Lending tree is ok, since it lets many mortgage bankers “compete” for you. But many people don’t realize they only let certain banks compete that pay them, so you may not always get what’s best for you. I would suggest if you use them check with the BBB on the lender and see if any complaints have been made. Depending on your credit scores, if they are good enough I would suggest Provident Funding (www.provident.com)as they have the lowest rates. Try them if you like, if not good hunting!
I think Lending Tree is a joke. I am a mortgage broker and I tried them out and got calls from many lenders but because they are competing, they promise things that you know they can’t deliver. As a mortgage broker it is hard to do my own loan so I worked with 2 of them and both of them ended up being a sham. The rates and everything else they told me up front was exactly that, a front. Just a way to get me to work with them. I ended up having a buddy in the office close it for me and I saved a TON of money. Just some FYI. Like the other guy said, it isn’t given to the best banks, just the ones that pay for your lead. The good, the bad, and the ugly. If it is in a state I am licensed in I will take a look at it for you and give you some real numbers. Good luck!
Lending tree is just a very popular lead generation company. They sell your information to Lenders and Brokers that pay them. You can go to any mortgage website and get the same result.
The important thing to look for is the character, skill, and ethics of the person you’re working with. You can determine that by asking them and yourself certain questions:
1. Is the Broker/Lender properly licensed? You can check this on there states mortgage or real estate department. If they are they should be glad to share it with you. In most states you can actually check to see if there are any complaints against them.
2. What is there business philosophy? Do they believe in getting you the very lowest payment and filling their board with loans or do they do a few loans with great service but charge a little extra? Or do they take the middle road and just do a good job at a fair price?
3. How long have they been doing loans and how many loans have they done? Even if they are well intentioned they may be inexperienced and unable to get you what you need.
4. What are their resources? Are they a direct lender that only has one set of guidelines and better rates, are they a broker that has many programs and higher rates, or are they a combination of both?
5. What do they charge? Do they have a flat fee? Do they make there money on the “back end” ? Is it all based on your negotiation skills?
As for me, I am licensed as a Real Estate Salesperson in California. I work with a net branch that is licensed in all 50 states and I have never had a complaint from a client.
I believe in giving great customer service and charging a fair flat fee that is competitive. you could call up 50 brokers and i would probably be cheaper than two thirds of them.
I am Mortgage Banker which means I broker most of my loans and only self-fund a few. I have been in this business for five years, two of which were on the wholesale side of the business where I saw twenty times as many loans as the average loan officer.
If there is absolutely anything i can do to help you out then please give me a cal at 818-361-8585 (just ask for Kevin)
3 Responses to Is lending tree good to look for a mortgage company to refinance?? any other ideas??
Andrew G
April 27th, 2010 at 4:22 pm
Lending tree is ok, since it lets many mortgage bankers “compete” for you. But many people don’t realize they only let certain banks compete that pay them, so you may not always get what’s best for you. I would suggest if you use them check with the BBB on the lender and see if any complaints have been made. Depending on your credit scores, if they are good enough I would suggest Provident Funding (www.provident.com)as they have the lowest rates. Try them if you like, if not good hunting!
ograndetyler
April 27th, 2010 at 4:37 pm
I think Lending Tree is a joke. I am a mortgage broker and I tried them out and got calls from many lenders but because they are competing, they promise things that you know they can’t deliver. As a mortgage broker it is hard to do my own loan so I worked with 2 of them and both of them ended up being a sham. The rates and everything else they told me up front was exactly that, a front. Just a way to get me to work with them. I ended up having a buddy in the office close it for me and I saved a TON of money. Just some FYI. Like the other guy said, it isn’t given to the best banks, just the ones that pay for your lead. The good, the bad, and the ugly. If it is in a state I am licensed in I will take a look at it for you and give you some real numbers. Good luck!
kevingeorgecampbell
April 27th, 2010 at 5:27 pm
Lending tree is just a very popular lead generation company. They sell your information to Lenders and Brokers that pay them. You can go to any mortgage website and get the same result.
The important thing to look for is the character, skill, and ethics of the person you’re working with. You can determine that by asking them and yourself certain questions:
1. Is the Broker/Lender properly licensed? You can check this on there states mortgage or real estate department. If they are they should be glad to share it with you. In most states you can actually check to see if there are any complaints against them.
2. What is there business philosophy? Do they believe in getting you the very lowest payment and filling their board with loans or do they do a few loans with great service but charge a little extra? Or do they take the middle road and just do a good job at a fair price?
3. How long have they been doing loans and how many loans have they done? Even if they are well intentioned they may be inexperienced and unable to get you what you need.
4. What are their resources? Are they a direct lender that only has one set of guidelines and better rates, are they a broker that has many programs and higher rates, or are they a combination of both?
5. What do they charge? Do they have a flat fee? Do they make there money on the “back end” ? Is it all based on your negotiation skills?
As for me, I am licensed as a Real Estate Salesperson in California. I work with a net branch that is licensed in all 50 states and I have never had a complaint from a client.
I believe in giving great customer service and charging a fair flat fee that is competitive. you could call up 50 brokers and i would probably be cheaper than two thirds of them.
I am Mortgage Banker which means I broker most of my loans and only self-fund a few. I have been in this business for five years, two of which were on the wholesale side of the business where I saw twenty times as many loans as the average loan officer.
If there is absolutely anything i can do to help you out then please give me a cal at 818-361-8585 (just ask for Kevin)