
What’s the difference between a home equity loan and home equity line of credit?
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.
How does LendingTree make money?
LendingTree makes money by providing your information to lenders who’ll likely approve your loan application. LendingTree could receive a referral fee or a commission once the loan is funded.
How can I stop getting calls and emails from LendingTree lenders?
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.
