Has anyone used lending tree to find a home loan? how was you experience and any other suggestions would be helpful
Hi, Lending tree has lenders compete for your loan. They also can charge as much as 1K for the lead that cost usually goes back to you! I've known lenders that have used those leads...some will low ball the rate to get you...and then try to switch you down the road. I HATE THAT! Gives us lenders a bad name. Where do you live? I could probably refer you to a good honest lender in your state. They will still give you the best rates...we can all pretty much give you the same rate..it's service and honesty that is very important. If you need any guidance about fees or such, let me know! Take care and good luck! Sheila RE/Loan Broker
With Lending Tree, you have to pay an upfront fee of 25k to become a member and then you pay a "closed loan" fee on each loan you close. How this is legal is beyond me. If you do fill out a form on lending tree and get a bunch of low ball estimates..ask each of the guys if that is an estimate (rate and fees) that you can lock on TODAY.........You MUST get a yes from someone and then i suggest locking immediatley before you go along too far in the process. This will weed out some of the shady lenders out there.
Absolutely! Get a good faith estimate up front so you can compare apples to apples. The only fees you would want to pay are: broker or loan origination, credit report, appraisal (is paid upfront by borrower) and processing fee to the broker. Refuse garbage fees such as admin fees. The lender (the party actually funding your loan) will charge underwriting, tax and wire fees (this is on the top portion of the good faith estimate). Ask the broker if these are accurate fees.
