Review of LendingTree.com
Posted on March 18, 2006
Filed Under Closing Costs, Home Equity Loans, Home Mortgage, LendingTree, Mortgage Brokers, Mortgage Companies, Mortgage Company Reviews, Mortgage Interest, Mortgage Rates, Mortgage Updates, Refinance Mortgage
Recently, we found a need to do some work on our house. Our roof had a leak, and the guys we had come take a look at it said they wouldn’t touch it without putting a whole new roof on. That, combined with a desire to lock in a fixed rate on our mortgage and also to do some work on our kitchen led us to start looking around to see what our options for refinancing our mortgage were.
We first contacted QuickenLoans since they had refinanced us once before and we had liked the process - quick and painless. We got a quote from our contact there, for a 15 year fixed rate loan taking out some of the equity from our house to pay for the roof and kitchen work.
Then, we also contacted LendingTree.com, since I had heard their ads on NPR about “when banks compete, you win”. The process of filling out their site was easy enough, but the real process didn’t begin until I got a call from one of their lending specialists.
He explained that basically, the banks that deal with LendingTree have an arrangement that says that if there is a better offer, they have to beat it. So, having an offer in-hand from the Quicken guy was helpful, and in the end we focused our attention on minimizing the closing costs, even if it meant a little bit higher interest rate.
We liked the overall process, it took about 3 1/2 weeks total from start to finish, and the check for our cash-out arrived just the other day. All in all, I’d have to say that LendingTree provided a good service and value, and we now have a solid new mortgage.
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