LendingTree is an online lending marketplace that allows borrowers to shop and compare offers from providers of mortgages and other lending products. All you need to do is answer a few questions about yourself and the type of mortgage you need. Within seconds, LendingTree will show you competing offers from its lender network. The service is free to use and won’t affect your credit score.
LendingTree has broken down the process of comparing mortgage offers to its bare essentials. There are only two steps:
1. Answer a few questions, including:
- Type of property you are purchasing, e.g., single-family home, multi-family home, condominium;
- How the property will be used, e.g. primary home, secondary home, rental property;
- Estimated credit score (if you’re not sure, LendingTree can help you get your score in minutes);
- Estimated purchase price;
- Approximate down payment;
- When you plan to buy a home, e.g., already under contract, making an offer, shopping around, within next couple of months;
- Zip code you are purchasing in;
- Bank where you currently have an account;
- Details of your employment;
- Details of any bankruptcies or foreclosures in the last 7 years;
- Details of any military service; and
- Contact details
2. Shop and compare
Within a few seconds of answering questions, you should see a list of at least 3 lender offers. Next to each lender, you’ll see their best quote along with details of the APR, loan term and estimated monthly payment. You can click “More Options” to see other offers from the same lender and “Apply Online” to be redirected to that lender’s website, where you can apply for pre-qualification.
Below the lender offers, you’ll also see third-party offers for other financial products such as home insurance, savings accounts, and credit cards.
Easy way to compare mortgage offers
Only vetted lenders
Won’t affect your credit score
Not a direct lender
Offers are not final
LendingTree has been operating since 1996 and continues to lead the way in helping borrowers compare loan offers. The process is really simple, doesn’t require any sensitive information (social security number is optional but does help improve the accuracy of your offers), and doesn’t affect your credit score. Within 3-5 minutes of beginning the process, you’ll see multiple offers from vetted mortgage lenders.
When using this service, be aware that LendingTree is not itself a lender. LendingTree plugs into the best rates and terms from its network of vetted American mortgage lenders. If you like one or more of the offers, then you can proceed to the lender websites to formally apply for pre-qualification. However, note that the APR and monthly payment may end up being slightly different from what you see on the LendingTree site.
Depending on your borrower profile, LendingTree may show you offers for any number of different loan types. These could include conventional loans, jumbo loans, FHA loans, and VA loans. LendingTree can be used for purchasing or refinancing. There are also separate LendingTree pages for comparing home equity loans or reverse mortgages.
When it comes to helping you shop for mortgages, LendingTree doesn’t stop at showing you offers from its lender network. It also offers a range of assistance programs and educational resources, including:
Home value estimator tool. – LendingTree’s algorithm searches real estate values based on the market price of recently sold homes near yours to estimate the current market value of your home.
Lender reviews. – LendingTree has reviews on approximately 900 mortgage lenders in its network.
Loan officer directory. – LendingTree has a directory of hundreds of loans officers working on behalf of lenders in its network.
Glossary. – If you’re struggling to understand some of the concepts involved in borrowing, then check out LendingTree’s glossary of words used in the mortgage industry.
In addition to mortgages, LendingTree also lets you shop and compare offers for the following lending and financial products:
- Personal loans
- Auto loans
- Student loans
- Business loans
- Credit repair
- Credit cards
- Banking products
Because it has such a large lender network, LendingTree is able to force lenders compete to offer the best rates. Of course, rates and terms vary according to the borrower profile, so the offers you see may differ from the offers someone else with a different financial or borrowing profile sees. LendingTree’s lenders offer a choice of fixed-rate and adjustable-rate mortgages.
These were the best interest rates from LendingTree on March 31, 2021 (on this date, the national average rate for a 30-year mortgage was 3.17% and average rate for a 15-year fixed mortgage was 2.45%).
- 30-year fixed: 2.75-3.75% (2.97-3.93% APR)
- 15-year fixed: 2.00-2.75% (2.40-2.91% APR)
As for terms, the lenders in LendingTree’s network cover the full range of repayment terms, from 8 years to the standard 30 years.
If you have a question for LendingTree, then the best way to find an answer is on the “frequently asked questions” page on its website. LendingTree is an exclusively online service, although it does offer customer service by phone, Mon-Thu, 8am – 9pm EST, Friday, 8am – 8pm EST, and Saturday, 10am – 7pm EST.
Phone: – 800-813-4620
HQ: – 1415 Vantage Park Drive, Suite 700, Charlotte, NC 28203
Just starting out your mortgage search? LendingTree is still the leading online mortgage marketplace thanks to its network of hundreds of vetted lenders and smooth, user-friendly website. Just answer a few basic questions about yourself and LendingTree will show you pre-qualified offers from several top lenders.
Get started now, visit Lending Tree