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Old 06-16-2009, 11:10 AM
 
Location: Missouri
1,554 posts, read 4,246,971 times
Reputation: 740

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I am sorry if this has been discussed already but I did look up to 5 pages now and don't see anything about this. My question 2 years ago Lending Tree was a great website to shop around for the best interested rate but is it worth all the work due to today economy? I am better off going to local bank in my small home town? Does all bank pretty much have the same interest rates? I am new at the mortgage world all the help you can give me would be greatly appreciated
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Old 06-16-2009, 12:09 PM
 
28,461 posts, read 75,245,074 times
Reputation: 18520
When there were literally THOUSANDS more funding sources / originators it made sense to use something that would help put you in touch with lenders. Now there is really NO REASON to use the service.

If you stop by the local branch of a big money center type bank, a smaller community based bank, maybe a local credit union and one or two local mortgage brokers that should be all the shopping you need to do.

The rates will NOT differ by much at all right now, but the different lenders OUGHT to be able to give you a SOLID answer on just HOW BUSY they are and what sorts of LEAD TIME they are seeing in the other mortgage applications. You want a HONEST person that answers their phone and returns emails promptly. If the are not organized and capable of answering your questions now the odds of something getting screwed up as you approach closing are HIGH...
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Old 06-16-2009, 10:33 PM
 
Location: Louisiana
157 posts, read 519,480 times
Reputation: 49
I used to work for LT and No they no longer have lenders fighting for loans. Go local.
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Old 06-16-2009, 11:22 PM
 
25 posts, read 54,931 times
Reputation: 23
google "lending tree scam" or whatever... there are lots of unhappy people, not as "when banks compete" as they seem.
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Old 06-17-2009, 09:24 AM
 
Location: Missouri
1,554 posts, read 4,246,971 times
Reputation: 740
Thank You everyone for your tip. I will check my local banks now.
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Old 06-17-2009, 09:29 AM
 
Location: Denver, CO
1,877 posts, read 4,292,699 times
Reputation: 1574
I tried lending tree but it seems like they only have a limited selection of banks 'competing'. With the advent of internet you can shop for rates and fees pretty easily yourself. I found a bank that's local to another state that has an online lending division which services loans remotely for very little fees and competitive rates. This is if you are comfortable with long-distance closing and handling documents through courier and not actually seeing your lender face-to-face.
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Old 06-17-2009, 04:59 PM
 
Location: Missouri
1,554 posts, read 4,246,971 times
Reputation: 740
Quote:
Originally Posted by Moonwalkr View Post
I tried lending tree but it seems like they only have a limited selection of banks 'competing'. With the advent of internet you can shop for rates and fees pretty easily yourself. I found a bank that's local to another state that has an online lending division which services loans remotely for very little fees and competitive rates. This is if you are comfortable with long-distance closing and handling documents through courier and not actually seeing your lender face-to-face.
Thank You for the tip... What is the difference is seeing lender face to face other than they can't lie to my face....LOL LOL or I don't have to put my war paint on.
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