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Lending Tree


pinkeysas
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I am a Loan officer that deals with Lending Tree as my main lead source. My company is in the Top Ten for customer service as voted by our customers. That being said.....Your situation will determine whether Lending Tree is the place for you. As everybody knows, the mortgage industry has taken quite a hit recently because of all the foreclosures. This means a lot of the Lenders still standing have tightened up their guidelines and it will make it harder for people with lesser credit to get a decent loan. That's not to say that something can't be done now but Fannie Mae and Fredddie Mac are coming out with some relief this summer. It may be in your best interest to wait until that happens.

Another thing to consider is that Lending Tree will do a soft pull of one of the credit bureaus to give a prospective lender an idea of your credit score. That's not the problem! The problem is that once you have agreed to use LT, the various lenders that have received your file(usually 5-6) will do a hard pull of your credit. Now you have 5-8 inquiries before you've even spoken to anyone. You will also be bombarded with phone calls the second you hit enter on your application.

My company requires written confirmation from all our customers before we look at your credit. This is the way it's supposed to be done but not many Loan officers will honor that. Technically, you gave your permission by going on LT.

Sorry to ramble but if your credit is stellar then I think LT is a great place to go. If it's not so great then you may want to go the list of Lenders that subscribe to LT and pick a reputable one and try them on your own. It is always good to shop rates and programs but doing it on your own terms will save your sanity!

You can Private message me with any questions you may have. I am licensed in 32 states but Wisconsin is not one of them. So rest assured, I am not trying to get your business. But I am willing to tell you what's available to you if you want to discuss your situation. That way you can make your own informed decision.

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I called lending tree and ditech both when I was looking for a loan.

I made sure going in I knew my stats (scores, debts, collections, etc). I'm pretty sure Lending tree doesn't do VA so I said no to them. I decided to go with a local lender simply because the process would be easier for me.

but when you call these lenders, they don't need to pull your credit right away. You should do that first and give them all the info: how much you owe, how much you make, your fico scores from myfico.com, as much info as is relevant.

They won't give you a GFE without pulling your credit, but they can give you some decent guesses.

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I would not go through Lending Tree.

Why don't you talk to your local bank for comparison rates and ideas? When I went through lending tree they did pull my credit and it wasn't a soft inquiry. We're refinancing a bad ARM right now and I've spoken to several local lenders. Most will communicate by email and answer all of your questions. We were just approved through my bank for a 30 year fixed at 6.38% locked until August 10th before my employee discount. I wish we would have been as cautious when we initially purchased our home. FYI I think Home Lending Services uses Lending Tree. If you speak with them and they suggest an ARM be prepared for a suprise prepayment rider at closing. They are :censored: us until July. Subprime lenders :<img src=:'>:<img src=:'>

I found this site about Lending Tree just by google google google

http://www.consumeraffairs.com/finance/lending_tree.html

Additionally I've learned that Arm rates are not better right now than fixed. If your credit permits always choose the fixed option and always ask if the lender charges a prepayment up front. I've spent several months obsessing and learning all I can about how to make a better decision this time. Good Luck!

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I am STILL getting phone calls and inquiries from mortgage lenders because of a Lending Tree app I filled out back in July 2006. It's ridiculous! I just got a call this morning from Fidelity who has had someone different call me every 60 days since 7/06. They have pulled my cerdit 4 times in that period.

I am familiar with the auto internet lead business and there are companies that buy initial, exclusive leads for one price all the way down to tertiary tier lead buyers who get old, shared leads for a few dollars several months later.

It never ends. Don't do it.

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