If you’re looking for a home loan, LendingTree has something for you. They offer mortgages as well as other kinds of home loans. So, it doesn’t matter what you want to do with a home you own or want to get. They’ll have a service available for you. So, how do LendingTree home loans compare to other alternatives?
Let’s look into the products offered by LendingTree and see what they can do for you. We will also look into what qualifies you for them.
Types Of LendingTree Home Loans
Mortgages
If you just want to purchase a home, LendingTree can connect you with mortgages. You can find traditional fixed- or adjustable-rate mortgages on LendingTree.
Jumbo Home Loans
If your desired new home costs more than the conforming rate of $484,350, you will need a jumbo loan. These loans are typically taken out in high-cost areas of the US. In those areas, LendingTree can connect you with these especially large home loans.
Government-Backed Mortgage
Government mortgages offer less flexibility than conventional home loans. But they also usually offer better rates. Government loans offered through the FHA, VA, and USDA can be found through LendingTree.
VA Loans
For military veterans and a small selection of others, VA home loans are ideal. These loans carry no mortgage interest and some other benefits. Down payments aren’t required for a VA mortgage.
Home Refinancing
You don’t need to stick with the same lender who gave you your home loan.
Refinancing home loans is one of LendingTree’s specialties. They can help you refinance your last home loan, possibly for a better rate. If you’ve built up your credit since you first got your mortgage, you can often get a better rate and save in the long run.
Home Equity Loan
These fixed-rate loans involve you taking out a lump sum of cash. You then need to repay the loan for a set repayment period. The amount you borrow is based on your home equity.
Home equity is your home’s current value minus your current mortgage balance. You can consider home equity loans as “second loans”. They are in the second position behind your original home loan.
Reverse Mortgage
Reverse mortgages involve an older homeowner borrowing money against the equity of their home. If you’re 62 or older and have significant equity, you can get a reverse mortgage. The sum of the reverse mortgage becomes due when the borrower dies, moves away, or resells their home.
Unlike first home loans, reverse mortgages don’t require loan payments.
LendingTree Home Loans: Pricing & Terms
LendingTree is a comprehensive platform that can match you with lenders. When you fill in your information on LendingTree, they will pass on your information to lenders you can qualify for. Those lenders should then email and/or call you with offers.
At this point, you’ll notice that LendingTree home loans come with a wide variety of APRs and terms. Once you fill in your information and turn it in to LendingTree, their job is about done. It’s up to you to sort through the offers you receive and choose the best option for you.
Because LendingTree is just a matchmaking platform, they don’t offer specified rates. You can expect a bare minimum down payment of 3.5% for almost all of their home loans.
Do I Qualify For LendingTree Home Loans?
Because LendingTree home loans aren’t provided by LendingTree, there are few apparent requirements. Each lender on the LendingTree platform will have its own requirements.
For access to LendingTree home loans, you just need a credit score of 620 or higher. After that, you face LendingTree’s:
- 3.5% down payments
- Possible origination fees
All other requirements and stipulations are up to the individual lender. You will have to go through each email to see what offers LendingTree’s partners are willing to make given your personal credit score.
Factors To Keep In Mind With LendingTree Home Loans
Marketing Outreach
One of the drawbacks of LendingTree is that its partner lenders have intense marketing strategies. You can expect an email from each lender that has an offer for you. But you can also expect phone calls, mail, and more emails.
The extent of LendingTree’s partners’ marketing attempts is the most significant complaint customers have about them.
Educational Resources
LendingTree offers anyone with an internet connection plenty of information on their services. They also provide explanations for all the home loan services on their site. Be sure to read their guides on any home financing products you plan on searching for with them.
LendingTree Home Loans: The Last Word
LendingTree is one of the oldest and most experienced US online personal lending services providers. They don’t provide loans, but they provide all the information you need to get the home loan you’re looking for.
Be sure to compare any options they match you with. They can inform you, but they can’t personally walk you through every step of the home loan process.
You can sign up with LendingTree today and see what they can do for you.
