LendingTree covers almost any loan aspect in the modern world by providing respected lenders to our virtual door.
LendingTree is not your usual mortgage provider. While they do specialize in different types of loans – be it a mortgage, auto, business, personal, and even student, they are not the ones to lend us the money in essence. The platform is built in order to provide borrowers with an immense volume of options due to its innovative nature. At LendingTree, we don’t get a loan from the company but from the many lenders present there. Each inquiry here is guaranteed to present customers with at least five lender options, each of them with their rating, customer reviews, and history.
The website was launched in 1998 and since then, they have managed to expand their services in many aspects. We won’t discuss all of them here as the most important factor in these reviews is the loans. But with over 30 million customers around the world, there is a certain level of potential at LendingTree, so let’s dive in.
LendingTree, as we have mentioned, doesn’t provide customers with straight-away loans. They are the medium between borrowers and lenders, and the choice to pick a certain loan depends entirely on us. There are personal loans possibilities, mortgage with the intent of home purchase, mortgage refinancing, and home equity loans, as far as the mortgage section is concerned.
The essential variable on the side of LendingTree is the APR range of their loans – 4.69%-35.99%. Unneeded to say, only customers with the finest credit score can benefit from the lowest rate loans, no matter the lender. The spectrum of other fees depends on our savings, history, and monthly income, as well as the lenders’ preferences. Origination fees here usually float between 1% and 5%.
As this isn’t a typical mortgage establishment, LendingTree doesn’t specify the types of mortgages available with them. Every customer account is free to choose from almost a full array of options when it comes to real-estate-property-loans. Depending on how much lenders are ready to cooperate with us, terms and conditions of any mortgage contract are negotiated through the LendingTree platform.
Lenders can filter through any number of eligible borrowers at any time, so this may come as a downside for some eager homeowners. While it doesn’t take much time to come up with several lender options at LendingTree, customers may still have some pending periods if their desired mortgage is on the higher end of total value and competitive interest rates.
Interest rates at LendingTree depend solely on the lenders so each mortgage packs a unique set of requirements. While some lenders will stick to average industry ratios, others may decide to go lower or higher. This opens up a lot of possibilities for experienced homeowners to construct the best mortgage loan terms possible but also hides some threats to new homeowners.
For the most accurate quotes and fee details, we advise creating an account at LendingTree and giving it a test run. It doesn’t require any commitment other than picking our target time-frame, interest rates, and monthly payments. However, LendingTree keeps the power to set limits to any loan here – the minimum is $1,000, with a maximum of $50,000. The loan time periods vary from 3 months to 15 years while Direct Deposit and Direct Creditor Payments are in action. Credit Insurance comes naturally, as well as Unemployment Protection. Decision and Disbursement times depend on the lenders.
While having a sea of lenders at our arms grants many mortgage options, LendingTree monitors the statistics of their customers. A minimum of 629 FICO score is needed to receive any loan on the platform, with personal income and debt coming into consideration, too. The debt-to-income ratio is 36% at max, and we also need a verified bank account and US citizenship. Education requirements may be asked by some lenders but there is no Hard Credit Pull requirement.
Customer support at LendingTree is responsive and usually comes up with a solution to our issues in a matter of minutes. They are available for contact via phone, email, and live chat. Due to the unique nature of the site, customers can benefit from extra customer support efforts when finalizing a loan.
LendingTree brings new ways of acquiring a mortgage loan to the table. They are efficient, check their lenders thoroughly, and present us with enough options to pick a loan from. The interface is swift, lender match results come pretty quickly, and eligibility requirements aren’t high for the industry.