OT: Home Mortage Question

Mark Koback · Jul 26, 2005

Has anyone ever used Lendingtree.com to re-finance? I'm toying with the idea and am beginning to look around. I see the commercials all the time, but has anyone ever had any "real" experience with them?

Thanks.

MK ..... The "other" Mark

Thomas Rogers · Jul 26, 2005

I have used them before for a home equity loan and they worked okay, but I ended up going with a local bank instead because they beat their quotes.

I can't say enough good about Wells Fargo.

A couple of years ago they sent us a full, pre-qualified refi package for a no closing costs, n -points, no appraisal fee, 4.99% 15 year refi. It seemed too good to be true. We have stellar credit and it seems WF cherry-picked a bunch of homeowners in a land-grab on mortgages when rates were at an all time low. It cost us notary fees ($6) to do the entire refi, and we knocked years and almost 150K off our home mortgage.

TJR

Fer Echegaray · Jul 26, 2005

Lendingtree will send your info to about 5 or 6 lenders, and their quotes are not that great.

We just refinanced our mortgage and I also used lendingtree, but in the end none of the offers received thru them was good enough to beat our local broker, whom we've know for a couple years now, I just wanted to check what was out there.

He recommended and we ended up selecting, guess who? Wells Fargo...

I also talked to a few other direct lenders around here and still WF had the best overall product.

TomT · Jul 26, 2005

I used them about 5 or 6 years ago to refinance our house. Like Fer said, they send you quotes from various lenders that you choose from. Even if you choose to go with another company, you can often use those quotes to get their price down. I do the same for any financing.

David Torres · Jul 26, 2005

I agree with everyone else the quotes from Lending Tree when we purchased and refinanced were not very competitive. Try www.bankrate.com. They have a search engine that lets you look up rates for 25+ lenders with predefined variables like whether you want a fixed or variable rate loan and whether or not you want to pay points. I haven't found a better site yet then this one for comparing rates on any kind of financial transaction that involves an interest rate.

Ryan Schaecher · Jul 27, 2005

I'll second Welss Fargo. Course my agent was my mom, so I had an advantage. She is now with Countrywide. I havn't had any experience with Lendingtree... let us know how it goes if you do.

Randy Hinebaugh · Jul 27, 2005

A neighbor used lendingtree to refinance his house last year. He said the companies bugged the piss out of him, and the company he went with screwed him on the appraisal (probably appraised house 15% market value).