LendingTree is an online loan marketplace, connecting consumers with a range of moneylenders, banks, and credit accomplices. LendingTree doesn’t offer loans directly themselves. LendingTree was established in 1998 and has gone on to facilitate over 32 million loan requests. The company is headquartered in Charlotte, North Carolina.
Rates and Fees
Every lender has their own particular procedure for deciding the loan amount you qualify for, so fees and interest rates will also be different. If you prequalify for a loan or mortgage through LendingTree, it finds you different lenders that are able to supply you with the loan. You are then able to compare the loans to find which lending company offers the best rates for you.
LendingTree also provides users with average rates, fees, and expenses for each lender. Ideally, LendingTree lenders would be able to provide fixed interest rates that are competitive when compared to the lending industry average.
Qualifications and Requirements
LendingTree provides borrowers with multiple offers. Users have a better chance of qualifying for a loan because of the extensive range of accepted requirements. Many lenders will only approve loans for people with a credit rating above 600 for example, but LendingTree has lenders that are willing to lend money to borrowers with a lower credit score.
If you are looking for a mortgage then you should know that most companies will ask for a down payment of 20%. If you don’t have the entire 20% saved up however, then you could apply for an FHA loan through LendingTree. FHA credit reduces the down payment to a much more tolerable 3.5%.
Loan Types Offered
If this is the first time that you’ve taken out a loan then you have some options when it comes to loan types. The kind of loan you get depends on a range of factors. If you have a great credit rating and low DTI then you can likely get approved for a conventional fixed/variable rate 30-year mortgage loan, depending upon your preferences and current market patterns.
The other option for first-time borrowers is an FHA credit. These are governmentally protected loans designed to help people who have low credit scores and low down payments to meet the requirements for a loan without having to accept an exorbitant interest rate. Borrowers will still need to pay an insurance fee however.
LendingTree continues to lead the market and outperform their competition by offering such a large range of options to clients. Rather than being presented with one offer that you can either take or leave, LendingTree connects you with a range of moneylenders and allows you to compare different options and choose the right mortgage and refinancing company for you.