Lending Tree Home Equity Loans Review

About Lending Tree Home Equity Loans

LendingTree is an online platform that lets you compare various types of loans, insurance policies, credit cards, and other related services, including credit repair and debt relief.

The marketplace’s network comprises over 1,500 loan providers and also offers credit monitoring services and financial trackers. Its user-friendly mobile app requires you to input personal information, including a partial social security number, to accurately track your credit score and loan information.

Anyone seeking the best mortgage lenders, whether first-time homebuyers, those considering refinancing options, or military veterans, can use LendingTree as a valuable resource to compare and find the best rates.

Services

LendingTree operates by connecting you with one or more of its network’s 1,500+ lenders based on the details you provide. It acts solely as an intermediary between you and your chosen lender, not originating or servicing any loans.

LendingTree is ideal for individuals comparing home loans. Since applying for mortgages involves a detailed process (including a hard credit inquiry), it’s generally recommended to gather multiple quotes within a brief timeframe.

This approach helps minimize the impact on your credit score, enabling you to make a well-informed decision about the right mortgage loan for your needs. LendingTree simplifies this process. LendingTree offers four primary home loan products: traditional mortgage loans, refinancing for existing home loans, home equity lines of credit, and reverse mortgages.

Fees and Rates

LendingTree is a loan marketplace, not a direct lender. As a result, rates and fees will vary with each lender you choose. Fortunately, LendingTree facilitates quick sorting through these details when you’re selecting a loan. For more information, contact the lenders you’re interested in directly.

Repayment Terms

Repayment terms, like rates and fees, will vary depending on the type of loan and the lender you select. With LendingTree, you have a wide range of options from multiple lenders, making it likely that you’ll find a repayment term that aligns with your budget.

The rates and terms will vary depending on your choice and the lender you select. It’s advisable to obtain a quote from a specific lender to gather more information.

How to Apply?

With LendingTree, you simply need to provide basic information about the type of loan you’re interested in, the amount you wish to borrow, and some personal details such as your name, address, and Social Security Number (for identity verification purposes).

Afterward, LendingTree will present you with a range of loan options based on your creditworthiness and other factors. You can receive up to five free loan offers from different lenders. If you find an offer that suits you, you can proceed to complete the application directly with the lender.

Qualification Requirements

Each lender sets its own minimum mortgage requirements. According to LendingTree, its home purchase customers typically have an average credit score above 720.

LendingTree states that its home purchase customers typically have an average credit score above 720. When you complete a loan request, LendingTree pulls your credit report but assures that this does not impact your credit score. However, lenders considering making a loan offer may also pull your credit as part of their evaluation process. For mortgage loans, multiple credit inquiries within a 14-day period are typically counted as a single inquiry, minimizing the impact on your credit score.

Since LendingTree functions as a loan marketplace, debt-to-income ratio (DTI) requirements can differ among lenders. Nonetheless, a DTI of 45% is generally recommended regardless of the specific type of loan you are seeking.

While LendingTree isn’t a mortgage lender, they do require initial information to facilitate finding the best loan offers for you. To begin comparing offers, you’ll need to provide LendingTree with the following details:

• Type of home you seek to purchase
• City (if applicable)
• Whether you’ve identified a home to buy
• If you are using a real estate agent
• Estimated value of the home
• Estimated downpayment
• Employment status
• Annual income
• Credit score
• Bankruptcy status
• Military status

Customer Support

Since LendingTree operates exclusively online, you can reach them via email and direct messages around the clock by completing an online form. LendingTree’s customer service phone line operates during the following hours (Eastern Standard Time):

• Monday-Thursday: 8 am – 9 pm

• Friday: 8 am – 8 pm

• Saturday: 10 am – 7 pm

Contact information:

• Phone: 800-813-4620

Final Thoughts

LendingTree stands out as the premier mortgage marketplace for borrowers seeking to compare quotes from a network of over 1,500 lenders within minutes. Its user-friendly website and convenient mobile app serve as a centralized platform for monitoring credit scores and managing finances seamlessly. Customers can also utilize LendingTree to compare quotes for various insurance policies, credit cards, and financial products like debt consolidation or debt relief.