LendingTree (credit score, rate, loan, property)

[Rakin]

With the fiasco in the mortgage lending business, I would be surprised that these guys would not be hurting.

They sure have increased their advertising of non mortgage type loans. Anyone familiar with their current situation ?

[rcarrillo]

From everything I have seen they have cut back a lot of support staff and other services. They are still advertising (as is CountryWide and Ditech) because even in a down market (usually its said especially then) you should always continue to market and prospect.

Cutting back on marketing is basically just admitting its over and quitting. You need to advertise smarter and reduce expenses, but you can't stop marketing.

[davidhvoss]

I heard a lot of bad things about Lending Tree. I was so unhappy with my current lender I decided to use Lending Tree and I'm very thankful for it. I ended up with a TERRIFIC lender who is very communicative. Also, I am NOT barraged by phone calls as so many others had said they were. Maybe things have changed for them.

[recuerdeme]

Lending Tree Worked For Me
slogan

[evilnewbie]

I got a quote from Lending Tree but it was more expensive than some of the quotes from other lenders... I thought it would be better because of "competition" but I guess not... YMMV with Lending Tree, as always look around and ask for quotes from dozens (and that is with an "s") of other lenders... I suspect some may get great deals while others may not... I don't know if it matters whether I call at the beginning or the end of the month...

[revelated]

LendingTree is only useful if you have good (700+) credit. But at that score you could logically deal with lenders on your own and skip LT.

If you have bad credit, LendingTree is worthless.

[evilnewbie]

My credit score was 790+ and they gave me bad rates... so its not always "useful" to have good credit and asking what rate they can give...

[acegolfer]

Originally Posted by evilnewbie

My credit score was 790+ and they gave me bad rates... so its not always "useful" to have good credit and asking what rate they can give...

How many quotes did you receive? Were they all higher than other rates? If so, where did you get your rate from?

[evilnewbie]

I received quotes from pretty much all of the big lenders (including the now defunct IndyMac) as well as the small banks near the property (I googled map them).. I also used LendingTree and they gave me like 4-5 (can't remember exactly) quotes and they were all on the high-side (maybe one was on the "average" rate quote)... My DTI was less than 10% as well.. I was shocked to see that even LendingTree couldn't beat some of the other rates I got... I did notice that big lenders almost always had better rates than small banks in the same city which is weird because I keep hearing that small banks often offered better deals... maybe the fallout from the subprime mess is making a lot of these banks get "greedy" with their rates to make more capital for them..