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Lending tree will forward your application to only 4 brokers so u get a fair chance to compare the offers given to you by either/all of them. Also once you have decided which suits you the best you can simply tell others that you have made a decision.
Please note that you ask them to send you a good faith estimate. you need to be careful here as some might give you a higher rate at low closing cost, some an at par rate or buy down rate with high closing cost and some might just balance it out on rate and closing costs. You need to decide which one is best suitable for you in the long run especially looking at the current market scenario.
If possible have some facts ready on you like unpaid balance on your mortgage, appx market value of your house, insurance and property taxes amount if you want escrows, your credit score. Compare the deals with your current mortgage payment.
Some might also try and give you a goody and attractive closing cost as well as a decent rate but do not be fooled. There is a possibility that just to get your deal they might show you good figures but at clsoing your HUD statement will look completely different from what was initially offered.
lending tree SUCKS>>>>>>>>>>>>>>>>>>>>They are going to hurt your credit score...Each company runs yuor score and sometimes a couple of times ..............never give your info out like that over the internet.....they also SELL your info to Credit Card companys.......................which again will hurt your score............
I went that route on the advice of a friend a couple weeks ago, and it was a complete waste of my time. I regret having done it. After waiting a week, they came back with an answer that they could find no loans to meet my needs (was looking for something under 5% for a 30-year fixed - with or without points!). I have no clue what it may have done to my credit score, but I have since done some direct contacting of various companies from on-line research and am waiting to close on a rate well under 5% for a 30-year fixed mortgage. I don't have a problem with harassing phone calls, though, because I told them to contact me via email (no one did), and I gave them a phone number that goes directly to my answering machine. I have to admit that I do wonder where all the information I provided in my application went! I've been monitoring my credit card and other accounts pretty closely since I filled out the application.
How the heck could they do their searching and find NO matches?
Anyway, do your own trolling through rates on the web and call possible places of interest directly. That ended up working for me and probably much better in the long run!
I used them last year [2008] They couldn't get my escrow setup properly[taxes and home insurance]. They also renig on a $500. Home Depot shopping credit I was suppose to get if I used them.Of course the greedy Realtor [World Realty MB S.C.] didn't help either.Lastly they sold my mortgage to Wells Fargo .This Company has to be comprised of the most ignorant people I have ever dealt with. I am currently shopping for a refinance rate to get away from Wells Fargo
I used them several years ago, and I agree with some of these posts - you'll get dozens of calls and I suppose they will all run your credit, meaning your score may take a hit. Although I've heard, and I don't know if it's true, that there is some type of adjustment to your score if you have a number of inquiries for the same purpose (mortgage or car, for example), as the credit bureaus recognize that you aren't planning on getting multiple loans but are just shopping for the best one. I did find a lender through Lending Tree, so it worked for me, but that isn't to say that I couldn't have done just as well on my own.
You can get multiple inquiries about mortgages in a 30 day window and it only counts as "one" inquiry. It won't hurt your score any more than any other place.
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