Lending Tree Good/Bad? (loan, credit report, loan, bank)

[Jacopo]

Let's get the goods on the lending tree experience. I would like to know the best pros and the worst cons. I have not seen a thread that addresses this, but if it is out there could someone post it.

Best Regards,
Jacopo

[renriq02]

I used to work there...they have two sides to the company.

You can work with 1 agent...and they will offer you various options with a variety of lenders

OR

They will submit your information to 4 lenders...and all 4 lenders will call you.


The 2nd option is better as brokers/direct lenders usually compete for your business. The first model will usually have higher rates.

[ellenfrancki]

I'm working with lending tree right now, and so far so good. I got four good quotes, and they are all trying to beat one another. The only bad thing is that it can seem like a bombardment at first. Lots of email, lots of phone calls. That only lasts the first two days after you submit your info, then they back off a little.

[renriq02]

Sounds like you got the 2nd part of LendingTree.
You will get competitive rates this way, but you may receive phone calls in the next couple of months or so

Originally Posted by ellenfrancki

I'm working with lending tree right now, and so far so good. I got four good quotes, and they are all trying to beat one another. The only bad thing is that it can seem like a bombardment at first. Lots of email, lots of phone calls. That only lasts the first two days after you submit your info, then they back off a little.

[trickymost]

They should be called Spamming Tree. The email account for which I used to solicit responses has been bombarded by spam since I applied...and worst of all the lenders it sent my way were small, no-name types that could disappear overnight.

I would avoid at all costs.

[pghquest]

Originally Posted by Jacopo

Let's get the goods on the lending tree experience. I would like to know the best pros and the worst cons. I have not seen a thread that addresses this, but if it is out there could someone post it.

Best Regards,
Jacopo

I've tried to use them several times. All they do is send your application to banks that meet your parameters, then each bank will call you and do an application.

What this means is that you can have your credit report run 4 different times, just for the bank to "review" your application.

If I wanted my reports ran 4 times, I'd just call 4 random banks because each time they run it, its a ding on your report.

I have never had a bank from lendingtree call me and actually follow through, I find the fact that each bank still needs to run credit reports individually troubling, and usually their rates are quotes, but not firm.

Call your local bank.

[renriq02]

You can have your credit pulled for mortgages within 30days...and it will only count as 1 credit pull.
So if January 1st...you had 10 credit pulls everyday....it will be 300 credit pulls....and will only count as 1 credit pull.

If you're going to purchase/refinace a home in 3-4months..and just 'looking around' then I would recommend you go with 1-2 lenders.
If you're serious then do all the shopping you want!

Originally Posted by pghquest

I've tried to use them several times. All they do is send your application to banks that meet your parameters, then each bank will call you and do an application.

What this means is that you can have your credit report run 4 different times, just for the bank to "review" your application.

If I wanted my reports ran 4 times, I'd just call 4 random banks because each time they run it, its a ding on your report.

I have never had a bank from lendingtree call me and actually follow through, I find the fact that each bank still needs to run credit reports individually troubling, and usually their rates are quotes, but not firm.

Call your local bank.

[pghquest]

Originally Posted by renriq02

You can have your credit pulled for mortgages within 30days...and it will only count as 1 credit pull.
So if January 1st...you had 10 credit pulls everyday....it will be 300 credit pulls....and will only count as 1 credit pull.

If you're going to purchase/refinace a home in 3-4months..and just 'looking around' then I would recommend you go with 1-2 lenders.
If you're serious then do all the shopping you want!

Yes, I realise that, but.. that totally defeats the purpose of going through lendingtree. A broker can pull a credit report once, send it to 10 different banks, lendingtree is lacking this ability. Also, banks have a tendancy to pull your reports more then once. As you get closer to closing, they pull your report again to make sure that nothings changed.

Lendingtree is nothing but a database of names that they sell out to banks. If I wanted my reports pulled 10 times, I'd call 10 different banks. Never will I use lendingtree again.

[micheleroll]

and want a home equity loan or (a loan in general), who would you go with Lending Tree or Wells Fargo? Lending Tree is not sounding too good. I wouldn't want my credit report pulled those many times.

[mefern]

I used lending tree to by my first place.

I got spammed of course. I expected it.

They gave me four quotes, one of which was a local broker. I ended up using them and had a pleasant experience.