Doolsey Posted September 30, 2003 Report Share Posted September 30, 2003 So I will get mortgage quotes with the three major banks. Should I also check Lending Tree? Has anybody here used them? Link to comment Share on other sites More sharing options...
firstsource Posted September 30, 2003 Report Share Posted September 30, 2003 Be careful when using the Lending Tree type internet services. The problem can come up when the 3 brokers run your credit. Then if the 3 brokers submit your information to their favorite 3 lenders, you could have a lot of credit "dings/hits" that will bring your credit down a bit. The good thing about shopping for a loan like that, on the other hand is that the 1st inquiry is the biggest "hit", and the others for the next 14 days are much smaller. If you can get a loan officer to run your credit and send you the report (offer to pay, as they can cost up to 25.00) then you can send the report to the other loan officers to have the data that they need to qualify you.Charles Link to comment Share on other sites More sharing options...
amortgageman Posted October 1, 2003 Report Share Posted October 1, 2003 Here is my opinion. A tree has a trunk and limbs. When you enter your data into these sites, you have three or four lenders compete for your loan. The price they pay for these leads depends on the number of competing bids. It is possible for a broker to buy all 4 bids, to become exclusive. They can then return the leads for credit, and the next broker buys the information (another branch on the tree). and again, and again......, and again.....You will get offers though. Link to comment Share on other sites More sharing options...
Charl Posted October 14, 2003 Report Share Posted October 14, 2003 Hi,I realize this is an old thread but I wanted to post for any new readers. BEWARE of your Lending Tree offers - there is alot of bait and switch that goes on.I was on the Lending Tree network for several years and I know how they operate inside and out. Lending Tree does not care about the bait and switch, they only care about the number of closings that the lenders/brokers have each month because they charge a fee (astronomical) when your loan closes.If I was applying for a mortgage I would use CompareInterestRates.com instead of Lending Tree. It's not as competitive and I think you'll get more honest offers. Before doing business with any lender check them out with the BBB. Most of us are rated - if your lender is not rated or has complaints, go on to the next.One thing to remember - we all go to the same well for our water. The difference is in what we charge you to take a drink. Charl Link to comment Share on other sites More sharing options...
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