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LendingTree is a free online mortgage marketplace — not a direct mortgage provider. Rather than funding home financing products itself, LendingTree can connect you with partnered lenders after you complete an online form.
Type | Marketplace/Broker |
---|---|
Loan products offered | Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance |
Minimum credit score | Conventional: 620 FHA: 500 VA: 620 USDA: 640 Jumbo: 800 |
Minimum down payment | 3% |
State availability | Available in all states |
NMLS # | 1136 |
Unlike direct mortgage lenders that require you to satisfy a certain set of criteria to get approved, the requirements on LendingTree vary from lender to lender. In general, however, you need a credit score of at least 620, though some lenders require a higher score. Your down payment also depends on what type of mortgage you choose. For example, you can get a VA mortgage with a $0 down payment, but you may need anywhere from 5% to 20% for some conventional and jumbo loans.
You’ll need to provide your:
LendingTree itself is free to use, but the lenders the platform connects you with will almost certainly charge fees to process your mortgage. Many lenders charge a one-time origination fee, which typically ranges from 0.5% to 1% of the amount you borrow.
Depending on your lender, you may also need to pay other fees, including:
To compare mortgage rates in your area using LendingTree:
While direct mortgage lenders only offer you access to a limited set of products, LendingTree’s marketplace lets you choose from hundreds of lenders offering a wide variety of home loans. Whether you’re looking for a conventional loan on a first home or hunting for a jumbo loan on a secondary residence, you’ll have no shortage of options to consider.
LendingTree is often compared to Credible, which is another mortgage marketplace. Both platforms are relatively similar in terms of how they work and what they offer. They’re each well-reviewed, and neither platform will charge you to compare mortgage rates. The primary distinction between the two marketplaces, however, is that LendingTree operates nationwide while Credible isn’t licensed to issue mortgages in Arizona, Hawaii, Missouri, Nevada, New York, Rhode Island, Utah or West Virginia.
Because LendingTree connects you with lenders, and is not a direct lender, you may be able to find a lender for other mortgage products, including:
As of October 2020, LendingTree has a rating of 4.5 out of 5 based on nearly 8,500 reviews on Trustpilot. Borrowers love the simplicity and convenience of finding a loan through this platform. All that’s required is completing a single online form, after which you are presented with multiple lenders and loan offers, giving you control over the home loan process.
On the other hand, LendingTree is only rated 2.28 out of 5 based on 91 reviews on the Better Business Bureau’s (BBB) website. The most common complaint in LendingTree reviews is the volume of phone calls and emails customers later receive from potential lenders. This is because LendingTree shares your contact information with a variety of third-party loan providers after you complete the online application, and some of these lenders may contact you more often than you’d like.
Founded in 1998, LendingTree is one of the leading online brokers for home loans, refinancing, reverse mortgages, home equity loans and other financial services. But LendingTree is not a direct lender, so it can’t provide you a loan for your home. Rather, it will connect you with a lender that can.
Review by
Michael Benninger is a personal finance writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Blinkist, Business Insider and the Los Angeles Times. When he’s not writing, you can usually find him watching movies, enjoying the outdoors or boarding planes to distant destinations.
LendingTree is a solid resource you can use to quickly compare your options when it comes to getting a mortgage. But if you want to avoid third-party lenders soliciting you by phone and email, you might prefer working with a direct lender.