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Anybody ever use LendingTree?
Posted on 1/27/10 at 5:57 pm
Posted on 1/27/10 at 5:57 pm
What was the experience? Did they save you on closing cost?
3
Posted on 1/27/10 at 6:31 pm to andyjordan78
I just got a quote from a bank in Kansas city through Lending Tree. It wasn't as good as Bank of America, though.
Posted on 1/27/10 at 6:32 pm to andyjordan78
I used Lending Tree when I was looking for my house. If I recall, they shop you out to different brokers and then those brokers email you with information and contact numbers, etc.
I had 3 or 4 different loan companies email me within 24 hours and then I chose the one I wanted to go with.
I didn't really have any issues with them but I don't feel that they did a whole lot. They do the research on the best interest rates, I think.
I had 3 or 4 different loan companies email me within 24 hours and then I chose the one I wanted to go with.
I didn't really have any issues with them but I don't feel that they did a whole lot. They do the research on the best interest rates, I think.
Posted on 1/28/10 at 10:41 am to kriskris
lending tree is a great way to get multipule qoutes. i am one of the guys that call people when they go to that website
Posted on 1/28/10 at 10:44 am to andyjordan78
I used them and got an excellent rate with very low closing costs. I chose a bank and not a broker though.. One of the brokers on there had a much lower rate and when I asked for info the rate was magically higher and they had an orig fee. Ended up going with NASB which is a big lender on there and they were a pleasure to work with.
Posted on 1/29/10 at 12:01 am to Catman88
You will definately get good rate quotes. But be careful as you could get suckered into a bait and switch deal.
When dealing with a bank/broker be sure to get a GFE that is in accordance with the mortgage industry current regulations. There has been very recent changes..,
Also ask for the yield spread on rates. And do your own homework. You can get a rate considered high and pay zero closing costs. You can also get a great rate but pay high closing costs. Ask if you can have closing costs written into loan and do the math. See what works best for the life of the loan, i.e. Total interest paid over life of loan. Look for what makes the most sense. Don't get sold on the idea of bragging to your friends that you got a 4.2 on a 30 year.
Hope that helps.
When dealing with a bank/broker be sure to get a GFE that is in accordance with the mortgage industry current regulations. There has been very recent changes..,
Also ask for the yield spread on rates. And do your own homework. You can get a rate considered high and pay zero closing costs. You can also get a great rate but pay high closing costs. Ask if you can have closing costs written into loan and do the math. See what works best for the life of the loan, i.e. Total interest paid over life of loan. Look for what makes the most sense. Don't get sold on the idea of bragging to your friends that you got a 4.2 on a 30 year.
Hope that helps.
This post was edited on 1/29/10 at 12:02 am
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