LendingTree Pros and Cons
Today, everything is done online. When it comes to mortgages, most people go straight to the computer and often never walk into their local bank. It is understandable since most local banks do not offer all of the creative loan programs and it is tough to compare rates. However, It is important to understand the pros and cons before you submit your information to an online company like LendingTree. We will walk you through what we feel are the benefits as well as the concerns from our perspective.
These are some of the benefits of using LendingTree:
- LendingTree is a well known company that some people feel comfortable with.
- Fast response from multiple lenders.
- Multiple quotes within 2 days of submitting your request.
- Although not guaranteed, it is possible to get a good rate.
- Auto loans and personal loans also available.
Here are a few things to think about before you decide to use them:
- They collect your personal information. You have to provide your exact address, your birth date, your income and more. You should only have to provide your city and state for an initial mortgage quote. The other information you can provide IF you feel comfortable with the lender you are speaking with.
- LendingTree sells your lead to 4-5 lenders who may or may not have the ability to truly help with your loan scenario. For example, you may be self employed and need a bank statement loan but there is no telling whether they will sell your info to a lender who can help.
- They sell your personal information to many other service companies.
- They are also taking leads for credit cards and insurance now too. As a result, it may be unclear what their specialty is.
An Alternative to LendingTree
- Here are the reasons why you should give Dream Home Financing a chance to help you with your mortgage.
- We are connected to a network of lenders who can help with every type of loan scenario in every state.
- We continuously monitor the guidelines of our lenders so that we know which lender is the perfect fit for you.
- We connect you with just ONE lender who we feel is the best one for you and you will get just ONE phone call.
- There is no personal information collected. We only ask some basic questions to help understand your scenario, then your contact info so that a loan officer can get back to you.
- Your contact information is not shared with third parties over and over again like you will experience with other companies such as LendingTree.
Is LendingTree Legit?
LendingTree is legit, trustworthy and a company that you should feel safe in completing their online form. The only question is whether you will get the competitive quotes that you are truly looking for.
Many people are concerned about completing an online form and then will receive many calls over and over even when you no longer need the services. This is something you will need to consider regardless of who you decide to work with.
Please leave your comments and feedback below on your experiences with LendingTree. Did you have a positive experience or did you have problems with LendingTree? Meanwhile, if you are shopping for a loan now, we would love to help you.