Have you had good or bad experiences using an online mortgage broker like LendingTree?
They are a lead generating website and not the actual lender. I would go with a company who is actually going to work on your loan like eloans, choice finance, or ditech. Lending Tree is a sales tool for mortgage companies. These companies pay good money to be part of Lending Tree’s network. When you inquire with Lending Tree, get ready ’cause you will be contacted plenty. It’s good to shop, but even better when you are in control and you call the different companies yourself. Be sure to ask for written references and testimonials, and make sure the company has been in business for at least 5 years… there are so many fly by night mortgage companies that come and go.
Tips on using an online mortgage broker?
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Bad. The lender never carried through with what was promised.
If you are in the U.S., visit your local Countrywide office, the largest residential lender in the country and you will get a fair deal.
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Unless it’s a national name you recognize, you’re better off using the internet to gauge where the rates are roughly at, e.g. bankrate.com (though add .25% to anything you see on bankrate!). Then get a referral from someone for a local banker or broker that had a good experience. And just because someone works for a national company does NOT mean you’re getting a good deal, or even a fair deal. Get 3 quotes and pick the best one, or pick the person you have the most confidence in.
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10 years as a mortgage banker
They are a lead generating website and not the actual lender. I would go with a company who is actually going to work on your loan like eloans, choice finance, or ditech. Lending Tree is a sales tool for mortgage companies. These companies pay good money to be part of Lending Tree’s network. When you inquire with Lending Tree, get ready ’cause you will be contacted plenty. It’s good to shop, but even better when you are in control and you call the different companies yourself. Be sure to ask for written references and testimonials, and make sure the company has been in business for at least 5 years… there are so many fly by night mortgage companies that come and go.
References :