LendingTree Mortgage review October 2018 | finder.com

LendingTree mortgage review

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Connect with vetted lenders on mortgages of up to 30 years with this online lending giant.

Purchasing property, leveraging home equity and exploring home refinancing options can be overwhelming. No matter what type of home loan product you’re in the market for, knowing what to expect throughout the financing process is key.

LendingTree is a free online loan marketplace — not a direct provider. Rather than fund home financing products directly, it connects borrowers to partnered lenders through a simple, online form. The only fees you’ll pay are those associated with the loan you select.

Name LendingTree Mortgages
Description Connect with vetted lenders quickly through this free online marketplace.
Loan types Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Minimum credit 620
Minimum down payment 3.5%
Origination fee Depends
Other fees LendingTree service is free to use, so any cost associated with your home loan will be a result of your lender’s processing fees.

Many lenders charge a one-time origination fee for processing a loan that typically ranges from 0.5% to 1% of the amount you borrow.

Also keep an eye out for prepayment fees if you find yourself in the position to pay off your mortgage early.

Pros

  • Simple application.
  • Compare rates from a number of lenders.
  • Get alerts when a better deal is available.

Cons

  • Contact info shared with lenders.
Borrowers love the simplicity and convenience of finding a loan through LendingTree’s online service. After completing a single online form, you’re presented with multiple lenders and loan offers in minutes, giving you control over the home loan process.

Trustpilot awards LendingTree a score of 9.3 out of 10. The Better Business Bureau gives LendingTree an A+ rating.

The most common complaint among LendingTree borrowers? An inundation of phone calls and emails from potential lenders. After completing the online form with LendingTree, your contact information is shared with LendingTree’s partnered loan providers.

If you choose LendingTree, prepare for lenders to contact you with potential loan offers, or consider filling it out with a secondary email address or phone number instead of submitting your main contact info.

Compare to other lenders

Name Product Min. down payment Loans Offered Origination fee
3.5%
Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA
N/A
Competitive rates and no prepayment penalties on a variety of loans.
3.5%
Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA, USDA
1.0% to 5.0%
A nontraditional lender offering impartial guidance on a range of loans, though with potentially high fees.
3%
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
0.5% to 1.0%
Streamline your mortgage from quote to final payment — all from your computer or phone.
3%
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
0.5% to 1.0%
Flexible options, fast approvals and support online backed by a trusted brand.
3.5%
Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Depends
Connect with vetted lenders quickly through this free online marketplace.

Compare up to 4 providers

Pros and cons

Pros

  • Simple form. Complete a short online questionnaire to get started.
  • Competitive loan offers. LendingTree compiles your most competitive loan offers, which makes it easy for you to evaluate and compare your mortgage rates and options.
  • 1,500+ lenders with reviews. These partnered lenders offer access to a large portfolio of lending options, and you can compare lender ratings and reviews from verified customers for a more informed decision.
  • Alerts on better deals. If LendingTree finds a better rate than your current loan, it sends an alert to your LendingTree account.

Cons

  • Contact info shared with lenders. LendingTree sends your contact info to potential lenders to get in touch with you. Unfortunately, this also means lenders can flood your inbox and voicemail with marketing emails and offers even after you’ve chosen a lender.

What can I expect with a LendingTree mortgage?

  • Maximum loans. The Federal Housing Finance Agency limits conforming home loans to a maximum of $424,100. Anything in excess of this amount is considered a nonconforming jumbo loan. The maximum you can access depends on the lender you select.
  • Loan-to-value ratios. Accepted loan-to-value ratios differ by lender and type of loan you select. Use LendingTree’s online calculator to estimate loan-to-value ratios.
  • Flexible repayments. Some home loans allow you to make interest-only payments. Check with your loan provider to learn more about repayment schedules and available options.
  • Discounts. Some lenders offer closing cost discounts that depend on the type of home loan you choose.

What types of home loan products does LendingTree offer?

The specifics of your home loan ultimately depend on the lender that provides the loan you accept. You can compare offers through LendingTree for:

  • Fixed-rate mortgages
  • Adjustable-rate mortgages
  • Reverse mortgages
  • Jumbo loans
  • Home equity loans & lines of credit
  • FHA loans
  • VA loans
  • HARP loans

Does LendingTree offer FHA loans?

Yes. LendingTree allows borrowers to compare offers for government-backed FHA loans through its website. FHA loans come with less stringent credit requirements and down payments as low as 3.5%, which makes accessing a mortgage more accessible for some borrowers.

Be aware that FHA loans are often accompanied by a lot of paperwork and higher ongoing fees as a result of the insurance premiums required to secure them. While FHA loans are a good option for those who might otherwise have difficulty accessing a home loan, this form of mortgage is not for everyone.

How do I get started with LendingTree?

I got the loan. Now what?

  • Review your loan agreement. Make sure you understand the ins and outs of your loan by reviewing the fine print of your agreement.
  • Check for new offers. Even after you’ve accepted an offer from a partnered lender, LendingTree continues to hunt for more competitive rates on your loan.
  • Get support. Customer service is available Monday to Thursday from 8 a.m. to 9 p.m. EST, Friday from 8 a.m. to 8 p.m. EST and Saturday from 10 a.m. to 7 p.m. EST.

Bottom line

Free to try and simple to use, LendingTree makes it easy to shop around for your best loan, even after you’ve signed on the dotted line.

If you’re looking to save the hassle of comparing your loan options, LendingTree can help you access partnered lenders and home loans you qualify for.

Frequently asked questions about LendingTree

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